Archive for November 2009


BUSINESS MARKETING MANAGEMENT

November 26th, 2009 — 05:40 pm
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business marketing management involves the development of systems to ensure the effectiveness of organizations. It is a special process of management, such as accounting, marketing, finance, business information systems and production, as well as theoretical areas like economics, law, psychology and organizational behavior. One great need of small business managers is to understand and develop marketing programs for their products and services. Long term small business success depends on your ability to maintain a strong body of satisfied customers while continually increasing this body with new customers. Modern marketing programs or  business marketing management  build around the marketing concept, which directs managers to focus their efforts on identifying, satisfying, and following up the customer’s needs – all at a profit.  Business marketing management and marketing plays an important role (in fact it is the most important role) in the success of your small business. Business marketing management involves

* determining the needs of the customer ( Marketing Research ) ,
* Analyze their competitive  advantages (Market Strategy ),
* select specific markets to serve ( Target marketing ), and
* Determine how to serve them ( Marketing mix )

Business marketing management also involves managing the customers through trained sales force. Since it requires specialized training, it is important that your sales force understands the nitty gritty of the business marketing.  Business markets have some special features, which need t be under stood by the persons who are responsible for marketing of products.  The features of business markets are not the same as that of consumer marketing and hence one need to apply different approach.

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BUSINESS MARKETING

November 26th, 2009 — 05:38 pm

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Business marketing is the practice of individuals, or organizations, including commercial businesses, governments and institutions, facilitating the sale of their products or services to other companies or organizations that in turn resell them, use them as components in products or services they offer, or use them to support their operations.  Business marketing is also known by another term as industrial marketing.  Business marketing is also called business-to-business marketing, or B2B marketing, for short. This practice of trading of goods is quite old, in fact as old as the commerce itself.  In business marketing, the essential aspect is relationship. One needs to establish good relationship and interact with the customer on a regular basis.  It also involves understanding their requirement and offering solution to their problems. Since business marketing is technical in nature, it requires understanding of technical aspects such as engineering, process, functions of machines etc. While it is not mandatory to know about these, but their knowledge would help in marketing the products in a better way. It is extremely important to consider the service aspect also in business marketing. When a sale is made, many a times the customers are forgotten, after the sale is made. But in the case of business marketing, it is extremely important to maintain contacts as a reference would be very useful in the longer run, not only for getting business from the same company but also from other companies as well. The buyers are scattered over geographical areas and many a times, frequent travelling and visits are also required.

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BUSINESS MANAGEMENT

November 26th, 2009 — 05:37 pm
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Business management is the practice of the planning, co-ordination and control of a business. To survive in the long run, a business must be profitable. To do so, it must create adequate value for its customers and stake holders so that its revenues exceed its total costs. The overall task of business management is to address successfully the problems that confront a business in its role as a value-creating organization.

Additionally, besides their problem-solving abilities and skills, business managers must have knowledge and expertise in the seven functional areas of business: production, marketing, finance, accounting, human resources, management information systems, and product research and development. Moreover, top management must be able to co-ordinate these activities within the business so as to maximize the value of the business to its shareholders and its other stakeholders, such as employees, suppliers, customers and the surrounding community.

Business management covers several areas such as Production Managers, Marketing Managers, and Finance Managers. Each of them performs a specific role in business management. Role of Production manager is to carry out purchase and take inventory of raw materials and semi finished inputs, manage the use of these inputs in the production process, and control final goods inventory and the shipping, transportation and distribution of final products.

Similarly, marketing manager carries out market research to determine which products, at which prices and quantities and with which characteristics, will create value for consumers. They also manage the advertising, promotion and sales of the firm’s products.

Finance managers also play a important role in business management. They raise capital for the firm from external sources, such as the stock market, banks individuals and the public debt market, and manage the internal allocation of funds within the firm. They also evaluate capital expenditures for plant and equipment and for research and development.

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BUSINESS ASSIGNMENT

November 26th, 2009 — 05:37 pm
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A  business assignment may be composed of some interrelated learning methods involved in any financial dealings. If some one is presently enrolled in a class connected to marketing, then he will most likely be involved in a project based on business procedures. Also, he will be exposed to the learning paths about writing a marketing and economics thesis. Since these are related to commercial procedures of education, one will need to have the basic skills in writing them.

Business assignment may be required by someone especially to increase the awareness about the subject. Just like in writing any English coursework, one must have the vital tools to help him compose a well established term paper. Actually, these types of essays are quite challenging since one has to identify the total influences of factors related to company and commercial transactions. The real situations involved in marketing are very useful in writing such homework.

