The Target Market

The Target Market Definition: A specific group of consumers at which a company aims its products and services Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market. That's like firing 10 bullets in random directions instead of aiming just one dead center of the mark--expensive and dangerous. Try to describe them with as much detail as you can, based on your knowledge of your product or service. Rope family and friends into visualization exercises ("Describe the typical person who'll hire me to paint the kitchen floor to look like marble...") to get different perspectives-the more, the better. Here are some questions to get you started: · Are your target customers male or female? · How old are they? · Where do they live? Is geography a limiting factor for any reason? · What do they do for a living? · How much money do they make? This is most significant if you're selling relatively expensive or luxury items. Most people can afford a carob bar. You can't say the same of custom murals. · What other aspects of their lives matter? If you're launching a roof-tiling service, your target customers probably own their homes. Once upon a time, business owners thought it was enough to market their products or services to "18- to 49-year olds." Those days are a thing of the past. Because the consumer marketplace has become so differentiated, it's a misconception to talk about the marketplace in any kind of general way anymore. Now, you have to decide whether to market to socioeconomic status or to gender or to region or to lifestyle or to technological sophistication. There's no end to the number of different ways you can slice the pie. Further complicating matters, age no longer means what it used to. Fifty-year-old baby boomers prefer rock 'n' roll to Geritol; 30-year-olds may still be living with their parents. People now repeat stages and recycle their lives. You can have two men who are 64 years old, and one is retired and driving around in a Winnebago, and the other is just remarried with a toddler in his house. Generational marketing, which defines consumers not just by age, but also by social, economic, demographic and psychological factors, has been used since the early 80s to give a more accurate picture of the target consumer. A newer twist is cohort marketing, which studies groups of people who underwent the same experiences during their formative years. This leads them to form a bond and behave differently from people in different cohorts, even when they're similar in age. For instance, people who were young adults in the 50s behave differently from people who came of age during the tumultuous 60s, even though they're close in age. To get an even narrower reading, some entrepreneurs combine cohort or generational marketing with life stages, or what people are doing at a certain time in life (getting married, having children, retiring) and physiographics, or physical conditions related to age (nearsightedness, arthritis, menopause). Today's consumers are more marketing-savvy than ever before and don't like to be "lumped" with others--so be sure you understand your target market. While pinpointing your market so narrowly takes a little extra effort, entrepreneurs who aim at a small target are far more likely to make a direct hit. Conclusion : The Target Market a specific group of consumers at which a company aims its products and services. Target customers are those most likely to buy from you. Do not be tempted to be too general in hopes of getting a larger chunk of the market. Source : http://www.entrepreneur.com/encyclopedia/term/82498.html Diposkan oleh Ruyanita Febriani di 19:35 0 komentar Kirimkan Ini lewat Email BlogThis! Berbagi ke Twitter Berbagi ke Facebook Selasa, 15 Mei 2012 An Accounting Overview An Accounting Overview The accounting industry has much to offer in terms of opportunities, professional development, and exciting career paths. To be successful in an accounting position one must possess strong analytical abilities, be detailed-oriented, and have the ability to work very quickly and adeptly with numbers. Moreover, those who are the most successful possess not only strong analytical abilities, but also the ability to synthesize, interpret and develop applicable business strategies utilizing financial data. Thus, a career in accounting offers its professionals the opportunity to challenge themselves, work closely analyzing financial data and provide significant value-add to corporations, governments and organizations around the world. This handout is prepared with the direct assistance of “Vault Career Guide to Accounting,” and various other sources. For more information about a career in accounting, please refer to Kresge Database. A career in accounting can entail many different specific job functions ranging from an audit or tax-consulting career with a public accounting firm, to an accounting position with an industrial company, to a position with the Government Accounting Office or a non-profit organization. Types of Accounting: As noted above, accounting organizations provide a range of services. Traditionally, the two primary services provided are audit and tax. However, many accounting firms have grown their advisor services to offer: corporate finance, risk management, transaction services, business process outsourcing, people and change consulting, IT advising, and personal financial planning. - Audit: An auditor examines the financial statements of a company or organization and independently certifies the statements are valid, accurate, and relevant. Additionally, an auditor often also provides advisory services such as recommending ways to improve profitability, etc. - Tax: Accountants who provide tax services primarily create strategies to minimize tax liabilities for their clients. Additionally, they prepare tax returns, advise on tax laws, assure clients tax law compliance, etc. - Advisor: The advisor role within public accounting serves to analyze key data issues, patterns and trends to identify implications, and improve efficiency and effectiveness for clients. The division of specialty that fall within the advisor line of service differs among the firms. Types of Accountants: - Public Accountants: Public accountants generally work for a public accounting firm (for example: Ernst & Young) and provide accounting services to companies, governments, etc. Large public accounting firms provide the range of services discussed above in “Types of Accounting,” and because public companies are required to have yearly audits, a large part of public accounting firms’ business is providing auditing services to public companies. - Private Accountants: Private accountants work directly for a company, government or non-profit organization. They receive their paycheck from the organization for which they are providing accounting services (for example: Internal Accountant at