A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Loyang may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in Loyang can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
Machine Learning Marketing: How to Improve Your Customer Experience
Marketing strategy is the primary key to business success. The No. 1 reason businesses fail is that they don't make enough money. And the No. 1 reason they don't make enough money is that they don't adequately understand and practice effective marketing strategy. Marketing strategy offers these powerful benefits:
- Concentrating your resources and efforts on your greatest opportunities for success
- Sharpening your competitive advantage so that your business is superior to your competitors' in ways that matter to customers
- Increasing the income of the firm more effectively than any other way
- Uniting the leadership team to all pull in the same direction, maximizing positive results
- Giving your brand a clearer focus so that it will be better known in the marketplace
- Stimulating demand for your products and services
- Improving the effectiveness of messages you send to customers and prospects
- Strengthening your ability to understand and meet the needs of customers
- Ensuring that your business will survive and thrive far into the future
"Marketing strategy" is one of the top-10 search terms related to marketing, used by Internet searchers about a half-million times a month. Many people are obviously interested in learning more about marketing strategy. That's why this article has been written, the first in a series that explain marketing strategy in detail. The author, Buck Lawrimore, has provided marketing strategy to hundreds of business, government and nonprofit organizations of all sizes for more than 27 years.
Definitions of Marketing
"Marketing" comes from the Latin word merx or mercis meaning merchandise. Originally a market was a large open space where merchandise was displayed for sale, like pictures we've seen of large open marketplaces in Third World countries, or today's farmer's market. Originally "marketing" involved selling products in a marketplace. And that's still the core meaning. But professional marketing has evolved to such a high degree of sophistication, like computer science and medicine, that it involves much more than just selling in a marketplace.
The American Marketing Association, the largest professional organization of marketers in the U.S., defines marketing as follows:
"Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders."
This definition makes no mention of generating sales and income, the primary aims of business marketing, perhaps in deference to the many nonprofit organizations which are members of the AMA and are more focused on "delivering value" and "managing customer relationships."
Another way to understand marketing is to view it as a mindset or orientation of the business or organization. The so-called marketing orientation means the organization as a whole is oriented to understanding and meeting the needs of customers. A company with this orientation is market-driven. It focuses its strategy and operations on understanding and meeting the needs of customers in a manner which is superior to competitors. Procter & Gamble is one of the largest and most successful companies in America, and it has a strong marketing orientation. SAS Airlines, FedEx and other leading companies around the world have a passion for understanding and meeting the needs of customers. That's how they became so successful, and that's how your organization can become more successful than ever before, whether you aim to be a world leader or just the best in your neighborhood at what you do.
Definitions of Strategy
"Strategy" comes from the Greek word strategos meaning general. Strategy defined by Webster's as "1 The science of planning and conducting military campaigns on a broad scale." More recently strategy has come to mean "skill in management" or "an ingenious plan or method."
There are two aspects or connotations to this idea of strategy. The first is, it's big picture. It involves consideration of all your available resources - people, money, time, physical resources etc. "on a broad scale." The second is, strategy involves winning some form of competition. Your opponent may be an enemy who is trying to defeat you, or a business competitor who is trying to get your customers to buy from them instead of from you, or an opposing athletic team in a sports event. In all these situations as well as your own real world, there is one key to all effective strategy. This is one of the most important things for you to learn from this book:
The key to all effective strategy is
concentrating your resources on your greatest opportunities,
where your competition is weak.
Definition of Marketing Strategy
So then, effective marketing strategy could be summed up this way:
"Concentrating the organization's resources on its greatest opportunities
to better meet customer needs, outperform competitors, increase income,
and achieve enduring success."
Implied in this practical definition is the key idea that you have or will develop a niche or position in the marketplace which you can dominate or at least be a top player in, by building on strengths which distinguish you from your competition. Also implied is that you will be most successful if you concentrate on better meeting customer needs (via the marketing orientation) as a path to increasing sales, rather than just focusing on outbound communications or a sales force to persuade potential customers to buy.
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in Loyang are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in Loyang? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Marketing Strategy Business Networking
The management of supply chains is constantly developing due to momentous changes such as the Internet, E-commerce and the globalisation of supply chains. Its success often relies on rapid, accurate and efficient handling of data. The trend towards lean and agile distribution channels and the growth of Fourth Party Logistic Providers (4PLs) within the supply chain industry requires significant organisation and management. The efficient control of these activities requires supply chain knowledge, operational information and importantly, timely and accurate data to support the decision making process. Essentially, effective and efficient data acquisition techniques are required.
