Integrated marketing communication…
Integrated Marketing Communications takes into account all aspects and elements of marketing communications. Based on the success of the first edition, David Pickton and Amanda Broderick have restructured this edition to make the three marketing communications models more explicit. Each model is clearly displayed graphically at the beginning of each part to provide a visual ‘route map’ throughout the book. This lively text takes a European approach and provides comprehensive coverage of the marketing communications mix elements. Ideal for those studying general marketing communications, the book also appeals to students taking advertising, public relations, sales promotions, or direct marketing courses.
So to achieve the target bamberg group should do the following thing
Despite the many benefits of Integrated Marketing Communications (or IMC); there are also many barriers. Here's how you can ensure you become integrated and stay integrated - 10 Golden Rules of Integration.
(1) Get Senior Management Support for the initiative by ensuring they understand the benefitsof IMC.
(2) Integrate At Different Levels of management. Put 'integration' on the agenda for various types of management meetings - whether annual reviews or creative sessions. Horizontally - ensure that all managers, not just marketing managers understand the importance of a consistent message - whether on delivery trucks or product quality. Also ensure that Advertising, PR, Sales Promotions staff are integrating their messages. To do this you must have carefully planned internal communications, that is, good internal marketing.
(3) Ensure the Design Manual or even a Brand Book is used to maintain common visual standards for the use of logos, type faces, colours and so on.
(4) Focus on a clear marketing communications strategy. Have crystal clear communications objectives; clear positioning statements. Link core values into every communication. Ensure all communications add value to (instead of dilute) the brand or organisation. Exploit areas of sustainable competitive advantage.
(5) Start with a Zero Budget. Start from scratch. Build a new communications plan. Specify what you need to do in order to achieve your objectives. In reality, the budget you get is often less than you ideally need, so you may have to prioritise communications activities accordingly.
(6) Think Customers First. Wrap communications around the customer's buying process. Identify the stages they go through before, during and after a purchase. Select communication tools which are right for each stage. Develop a sequence of communications activities which help the customer to move easily through each stage.
(7) Build Relationships and Brand Values. All communications should help to develop stronger and stronger relationships with customers. Ask how each communication tool helps to do this. Remember: customer retention is as important as customer acquisition.
(8) Develop a Good Marketing Information System which defines who needs what information when. A customer database for example, can help the telesales, direct marketing and sales force. IMC can help to define, collect and share vital information.
(9) Share Artwork and Other Media. Consider how, say, advertising imagery can be used in mail shots, exhibition stands, Christmas cards, news releases and web sites.
(10) Be prepared to change it all. Learn from experience. Constantly search for the optimum communications mix. Test. Test. Test. Improve each year. 'Kaizen'.
Just a few ways to beat the barriers and enjoy the benefits of integrated marketing communications.
Which tools will be most effective for bamburg to achieve the target?
When looking at your marketing mix, you're examining price, distribution, advertising and promotion, along with customer service. Integrated marketing communication is part of that marketing mix included in your marketing plan. IMC strategies define your target audience, establishes objectives and budgets, analyzes any social, competitive, cultural or technological issues, and conducts research to evaluate the effectiveness of your promotional strategies.
If companies are ethically planning, communicating, and following industry guidelines, they will most likely earn the trust of their customers and target audience. There are five basic tools of integrated marketing communication:
1. Advertising: This tool can get your messages to large audiences efficiently through such avenues as radio, TV, Magazines, Newspapers (ROP), Internet, Billboards and other mobile technological communication devices. This method can efficiently reach a large number of consumers, although the costs may be somewhat expensive.
the product, company or person in a positive light. 2. Sales Promotion: This tool is used through coupons, contests, samples, premiums, demonstrations, displays or incentives. It is used to accelerate short-term sales, by building brand awareness and encouraging repeat buying.
3. Public Relations: This integrated marketing communications tool is initiated through public appearances, news/press releases or event sponsorships, to build trust and goodwill by presenting
there are some additional tools as well like
1.direct marketing
2.personal selling.
But my point of view first three will be more effective to achieve the bamburg plan.
