BECOMING A GOD-KIND OF MILLIONAIRE BIZ SERIES – Day 6

MENTORSHIP

Wow!!!!! Congratulations for staying with me till the end. You should be convinced that by the fact you were able to keep up till the end you have more than it takes to succeed. So never let anybody or any situation convince you otherwise.

When we are born we have our parents to tell us what do and show us how to live, when we begin school we have our teachers to guide us from primary to secondary school, in university we have lecturers but somehow when it gets to the most important time of our lives or the most important area of our lives which is how to make a living and fend for ourselves there is no one to guide us or if there is the person is not fit to fulfil that role.

As the saying goes the most important  (mentorship)  was saved for the last because in my opinion this is the most important of them all. You model could include purpose, systems and relationships but without mentorship there would be no speed because though you have all the ingredients it would take you a while to become adept in using them efficiently and effectively.

This is exactly what Jesus Christ did for the disciples. He mentored them for three years before he left them to handle themselves. He could have spent a little time telling them what to do and explaining to them how it should be done and left but without a relationship with them providing them the opportunity for them to see how it is done “practically” first hand it would have taken them ages to achieve what they did achiever and some may have even given up along the way as is the case with many businesses that start up and fold up in do distant time for lack of understanding on the intricacies of the business and inability to manage their expectations.

The first question is who is a mentor?

A mentor is one who is where you would like to be and who is willing to show you how to get there. If he is not willing to show you how to arrive at the same place then he or she cannot be considered a mentor but a role model as you try to model your actions based on his but without having a relationship with the person whereby by he or she can give you direct instructions.  The key is that a mentor is supposed to become progressively unnecessary in your life and business as time goes by. Initially you are dependent on him, then you become independent of him and finally you become colleagues in the sense that you are either equal to him or sometimes greater than him.  

A mentor qualifies you for what you don’t qualify for while qualifying you for it. Mentorship is the legal short cut to success in the sense that the mentors results at the time he comes into your life is your starting point. If you mentor makes N 200,000 a day and you do exactly what he says you would also make N200, 000 a day. Initially you would not understand why but as your relationship progresses you keep making similar results with him while he teaches you how it is done.

You stand on the mentor’s shoulders benefiting from all his experience and avoiding all his mistakes as such getting to the level where his much faster than you would have done if he was not involved in your business. The people many people call mentors today are merely “godfathers” who use you to rise and not the other way around.

When you hear about a business idea or opportunity who do you ask before you venture into it? Do you decide on your own? Do you ask your wife or husband? Or do you ask a friend? 

Before you answer the above question, let me also ask another question which would help you understand what I am getting at.  If you want to travel to Lagos for instance, who do you ask about how to get there? The person that has been there before or the person that has never been there before? Obviously the person that has been there, not the person that has read about how to get there, not the person that has been told about how to get there but the person that has been there because it is common knowledge that what you see many times in reality is quite different from what you see in the books or the fact that there is an actual difference between reading about how to drive and having driven.

So back to the question about who you ask when you want to venture into a business. The answer should be none of the above unless the person is successful in what you would like to do. If the person has tried and failed he is obviously not the person to ask because he can only give you wrong advice, if the person is in the business but not succeeding the way you would like to he is also not the person to ask because obviously he doesn’t know how to succeed in that business because if he did he would be succeeding. The person to ask is the person that has succeeded in other words get a mentor. Someone who is succeeding and willing to show you how to get there. There is nothing wrong with telling your friend or your spouse but the decision of what to do should not be based on their opinion but on the opinion of someone who is successful in what you want to do.

How do you get a mentor?

Look around you and look out for those you know that are where you want to be. Approach these people and tell them what you are doing and how you would like them to mentor you? Preferably not one you would need to pay though if that is the option presented to you it is okay to take it if you can afford it.

Some have said in this country people are reluctant to mentor you if you are in their industry as they fear you would become their competitor. To these I reply - I see your point with regards to the mentorship challenge in this part of the world. I mentioned a mentor especially in your area but he doesn't have to be in your industry. You can also have mentors in various parts of your business e.g. marketing, operations, customer care. In my business series on Blue Ocean Strategy - How to create uncontested markets and make the competition irrelevant I mentioned the fact that a mentor in another industry may be an advantage in the sense that he can provide you with distinct and new ideas not common in your industry that would make you stand out. The key in Business Mentorship is identifying a successful business man by any standards. Chances are that he would be of use to you as many of this people have their hands in various industries.

