What is marketing?
There are several definitions of marketing, however, put widely, marketing is a strategic mix of company activities which work towards a larger goal of building your brand and business. Marketing is all about identifying and understanding your clients and developing products and services which meet their demands. Marketing is important across several areas of your company, such as how your clients are greeted on the phone, your client support procedures, what your staff wear, and your email signature.
Advantages of marketing
Fantastic advertising helps you to examine all aspects of your organization, however small, and think about how they affect the perception your customers’ have of your business. Although marketing takes time, time, research and analysis, effective advertising can help you increase your bottom line.
Here are some examples of where advertising is already evident on your business design:
- How you’re positioned in the industry
- Who your target market is
- The way you price your products and services
- That the standard of your goods.
Writing a marketing plan can help you address some areas of your business and help you concentrate on your priorities.
Slab cranes are just one type of crane proving necessary in the development of infrastructure, where cranes of all sorts are relied on to develop cities and towns into the places they are today.
A wonderful sign for the US market is that the crane market appears to be coming back to life. In a note to clients, Citi’s Timothy Thein writes that following a recent round of tests with industry leaders, the crane market is rising as construction is picking up and projects waiting in the pipeline are receiving the go-ahead to start.
Here are the two important takeaways for the US economy from Thein’s report:
- More work available: increasing activity levels, as previously postponed jobs are going ahead and modest traction on rates is giving more contractors and rental homes the confidence to pull the trigger on new crane purchases.
- Economy strength: enhanced infrastructure activity and high-rise construction are just two of the major contributors cited for enhancing crawler demand. Quite a few crawlers are employed in upstream energy jobs (Manitowoc & Terex origin <150MT from Japan), and our latest takeaway in the Gulf Coast suggests the current tide of downstream/industrial projects (heavy users of large power cranes) will proceed ahead, though clearly sustained lower oil prices put the upcoming huge project slate in danger.
Now, two large things to remember here, one positive and one not so much.
A reading about the crane market is a great leading trend for economic action, as a crane is nearly the most expensive piece of heavy equipment you’ll be able to invest in. Back in 2013, the return of crane activity is something that Bill McBride at Calculated Risk, who nailed the housing fall and can be notably bullish on the coming influx of young employees, wrote about as a harbinger of economic expansion coming back.
The next thing is that Thein’s report makes clear that although the US is looking great, internationally things are not so hot. Thein writes that Global Challenges Remain. Despite some improvement in short-cycle indicators in Western Europe, some sources point to a slow start to the year for crane hire and demand. This coincides with still-weak construction confidence readings in March and double-digit year-to-date declines in cement amounts in certain markets like France & Germany. Although tough competition is a factor. Unsurprisingly, South America remains highly-challenging.
Additionally, the strengthening US dollar looks poised to be drag internationally, and Thein also notes that the decrease in oil prices will also likely contribute to a “challenging competitive landscape.”
But overall, Thein sees these takeaways as a positive for the US economy, especially in light of the current economic data which has been somewhat disappointing.
We have written before that the “dreadful” winter for economic statistics still indicated an economy that was expanding, simply not as far as economists had forecast, and this takeaway from the standing of the some of the largest, fastest going, and also most expensive pieces of industrial equipment shows that in the United States, things are still humming.