Friday, 3 July 2009
Monday, 9 February 2009
The 5 Types of Customers
In retail industry, it seems as though we are constantly faced with the issue of trying to find new customers. Most of us are obsessed with making sure our advertising, displa
ys, and pricing all “scream out” to attract new customers. This focus on pursuing new customers is certainly prudent and necessary, but, at the same time, it can wind up hurting us. Therefore, our focus really should be on the 20 percent of our clients who currently are our best customers.
In retail, this idea of focusing on the best current customers should be seen as an on-going opportunity. To better understand the rationale behind this theory and to face the challenge of building customer loyalty, we need to break down shoppers into five main types:
Loyal Customers: They represent no more than 20 percent of our customer base, but make up more than 50 percent of our sales.
Discount Customers: They shop our stores frequently, but make their decisions based on the size of our markdowns.
Impulse Customers: They do not have buying a particular item at the top of their “To Do” list, but come into the store on a whim. They will purchase what seems good at the time.
Need-Based Customers: They have a specific intention to buy a particular type of item.
Wandering Customers: They have no specific need or desire in mind when they come into the store. Rather, they want a sense of experience and/or community.
If we are serious about growing our business, we need to focus our effort on the loyal customers, and merchandise our store to leverage the impulse shoppers. The other three types of customers do represent a segment of our business, but they can also cause us to misdirect our resources if we put too much emphasis on them.
Let me further explain the five types of customers and elaborate on what we should be doing with them.
Loyal Customers
Naturally, we need to be communicating with these customers on a regular basis by telephone, mail, email, etc. These people are the ones who can and should influence our buying and merchandising decisions. Nothing will make a Loyal Customer feel better than soliciting their input and showing them how much you value it. In my mind, you can never do enough for them. Many times, the more you do for them, the more they will recommend you to others.
Discount Customers
This category helps ensure your inventory is turning over and, as a result, it is a key contributor to cash flow. This same group, however, can often wind up costing you money because they are more inclined to return product.
Impulse Customers
Clearly, this is the segment of our clientele that we all like to serve. There is nothing more exciting than assisting an Impulse shopper and having them respond favorably to our recommendations. We want to target our displays towards this group because they will provide us with a significant amount of customer insight and knowledge.
Need-Based Customers
People in this category are driven by a specific need. When they enter the store, they will look to see if they can have that need filled quickly. If not, they will leave right away. They buy for a variety of reasons such as a specific occasion, a specific need, or an absolute price point. As difficult as it can be to satisfy these people, they can also become Loyal Customers if they are well taken care of. Salespeople may not find them to be a lot of fun to serve, but, in the end, they can often represent your greatest source of long-term growth.
It is important to remember that Need-Based Customers can easily be lost to Internet sales or a different retailer. To overcome this threat, positive personal interaction is required, usually from one of your top salespeople. If they are treated to a level of service not available from the Web or another retail location, there is a very strong chance of making them Loyal Customers. For this reason, Need-Based Customers offer the greatest long-term potential, surpassing even the Impulse segment.
Wandering Customers
For many stores, this is the largest segment in terms of traffic, while, at the same time, they make up the smallest percentage of sales. There is not a whole lot you can do about this group because the number of Wanderers you have is driven more by your store location than anything else.
In retail industry, it seems as though we are constantly faced with the issue of trying to find new customers. Most of us are obsessed with making sure our advertising, displa
ys, and pricing all “scream out” to attract new customers. This focus on pursuing new customers is certainly prudent and necessary, but, at the same time, it can wind up hurting us. Therefore, our focus really should be on the 20 percent of our clients who currently are our best customers.In retail, this idea of focusing on the best current customers should be seen as an on-going opportunity. To better understand the rationale behind this theory and to face the challenge of building customer loyalty, we need to break down shoppers into five main types:
Loyal Customers: They represent no more than 20 percent of our customer base, but make up more than 50 percent of our sales.
Discount Customers: They shop our stores frequently, but make their decisions based on the size of our markdowns.
Impulse Customers: They do not have buying a particular item at the top of their “To Do” list, but come into the store on a whim. They will purchase what seems good at the time.