The business assignment field of interest is broken down into several groups. The first learning process involves the formation of a paper written according to researches. The next type involves the coursework prerequisite which is sometimes planned to identify the technical skills of the students. The last form may be in the composition of a hands on workshop to let one experience what it is like to run a company or even manage a simple yet industrious organization.

The business assignment also requires research papers. This is the main starting place of ideas which are going to be implemented in a real establishment.

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Branding

November 26th, 2009 — 05:36 pm

Brand marketing is the method and the means by which you propel your business into the public consciousness. While the world of business has changed by leaps and bounds, the basic principles of brand marketing have remained the same.

Exploring brand marketing concepts is a great way to fine-tune your business model and business practices, but it worthwhile to explore answers to questions such as what is branding and why is it important? A strong brand is invaluable as the battle for customers intensifies day by day. It’s important to spend time investing in researching, defining, and building your brand. After all your brand is the source of a promise to your consumer.

The American Marketing Association (AMA) defines a brand as a “name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.

Therefore it makes sense to understand that branding is not about getting your target market to choose you over the competition, but it is about getting your prospects to see you as the only one that provides a solution to their problem.

The objectives that a good branding will achieve include: Delivers the message clearly, Confirms your credibility ,Connects your target prospects emotionally , Motivates the buyer , Concretes User Loyalty

To succeed in branding you must understand the needs and wants of your customers and prospects. You do this by integrating your brand strategies through your company at every point of public contact.

Your brand resides within the hearts and minds of customers, clients, and prospects. It is the sum total of their experiences and perceptions, some of which you can influence, and some that you cannot.

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BRAND MARKETING

November 26th, 2009 — 05:35 pm

Despite what many believe, brand isn’t about the logo, tagline and glossy brochure. A company’s  brand extends to its employees, customers, the media and even the general public .

Branding goes well beyond the marketing function. It will not be successful without ensuring that all aspects of  the business reflect and support the  intended brand. One of the  most valuable assets—people—must be well-trained in articulating and delivering on the brand. This step is particularly important for service organizations that don’t have concrete products. Their offerings are soft assets like knowledge, experience and people.

When employees don’t deliver the brand, it can be the kiss of death for a business. This can be easily understood by visiting some of the popular hotel review web site like TripAdvisor.com. you could examine travelers’ comments and you’ll likely come across more than a few who cite poor customer service for their negative hotel reviews. Conversely, employees who represent the brand flawlessly and consistently can propel a business to stardom. All this goes to prove that we can not ignore the people aspect in brand marketing. It is the people who form the backbone of the company and represent it day in day out.  Each transaction with the customer, involves interaction with the employees , directly or indirectly and if we make a statement that people are the brand ambassadors of the company, then it would not be an understatement . Having said this, it is important not to  forget the service aspect also , which includes both pre and after sales service.  Marketing of brand can be done by various ways, such as logos, advertisements, endorsements etc, all of which play an equal important role. However, it can not be said that only one method is the best. It all depends on the type of product, market and other situational factors.

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BRAND MANAGEMENT

November 26th, 2009 — 05:34 pm

A brand is a name or trademark connected with a product or  its manufacturer. Brand management is the application of marketing methods to a product, or a product line.  The basic objective of brand management is to  increase the perceived value of the product  in the eyes of the customer ,  so that he would develop an affinity or liking for it and go for repeat purchase. Brands should possess some good qualities such as easy to pronounce, remember and recognize, attract attention, suggest product benefits,  and / or company’s name or image of the product.  They should stand out amongst a group of brands  and  also distinguish the product’s positioning with respect to competitors

Brand management is being looked upon as a strategic option.  In their efforts to uphold their image, many companies are now switching to on line monitoring on a regular basis.  This would include misrepresentation of the trade mark of the brand by fraudsters or imposters,  who cause a confusion in the minds of customers  for their own monetary gain.  This monitoring can also include writing on blogs or articles in newspapers or magazines where people would generally write abut their experiences , say stay in a hotel or difficulties faced while using a washing machine , or  a service problem encountered by them. Such write ups can do unimaginable damage to the reputation of the brand and thereby the name and reputation of the company in an indirectly way, which would be difficult to retrieve as the implications can be quite severe and far more damaging than what companies perceive it to be .