However there are certain businesses that already have mentorship as a part of their business model. In this sense the mentor wants to mentor you because your success is their success. I advocate these businesses. 

So there we have it. In order for our business to align with God’s Business model we must put ourselves in the place of Jesus Christ as a business man in this day and age and based on the word of God and the actions of Jesus Christ ensure our business meets the following criteria: 

1. It must align with Gods word i.e. help spread wealth to others  (peter and the fishing boat) Day 3
2. It must be a business with systems in place so you do not have to work every day (God rested from his labor,  Remember the story of the five talents) Day 4
3. It must be based on leveraging your relationship ( Jesus and the twelve disciples, The Samaritan woman at the well) Day 5
4. It must have mentorship in place. Day 6 

Thank you for going through this with me. I believe you were as blessed going through this as I was presenting it to you. 

You can view the video presentation on Becoming a God=kind of Millionaire on youtube via the following link -> https://www.youtube.com/watch?v=_eaWiNoN1CA

Listen to the audio version at - > https://bit.ly/Godsbizmodel

Look out for the next article on my blog Dr. Ebi Ofrey Business Advisory Series - > www.bizadvseries.blogspot.com

Like the God-Kind of Millionaire Facebook page – www.facebook.com/godkindofmillionaire

BECOMING A GOD-KIND OF MILLIONAIRE BIZ SERIES – Day 5

RELATIONSHIPS

To understand the role RELATIONSHIP plays in God’s Business Model let us take a look at a scenario in which Jesus Christ is a business man and the gospel/salvation is his product. How did he spread it? He did so mainly by capitalizing on relationships with people telling people that know and trust them about the things they had heard and seen Jesus Christ do.

Let’s take a look at the story about Jesus Christs encounter with the Samaritan woman in John 4. The bible tells us that Jesus Christ met the Samaritan woman at a well while she was fetching water and being thirsty He asked her for some water to drink. A conversation ensued and he revealed who he was to her. The bible tells us she ran back in city to tell all she knew about Jesus and they came unto him. This is a typical example of how Jesus spread the word. We are also aware that most of the disciple first took the message to their siblings and those they knew with these people doing the same. 

Having this in mind and with the degree of spread of the gospel even without all the tools for advertising like social media, telecoms and media we have today they were still very successful in spreading the gospel. It is clear that the most effective way to spread the information about your business, product or service is by laying emphasis on relationships and working more with word of mouth marketing.

We must understand that from the beginning of time people have made money in different ways based on the era or time they find themselves. The way money is made in one generation though it might have worked perfectly for them would definitely not be the way it works for the next generation so it important we are alert to this or else it would be very detrimental to them.  

 From the diagram on the evolution of the economy from Hunter/Gather, Agrarian, Industrial age, information age and then relationships you would realize that the last one relationships (leverage on our relationships and creating systems) from the beginning of time has been Gods modus operandi.

As they say man is a social creature and no man is an island. As such for a business to succeed research and history have shown that most important form of advertisement is word of mouth marketing which is a friend telling another friend about a product or service. In this scenario it doesn’t matter the amount of money spent on advertisement be it by the traditional media or new age media. As long as your friend tells you this is what works for me that is likely what you would accept.  With the advent of social media the impact of these relationships have also skyrocketed in the sense that almost every business have realized the need to use social media which is just  “word of mouth marketing on steroids” so to say because it take the original idea word of mouth marketing to a level that could never be achieved before.

So based on what we know now about the era of business we are in which is the era of a connection economy based on capitalizing on relationships and having seen clearly that this has been the modus operandi of Jesus Christ in the spread of the gospel. It is not far-fetched but only logical to deduce that if God had a business model in this day and age the use of Relationships would be His key tool in marketing his business, products or service. As such to align your business with God’s Business Model your marketing must be based on relationships.

The final cardinal point in God’s Business Model is Mentorship which would be discussed tomorrow.

Have a blessed day. See you tomorrow. 

BECOMING A GOD-KIND OF MILLIONAIRE BIZ SERIES – Day 4

SYSTEMS

Genesis 2:3 says - And God blessed the seventh day and sanctified it; because that in it he had rested from all his work which God created and made.

The question is – Can God get tired? If he cannot get tired, why does he need rest?

