Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
What is Your MSP? > NetSparsh - Viral Content you Love & Share

What is Your MSP?

For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters ?Marketing, Sales and Profitability.

In a previous article, "Do You Know and Plan for the 3-R's for Your Business" ( Ezine Article.com directory at http://ezinearticles.com/?id=48344 ), the focus was on Relationships, Referrals and Revenue. One of the most consistent challenges for any business owner is the actual implementation of the strategic business plan that builds the 3-R's. The MSP of Marketing, Sales and Profitability helps to overcome that issue.

Since relationships are the first R, the necessary action is to construct a Marketing Plan to increase relationships. This plan should be specific to your company and not the "shadow" of a company that you admire. Many business owners and executives attempt to "copy" someone else's brand identity and fail to establish their own identify. Marketing plans require research and evolve from a solid vision, values and mission statements.

The second R of referrals generates the greatest amount of Sales. Sales plans and marketing plans are closely related and need to be aligned to ensure that potential opportunities are realized. Within the Sales' plan, specific goals are necessary to ensure that the marketing plan is effective. For example, how many "mailers" are necessary to secure an appointment? How many appointments result in a second appointment? How many second appointments turn into a sale? Knowing your numbers is critical to the sales process and more importantly your own internal motivation.

Revenue is the third R and is a partner of profitability. Some companies work on the philosophy of high sales and low profitability while others use an opposite approach. Profitability is an absolute necessity and should be examined on a regular basis.

Today's business world is complex, but still retains the simplicity of earlier marketplaces. If you know your MSP, you will be able to build the 3-R's.

Leanne Hoagland-Smith, M.S. President of ADVANCED SYSTEMS, is the Process Specialist. With over 25 years of business & education experience, she helps her clients to implement and realign processes to build sustainable change. By uniting systems, strategies and people to create loyal internal customers, Leanne delivers ROI solutions that affect sustainable change in 4 key areas: financials, leadership, relationships and growth & innovation within a variety of industries. As co-author of M.A.G.I.C.A.L. Potential: 7 Capacities for Living an Amazing Life Beyond Purpose to Achievement due for 2005 release, Leanne speaks nationally to a variety of audiences. Please contact Leanne at 219.759.5601, leanne@processspecialist.com or visit http://www.processspecialist.com/organizat ions.htm if you are seeking amazing results.

Copyright 2005(c) Leanne Hoagland-Smith, http://www.processspecialist.com

Permission to publish this article, electronically or in print, as long as the bylines are included, with a live link, and the article is not changed in any way (grammatical corrections accepted).

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Government Technology

With New Strategic Plan, Baltimore Begins Comprehensive IT Modernization
Government Technology
Having received “unbelievably supportive” public comment earlier this year, the city of Baltimore has moved into the execution phase on its first-ever strategic plan — 2018-2023 Inclusive Digital Transformation Strategic Plan — and is in the ...


Belleville News-Democrat

Highland School District looks to the community for help with strategic planning
Belleville News-Democrat
During last month's Highland School Board meeting, Superintendent Mike Sutton announced that on direction from the board, the district will be moving forward with a new strategic planning phase. “The strategic plan should assist in making decisions ...

and more »

WCRP's New Strategic Plan for Climate Research Highlights the Importance of HPC
HPCwire
As climate modeling increasingly leverages exascale computing and researchers warn of an impending computing gap in climate research, the World Climate Research Programme (WCRP) is developing its new Strategic Plan – and high-performance ...


Spend Matters

Strategic Technology Planning: A New Imperative for Contingent Workforce and Services Procurement (Part 2) [Plus+]
Spend Matters
In Part 1 of this series, we provided a context and rationale for the adoption of strategic technology planning for contingent workforce and services (CW/S) procurement. We also began the discussion of what strategic technology planning explicitly ...


Automotive Buy Sell Report (blog)

Prepare for the future with strategic planning
Automotive Buy Sell Report (blog)
The one thing with change is that it is constant. Knowing this, are you prepared for the future and what change is going to occur? A rhetorical question, but one that begs us to consider the importance of strategic planning, as it can prepare you for ...