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BUSINESS TO BUSINESS MARKETING

November 26th, 2009 — 05:33 pm

B2b marketing or business to business marketing, is also known as industrial marketing. In b2b marketing, business is purchase is carried out between two business units.  B2b marketing has some special features such as buyers are scattered, purchase is normally large in quantity or numbers, requires more follow-ups. B2b marketing is usually done directly and there are normally no intermediaries involved in the business transaction. B2b marketing may also involve two bid pricing in which bids are submitted in two parts, technical and commercial.  B2b marketing generally involves negotiation of prices as the quantity involved is large. Negotiation can also be on delivery, quality and other technical or service related aspects. Before selling any item to a business house, a lot of filed work is required to be done. The needs of the customer are to be understood in details. In case the product is of engineering in nature, its functions and benefits have to be explained.  When the cost involved is very high, customer usually hesitates to purchase the item. So, customer’s fears and doubts should be clarified and removed. Basically b2b marketing is more of relationship marketing where a rapport with the customer is to be built up This relationship helps in securing repeat orders and may also be useful in getting referrals or testimonials from the clients which would prove to be beneficial to the company in the long run in terms of future orders, service or delivery matters or all such matters which arise in a business transaction.

The business to business marketing is a bit different from consumer marketing. In business to business marketing, the number of channels of distribution  are either nil or shorter in nature as compared to consumer marketing.  The business to business marketing involves negotiation between the buyer and seller , which is more personal in nature . number of sales calls to be made to customer in business to business marketing are quite large. Normally the business is not completed in one transaction or visit. It requires repeated calls , say first to understand the requirements of the  prospective customers,  and build up relation ship and understanding, Next, it could be to explain the benefits of the product / service that a sales person is going to offer.  A demonstration may also be necessary ,especially if the product is technical or complex in nature.  The number of people involved in business to business marketing I are quite large , starting from actual users of the item , planners , quality control personnel, maintenance department  and purchase department as well.  Each of these departments have a different role to play.  The user would specify his requirement to the planning department, who will , in turn combine the requirements of all the departments and check up the stock position and place an indent on the purchase department.  The purchase department would float enquiry and get suitable quotations which are examined technically by quality control department and maintenance department personnel from the point of view of meeting the specifications and repair /  maintenance aspects. Once the  technical features are examined and approved, purchase department goes for negotiation of price and other aspects such as delivery, quality etc.

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ADVERTISING COMPANY

November 26th, 2009 — 05:33 pm

Advertising is a kind of communication, which is used to influence prospects to purchase goods or services. The primary objective of advertising is to communicate a message, which can include several things e.g. name of the product / service, manufacturer, etc and how the product / service would prove to be beneficial to the prospects. Its aim is to persuade the potential customers to buy and use a particular product / service.

Advertising company play a significant role in this activity. The advertising company is a kind of service which is involved in creating, planning, and handling advertising work for its clients. An advertising company is independent from the client and provides an impartial view of the attempt to sell the products / services of a client.  The advertising company can also take up other roles such as marketing, branding, sales promotions etc for its clients.

The main departments of an advertising company are Creative Department, Accounts services, Media services.

Account services are the sales wing of the advertising company whose basic purpose is to meet the client and determine sales goals and creative strategy. Usually an Accounts executive is designated by an advertising company to  carry out liaison work with the clients They are then responsible for coordinating the creative, media, and production staff behind the campaign.

The people working in media services have contacts with the suppliers of various creative media. They advise upon and negotiate with printers. In small agencies, employees may do both creative and account service work.

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MARKETING COLLATERAL

November 26th, 2009 — 05:30 pm

Marketing collateral is a collection of marketing communications pieces used as part of an organization’s overall marketing strategy.  Marketing collateral might include brochures, data sheets that provide an overview of the features of a product or service (often a technical overview), and white papers that are articles, usually of a technical nature, that showcase an organization’s products or services and shows why those products or services are useful to the industry the business serves. Marketing collateral is your collection of publications, like brochures, newsletters, business cards, white papers and other publications that help get your message out to your prospects.

Every business would benefit from quality brochures, business cards and other forms of stationery that reflect the professionalism of the business and convey its branding message. But marketing materials like brochures, business cards and stationery can be tough on the typical limited budget that small and home businesses have to work with. Business cards are an important part of a business identity. This article discusses creating and ordering business cards for your small or home business.

Brochures can be an effective tool in your marketing collateral arsenal. With the abundance of available software tools that can facilitate brochure design, like Adobe Photoshop, Illustrator, Quark Xpress, and Microsoft Publisher, many home business owners decide to create their own brochures.  In order to effectively conduct a publicity campaign, you must have a Media Kit. If you are a book author or can provide product samples, you will need both a print and online version of your Media Kit. Other business owners and professionals generally will only need an online Media Kit.

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