Need-Based Customers: They have a specific intention to buy a particular type of item.
Wandering Customers: They have no specific need or desire in mind when they come into the store. Rather, they want a sense of experience and/or community.
If we are serious about growing our business, we need to focus our effort on the loyal customers, and merchandise our store to leverage the impulse shoppers. The other three types of customers do represent a segment of our business, but they can also cause us to misdirect our resources if we put too much emphasis on them.
Let me further explain the five types of customers and elaborate on what we should be doing with them.
Loyal Customers
Naturally, we need to be communicating with these customers on a regular basis by telephone, mail, email, etc. These people are the ones who can and should influence our buying and merchandising decisions. Nothing will make a Loyal Customer feel better than soliciting their input and showing them how much you value it. In my mind, you can never do enough for them. Many times, the more you do for them, the more they will recommend you to others.
Discount Customers
This category helps ensure your inventory is turning over and, as a result, it is a key contributor to cash flow. This same group, however, can often wind up costing you money because they are more inclined to return product.
Impulse Customers
Clearly, this is the segment of our clientele that we all like to serve. There is nothing more exciting than assisting an Impulse shopper and having them respond favorably to our recommendations. We want to target our displays towards this group because they will provide us with a significant amount of customer insight and knowledge.
Need-Based Customers
People in this category are driven by a specific need. When they enter the store, they will look to see if they can have that need filled quickly. If not, they will leave right away. They buy for a variety of reasons such as a specific occasion, a specific need, or an absolute price point. As difficult as it can be to satisfy these people, they can also become Loyal Customers if they are well taken care of. Salespeople may not find them to be a lot of fun to serve, but, in the end, they can often represent your greatest source of long-term growth.
It is important to remember that Need-Based Customers can easily be lost to Internet sales or a different retailer. To overcome this threat, positive personal interaction is required, usually from one of your top salespeople. If they are treated to a level of service not available from the Web or another retail location, there is a very strong chance of making them Loyal Customers. For this reason, Need-Based Customers offer the greatest long-term potential, surpassing even the Impulse segment.
Wandering Customers
For many stores, this is the largest segment in terms of traffic, while, at the same time, they make up the smallest percentage of sales. There is not a whole lot you can do about this group because the number of Wanderers you have is driven more by your store location than anything else.
Sunday, 8 February 2009
Main article: New Product Development Branding
A brand is a name, term, design, symbol, or other feature that distinguishes products and services from competitive offerings. A brand represents the consumers' experience with an organization, product, or service. A brand has also been defined as an identifiable entity that makes a specific value. Branding means creating reference of certain products in mind. Co-branding involves marketing activity involving two or more products.
Marketing communications
Marketing communications breaks down the strategies involved with marketing messages into categories based on the goals of each message. There are distinct stages in converting strangers to customers that govern the communication medium that should be used. Advertising
Paid form of public presentation and expressive promotion of ideas Aimed at masses Manufacturer may determine what goes into advertisement Pervasive and impersonal medium Functions and advantages of successful advertising Task of the salesman made easier Objectives
Maintain demand for well-known goods Introduce new and unknown goods Increase demand for well-known goods/products/services Create Awareness Requirements of a good advertisement
Attract attention (awareness) Stimulate interest Create a desire Bring about action Eight steps in an advertising campaign
Market research Setting out aims Budgeting Choice of media (television, newspaper/magazines, radio, web, outdoor) Choice of actors (New Trend) Design and wording Co-ordination Test results Personal sales
Oral presentation given by a salesperson who approaches individuals or a group of potential customers: Live, interactive relationship Personal interest Attention and response Interesting presentation Sales promotion
Short-term incentives to encourage buying of products: Instant appeal Anxiety to sell An example is coupons or a sale. People are given an incentive to buy, but this does not build customer loyalty or encourage future repeat buys. A major drawback of sales promotion is that it is easily copied by competition. It cannot be used as a sustainable source of differentiation. Marketing Public Relations (MPR)=== Stimulation of demand through press release giving a favourable report to a product Higher degree of credibility Effectively news Boosts enterprise's image Customer focus