RFID is a generic term for technologies that use radio waves to communicate the identity of individual items over an air interface. RFID works similarly to bar code technology in that an item has to be interrogated by a scanner or reader for it to be identified. Barcodes, however, have one significant downfall, they require line-of-site technology. That means the scanner has to see the barcode to read it, which usually means items have to be manually oriented towards the scanner for it to be read. Conversely, RFID does not require line-of-site and can be read as long as the item is within range of the reader.
RFID is now being considered as an integral link in E-Commerce environments. The technology in theory should enhance and complement Electronic Data Interchanges (EDIs) to facilitate quick response and the generation of exception reports. This should allow real time information to be transmitted to partners within the supply chain supporting the decision-making process. Ultimately RFID should provide immediacy of data right down to individual item level identification. This can help bridge the gap between the customer, the order and order fulfilment process to the satisfaction of the customer. This means that it can enable the enhanced responsiveness expected within an E-Business environment.
The supply of on-demand barcode label printers currently represents one of the most widely used AIDC technologies (technologies such as: barcodes, smart cards, magnetic stripes on credit cards, optical character recognition etc) in supply chain applications (e.g. EPOS, warehouse and inventory management). Due to mandates set by influential leaders in the retail and defence industries, barcode label printers with RFID enabled capabilities present a real opportunity for companies to develop and extend their product portfolios by providing products which will enable companies to meet compliance objectives. Opportunities also exist to provide printers for those companies faced with compliance for when usage and acceptance of the technology becomes more prevalent. An entire new market segment will have emerged, requiring a widespread ongoing supply of printers, peripheral equipment and consumables.
Bar code systems Bar code systems include the symbologies that encode data to be optically read, printing technologies that produce the machine-readable symbols and scanners and decoders that capture the visual images of the symbologies and convert them into computercompatible digital data. Barcode scanning reduces errors associated with manual data handling, and produces visibility to aid supply chain management. A significant benefit of bar codes is that they are extremely cheap to produce and provide an efficient means of item identification. Unfortunately, according to some sources, bar codes are proving increasingly inadequate in a growing number of applications. Bar coding is an optical technology, which introduces constraints regarding orientation of the product (invariably requiring human intervention) and cleanliness of labels and scanners for fast efficient data collection. Bar codes can be easily copied and so become an easy target for counterfeiting. In addition, standard barcodes have low storage capacity, cannot be reprogrammed and only identify the manufacturer and product and not the unique item. Industry bodies indicate that bar code systems are now a mature technology with limited potential for further growth.
RFID is emerging as a complementary technology to help overcome some of the drawbacks associated with bar code technology. RFID systems consist of transponders (tags), which are made up of a microchip with a coiled antenna and an interrogator (reader) with an antenna. The tags are attached to the items to be identified and the RFID readers communicate with the tags via electromagnetic waves. RFID middleware (software) provides the interface for communication between the interrogator and existing company databases and information management systems. RFID is a term used to describe any identification device that can be sensed at a distance by radio frequencies with few problems of obstruction and mis-orientation. The devices are often referred to as 'RFID tags' or 'Smart Labels'.
In its most basic form, a smart label consists of an ultra- thin RFID tag often referred to as an inlay. Inlays for smart labels are available in the 13.56 MHz, 860 to 930 MHz and 2.45 GHz frequency ranges. The inlays are embedded in label material, which is printed with human-readable text, graphics and bar codes (passive smart label). The printed data both supplements and backs up the information that is programmed into the tag. An evolutionary product to passive smart label technology is the smart active label (SAL). SALs can be defined using the same definition of smart labels above, but for one clear distinction, the inclusion of an integral power source. This distinguishing characteristic allows SALs to provide enhanced functionality over passive RFID smart labels including sensory, processing, display and locating capabilities. Smart labels are typically used for disposable applications and are not as durable as permanent RFID tags, which can be encased in materials to withstand harsh environments. Although one company suggests that the label material can be developed to withstand environmental conditions and that appropriate adhesive can ensure the label lasts the required duration.
Smart labels are referred to as smart because of their flexible capabilities provided by the RFID tag embedded in the label. The tag can be programmed and/or updated in the field allowing the same label to be reused serving multiple needs and disparate applications. Subsequently, the label is no longer static as a bar code label, but dynamic in its capability when equipped with RFID. Supporters of RFID suggest benefits which include: cost savings through automating the check-out process, a reduction in labour associated with performing inventory counts; improved theft prevention and increased authenticity control, a reduction in inventory holding cost, diversions and improved product availability. Unfortunately, an exact description of how the benefits are attainable in practice has often remained vague. The main criticisms on RFID technology are that it is too expensive and that it is unlikely that the investment will pay off. It is also argued that RFID is an over-marketed, hyped technology and that existing bar code based systems already provide most of the needed functionality.
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.