Page 15 - UPthEM_Program_Final_December 2020

− Accounting year concept: Each business chooses a specific time period to complete a cycle
of the accounting process - for example, monthly, quarterly, or annually - as per a fiscal or
a calendar year;

− Matching concept: This principle dictates that for every entry of revenue recorded in a
given accounting period, an equal expense entry has to be recorded for correctly calculating
profit or loss in a given period;

− Realization concept: According to this concept, profit is recognized only when it is earned.
An advance or fee paid is not considered a profit until the goods or services have been
delivered to the buyer.

2.2. Marketing strategies for a new product or startup

Successful products and startups require successful marketing strategies. That means it’s important
to ensure the product meets customers’ needs, it is positioned in the market appropriately, and
there must be a plan to get the word out.

The essential elements of a strong marketing strategies are:

− Product - The first step to developing a strong product marketing strategy is making sure
you have a strong product. Before you even start putting together your strategy, you need
to make sure the product is created with the customer in mind and aligns with their needs.
People don’t want to just buy things; they want to solve their problems. So, ask yourself
what problem your product solves for the customer. How will it make their lives better?
Answering these questions will help determine the right messaging for promotion down
the road. The value the product provides is more important than its capabilities. In other
words, you should focus more on the benefits of your product, rather than its features. Each
feature should be developed for a purpose and provide some benefit to the customer;

− Audience - Just like your product needs to be created with your audience in mind, your
strategy should also be created with your audience in mind. To do that, you need to truly
understand the individuals in your audience and know everything you can about them. Start
by doing some research and gathering any information you can about your intended
audience, such as: Age; Gender; Marital Status; Education; Profession and so on. Any
information can be helpful in uncovering your audience’s preferences and how best to
market your product to those individuals. Once you have all your information gathered,

start building buyer personas. In your research, you’ll probably discover some patterns

Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.