business strategy
Developing The Sales Promotion Program
December 21, 2016
Article
The marketers must make several other decisions in order to define the full sales promotion program. First, the marketers must decide on the size of the incentives. If the promotion is to succeed, a certain minimum incentive is necessary. A large incentive will generate more sales response. Marketers also must set conditions for participation. Incentives might be offered to everyone or only to selected groups. Then marketers must decide how to promote and distribute the promotion plan itself. A 50-cents-off coupon could be given out in a package, at a store, by mail, or in an advertisement. Each distribution process involves a different level of cost and reach. Increasingly, marketers are combination of several media into a total campaign concept. The length of the promotion is also very important. If the time period of sales promotion is too short, many prospects (who may not be buying during that time) will
Socially Responsible Target Marketing
December 20, 2016
Article
Socially responsible target marketing is to target those market segments which will be beneficial for social welfare. Smart targeting helps companies to be more effective and efficient by focusing on segments that they can satisfy best and most profitably. Targeting also provides benefits for consumers. Companies reach specific groups of consumers with various offers carefully altered to satisfy their needs. However, sometimes target marketing generates concern and controversy. The major issues usually engage the targeting of vulnerable or deprived consumers with controversial or potentially harmful goods and services. For example, over the years, a cereal industry has been criticized heavily for its marketing attempts directed towards kids. Critics concern that premium offers on products and high-powered advertising appeals presented and the presence of kids’ favorite and lovable animated characters will overwhelm their defenses. The marketers of toys and other children’s stuffs have been similarly shabby, often with good justification. Other
Consumer Behavior Across International Border
December 17, 2016
Article
The subject of whether to adapt or standardize the marketing mix across international markets has shaped a lively debate in recent years. Understanding consumer behavior is difficult enough for companies marketing within the boarder of a single country. For companies operating in many countries, however, understanding and serving the needs of consumers can be intimidating. Although, consumers in different countries may have something in common, their attitudes, values, and behaviors often vary greatly. International marketers must understand such differences and amend their products and marketing plans accordingly. Sometimes differences are very obvious in them, for example, in the United States of America, where most people eat cereals regularly in their breakfast. Kellogg focuses on persuading consumers to select Kellogg brand rather than a competitor’s brand in its marketing plan. In France, however, where most people prefer croissants and coffee or no breakfast at all. Kellogg simply tries to convince people
Major Influences On Business Buyers
December 16, 2016
Article
Business buyers are subject to many influences when they make their buying decisions. Economy is one of the major influences in some marketers’ perception. They think buyers will favor the supplier who offers the lowest price rate or the best product or the most service. They focus on offering strong economic benefits to buyers. However, business buyers actually respond to both economic and personal factors. Today, most B-to-B marketers recognize that emotions play a vital role in business buying decisions. For example, you might expect that an advertisement promoting large trucks to corporate fleet buyers would stress objective performance, technical, and economic factors. Though, an ad for Volvo heavy-duty trucks shows two drivers arm-wrestling and claims, “it solves all your fleet problems, except who gets to drive.” There are many factors which actually influence on business buyers: Environmental Factors Business buyers are influenced heavily by factors in the current and
An Introduction To Micromarketing
December 14, 2016
Article
Micromarketing is based on individualized marketing. Although, differentiated and concentrated marketers alter their products, offers, and marketing plan to meet the needs of different market segments and niches. At the same moment though, marketers do not customize their offers to each individual customer. Micromarketing is a practice of altering products and marketing plans to suit the choices of specific individuals and locations. Micromarketers see individual in every customer rather than seeing customer in every individual. Micromarketing consists of local marketing and individual marketing. Local Marketing Local marketing involves altering brands and promotions according to the needs and wants of local customer groups, like neighborhoods, cities and specific stores. For example, Citibank provides various mixes of banking services in all of its branches, depending on neighborhood demographics. Kraft helps many supermarkets chains to identify the specific cheese variety and shelf positioning that will help to optimize cheese sales in low-income, middle-income
The Buyer’s Decision Process
December 13, 2016
Article
There are some influences that affect buyers and their decisions for buying products. This buying process starts long before actual purchases and continues long after. So marketers need to focus on the complete buying process instead of purchase decision only. Buyer decision process consists of five stages: Need Recognition This is the first stage of the process, in which the consumer recognizes a need or problem. Need is generated by internal stimuli when one person’s normal need rises to high level to become drive. A need can also be generated by external stimuli. For example, a discussion with your friend or an advertisement might get you thinking about purchasing a new car. Information Search At this stage, consumer starts to search more information about the product which he is interested to buy. If consumer’s drive is strong and he can satisfy his needs, he will buy. Otherwise he keeps it