When we are reading the bible we should not just take it as any other book and take the words at face value. It behooves us to think about what we read and search the true meaning. The bible tells us in Proverbs 25:2 that it is the glory of God to conceal a thing: but the honor of kings is to search out a matter. People become king by searching out what God has hidden because when you find them kings would look for you. The secret to your wealth is hidden in the word.

So we need to understand what the word rest means here is to cease from labor. To stop actively participating because he has put systems in place that would never require him to labor again.  The bible tells us in Genesis 1:29 that God gave us every seed bearing plant such that every plant would have a seed that can be planted to replace and multiply that plant, human reproduce themselves so God doesn’t have to keep laboring over and over again to create one thing. He does it once and it begins to replicate itself.

Now let’s look at this in today’s terms. If God was a business man he would not go out every day to make money like we do. He would work and then rest from his labor i.e. when he works and gets paid he ensure the money begins to work for him.  Our creator fully understands what many of us have not begun to understand.

When we go out each day to work and at the end of the day we spend that money then we need to go back to work again to get more money to sort out our expenses. Which means we would forever be slaves because at what point would all our needs be met such that we do not have to work again. The answer is never so we would work till we can work no more. Our bodies are finite and cannot last forever so at a certain point we must stop and therefore finally become bankrupt.  On the flip side if the days we are strong and can work we set the money we make to begin to work for us no matter what that money would not get tired. The key therefore is any money we make must first be sent on an errand to work for us and we take care of our expenses and daily living from the proceeds of the work done by the money living the initial money put in to keep on working or better still after taking care of expenses from the proceeds send what is left to join the first seed money to keep on working. With the power of leverage in a few years you would be financially free to do whatever you want while this money keeps working for you.

Let me blow your mind right now? Are you ready for this? Because we are about to go deeper?

Let’s turn our bibles to

Matthew 25:14-30Amplified Bible (AMP)

¹⁴ For it is like a man (WHO IS THE MAN – GOD) who was about to take a long journey, and he called his servants together and entrusted them with his property.

¹⁵ To one he gave five talents [probably about $5,000], to another two, to another one—to each in proportion to his own ^[a]personal ability. (THIS TELLS US THERE WAS NO FAVORITISM) Then he departed and left the country.

¹⁶ He who had received the five talents went at once and traded with them ( MAKING MONEY BY BUYING AND SELLING THINGS OR SERVICES MEANING LABOR WHICH IS MAKING MONEY WHILE PHYSICALLY PRESENT), and he gained five talents more.

¹⁷ And likewise he who had received the two talents—he also gained two talents more.

¹⁸ But he who had received the one talent went and dug a hole in the ground and hid his master’s money.

¹⁹ Now after a long time the master of those servants returned and settled accounts with them.

²⁰ And he who had received the five talents came and brought him five more, saying, Master, you entrusted to me five talents; see, here I have gained five talents more.

²¹ His master said to him, Well done, you upright (honorable, ^[b]admirable) and faithful servant! You have been faithful and trustworthy over a little; I will put you in charge of much. Enter into and share the joy (the delight, the ^[c]blessedness) which your master enjoys.

²² And he also who had the two talents came forward, saying, Master, you entrusted two talents to me; here I have gained two talents more.

²³ His master said to him, Well done, you upright (honorable, ^[d]admirable) and faithful servant! You have been faithful and trustworthy over a little; I will put you in charge of much. Enter into and share the joy (the delight, the ^[e]blessedness) which your master enjoys.

²⁴ He who had received one talent also came forward, saying, Master, (WHO IS HE REFERRING TO AS MASTER – GOD) I knew you to be a harsh and hard man, reaping where you did not sow, and gathering where you had not winnowed [the grain]. (SO IT IS GOD HE IS SAYING REAPS WHERE HE DID NOT SOW AND GATHERED WHERE HE HAD NOT WINNOWED)

²⁵ So I was afraid, and I went and hid your talent in the ground. Here you have what is your own.

²⁶ But his master answered him, you wicked and lazy and idle servant! Did you indeed know that I reap where I have not sowed and gather [grain] where I have not winnowed? (GOD DIDN’T DENY THE ACCUSATION)

²⁷ Then you should have (invested my money with the bankers) (INVEST MEANS TO COMMIT MONEY IN ORDER TO EARN A FINANCIAL RETURN), and at my coming I would have received what was my own with interest.

