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the science of sales success and how to get rich_58
Author: the science of sales success and how to get rich When selecting which market segments to pursue, one final analysis—economic sensitivity—remains to be taken into account. Economic sensitivity is a measure of how a market segment (and the customers within it) will react to changing economic conditions. It includes the following three categories:
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Cyclical. The market segment follows the general economy. If the economy is booming, so is the market segment. If the economy slows down, so does the market segment. Typically, market segments in the manufacturing sector are cyclical in nature. For example, in a strong economy, people buy new products to support growth and replace old ones rather than repair them.
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Countercyclical. The market segment goes in the opposite direction to the general economy. If the economy is booming, the market segment slows down. If the economy slows down, the market segment grows. Typically, market segments in the service sector are countercyclical in nature. A weak economy means people repair products rather than replace old ones.
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Noncyclical. The market segment includes companies with both manufacturing and service business units. Therefore, these market segments will redirect their investments (that is, sales opportunities) depending on the direction and condition of the economy.
The key to consistency is to make sure you balance your market segment so value-driven and profitable sales opportunities exist during all three economic conditions.
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