Many companies today have a customer focus (or market orientation). This implies that the company focuses its activities and products on consumer demands. Generally there are three ways of doing this: the customer-driven approach, the sense of identifying market changes and the product innovation approach. In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers. The starting point is always the consumer. The rationale for this approach is that there is no point spending R&D funds developing products that people will not buy. History attests to many products that were commercial failures in spite of being technological breakthroughs.[4] A formal approach to this customer-focused marketing is known as SIVA[5] (Solution, Information, Value, Access). This system is basically the four Ps renamed and reworded to provide a customer focus. The SIVA Model provides a demand/customer centric version alternative to the well-known 4Ps supply side model (product, price, place, promotion) of marketing management. Product → Solution Promotion → Information Price → Value Place → Access The four elements of the SIVA model are: Solution: How appropriate is the solution to the customer's problem/need? Information: Does the customer know about the solution? If so, how and from whom do they know enough to let them make a buying decision? Value: Does the customer know the value of the transaction, what it will cost, what are the benefits, what might they have to sacrifice, what will be their reward? Access: Where can the customer find the solution? How easily/locally/remotely can they buy it and take delivery? This model was proposed by Chekitan Dev and Don Schultz in the Marketing Management Journal of the American Marketing Association, and presented by them in Market Leader, the journal of the Marketing Society in the UK. The model focuses heavily on the customer and how they view the transaction. [edit] Product focus In a product innovation approach, the company pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that profitable market segment(s) exist for the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation (Such as Nintendo who constantly change the way Video games are played). Many purists doubt whether this is really a form of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing. An emerging area of study and practice concerns internal marketing, or how employees are trained and managed to deliver the brand in a way that positively impacts the acquisition and retention of customers (employer branding). Diffusion of innovations research explores how and why people adopt new products, services and ideas. A relatively new form of marketing uses the Internet and is called Internet marketing or more generally e-marketing, affiliate marketing, desktop advertising or online marketing. It tries to perfect the segmentation strategy used in traditional marketing. It targets its audience more precisely, and is sometimes called personalized marketing or one-to-one marketing. With consumers' eroding attention span and willingness to give time to advertising messages, marketers are turning to forms of permission marketing such as branded content, custom media and reality marketing. The use of herd behavior in marketing. The Economist reported a recent conference in Rome on the subject of the simulation of adaptive human behavior.[6] Mechanisms to increase impulse buying and get people "to buy more by playing on the herd instinct" were shared. The basic idea is that people will buy more of products that are seen to be popular, and several feedback mechanisms to get product popularity information to consumers are mentioned, including smart-cart technology and the use of Radio Frequency Identification Tag technology. A "swarm-moves" model was introduced by a Princeton researcher, which is appealing to supermarkets because it can "increase sales without the need to give people discounts." Large retailers Wal-Mart in the United States and Tesco in Britain plan to test the technology in spring 2007 . Marketing is also used to promote businesses products and is a great way to promote the business. Other recent studies on the "power of social influence" include an "artificial music market in which some 14,000 people downloaded previously unknown songs" (Columbia University, New York); a Japanese chain of convenience stores which orders its products based on "sales data from department stores and research companies;" a Massachusetts company exploiting knowledge of social networking to improve sales; and online retailers who are increasingly informing consumers about "which products are popular with like-minded consumers" (e.g., Amazon, eBay). [edit] Areas of marketing
A brand is a name, term, design, symbol, or other feature that distinguishes products and services from competitive offerings. A brand represents the consumers' experience with an organization, product, or service. A brand has also been defined as an identifiable entity that makes a specific value. Branding means creating reference of certain products in mind. Co-branding involves marketing activity involving two or more products.