²⁸ So take the talent away from him and give it to the one who has the ten talents.

²⁹ For to everyone who has will more be given, and he will be ^[f]furnished richly so that he will have an abundance; but from the one who does not have, even what he does have will be taken away.

³⁰ And throw the good-for-nothing servant into the outer darkness; there will be weeping and grinding of teeth.

The servant that was given one as the scripture pointed out earlier it was because he knew that this servant knew him well, knew his principles and how he made money and having known all these was why he was given one talent knowing that if he had acted the way the master would have done he would have made much more than the others.

Our God is a God of abundance and the kind of riches he has in store for us we can never achieve it by our labor, by anything we have to physically do. There is a saying that you make a living by our income (which is what we receive for what we do) we make a fortune by what the system does for us. You can never get rich with wages only with profits. 

Without systems in place you business would not be aligned with God's Business Model. 

The next cardinal point in God's Business Model is relationship and would be discussed tomorrow. 

Have a blessed day. See you tomorrow. 

BECOMING A GOD-KIND OF MILLIONAIRE BIZ SERIES – Day 3

PURPOSE

You have two eyes but one sight, two nostrils but one nose and two lips but one mouth. So it is with business. Every business has two eyes but one sight. One eye of the business is the business goal which is to make a profit or to increase the value for the shareholders. If a business is not set up to make a profit or make money it cannot be said to be a business but a charity. For it be classified as a business it must be set up to make money. The other eye is the purpose of the business. Why does it exist? Together they ensure a successful business. A business with a goal of making money and without a purpose cannot succeed while a business with a purpose without a goal of making money cannot succeed.

For your business to be in alignment with God’s Business Model it must have a purpose in alignment with the word of God. The question then is what is the purpose of God for us and how can we get our businesses in alignment with this.

In 3 John 1:2 the bible tells us - Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospereth.

As such we can clearly see that the purpose for us is three fold:

1.      That we prosper financially

2.      Prosper in our health

3.      Prosper in our souls

For your business to align itself with the purpose of God it must align itself with one of these either directly or indirectly.

Let’s take a look at some businesses in the bible that can be said to have been failing but once they aligned themselves with the purpose of God they began to prosper.

We all know the story of peter who later became the fisher of men. The story goes that Jesus Christ was at the seashore and wanted to preach to a multitude of people who were thronging him in all directions he had no wiggle room and decided to go out in a boat to be able to preach to the people from off-shore. Peter who had been fishing all night was by the sea shore washing his nets preparing to close and to go home but Jesus Christ as for his assistance to make his boat available to him for his use. Peter obliged and allowed Jesus use his boat. After Jesus concluded His message, being one who doesn’t take charity told peter to cast his net into the sea knowing fully well that peter had been attempting to fish all night and had caught nothing. Peter who was a professional fisherman well versed in the intricacies of fishing understanding at the time that the best time to fish was at night still obeyed the command of Jesus Christ and the bible tells us he caught so much fish the net broke. He had to call those nearby to assist him. This was the same business that was failing, the same fisherman that had been toiling all night, using the same boat and the same net. So nothing was different except for one thing which is the fact that the business had now aligned itself with the purpose of God. How do we know this? We know this because Jesus Christ could have said I am Jesus Christ every fisherman here begin to fish. But he didn’t do that it was only the business that aligned itself with his purpose that succeeded.

Simply put just by aligning your business with the purpose of God already gives you an edge. Whatever business helps others to make more money, helps improve their health or helps to save souls is in alignment with the purpose of God and if Jesus Christ was a business man in this day and age clearly whatever business endeavor he would be involved in would align with this purpose.

As such first and foremost to align with God’s Business Model your business must have a purpose and not just any purpose but a purpose in alignment with the word and purpose of God.

I have been asked this question in the past – But I have a conventional business providing a product or a service. How can I get it to be in alignment with the purpose of God? The answer is quite simple. Peter was in that same position. He didn’t change his line of business he just ensured his business was able to help the purpose of God. You should find a way to either help the propagation of the gospel by donating a certain percentage of your proceeds to help out the spread of the gospel or provide your services pro-bono i.e. for free for the purpose of the God. The bible clearly in Hebrews 6:10 that God is not unjust to forget your work and labor of love.

The second cardinal point is the business most have systems in place which would be discussed tomorrow.

Have a blessed day. See you tomorrow. 