Requirements For Market Segmentation
December 13, 2016
Article
Market consists of buyers, and the buyers are different to each other in one or more ways. They may vary in their needs, locations, resources, buying practices and buying attitude. Market segmentation is to divide a market into smaller groups of buyers according to their different needs, behaviors or characteristics. Through market segmentation, companies divide large and heterogeneous markets into small segments. With these smaller segmentations, products and services can be reached more efficiently and effectively to the target market. There are many ways to segment the market but all ways are not effective. For example, consumers of table salt could be divided into blonde and dark hair customers. But, hair color does not influence the purchase of table salt. Effective market segments must have some requirements to make the segmentation more efficient. These are: Measurable Segments should be easily measurable after targeting. The size, profiles and purchasing power of
The Impact Of Culture On Marketing Strategy
December 8, 2016
Article
Every country has its own norms, taboos and folkways. Companies must understand all these things when they design global marketing strategies that how culture affects consumers’ buying and reactions in different countries of same product. In fact, they must also understand how these marketing strategies influence on local cultures as well. Before developing a marketing plan, every seller should examine the ways that buyers in different countries use and think about certain products. There are often surprises. For example, the Germans and the French eat more branded and packaged pasta than Italians do. Italian kids like to eat chocolate bars between slices of bread like snack. Women in Tanzania do not their kids eggs for fear of bald. Companies that pay no heed to such differences can make really some costly and embarrassing mistakes. Business behaviors and norms also vary country to country. All business executives need to be briefed
The Impact Of ERP For Accounts Management
December 5, 2016
Article
Business world is rapidly changing. Most emerging organizations are moving towards EPR (Enterprise Resource Planning) systems in order to unite their cross functional business units. ERP system improves the quality of managerial accounting process, and training. ERP Software ERP software usually consists of multiple modules of enterprise software that are purchased according to what best meets the specific and technical capabilities of the organization. Each ERP module is designed for one area of business processes and it is used to manage back-office activities and tasks. The main purpose of using an Enterprise Resource Planning system is to centralize all the information that is shared by all the departments to improve the data flow across the organization. ERP Function for Accounts ERP system is more friendly for Accounts and provide effective tools to maintain database and improve their work flow as well. ERP helps accountants to manage their financial matter such
Scrum Standup Meetings
December 2, 2016
Article
Scrum standup meeting, also known as daily standup meeting, in this meeting software development team gather to provide project status updates and details. They discuss about what is current status, what has to be done, what needs to be done and what are the issues in the completion of task. Theoretically, these scrum standup meetings are supposed to improve team communication and deliver a best product. Scrum standup meeting having a short time period about 15 to 30 minutes. Because the basic purpose is to communicate with project team and keep in touch with the team to make work more effective and efficient. The basic need is that to understand team work and scrum qualities. Mostly scrum meetings get off to the topic and it takes an hour. So now it is time to move on the actual scrum meeting process. Scrum standup meetings are followed by a proper procedure.
6 Tips to Improve Sales Negotiation Process
November 29, 2016
Article
“In business as a life, you don’t get what you deserve. You get what you negotiate” – (Chester L.) Negotiations play a vital role in the expansion of your business. No matter what is the size of a business, they have to get involve in process of negotiations at some part of their business dealings. Look from an organization’s point of view; bargaining and negotiating with suppliers, dealers, customers, and carrier services etc. is a common task. Skilled negotiating human resource can prove to be more than a mere asset for the corporation. Some firms lose huge opportunities only because they lack good negotiating skills. In this article,
Pricing Strategies And Factors To Be Considered While Setting The Price
November 28, 2016
Article
Marketing mix defines your business and the most basic components of a market mix comprise of Price, Product, Place, and promotion. This shows how important price is for a company. Setting the price is not an easy task at all. It involves different analysis and deep insights regarding the target market. Some of the most commonly used pricing strategies are: Premium Price When a firm knows that the product they are offering is of superior quality and can easily outperform its substitutes, they set a price higher than their competitors. They charge higher prices as compared to their competitors, as they know they are providing a better product. This is called premium pricing. Market Penetration When a firm wants to attain more market share, the strategy they use is Market Penetration. In this strategy, the price they offer is very low and none of their competitors can offer the same
4 Ways To Enhance Your Advertisement Strategy
November 21, 2016
Article