Kraft Foods). Generally, these accountants prepare the financial statements for the public accountants to audit and certify. Additionally, private accountants may also prepare their company’s tax statements, consult its management on changing accounting principles and ensure the financial integrity of the company’s business transactions. Changes in the Field While students’ interest in accounting related fields ebbs and flows depending on the economy, a career in accounting has long been considered “recession proof” and offers significant job security. In 2008, Forbes ranked Accounting Executive #4 and Accounting Staff #5 in its list of “10 Most Recession Proof Jobs.” Additionally, the U.S. Bureau of Labor Statistics ranked Accountants and Auditors in the Top 20 Occupations with the most demand for 2006-2016. Accountants are especially in demand when the economy is in a downturn. This is because in times of economic uncertainty the public becomes distrustful of current accounting and reporting systems, leading to changes in regulation and accounting practices. The collapse of companies such as Enron and Worldcom led to the passage of the Sarbanes-Oxley Act of 2002. The SOX Act enhanced accounting standards for corporations and those auditing corporations and organizations—leading to increased demand for exceptional accountants. With the inception of SOX, public accounting firms began to divest their consulting services to more easily comply with the tighter regulatory scrutiny. However, firms have recently begun to rapidly rebuild their consulting arms and expand hiring to BBAs again. The recent financial crisis calls for even greater accounting scrutiny and stronger accounting standards and offers those entering the accounting field immense potential for an exciting, promising and challenging career. The median base compensation for the Ross BBAs entering the accounting field in 2010 was $55, 000. At the Ross School of Business, the employers of the highest number of BBAs have consistently included the “Big 4” public accounting firms—Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers, as well as mid-tier firms such as BDO, The Rehman Group, and Plante & Moran. In addition to the audit and tax positions available at the public accounting firms, several students each year go to work for industrial employers as accountants and financial analysts. Masters in Accounting In most states, only licensed Certified Public Accountants (CPAs) may provide qualified public opinions and audits on financial statements. In order to qualify for a CPA license, one must fulfill the education and work experience requirements, and pass the Uniform Certified Public Accountant Examination. Education requirements vary b state, but in most states, 150 credit hours are required to sit for the Certified Public Accounting Examination. Ross students most commonly meet this requirement through a fifth year of education, such as the Masters of Accounting program, at Ross or another institution. Conclusion : To be successful in accounting position we should have strong analytical skills, be detail-oriented, and have the ability to work very fast and nimble with numbers. Source : http://www.bus.umich.edu/StudentCareerServices Diposkan oleh Ruyanita Febriani di 20:04 0 komentar Kirimkan Ini lewat Email BlogThis! Berbagi ke Twitter Berbagi ke Facebook The Target Market The Target Market Definition: A specific group of consumers at which a company aims its products and services Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market. That's like firing 10 bullets in random directions instead of aiming just one dead center of the mark--expensive and dangerous. Try to describe them with as much detail as you can, based on your knowledge of your product or service. Rope family and friends into visualization exercises ("Describe the typical person who'll hire me to paint the kitchen floor to look like marble...") to get different perspectives-the more, the better. Here are some questions to get you started: · Are your target customers male or female? · How old are they? · Where do they live? Is geography a limiting factor for any reason? · What do they do for a living? · How much money do they make? This is most significant if you're selling relatively expensive or luxury items. Most people can afford a carob bar. You can't say the same of custom murals. · What other aspects of their lives matter? If you're launching a roof-tiling service, your target customers probably own their homes. Once upon a time, business owners thought it was enough to market their products or services to "18- to 49-year olds." Those days are a thing of the past. Because the consumer marketplace has become so differentiated, it's a misconception to talk about the marketplace in any kind of general way anymore. Now, you have to decide whether to market to socioeconomic status or to gender or to region or to lifestyle or to technological sophistication. There's no end to the number of different ways you can slice the pie. Further complicating matters, age no longer means what it used to. Fifty-year-old baby boomers prefer rock 'n' roll to Geritol; 30-year-olds may still be living with their parents. People now repeat stages and recycle their lives. You can have two men who are 64 years old, and one is retired and driving around in a Winnebago, and the other is just remarried with a toddler in his house. Generational marketing, which defines consumers not just by age, but also by social, economic, demographic and psychological factors, has been used since the early 80s to give a more accurate picture of the target consumer. A newer twist is cohort marketing, which studies groups of people who underwent the same experiences during their formative years. This leads them to form a bond and behave differently from people in different cohorts, even when they're similar in age. For instance, people who were young adults in the 50s behave differently from people who came of age during the tumultuous 60s, even though they're close in age. To get an even narrower reading, some entrepreneurs combine cohort or generational marketing with life stages, or what people are doing at a certain time in life (getting married, having children, retiring) and physiographics, or physical conditions related to age (nearsightedness, arthritis, menopause). Today's consumers are more marketing-savvy than ever before and don't like to be "lumped" with others--so be sure you understand your target market. While pinpointing your market so narrowly takes a little extra effort, entrepreneurs who aim at a small target are far more likely to make a direct hit. Conclusion : The Target Market a specific group of consumers at which a company aims its products and services. Target customers are those most likely to buy from you. Do not be tempted to be too general in hopes of getting a larger chunk of the market