BECOMING A GOD-KIND OF MILLIONAIRE BIZ SERIES – Day 2

I would like to thank you for your time and for your trust. Your time because there are a million and one things you could be doing right now but you chose to read this right now and secondly your trust because you are reading based on your trust that you would become a God-kind of millionaire if you learn and apply the business model you are about to read about.  However it is important that I point out we are all from varying backgrounds, various trainings and various disciplines as such some things you might read might be contrary to what you already know. What I ask is that you extend this trust a bit further and keep an open mind and access the things you would read. There is a definition of an educated man I heard once which resonated with me. It says “An educated man is one who has an opinion and listens to another’s opinion and submits to the superior argument without prejudice or bias”.  It is also important to note that I can only speak from my experience. It does not make it right and it does not make it wrong, it  does not make it true and it doesn’t make it false all it makes it is my I experience.  The truth is it has worked remarkably for me and for thousands and thousands of people though some may have not been aware of the model they were using and if you learn and apply these principles they are bound to transform your life too.  So all I can ask is that you keep an open mind and try out the things you learn. Whatever works you are welcome to keep and whatever doesn’t work you are welcome to throw away. Are we together?

I am one of those people that that for years have tried every and anything within the bounds of the law to make money. I am sure some of us know what I am talking about. I have had two business centers, I have sold paint, I have sold health insurance and general insurance, and I have sold medical devices and recharge cards. I had heard about this phenomenon called profits but I never seemed to see any. Not because I wasn’t knowledgeable in business because I was as evident by my business plans winning national awards and my graduating with a distinction in my Masters in Business. It was thus clear to me that I had the value but still I wasn’t getting the results I had expected. However as I became closer to God I discovered that having read hundreds of books and attended numerous seminars that every single principle I have heard about or read about was found in the bible. With this in mind I decided to research for myself what the bible proposes as an ideal business model. This was how I arrived at Gods Business Model based on the word of God and the actions of Jesus Christ himself. Having discovered this my story has been different ever since. 

God’s business model is made up of four cardinal points which are purpose, systems, relationships and mentorship. In the next few days I would be enlightening us on this God’s business model looking deeper into each of the cardinal points and expounding on them.   I implore you to see the process through as I guarantee the “you” that finishes this series would be quite different from the “you” that started with me.

Have a blessed day. Look forward to talking to you tomorrow.

BECOMING A GOD-KIND OF MILLIONAIRE BIZ SERIES – Day 1

Before I begin I would like you to know that everyone reading this belongs to the top 10% of people in any society they find themselves. .

Do you believe that?

Well you should.

You should believe so because research has shown that only the top 10% of people take out time to develop themselves and search out opportunities to improve themselves not only intellectually but also financially and so if only the top 10% of people in any society are the ones that seek out knowledge and you are here, what does that make you?

Yes that’s right a part of the top 10%. 

The truth is that many of us may not feel this way right now but we know or if we don’t know it is important that we know now that being successful first begins in the mind before it materializes in the physical form.  Everything we see today no matter what it is was first in someone’s mind before it came into the physical. For instance the laptop, tablet or phone you are reading this article on was first designed in someone mind before it was made. Without ever being conceived in the mind it can never materialize in the physical. The buildings you see were first conceived by an architect in his mind before they were brought into the physical. Even this earth was first conceived in the mind of God before it was brought into the physical.

Let’s turn to Genesis 2:3

And God blessed the seventh day and sanctified it; because that in it he had rested from all his work which God created and made.

This is not tautology i.e. saying the same thing twice. It tells us that God first conceived it (created) and then he brought it into being by making it. Thus we have to first create it before it is made.

 For many of us we are still in the creation phase that is why though we are the top 10% it is not evident in the physical yet cos we are still creating.  How do we know we are still creating because we are here? I assure you that you are not the only one that that saw the title of this post but you were attracted to it and went further to read this far. If you were not part of this 10% you would not be here. If there is no budding successful business person inside of you, if there is no imminent millionaire inside of you no matter what you were told you would not be here. It’s only a matter of time before it materializes in your life.  This manifestation of the inner potential is also dependent on you because as the bible says in Ecclesiastes 11:3 – when the clouds are full the rain would come down so it now depends on how fast you feel your clouds and what we are doing here is part of the process of filling this clouds.

