The World's Best Book Summaries
Is your product struggling to sell? How do you want to stand out against your competitors? It’s nearly impossible to find a market that has no competitors. Instead, you have to learn how to stand out from your competitors, using William M. Luther’s two methods in The Marketing Plan. Read on to learn how to stand out against your competitors.
How does the Pareto 80/20 rule apply in business? How can you identify the 20% of inputs and activities that make the most difference to your business’s bottom line? In any company, you can predict that 80% of profits are generated by 20% of inputs in each domain, including customers, products, employees, and departments. According to Richard Koch, there are two ways you can identify the top-performing 20% of those inputs: conducting an 80/20 Analysis and applying 80/20 Reasoning. Let’s briefly review each method.
Are you looking to grow your business? Do you want to know how to beat the competition in business? When selling a product, you’re going to have more than a few competitors out there. Luckily, William M. Luther’s book The Marketing Plan has advice on how to succeed in competitive markets. Here are Luther’s four strategies to beat the competition, plus four more strategies from other business experts.
What is the Waterfall Model in business? What are the disadvantages of the Waterfall Model? The Waterfall Model (or the “Waterfall Method”) is one of the most common management methods in America. This model uses a step-by-step approach to project management where each stage has a set deadline and budget. It sounds good in theory, but projects using this method typically end up behind schedule and over budget. Here’s why the Waterfall Model doesn’t work.
Do you want to know how to make a sale? How can you craft an effective pitch? In Secrets of Closing the Sale, Zig Ziglar highlights five rules you must follow to make a sale. These rules include helping the customer and addressing objections, which are important to marketing plans. To know how to make a sale, follow the five rules below.
What is the Scrum method? How is the Scrum method better than traditional management methods? Although it’s widely used in software engineering today, the Scrum method was first introduced in 1995 by software developer and management expert Jeff Sutherland. Despite the fact that his book Scrum never took off, the Scrum method itself did. Here’s a look at the Scrum method and its origins.
What does market share mean? How do you calculate market share? According to William M. Luther, market share is the percentage of sales earned by a specific company. He explains how to calculate market share in his book The Marketing Plan. Keep reading to learn the meaning of market share and Luther’s advice on acquiring market shares.
What are the qualities of a good salesman? How can you convince a customer to buy your product? In Secrets of Closing the Sale, salesman and public speaker Zig Ziglar reveals how you can greatly increase your chances of closing your sales. He lists six qualities that every good salesman must exhibit to boost their sales numbers. Here are the six qualities of a good salesman that Ziglar stands by.
What is market size? How can you determine the size of your market? Estimating the size of your market is crucial for business. In his book The Marketing Plan, William M. Luther explains how to determine market size so you can find the total number of potential buyers and the revenue you’ll generate from those buyers. Continue reading to learn how to determine market size.
What does assessing the market mean? How can you tell how profitable your intended market is? By assessing the market, you can determine how much profit you can potentially make from selling your product. In The Marketing Plan, marketing expert William M. Luther explains how to conduct a full market assessment by defining your market size and share. Let’s walk through why assessing the market is important and how to do it.