If people do not know about your product, how can you anticipate that they will buy from you? The answer to this question is an advertisement, it plays an integral role in business. The advertisement is crucial for both existing and new firms. For new firms, it creates awareness among the public, and for the existing businesses it is used to communicate how doing business with you is a better proposition as compared to your competitors. The current business era is very competitive and designing advertisement which just tell what is your product is not sufficient enough. Advertisements are becoming way more innovative as compared to the past, so creating an effective advertisement is one of the biggest challenge currently business firms are facing. Today I will tell you about some of the most basic yet effective factors incorporating which can enhance our advertisement campaigns quite significantly. Embrace the Power
How To Boost Your Sales Using Marketing Triggers
November 16, 2016
Article
There are some marketing triggers which can sell your products more and make people purchase your products and services. Customers are more excited to buy products because of their emotions trigger. It should be cleared in your mind that people buy what they want not what they need. Needs are determined by reasoning and wants by emotions. Everyone has the similar mental triggers and needs that force to take action. Customers’ decision consists of various conscious and unconscious emotions. Deep understanding of human psychology and behavior is a key to the success of your business. If marketers recognize these emotional triggers, they can create more effective marketing campaigns, messages and tag line for maximizing their sales. Psychological and emotional triggers are given below to increase your sales. These are: Belonging Belongingness is a strong human desire to attach with someone or thing, like, a group, a gang, a clan, a
Role of Team Optimization in Business
November 15, 2016
Article
Optimization is a process to find out suitable alternates which are cost effective and achieve the highest reachable performance under the specified constraints by maximizing desired features and minimizing the undesired ones. Many optimization plans observe their first success as small talented teams doing it well. It is the best approach to start the journey of optimization. In the long run, whether teams are small or large, they come to the point where they lack resources to run the complicated campaigns and experiments of the growing organization. Every team is different and can be faced different kind of gaps but often the problem is related to technical blockage. If your team is facing this kind of problems,it’s time to think about the future of your business plans and the structure of your team. To keep arising, your plans must be accurate in skills set. The best teams of optimization have
How Can You Form Effective PR (Personal relationships) And How It Will Benefit Your Business?
November 13, 2016
Article
What is PR? PR or personal relationship is a method using which business firms communicate with the people and media. The fundamental purpose of generating PR is to develop good relationships with the customers so that you can know more about what they need and then design your products accordingly. It is one of the tools that is widely used by companies for marketing purposes. Today I will guide you about some of the most common strategies for creating PR and what benefits it can offer to the organizations PR Tools that can Help your Business As I told earlier PR is one of the ways corporations use to create a positive image of themselves in front of general public. Here are some of the most commonly used PR tactics and tools: – Press Releases: Advertisements are not the only method using which brands create awareness about themselves. Press release using
Market Segmentation
November 10, 2016
Article
One of the most prominent characteristics of well-performing business is that they know their customers better than their competitors. Well, knowing your customers can yield a wide range of benefits, from designing a better product to optimizing your sales and marketing campaigns. Another opportunity firms with greater knowledge about the customers can enjoy is market segmentation of their target audience with more efficiency and precision. An organization which properly segment their target audience can not only provide better services to their clients, but can also reduce the wastage of resources significantly. What is Market Segmentation? It is a technique which allows business firms to target the customer with appropriate products and services. This process involves gathering deep insights regarding what customers need and wants and then design your product accordingly. Today I will tell you about some of the commonly used approaches for making segments of the target market. It
What Did The Top Companies Do At The Startup Stage
November 3, 2016
Article
Growth is the sign of a startup of business; success or failure. There are many authentic case studies and researches for growing startups of successful business. Although no one can find everything 100% true but we are pretty confident about these stats. In light of these studies you should learn from these amazingly successful companies, to shape your thinking process and hopefully instigate you when it gets nearer to your business startup growth. So here is the review of few essential points taken from different researches about the fastest growing business startups globally. These can be a reference to get the correct method to build your own business. Product is Essential for Growth In all fastest growing companies, product experience is a common feature in all. A great user experience attracts more loyal customers of your product. Sustained growth is impossible without a good product. Growth is an Endless Process
Impact Of Psychology On Facebook Ads
November 2, 2016
Article
In recent years, it is a big challenge for advertisers to get more attention of customers on social media. Advertisement is all about psychology. In advertisement, advertisers use words, people, emotions, and images to influence target people that they need, want, and desire a company’s goods and services. Mostly advertisers have quick understanding of social media marketing tools that they use. Facebook gives small real estate to advertisers to post their ads and grab attention to customers. Creative writings and images are very important for advertisement. So be selective and careful when you create Facebook ads. Only throwing up images and some random content is not the correct strategy for business. The core idea of advertisement is to be thinking and visualizing your content to get more benefits with Facebook advertising. So there are some psychological techniques to make your ads more effective on Facebook to grab more attention of