This business series is tagged BECOMING THE GODKIND OF MILLIONAIRE. This denotes that first and foremost God wants us to be Rich and not just that if
God was on earth today (2016) based on his word and what we know about him we can deduce the methods with which he would have gone about it.

I am sure all of us want to be prosperous and have been applying the spiritual laws set aside for prosperity for instance first fruit, tithing, offering and giving. We need to note that God in answer to our actions would not just cause people to come and give us money but would put us in situations where these means of making more money is shown to us. It is then left to us to take advantage of this.  I am of the strong opinion that what we are doing now, the fact that you are reading this is the result of you actions prior to this day, all the tithe you have been giving, offering you have been giving and so on.  Today with what we are about to present to you, you would receive your harvest.

There is this story about this man in a community that was expecting a flood. First he heard on the news that there was going to be a flood that everyone should evacuate their houses. He said it won’t affect me because God would save me. The heavy rains began and the roads where all flooded so the emergency services came with a boat to pick him up. He said do not worry God would save me. His house then became flooded so he had to stay on the roof. The emergency services again sent a Helicopter to save him he still told them do not worry God would save me. Eventually he drowned in the flood. When he got to heaven He asked God. Why didn’t you save me? God said I told you on the news you refused to listen, I sent a boat for you , you refused to go in,  I sent a helicopter for you, you still refused to go in. what more could I have done.

Many say we want to be prosperous they have done all it takes. Finally they are here hearing this things and they in their minds say God would do it in my life. It is always darkest before the down, when I am down to nothing God is up to something. He has already done something the question is are you ready to take advantage of it.

Our mission is to ensure you accomplish this task as we know the richest people in history were believers.  We are told Job was the richest man in the east and he eschewed evil (JOB 1:1) Abraham was extremely wealthy also and in our time we would be the examples in the name of Jesus.

Over the next few days we would be discussing in detail God’s Business Model and my prayer is that the message would be a blessing to you as it has been to me. As the bible says in Ephesians 1:17 May the God of our Lord Jesus Christ give unto you the spirit of wisdom and revelation in the knowledge of Him as together we dissect this God’s Business Model.

Keep a date with me on this same page tomorrow. Have a blessed day.

CONSUMER ANALYSIS (An Important Part of Developing a Sound Marketing Strategy)

All marketing plans should begin with a look at the all-important consumer and his or her needs. It is important to identify segments or groups with similar needs so that marketing efforts can be directly targeted at them. Several important questions must be asked to find this market:

·        What is the need?

·        Who is buying and who is using the product?

·        What is the buying process?

·        Is what I am selling a high or low involvement product?

·        How can I segment the market?

A. What is the need your product addresses?

This question may seem unnecessary but answering it may help you uncover a potential market for you product that was previously overlooked. That is why it is important to answer this question before your thoughts are fixed in the conventional way of thinking i.e. it help you to first think outside the box.

B. Who is buying, who is using?

Buyers most times are different from the users e.g. women make the majority of purchases of men’s underwear and socks, in our environment men make the majority of automobile purchases for their wives, mothers make majority of purchases for their under 10yr old children e.t.c.

Determining the buyer as well as the user provides the essential initial insights to create a marketing plan that would be directed appropriately.

C. What is the buying process?

The buying process includes all steps that a person takes leading to a purchase. It is also called adoption process and problem solving process by some. Understanding the buying process is critical because it will lead to the possible routes to reach the buyers. For any product the buying process can include one or all of the following steps:

Awareness -> Information search -> Evaluate Alternatives -> Purchase ---> Evaluate

E.g. in the instance of soap purchase

Awareness (Smell body) -> Information search (What should I use -> Soap) -> Evaluate alternatives (Ask for advice -> make trip to store -> Read labels) -> Purchase (Buy lux soap) -> Evaluate (Smell body for odor -> Buy Lux soap next time).

Awareness – at some point a person will realize a need which may be triggered by advertising to meet needs such as acceptance, love e.t.c. The question you should ask yourself at this point is how do my consumers become aware of my product?

Information Search – sounds good let me find out more from a variety of sources e.g. sales people, specialty magazines, family, friends and local experts. As a marketing manager you want your target market to get as much favorable information as possible about your product, when and where buyers make their buying decisions.

Evaluate Alternatives – Which is best for me? Placing positive information where you buyers a likely to look is one key to marketing success. At this stage of the buying process the marketing manager would like to identify the influencers of his targets buying behaviour. Distribution is also crucial at this stage. If a product is not readily available a comparable substitute may be chosen just for convenience or immediacy of need.

