A Class with Drucker - Headway | Work on yourself

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experience, and know-how, financial, human, and capital resources, suppliers, and other factors as you did the previous environs. Do you enjoy favor <strong>with</strong> your customers or potential customers and why? Summarize your strengths and weaknesses as they apply to your project. In many ways, this section of your analysis is about the same items as the competitor environs section. Picking Target Markets Knowing your customers is as important as knowing yourself (the company environs), your competitors (the competitor environs), and the other environs that you have analyzed (neutral and situational). Identifying key aspects helps you to correctly identify the decisive point or points to concentrate your resources. Not everyone is a worthwhile potential customer, even though anyone might be able to make use of anything that you may introduce into the marketplace in the future. Some segments of the total market are far more likely candidates than others. If you attempt to serve every single potential customer segment, you cannot satisfy those that are most likely to buy as well as you should. Furthermore, you will dissipate your resources by trying to reach them all. If you pick the most likely target market, or markets, you can devote the maximum amount of money to advertising your product or service in a message that your most likely customers can best understand. The basic concept of all strategy is to concentrate your scarce resources at the decisive points in the situation. Your target markets represent one application of this concept. You usually cannot be strong everywhere. You must be strong where it counts, in this case, in the markets you target. How will you define your target markets? Start by defining them in terms of: ■ demographics (i.e., such vital statistics as age, income, and education); ■ geography (i.e., their location); ■ psychographics (i.e., how they think); and YOU CAN’T PREDICT THE FUTURE ■ 131 ■ lifestyle (i.e., their activities, interests, and opinions). There are an infinite number of ways of describing and segmenting your market.
132 ■ A CLASS WITH DRUCKER Again, all these factors may change in the future from what they are today. However, as long as you keep track of changes as you progress and keep focused on your future objectives, you will be on the way to creating your future, just as <strong>Drucker</strong> indicated you could. What Next? Once you have completed this analysis, you are in a better position to see your problems, opportunites, and threats. As you proceeed, you will note that your strengths and weaknesses must figure closely in the strategy that you formulate. One part of your strengths analysis is especially important to consider. It is called a competitive advantage or differential advantage. It means, essentially, what do you have that others do not, and which are important in this specific situation? After assembling this information, you are in a position to develop the strategies which will lead you to create the future you want and to take the necessary decisions to implement them. There is, however, one more step. How do you determine whether you are getting there or not? As you take action you should determine if you are moving closer and closer to these future objectives. To make this determination, you need to establish metrics. Metrics are objective measurements which tell the tale. If the future you are creating has to do <strong>with</strong> becoming a major force in your industry, what metrics can you look at every year to see how you are doing? Sales might be one, percentage of the market served another, innovations introduced could be a third. You need to work these out depending on your future. I think Charles Atlas probably used a tape measure to see whether he was developing muscles or not. Later, he probably noted his success in bodybuilding competitions, and later yet, the sales or number of students who bought his courses. <strong>Drucker</strong> Lesson Summary As Peter often said, you can’t predict your future, but you can create it. Quit worrying about your future environment. No one can predict it. Especially don’t focus on why you can’t do something. Instead, decide what your objectives are, look at the resources you need, and do a situational analysis. Then go from there and take action. Others have created their futures, and so can you!
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A C L A S S W I T H D R U C K E R
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A Class wi
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C O N T E N T S Acknowledgments and
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A C K N O W L E D G M E N T S A N D
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F O R E W O R D Bill Cohen was the
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core competencies, and we also chal
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I N T R O D U C T I O N Peter <stro
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C H A P T E R O N E How I Became th
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HOW I BECAME THE STUDENT ■ 3 retu
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HOW I BECAME THE STUDENT ■ 5 doct
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HOW I BECAME THE STUDENT ■ 7 “I
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HOW I BECAME THE STUDENT ■ 9 Duri
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C H A P T E R T W O Drucker
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DRUCKER IN THE CLASSROOM ■ 13 Mos
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DRUCKER IN THE CLASSROOM ■ 15 <st
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DRUCKER IN THE CLASSROOM ■ 17 ant
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C H A P T E R T H R E E What Everyb
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WHAT EVERYBODY KNOWS IS FREQUENTLY
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SELF-CONFIDENCE MUST BE BUILT STEP-
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IF YOU KEEP DOING WHAT WORKED IN TH
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C H A P T E R S I X Approach Proble
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APPROACH PROBLEMS WITH YOUR IGNORAN
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C H A P T E R S E V E N Develop Exp
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DEVELOP EXPERTISE OUTSIDE YOUR FIEL
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A MODEL ORGANIZATION ■ 181 Promot
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A MODEL ORGANIZATION ■ 183 and th
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A MODEL ORGANIZATION ■ 185 Howeve
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A MODEL ORGANIZATION ■ 187 The St
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I t C H A P T E R S I X T E E N The
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THE MANAGEMENT CONTROL PANEL ■ 19
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C H A P T E R S E V E N T E E N Bas
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BASE YOUR STRATEGY ON THE SITUATION
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C H A P T E R E I G H T E E N How t
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HOW TO MOTIVATE THE KNOWLEDGE WORKE
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What Do You Think Motivates <strong
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everyone gets them for the good of
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C H A P T E R N I N E T E E N <stro
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DRUCKER’S PRINCIPLES OF SELF-DEVE
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As I mentioned in an earlier chapte
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AFTERWORD ■ 247 articulate truths
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N O T E S CHAPTER 2 1. Simon London
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NOTES ■ 251 4. David A. Kaplan,
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Aburdene, Patricia, 221 accountabil
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Grant, Ulysses S., 166 growth, 229
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professional journals, 158 professi
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