Marketing communications
Marketing communications breaks down the strategies involved with marketing messages into categories based on the goals of each message. There are distinct stages in converting strangers to customers that govern the communication medium that should be used. Advertising
Paid form of public presentation and expressive promotion of ideas Aimed at masses Manufacturer may determine what goes into advertisement Pervasive and impersonal medium Functions and advantages of successful advertising Task of the salesman made easier Objectives
Maintain demand for well-known goods Introduce new and unknown goods Increase demand for well-known goods/products/services Create Awareness Requirements of a good advertisement
Attract attention (awareness) Stimulate interest Create a desire Bring about action Eight steps in an advertising campaign
Market research Setting out aims Budgeting Choice of media (television, newspaper/magazines, radio, web, outdoor) Choice of actors (New Trend) Design and wording Co-ordination Test results Personal sales
Oral presentation given by a salesperson who approaches individuals or a group of potential customers: Live, interactive relationship Personal interest Attention and response Interesting presentation Sales promotion
Short-term incentives to encourage buying of products: Instant appeal Anxiety to sell An example is coupons or a sale. People are given an incentive to buy, but this does not build customer loyalty or encourage future repeat buys. A major drawback of sales promotion is that it is easily copied by competition. It cannot be used as a sustainable source of differentiation. Marketing Public Relations (MPR)=== Stimulation of demand through press release giving a favourable report to a product Higher degree of credibility Effectively news Boosts enterprise's image Customer focus
Many companies today have a customer focus (or market orientation). This implies that the company focuses its activities and products on consumer demands. Generally there are three ways of doing this: the customer-driven approach, the sense of identifying market changes and the product innovation approach. In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers. The starting point is always the consumer. The rationale for this approach is that there is no point spending R&D funds developing products that people will not buy. History attests to many products that were commercial failures in spite of being technological breakthroughs.[4] A formal approach to this customer-focused marketing is known as SIVA[5] (Solution, Information, Value, Access). This system is basically the four Ps renamed and reworded to provide a customer focus. The SIVA Model provides a demand/customer centric version alternative to the well-known 4Ps supply side model (product, price, place, promotion) of marketing management. Product → Solution Promotion → Information Price → Value Place → Access The four elements of the SIVA model are: Solution: How appropriate is the solution to the customer's problem/need? Information: Does the customer know about the solution? If so, how and from whom do they know enough to let them make a buying decision? Value: Does the customer know the value of the transaction, what it will cost, what are the benefits, what might they have to sacrifice, what will be their reward? Access: Where can the customer find the solution? How easily/locally/remotely can they buy it and take delivery? This model was proposed by Chekitan Dev and Don Schultz in the Marketing Management Journal of the American Marketing Association, and presented by them in Market Leader, the journal of the Marketing Society in the UK. The model focuses heavily on the customer and how they view the transaction. [edit] Product focus In a product innovation approach, the company pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that profitable market segment(s) exist for the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation (Such as Nintendo who constantly change the way Video games are played). Many purists doubt whether this is really a form of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing. An emerging area of study and practice concerns internal marketing, or how employees are trained and managed to deliver the brand in a way that positively impacts the acquisition and retention of customers (employer branding). Diffusion of innovations research explores how and why people adopt new products, services and ideas. A relatively new form of marketing uses the Internet and is called Internet marketing or more generally e-marketing, affiliate marketing, desktop advertising or online marketing. It tries to perfect the segmentation strategy used in traditional marketing. It targets its audience more precisely, and is sometimes called personalized marketing or one-to-one marketing. With consumers' eroding attention span and willingness to give time to advertising messages, marketers are turning to forms of permission marketing such as branded content, custom media and reality marketing. The use of herd behavior in marketing. The Economist reported a recent conference in Rome on the subject of the simulation of adaptive human behavior.[6] Mechanisms to increase impulse buying and get people "to buy more by playing on the herd instinct" were shared. The basic idea is that people will buy more of products that are seen to be popular, and several feedback mechanisms to get product popularity information to consumers are mentioned, including smart-cart technology and the use of Radio Frequency Identification Tag technology. A "swarm-moves" model was introduced by a Princeton researcher, which is appealing to supermarkets because it can "increase sales without the need to give people discounts." Large retailers Wal-Mart in the United States and Tesco in Britain plan to test the technology in spring 2007 . Marketing is also used to promote businesses products and is a great way to promote the business. Other recent studies on the "power of social influence" include an "artificial music market in which some 14,000 people downloaded previously unknown songs" (Columbia University, New York); a Japanese chain of convenience stores which orders its products based on "sales data from department stores and research companies;" a Massachusetts company exploiting knowledge of social networking to improve sales; and online retailers who are increasingly informing consumers about "which products are popular with like-minded consumers" (e.g., Amazon, eBay). [edit] Areas of marketing
MARKETING Marketing: Marketing is defined by the American Marketing Association as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.The term developed from the original meaning which referred literally to going to market, as in shopping, or going to a market to sell goods or services. Marketing practice tends to be seen as a creative industry, which includes advertising, distribution and selling. It is also concerned with anticipating the customers' future needs and wants, which are often discovered through market research. Marketing is influenced by many of the social sciences, particularly psychology, sociology, and economics. Anthropology is also a small, but growing influence. Market research underpins these activities. Through advertising, it is also related to many of the creative arts. The marketing literature is also infamous for re-inventing itself and its vocabulary according to the times and the culture.