Purchase Decision – Even though the decision to buy could be yes, in certain instances the first purchase is only a trial. As this is likely to be a first time purchase, offering a money back guarantee might be what would tip the consumer over to purchase your product as he sees there is no risk involved.

Evaluate – also known as post purchase behaviour. Did I make a mistake is the big question. This is also a very crucial step for the marketer as the evaluation of the product by the consumer would determine if he is going to make a repeat purchase which is the main aim of your entire marketing plan i.e. to get a consumer to try your product and keep using. For this reason it is essential that your product does all it says it is going to do.

D. Is the product a high or a low involvement product?

If the consumer feels a high level of risk in buying your product then it is considered as a HIGH INVOLVEMENT PRODUCT on the other hand if a consumer does not feel a high level of risk in buying your product it is considered as a LOW INVOLVEMENT PRODUCT.

There are several reasons for high involvement purchase decisions (e.g. the purchase of cars, professional services, electronics e.t.c.)

·        The need for the products benefit

·        The need for psychological reward e.g. status

·        They are usually higher priced and at times difficult to compare as determining the differences between alternatives makes high involvement purchases difficult especially if the buyer is not an expert.

When it comes to low involvement products purchasing decisions are not difficult because minimum level of acceptable performance is required e.g. a pack of chewing gum, it really doesn’t matter which you choose and if you do not like it, it does not bother you as the cost of trial is low.

The marketer’s magic is at work when he or she transforms a previously low involvement product into a high involvement one e.g. transforming athletic shoes which were once just functional to become a status symbol for young people. These are some ways in which this can be accomplished:

1.    Link the product to a high involvement issue e.g. no cholesterol cooking oil to a wives fear of a husband’s heart attack.

2.    Use involving advertising to create a value expressive message linking your product to social status.

3.    Introduce important characteristics to product i.e. tinkering with an old product by adding distinguishing features e.g. childproof caps on household cleaning liquids

D. Do I intend to segment my market? Why? How?

The question “who is our consumer?” is central to the marketing task. If you think you have something that is for everyone, then a mass marketing strategy is appropriate. If not you must choose a segment for the following functions:

• To identify segments large enough to serve profitably

• To identify segments that can efficiently be reached by marketing efforts

• To help develop marketing programs

When you have a segment in mind you can effectively aim and efficiently execute your marketing activities to yield the most sales and profits without which you risk wasting marketing naira on disinterested people. There are 4 major segment consumer markets

1. Geographic – which are segments according to location

2. Demographic -

Ø  Age: Different generations have different wants and needs

Ø  Sex: different sexes have different uses and buying patterns

Ø  Income: the ability to purchase

Ø  Marital status: Family needs

Ø  Family life cycle: are they starting out (new couples), or empty nesters (elderly).

Ø  Education/Occupation: an indication of the sophistication of the consumer

Ø  Ethnicity, Religion and Race: Particular tastes and preferences

3. Psychographic

Ø  Lifestyles – Activities, interest and opinions

Ø  Personality – Conservative, risk taking, status seeking e.t.c. (people may have different hot buttons that advertising can trigger.)

4. Behavioral

Ø  Usage – Amount of use, manner of use, benefits sought

Ø  Purchase occasion – Gift, vacation, seasonal e.t.c.

Ø  Brand loyalty – Loyalty to one product indicates receptiveness to others

Ø  Responsiveness to price and promotion – some groups respond to special marketing efforts more than others.

In order to adequately assess your chosen segment they have to be:

·        Measurable – quantify its size

·        Accessibility – Can you reach the segment through advertising, sales force or distributors

·        Substantiality – is the segment large enough to bother with?

·        Profitability – are there enough profits to make targeting it worthwhile

·        Compatibility with competition – are your competitors interested in this segment? Are competitors currently investigating it or is it not worth their trouble.

·        Effectiveness – Does your company have the capabilities to adequately service this segment?

·        Defend ability – can you defend yourself against competitors attack?

An example is twenty five to fifty four years old, college educated, professional or business executive employment childless households with incomes greater than N200, 000 per month.

Conclusion

The consumer analysis is a very important part of the marketing plan as seen and we stand the chance of wasting a lot of time, energy and money if we overlook this part of the process.