As discussed in Intro to Marketing Part I, a target market is the market segment to which a particular product is marketed. It is often defined by age, gender, geography, socio-economic grouping or in B2B sales, industry. Target market is a key concept for your...
Does the word marketing make you just a little nervous? Are you concerned that you may not know enough about this skill set that can make or break your business? Then you’re in the right place. Our Intro to Marketing series starts at the beginning, understanding...
A Letter of Credit is a standard tool for international transactions. A letter of credit (LOC) is issued by a foreign bank (representing the buyer) and confirmed by a corresponding bank usually in the country of the seller. The LOC is the buyer’s bank’s commitment to...
As your sourcing efforts expand internationally, you will discover that the typical credit card transaction or invoice/payment within 30 days arrangement is less common. In fact, if you are not only buying internationally but also selling internationally, you should...
Payment made by cash in advance is ideal if you are the seller. Before you release your products to the buyer, the buyer pays you. However, if you are the buyer, cash in advance puts you at significant risk. You have paid before you have any product in hand. If the...
As we discussed in Part III – Qualitative Market Research, we know that people sometimes get very nervous about the idea of doing market research. (If you haven’t read Part III, be sure to take a moment and do so.) If you’ve read Part III, you are probably saying,...
Product pricing is a critical business skill to develop. You must be able to strike a balance among a number of factors including direct costs, staff costs, overheads, profitability and market influences. In this article, we will make a fast survey of these elements...
In order to price your product, you have to figure out who your market is and what price they are willing to pay for your crafts. This article discusses how to determine your price point. Pricing by Formula In many industries, clothing for example, pricing tends to...
In this article we are going to discuss one essential step to successful online trading. In the past you are likely to have purchased goods by mail order or on deferred delivery. This is when a retailer shows you their product range on a catalogue or in their...
Finding an Area that Encourages New Businesses Throughout the UK, there are many cities that have created specific plans devoted to encouraging new retail businesses. Norwich, Northamptonshire, Oxford and many other communities have focused their efforts on...
How to accept and send payments when trading internationally Whether you’re a supplier or a buyer, it’s essential that when an electronic payment is made it reaches its destination in a timely manner. Consumer transactions are relatively simple, often involving a...
If there is something wrong with what you buy, tell the seller as soon as possible. If you are unable to return to the shop within a few days of making the purchase, it is a good idea to telephone to let it know about your complaint. Make a note of the conversation...
