You need to strike a balance between short
Posted: Tue Apr 22, 2025 9:31 am
6. Short-term and long-term thinking
For your business to thrive, you need to make money now and in the future. -term and long-term goals.
Let's look at an example. Due to rising raw material prices, an electronics iceland phone number lead manufacturer chooses to reduce advertising spending rather than raise product prices. This choice is not an easy one. Raising prices could mean losing existing customers who are price-sensitive or less loyal. Reducing advertising spending would reduce the company's ability to attract new customers, which could result in lower sales in the long term.
Remember, every short-term decision needs to serve a long-term goal as well.
7. What is a reasonable growth target ?
How should marketers set growth targets ? This depends largely on the maturity of the market you compete in. If you are a mature company, you may see modest growth and less room for growth. This is not necessarily a bad thing. Single-digit growth for a large brand may outstrip double-digit growth for a smaller brand. On the other hand, less mature companies can and should set more ambitious growth targets . However, be careful if there are diminishing returns and understand where the upper limit of growth expectations lies.
For your business to thrive, you need to make money now and in the future. -term and long-term goals.
Let's look at an example. Due to rising raw material prices, an electronics iceland phone number lead manufacturer chooses to reduce advertising spending rather than raise product prices. This choice is not an easy one. Raising prices could mean losing existing customers who are price-sensitive or less loyal. Reducing advertising spending would reduce the company's ability to attract new customers, which could result in lower sales in the long term.
Remember, every short-term decision needs to serve a long-term goal as well.
7. What is a reasonable growth target ?
How should marketers set growth targets ? This depends largely on the maturity of the market you compete in. If you are a mature company, you may see modest growth and less room for growth. This is not necessarily a bad thing. Single-digit growth for a large brand may outstrip double-digit growth for a smaller brand. On the other hand, less mature companies can and should set more ambitious growth targets . However, be careful if there are diminishing returns and understand where the upper limit of growth expectations lies.