Four P s Main article: Marketing mix
In the early 1960s, Professor Neil Borden at Harvard Business School identified a number of company performance actions that can influence the consumer decision to purchase goods or services. Borden suggested that all those actions of the company represented a “Marketing Mix”. Professor E. Jerome McCarthy, also at the Harvard Business School in the early 1960s, suggested that the Marketing Mix contained 4 elements: product, price, place and promotion. Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention. Placement (or distribution): refers to how the product gets to the customer; for example, point-of-sale placement or retailing. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales. Promotion: This includes advertising, sales promotion, publicity, and personal selling, branding and refers to the various methods of promoting the product, brand, or company. These four elements are often referred to as the marketing mix, which a marketer can use to craft a marketing plan. Main article: New Product Development Branding A brand is a name, term, design, symbol, or other feature that distinguishes products and services from competitive offerings. A brand represents the consumers' experience with an organization, product, or service. A brand has also been defined as an identifiable entity that makes a specific value. Branding means creating reference of certain products in mind. Co-branding involves marketing activity involving two or more products.
Four P s Main article: Marketing mix
In the early 1960s, Professor Neil Borden at Harvard Business School identified a number of company performance actions that can influence the consumer decision to purchase goods or services. Borden suggested that all those actions of the company represented a “Marketing Mix”. Professor E. Jerome McCarthy, also at the Harvard Business School in the early 1960s, suggested that the Marketing Mix contained 4 elements: product, price, place and promotion. Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention. Placement (or distribution): refers to how the product gets to the customer; for example, point-of-sale placement or retailing. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales. Promotion: This includes advertising, sales promotion, publicity, and personal selling, branding and refers to the various methods of promoting the product, brand, or company. These four elements are often referred to as the marketing mix, which a marketer can use to craft a marketing plan. Main article: New Product Development Branding A brand is a name, term, design, symbol, or other feature that distinguishes products and services from competitive offerings. A brand represents the consumers' experience with an organization, product, or service. A brand has also been defined as an identifiable entity that makes a specific value. Branding means creating reference of certain products in mind. Co-branding involves marketing activity involving two or more products.
Wednesday, 4 February 2009
Hi all,
A small truth to make our Life 100% successful.......... If [color=darkred]A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Is equal to 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Then H+A+R+D+W+O+R+K = 8+1+18+4+23+15+18+11 = 98%
K+N+O+W+L+E+D+G+E = 11+14+15+23+12+5+4+7+5 = 96
L+O+V+E=12+15+22+5=54%
L+U+C+K = 12+21+3+11 = 47% (None of them makes 100%)
..............................Then what makes 100%
Is it Money? ..... No!!!!!
Leadership? ...... NO!!!!
Every problem has a solution, only if we perhaps change our "ATTITUDE". It is OUR ATTITUDE towards Life and Work that makes OUR Life 100% Successful.. A+T+T+I+T+U+D+E = 1+20+20+9+20+21+4+5 = 100
so change your attitude make your life easier.
Regards,
RUPOK
hello buddy have a break now ,
so shut ur computer,bookes,notes,pen.
