For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters ?Marketing, Sales and Profitability.
In a previous article, "Do You Know and Plan for the 3-R's for Your Business" ( Ezine Article.com directory at http://ezinearticles.com/?id=48344 ), the focus was on Relationships, Referrals and Revenue. One of the most consistent challenges for any business owner is the actual implementation of the strategic business plan that builds the 3-R's. The MSP of Marketing, Sales and Profitability helps to overcome that issue.
Since relationships are the first R, the necessary action is to construct a Marketing Plan to increase relationships. This plan should be specific to your company and not the "shadow" of a company that you admire. Many business owners and executives attempt to "copy" someone else's brand identity and fail to establish their own identify. Marketing plans require research and evolve from a solid vision, values and mission statements.
The second R of referrals generates the greatest amount of Sales. Sales plans and marketing plans are closely related and need to be aligned to ensure that potential opportunities are realized. Within the Sales' plan, specific goals are necessary to ensure that the marketing plan is effective. For example, how many "mailers" are necessary to secure an appointment? How many appointments result in a second appointment? How many second appointments turn into a sale? Knowing your numbers is critical to the sales process and more importantly your own internal motivation.
Revenue is the third R and is a partner of profitability. Some companies work on the philosophy of high sales and low profitability while others use an opposite approach. Profitability is an absolute necessity and should be examined on a regular basis.
Today's business world is complex, but still retains the simplicity of earlier marketplaces. If you know your MSP, you will be able to build the 3-R's.
Leanne Hoagland-Smith, M.S. President of ADVANCED SYSTEMS, is the Process Specialist. With over 25 years of business & education experience, she helps her clients to implement and realign processes to build sustainable change. By uniting systems, strategies and people to create loyal internal customers, Leanne delivers ROI solutions that affect sustainable change in 4 key areas: financials, leadership, relationships and growth & innovation within a variety of industries. As co-author of M.A.G.I.C.A.L. Potential: 7 Capacities for Living an Amazing Life Beyond Purpose to Achievement due for 2005 release, Leanne speaks nationally to a variety of audiences. Please contact Leanne at 219.759.5601, http://ezinearticles.com/?id=48344 or visit http://ezinearticles.com/?id=48344 if you are seeking amazing results.
Copyright 2005(c) Leanne Hoagland-Smith, http://ezinearticles.com/?id=48344
Permission to publish this article, electronically or in print, as long as the bylines are included, with a live link, and the article is not changed in any way (grammatical corrections accepted).
disinfecting cleaning services Winnetka ..If you're a solo professional like I am, you know... Read More
I love the excitement of starting up a new home... Read More
If you own a mobile car wash business or auto... Read More
I'm not talking about posting the HBO schedule on your... Read More
GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More
Mobile auto detailing equipment becomes very inexpensive around March each... Read More
Microsoft Great Plains fits horizontal markets clientele and in case... Read More
While writing an article recently on effective ways to bridge... Read More
Conventional wisdom has it that there are only three ways... Read More
Business plan financial projections seem daunting because they are so... Read More
If you are a successful franchise of a large franchise... Read More
1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More
Is there a 'magical' way to exponentially grow your business?It's... Read More
In this small article we'll concentrate on farmers associations and... Read More
Do you work in or own a business that's affected... Read More
People often ask "What makes a good business plan? Or,... Read More
Microsoft Great Plains does wonderful ERP job for horizontal markets... Read More
Although North Americans were the dominant population on the Internet,... Read More
If you own a mobile franchise business and wish to... Read More
Anyone who has been watching the Idaho Market Carefully for... Read More
Many movies have been made about the tragic story of... Read More
A business plan precisely defines your business, identifies your goals,... Read More
With a heightened awareness of opportunity, ideas can often be... Read More
We have been spending many hours surveying the market for... Read More
"Begin with the end in mind," says Stephen Covey in... Read More
last minute cleaning help Highland Park ..After 128 years of business, a household word, Montgomery Wards,... Read More
1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More
Business seems to drop, slow or even stop during the... Read More
Strategic planning and consulting is the strategy roadmap to manage... Read More
A survey released by the American Institute of Certified Public... Read More
So what makes a vision successful? Everyday companies try to... Read More
Many companies are reluctant to dive into outsourcing ocean because... Read More
In today's rapidly changing and highly competitive markets, many privately... Read More
The University of Exeter in the United Kingdom recently published... Read More
One of the most powerful driving forces in human nature... Read More
If you are in the parking business and own or... Read More
Although North Americans were the dominant population on the Internet,... Read More
When in doubt, cut that out! Yeah, yea, doubting Thomas... Read More
Building a dynamic small business is a constantly evolving, increasingly... Read More
By cranking up others development to meet your business needs,... Read More
Part 1A few weeks ago I attended a seminar sponsored... Read More
How important is a vision statement to your company or... Read More
Writing a business plan is not an easy endeavor, nor... Read More
The boom of the dot-com era in 1999 brought the... Read More
Microsoft Business Solutions Great Plains serves mid-size and large clients... Read More
A well known, national chain of restaurants discovered that certain... Read More
These may sound like no brainers, but you'd be surprised.... Read More
The first task before hiring a contractor for home remodeling... Read More
Six Sigma is becoming a proven approach for businesses and... Read More
All investors greatly desire and are motivated by a clear... Read More
Strategic Planning |