5 Ways The Marketing Automation Can Help In Yielding Profits
November 1, 2016
Article
The first and very basic question that arises in minds when people heard about the term marketing automation is, what basically is meant by marketing automation? Well, automation of marketing related tasks in a business firm like electronic mails, social media management and other such operations is called marketing automation. No matter either you are a well-established corporation or a small business which is on the verge of scaling up, marketing automation is a process which can benefit your business to a huge extent. 5 Major ways of yielding incentives by using marketing automation are as follows Automate your emails for reaching your target market more effectively and efficiently Email is the most common formal medium of communication that is used by business firms. Organizations contact with their potential leads, clients etc. through email. You can save a lot of human resources and valuable time just by automating the process
How To Use Hashtags Properly In Social Media Trends
October 30, 2016
Article
#Hashtags were introduced on IRC’s (Internet Relay Chats) for live chats and messaging. Twitter made them popular and these hashtags initially used in Tweet Chats. Tweet chats are open group discussion forum. The core of this tweet chat is still related to how marketers can use the #hashtags for marketing their goods and services today. What is a #Hashtag? Hashtag is a word, a group of different words with this “#” sign like (#Hashtags, #DigitalMarketing or anything can be). If you have more technical knowledge, you might know them as metadata tags. From marketers’ point of view, you would have known these tags as a way to engage with your customers. Use of these hashtags goes ahead of casual blocking of the tags into tweets & posts. On different social network platforms such as #Instagram, #Twitter and #Snapchat, the calculated hashtags marketing can boost your business impression, it can make
Social Media Marketing Strategies To Boost Your Business
October 29, 2016
Article
In recent years, online world has become essential for business growth. Social media, as a significant tool of digital marketing, is to increase your business growth, branding of goods and services. It has become a powerful tool for marketing and advertisement. There are strategies deploying which we can make online marketing more effective and useful and can engage a lot more targeted people for your goods and services. Here are basic elements for social media marketing strategies: Online presence on social media networks Social media is growing on. Facebook, Twitter, LinkedIn, Instagram, they are emerging with the passing time. Now they are a great way to expand your business growth. Other social media networks are making their grounds in pics and video content like Pinterest, Instagram, and Snapchat are emerging networks and grabbing more demographics. Create content as per social media platform Create content as per your selective media
Increase Your Marketing Campaign’s Success Through Email Subject Lines
October 28, 2016
Article
Email has become a very strong source of marketing nowadays. It is easy to access your customers and target market through emails. In emails, the subject line provides your readers a good start for your marketing campaign, so that line should be appealing and captivating. When people read the catchy subject line, they read the email right away because the subject lines matter a lots. It is the power of internet and email. There are lots of social media which came and went but email marketing has been and still a great mode to connect with thousands and thousands of people and it is easy to engage them and convert them into your audience. So it is very important to write a captivating subject line that attract your readers in large amount and get the email opened. So there are few helpful tips to create best subject line and grab
Important Components For A Successful Business Start-up
October 27, 2016
Article
Early few months are usually hectic for a new business, so always keeping a clear picture of key goals is very important. Even top entrepreneurs have already faced these situations on the early stages of their business. We have seen a lot of entrepreneurs be successful and a lot of them be unsuccessful. Entrepreneurs who succeed in their businesses have worked on few factors before launching their projects that we are going to discuss today: Need First one is Need, you should have clear image of the product’s need in market. Experience Second is Experience, you should have the capability and credibility to launch your business. Resources You must have all the needed resources to start up like people, capital, production, goods and furniture. Customers You should have prepared your expected customers list for buying your products. Model Your business plan should be appropriate, cost effective and well-designed from
How To Create A Professional Business Model
October 23, 2016
Article
To create a great business model is not all just completing your business plan or to determine which product to chase. But it is about mapping out how you can create ongoing value to your valuable customers. That is the reason the most practical entrepreneurs focus hard on producing innovative goods, but somehow they forget that a well-designed plan does not transform into successful business automatically. An immense business model requires an equally well-designed model, with the affordable price, messaging and targeting to the right customers to keep the business dream alive and rising. Right business model requires the same conscientiousness as designing the right goods, but skills and approach should be different. That is the reason mostly investors prefer that two co-founders are often better than one. With this one focusing on technical side and the other one focusing on defining and developing business model. These two important