Try to save our planet.
Stop Global Warming
Global warming is one of the most serious challenges facing us today. To protect the health an
d economic well-being of current and future generations, we must reduce our emissions of heat-trapping gases by using the technology, know-how, and practical solutions already at our disposal.
so shut ur computer,bookes,notes,pen.
Try to save our planet.
Stop Global Warming
Global warming is one of the most serious challenges facing us today. To protect the health an
d economic well-being of current and future generations, we must reduce our emissions of heat-trapping gases by using the technology, know-how, and practical solutions already at our disposal.
SWOT analysis
In SWOT, strengths and weaknesses are internal factors for an organisation. For example:
A strength could be:
1.Your specialist marketing expertise.
2.A new, innovative product or service.
3.Location of your business.
4.Quality processes and procedures.
5.Any other aspect of your business that adds value to your product or service.
A weakness could be:
1.Lack of marketing expertise.
2.Undifferentiated products or services (i.e. in relation to your competitors).
3.Location of your business.
4.Poor quality goods or services.
5.Damaged reputation.
In SWOT, opportunities and threats are external factors. For example:
An opportunity could be:
1.A developing market such as the Internet.
2.Mergers, joint ventures or strategic alliances.
3.Moving into new market segments that offer improved profits.
4.A new international market.
5.A market vacated by an ineffective competitor.
A threat could be:
1.A new competitor in your home market.
2.Price wars with competitors.
3.A competitor has a new, innovative product or service.
4.Competitors have superior access to channels of distribution.
5.Taxation is introduced on your product or service.
A word of caution, SWOT analysis can be very subjective. Do not rely on SWOT too much. Two people rarely come-up with the same final version of SWOT. TOWS analysis is extremely similar. It simply looks at the negative factors first in order to turn them into positive factors. So use SWOT as guide and not a prescription.
Simple rules for successful SWOT analysis.
1.Be realistic about the strengths and weaknesses of your organization when conducting SWOT analysis.
2.SWOT analysis should distinguish between where your organization is today, and where it could be in the future.
3.SWOT should always be specific. Avoid grey areas.
4.Always apply SWOT in relation to your competition i.e. better than or worse than your competition.
5.Keep your SWOT short and simple. Avoid complexity and over analysis
SWOT is subjective.
In SWOT, strengths and weaknesses are internal factors for an organisation. For example:
A strength could be:
1.Your specialist marketing expertise.
2.A new, innovative product or service.
3.Location of your business.
4.Quality processes and procedures.
5.Any other aspect of your business that adds value to your product or service.
A weakness could be:
1.Lack of marketing expertise.
2.Undifferentiated products or services (i.e. in relation to your competitors).
3.Location of your business.
4.Poor quality goods or services.
5.Damaged reputation.
In SWOT, opportunities and threats are external factors. For example:
An opportunity could be:
1.A developing market such as the Internet.
2.Mergers, joint ventures or strategic alliances.
3.Moving into new market segments that offer improved profits.
4.A new international market.
5.A market vacated by an ineffective competitor.
A threat could be:
1.A new competitor in your home market.
2.Price wars with competitors.
3.A competitor has a new, innovative product or service.
4.Competitors have superior access to channels of distribution.
5.Taxation is introduced on your product or service.
A word of caution, SWOT analysis can be very subjective. Do not rely on SWOT too much. Two people rarely come-up with the same final version of SWOT. TOWS analysis is extremely similar. It simply looks at the negative factors first in order to turn them into positive factors. So use SWOT as guide and not a prescription.
Simple rules for successful SWOT analysis.
1.Be realistic about the strengths and weaknesses of your organization when conducting SWOT analysis.
2.SWOT analysis should distinguish between where your organization is today, and where it could be in the future.
3.SWOT should always be specific. Avoid grey areas.
4.Always apply SWOT in relation to your competition i.e. better than or worse than your competition.
5.Keep your SWOT short and simple. Avoid complexity and over analysis
SWOT is subjective.
Management by Objectives (MBO)
is a process of agreeing upon objectives within an organization so that management and employees agree to the objectives and understand what they are in the organization.
