The face of any organization is the sales force. Companies spend a considerable amount of time and money on managing the sales force rather than on any other promotional activity. However, sales force is expensive and companies are looking forward to managing them in an efficient and effective manner. The management of sales force consists of following: Compensating the Sales Force A compensation plan should constantly stimulate the salesman to put in their best efforts, quantitatively and qualitatively, to achieve the desired and planned levels of sales. Compensation must be fair to the management and the salesmen. It should enthuse efficient salesmen and help remove inefficient ones. It should be simple, flexible, easy to administrate, economic and capable of achieving the personal selling objectives of the firm. Periodic review and vision of the compensation plan is essential. Motivating the Sales Force It is the crunch of sales force management. The Continue reading
Marketing Concepts
Pricing Objectives and Strategies
Price may be defined as the value of product attributes expressed in monetary terms which a consumer pays or is expected to pay in exchange and anticipated of the expected or offered utility. It helps to establish mutually advantageous economic relationship and facilitates the transfer of ownership of goods and services from the company to buyers. The managerial tasks involved in product pricing include establishing the pricing objectives, identifying the price governing factors, ascertaining their relevance and relative importance, determining product value in monetary terms and formulation of price policies and strategies. Thus, pricing plays a far greater role in the marketing-mix of a company and significantly contributes to the effectiveness and success of the marketing strategy and success of the firm. Pricing Objectives A business firm will have a number of pricing objectives. Some of the them are primary, some of them are secondary, some of them are Continue reading
Advertising – Definition, Features, Objectives and Functions
Advertising is an important tool of promotion. Advertisement is a non-personal presentation of an idea or a product (where as personal selling or salesmanship help in personal promotional.) Advertisement supplements personal selling to a great extent. Advertising has, acquired great importance in the modern era characterized by tough competition in the market and fast changes in technology, and fashion and taste customers. Advertising is used for communicating business information to the present and prospective customers, often utilizing various mediums such as print, digital platforms, and advertising display screens. It usually provides information about the advertising firm, its product qualities, place of availability of its products, etc. Advertisement is indispensable for both the sellers and the buyers. However, it is more important for the sellers. In the modern age of large scale production, producers cannot think of pushing sale of their products without advertising them. What is Advertising? Advertising is the dissemination Continue reading
The Impact of E-Marketing on Businesses
The development of e-marketing has been one of the most important and influential trends in the field of business, marketing and Information Technology offer the past decade. It has revolutionized the manner in which certain businesses market their products and the advent of social media offers the potential to revolutionize the manner in which businesses and consumers interact in the future. E-marketing is a general term used to denote a wide array of different Internet-related activities. These include website building and promotion, consumer communications, e-mail marketing and newsgroup advertising. However, the term e-marketing has developed enormously over the past decade and today it encompasses a far wider range of activities and one of the most important of these is the use of social media in order to advertise online. So, e-marketing is the strategic process of creating, distributing, promoting and pricing products for targeted customers in the virtual environment of Continue reading
Does Marketing of Brand Help?
Does Marketing of Brand Help? We take guidance from the definition of brand as a promise of value that is… Unique Relevant Sustainable These three dimensions of all brands point the way for marketers to create value inside any organization. Regardless of its role and expectations, marketing will win respect when it is recognized as a contributor of value that is unique (not generated by any other area, department or function), relevant (supporting results for the organization) and sustainable (ongoing and lasting). 1. Unique Value The unique value of marketing is its focus on customers. More than any other function, marketing leads the way for the organization to understand, attract and keep customers. While by no means an exclusive domain, marketing is uniquely absorbed with this external focus in holistic terms. Marketing’s contribution to the organization is to lead the way in customer focus by bringing the customer perspective inside Continue reading
The Social and Cultural Environment in Marketing
The socio-cultural environment is made up of institutions and other forces that affect a society’s basic values, perceptions, preferences, and behaviors. Socio-cultural forces usually influence the welfare of a business firm in the long-run. With ever changing society the New demands are created and old ones are lost in due course. Thus necessary adjustments are to made in the marketing plan to meet the need need/wants of the target market. The socio-cultural factors that contribute to a change are; Demographics Cultural Influences Environmental issues Animal Welfare Social influences Social and cultural factors influence all aspects of consumer and buyer behavior. The difference between these factors in different parts of the world can be a central consideration in developing and implanting international marketing strategies. Social and cultural forces are often linked together whilst meaningful distinctions between social and cultural factors can be made in many ways by the way the Continue reading