Price is a very important element in marketing mix. It makes the difference in competition.It is a direct source of revenue. Covers costs and generates profits. Pricing is the factor that very much influences the buyers purchase decision. Pricing strategy is determined by Demand for a product Cost for a product Competition of the product. (among other factors)
Small Word, Big Definition A process that will help prepare you for an upcoming scenario. Using past data (History, Trends) to reduce risks due to uncertainty. Here are my simple approach to making a forecast (in Business/Marketing/Sales) Sales forecast, is a prediction of sales value over a period of time. This is the basis of marketing mix and sales planning. Short Term: Usually a one year period where sales budget is linked to it thus giving an overall picture for the firms performance. This gives a picture to plan sales resources and prepare expenditure required to meet the sales performance. The helps with assessing cash flow, in / out. The needs and sources. Long Term: Usually a 5 years’ forecasts. The focus is on Capital Budget needs and process of the firm. It provides for the changing the market strategy of the firm. It includes references to emerging product that the market needs. New market segments that needs to be created, reviewing distributing networks, promotional programs. Reorganizing sales force, marketing setups. Methods of Sales Forecasting: There are five methods: 1) Executive Judgment Based on experiences, past performances, intuitions. Works well when the market is stable. Salesforce composite method and jury of executive opinion are the two popular forms used in this method of sales forecasting. 2) Survey: Prediction can be ascertained by collecting a response from a survey. Customer Survey: to determine the changes in tastes and preferences, types and value of price opinions of customers. Sales force Survey: to determine territory take offs, company’s market share, competitor’s analysis from your sales channel/team. Dealers are also included in sales force survey. Expert Survey: to determine the survey reports from the view point of the industry experts and consultants. This helps identify new dimensions for consideration of managements. 3) Time Series Analysis: Helps locate trends, seasons, cyclical and random factor changes associated with the past data. Experience reveal that time series analyses for sales forecasting are quite accurate for short and medium term forecasts and more so when demand is stable or follows the past behavior. 4) Correlation and regression methods: The method examines the past sales volumes with one or more other variables. The variables considered are usually population, per capita income, or gross national product. The regression analysis is carried out to compare sales with that of changes in economics, competition, and internal variable of the firm. The goal is identifying the association of factors that influences performance. Advance version will have: Cause and Effect Relationship. Econometric model, Input-Output Model, Life-Cycle Analysis, New Product’s Growth rate on S-Curve 5) Market Tests: Used to develop one time forecasts particularly to new products. This gives insight to various elements of marketing mix vs consumer’s actual purchases and responsiveness of the product. Experiences puts out that combining various methods results greatly surpasses most individual methods of sales forecasts. Combined use of quantitative and qualitative methods of sales forecasting in a given situation rather than using either two can improve accuracy of the forecasts. Here is a 1971 Review Article that was published in Harvard Business Review. (Click Here)
Marketing is a function that begins with a “Product”, followed by an objective to direct its flow. Its Selling, Advertising, Promotion –either one or all. The American Marketing Association defines marketing as “Marketing is the performance of business activities that directs the flow of goods and services from producers to consumer or user.”
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I have enlisted a tentative adverting budget. Possible platforms that you can use. Select appropriate action call as per your budget.
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Observation of Indian Economy In Indian Economy, there has been a significant changes. Since the 2001, there has been an industrial boom in IT sector, Jobs have been redesigned from the manufacturing scene of the 1990’s.
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How? With 182 Restaurant Visit a week, here is what i came across. Profit Doubling is really pulling out the minimum of 10% More Like 100 customers to 110 customer Like 100 Rupees revenue to 110 Rupees That figure repeated over each customer over the month is definitely is a booster. Its easier because you are pursuing it over an average. All you need is to bump a customer to visit 1 time extra to your restaurant. 10 customers visit 1 time extra to your restaurant is almost 10% increase right there. This I see is more real time engaging and objective. Customer Review- Customer Word of Mouth Making a customer happy, identify them, their needs, their requirements. Usually we recognize 3-10 people’s face but how will you recognize the rest. This is important, lets say Mr. XYZ how was French Fries you had the last time? Mr XYZ may i recommend you our MoMo with Cheese Sticks on the sides? #Valued Customer Right There. Thats added Referrals and Recommendation. Other things I Noticed Was: Competitive Engagement. Remember How Red Mud began, its campaigns were always, Who Eats the Most? or The Rap Battles etc. Competition, Thats Fun, Engaging, Involves a Lot of people coming in together. Freebies and Gifts Why do this? Because it’s an amazing offer, it grabs attention, and who doesn’t want to sign up for a free meal, per day, for an entire year? Snaps with the Celebrities Remember the CocaCola Mahotsav, MNS Vmag Hunger Hunt, these are sponsored by the brands to visit the restaurants, which in return helps the restaurant business with celebrity presence. Usually its expensive to ask a celebrity to visit in, but getting a sponsor like Coca Cola, Pepsi to walk in highly effective.
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Business Relationship Officer Job Description To maintain existing business to business relationships Generating steady business potentials and sales from the current lists. Secure potential/new business prospects. The employee is expected to add new business clients to the list. Product Range Mobile Software, Enterprise Software, Office and Security Hardware, Food and Beverages. Sector: Restaurants, Hotels, Schools/Colleges/Education Consultancy and Retail – Super marts and Grocery Store Advertising Pay: Full time: 7000/- Per Month (26 Days) Intern: 2000/- Per Month (26 Days) Allowance: Company Sim Card with 500/- a month recharge Fuel: 500/- a month Incentives: 1.5% On each successful sales. There will be additional incentives as per performance. Qualification: Knowledge of Instagram, Snapchat and Ecommerce Knowledge of Making MS Office Presentations Knowledge of MS Office (Basic) Typing Knowledge Speak formally to senior people. Management Studies , (Any Stream for Interns/Freshers) Knowledge of Bargaining Bike License Interested: Send Me an Email