LETTER TO THE EDITOR: Strategic planning needed in Nanaimo school district
Nanaimo News Bulletin
If we really want to look after the students, our board of education needs to consider the impacts of its decisions beyond the current term, and put more resources and emphasis into long-range planning and strategic thinking. Perhaps it is time to ...


Communique

UCCS kicks off 2030 strategic planning process
Communique
UCCS will utilize the experience and services of JERA Partnerships in facilitating and developing the 2030 strategic plan in collaboration with the many university stakeholders. Diane Zile, JERA CEO and founder, and her team engaged the Chancellor's ...


Starkville Daily News

SOCSD Board OKs strategic plan
Starkville Daily News
Starkville-Oktibbeha Consolidated School District Board of Trustees members Debra Prince, left, and Sumner Davis work during the school board meeting Tuesday night. The board approved the district's new five-year strategic plan. (Photo by Charlie ...


Forbes

How To Avoid Strategic Timing Mistakes Like Exxon's
Forbes
Strategic planning begins with the aspirational destination that is drawn from the vision and mission. Analyze the current reality by using the 5Cs approach and complete a SWOT. Create strategy options to guide actions, overcome barriers, and bridge gaps.


Forbes

The Impact Of Talent On Strategic Planning
Forbes
Is your organization planning its current and future talent needs with the same level of energy devoted to its strategic plan? Your human capital plan must fit hand-in-glove with your strategic plan. A disciplined approach to your talent planning is a ...

Google News

Urban Flight in Ohio

Many of Ohio's downtown areas are in need of upgrading... Read More

Balanced Scorecard Strategy Map

With the help of balanced scorecard strategy map, it is... Read More

6 Steps To Laying Out Your Competitive Strategy

Why do so many companies languish and watch as their... Read More

Elite Positioning Brings Higher Profits

Imagine spending the same amount of money on marketing and... Read More

Creating a Vision That Achieves Results

How important is a vision statement to your company or... Read More

5 Strategies That Will Boost Your Business Productivity Today! - Part 2

Growing your own small business can be one of the... Read More

The Power of Planning

I am surprised how few sales professionals, independent consultants, and... Read More

Dayton, OH; Why your Company needs to expand there

In Ohio: besides the 3-Cs you should look at Akron,... Read More

Top Ten Reasons To Create A One Page Business Plan

There is a story, about a business owner who wasn't... Read More

Offense: Beat the Odds

When in doubt, cut that out! Yeah, yea, doubting Thomas... Read More

Succession Planning: Problems Getting Started

A survey released by the American Institute of Certified Public... Read More

Microsoft Great Plains Implementation: Pharmaceutical Corporation Specifics ? overview

Microsoft Business Solutions Great Plains serves mid-size and large clients... Read More

Why Do a Business Plan?

To Grow (Catapult) Your Business That's Why.When it's in your... Read More

Top 10 Tips to Create A Business Plan! (For People Who Hate Business Plans)

One of the key challenges for any business is to... Read More

Nine Succession Planning Mistakes Small Businesses Should Avoid

1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More

Business Problem Solving

Is there really anything as a problem? Does chaos or... Read More

Vision Getting Dim?

A recent conversation started with a typical question, "How's business?"... Read More

The Power of Strategic Thinking: Creating Meaningful Success

Too much goal setting and strategic planning can leave you... Read More

Business Plan 101 How to Write a Table of Contents

No matter what business you plan to start in your... Read More

Three Steps to Give Your Strategic Plan Traction

We all agree Strategic Planning is a critical part of... Read More

College Students and Graduates to Run Company Outlets or Franchises

Does your overall business strategy include the recruitment of college... Read More

Alice In Wonderland - A Parable for A Business Plan

Remember reading "Alice in Wonderland?"She asks the Cheshire Cat, "which... Read More

Menu Driven Business Planning

A menu is the foundation of any restaurant; Guests will... Read More

Under Construction During the Storm ? A Hurricane Guide for Businesses that are Under Construction

As a business owner, you've likely created a hurricane plan... Read More

Bounced Checks in Your Business Location Outlets

The new check cashing instant clearing will take some time... Read More