Analyze the marketing strategy to determine areas to improve:
- Is the marketing strategy consistent with the attractiveness of market segments?
- Based on the marketing strategy, can price increases be made? Would the benefit of a price increase have more impact on the bottom-line cash flow even though fewer products might be sold? (Implement sales price increases, if possible; marketing strategy has to be worked out.)
- Develop product strategies by segment.
- What benefits do the company's products offer to the customers, are these benefits considered working out the marketing strategy?
- Are the benefits being marketed properly and charged for?
- What is the value of the benefits to the customers? Are these benefits considered working out the marketing strategy? If the customers are willing to pay more, charge them. If not, either reduce benefits and/or reduce the costs to produce the product. Are the right products being sold to the right customers at the right price?
- Are the customers supportive of the company's marketing strategy?
- Implement a marketing strategy directed towards profitable products.
- Reduce and eliminate efforts in unprofitable areas.
- Are marketing strategy and sales strategy focused on profitable customer relationships?
- Review customer account profitability (include the working capital carrying costs).
- Eliminate or develop actions to improve unprofitable customer relationships.
challenge to win