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The Introduction to Business course is a good course to have under your belt. It does not matter what your field of study. Business is linked to every profession and career. The introductory course can cover a multitude of subjects - everything a budding entrepreneur needs to know to start, manage, and build a business. One of the essential elements for a successful business is learning how to design and implement astute marketing strategies.
Introduction to Business will typically cover standard marketing applications like conducting a marketing analysis. Marketing analysis can be used for a variety of reasons, including determining the best courses of action to take to improve sales and profitability of an existing company or to evaluate whether or not there is a viable and commercial interest for a particular product or service. Typically, the class requires students to create one using real data and information.
In Intro to Business, students can learn how to design a market analysis. They will discover that the key to a successful analysis is the inclusion of pertinent information that can be analyzed and used to implement new ways to grow a business, which usually includes a customer profile. A customer profile helps with navigating a company's sales effort.
The profile should include characteristics in the demographic profile of a target market. If the profile is geared toward soliciting information from individuals, the profile might require the subject to answer questions like age, gender, profession, education level, and household income level. However, if the profile target is made up of corporate customers, they may be asked to convey information such as number of employees, annual revenue, products and services rendered, and years in operation.
The psychographic profile is an important component of the customer profile. This type of profile refers to understanding how perceptions and expectations influence a person's decision-making process. By revealing personal traits, the surveyor may give insight into his or her spending behavior. This profile can be designed to extract information from individual or corporate customers.
Individual surveyor's who complete the psychographic profile might choose from lists that asks which best describes them. Sample categories may include conservative, liberal, fun-loving, cutting-edge, or a trend follower. Other psychographic questions could ask about entertainment likes, publication subscriptions, or hobbies. Categories for the corporate psychographic profile might entail market leadership, environment-friendly, or innovative and cutting-edge.
The behaviorist checklist rounds out the customer profile. This checklist identifies the motivation and reasons why a customer purchases a particular product and service. This is the section of the market analysis where the surveyor can answer questions that rank particular questions. For example, the survey may read, "How important is customer service when purchasing a product?" Then, the surveyor would respond by selecting a ranked number (one to 10, or a range of responses like, "strongly disagree to strongly agree").
Marketing analysis can be fun to create, and you will find effective ways to use it in your career. However, the Introduction to Business course covers much more than learning practical and applicable marketing strategies. Other essential components can help you attain professional success. Consequently, taking the class can add value to any college degree you choose to pursue.
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