The term "management by objectives" was first popularized by Peter Drucker in his 1954 book 'The Practice of Management.
objective:
Objectives can be set in all domains of activities (production, services, sales, R&D, human resources, finance, information systems etc.).
Some objectives are collective, for a whole department or the whole company, others can be individualized.
Practice:
MBO is often achieved using set targets. MBO introduced the SMART criteria: Objectives for MBO must be SMART (Specific, Measurable, Achievable, Relevant, and Time-Specific). In some sectors (Healthcare, Finance etc.) many add ER to make SMARTER, where the E=Extendable R=Recorded.[citation needed]
Objectives need quantifying and monitoring. Reliable management information systems are needed to establish relevant objectives and monitor their "reach ratio" in an objective way. Pay incentives (bonuses) are often linked to results in reaching the objectives
Limitations:
There are several limitations to the assumptive base underlying the impact of managing by objectives, including:
1. It over-emphasizes the setting of goals over the working of a plan as a driver of outcomes.
2. It underemphasizes the importance of the environment or context in which the goals are set. That context includes everything from the availability and quality of resources, to relative buy-in by leadership and stake-holders. As an example of the influence of management buy-in as a contextual influencer, in a 1991 comprehensive review of thirty years of research on the impact of Management by Objectives, Robert Rodgers and John Hunter concluded that companies whose CEOs demonstrated high commitment to MBO showed, on average, a 56% gain in productivity. Companies with CEOs who showed low commitment only saw a 6% gain in productivity.
3. It did not address the importance of successfully responding to obstacles and constraints as essential to reaching a goal. The model didn’t adequately cope with the obstacles of:
Defects in resources, planning and methodology,
The increasing burden of managing the information organization challenge,
The impact of a rapidly changing environment, which could alter the landscape enough to make yesterday’s goals and action plans irrelevant to the present.
When this approach is not properly set, agreed and managed by organizations, in self-centered thinking employees, it may trigger an unethical behavior of distorting the system of results and financial figures to falsely achieve targets that were set in a short-term, narrow, bottom-line fashion.
A more fundamental and authoritative critique comes from Walter A. Shewhart / W. Edwards Deming, the fathers of Modern Quality Management, for whom MBO is the opposite of their founding Philosophy of Statistical Process Control.
The use of MBO needs to be carefully aligned with the culture of the organization. While MBO is not as fashionable as it was before the 'empowerment' fad, it still has its place in management today. The key difference is that rather than 'set' objectives from a cascade process, objectives are discussed and agreed, based upon a more strategic picture being available to employees. Engagement of employees in the objective setting process is seen as a strategic advantage by many .
A saying around MBO and CSF's -- "What gets measured gets done" - is perhaps the most famous aphorism of performance measurement; therefore, to avoid potential problems SMART and SMARTER objectives need to be agreed upon in the true sense rather then set.
References:
^ Drucker, Peter F., "The Practice of Management", 1954. ISBN 0060110953
^ S.M.A.R.T. defined at LearnMarketing.net
^ A Foundation of Goal Management Practice in Government: Management by Objective - [1]
^ The Goal of Management; from MBO to Deming to Project Management and Beyond - [2]
^ Castellano, Joseph F.; Kenneth Rosenzweig, Harper A. Roehm (Summer, 2004). "How corporate culture impacts unethical distortion of financial numbers: managing by Objectives and Results could be counterproductive and contribute to a climate that may lead to distortion of the system, manipulation of accounting figures, and, ultimately, unethical behavior". Management Accounting Quarterly. http://findarticles.com/p/articles/mi_m0OOL/is_4_5/ai_n6276425/pg_1. Retrieved on 2006.
^ Statistical Process Control: the Founders' Way - http://www.statistical-process-control.org/
^ Handy Understanding Organizations (Penguin Business) (3rd Edition) (Paperback)
^ Behn, R.D. (2003), ‘Why measure performance? Different purposes require different measures’, Public Administration Review, 63:5, 586-606
Retrieved from "http://en.wikipedia.org/wiki/Management_by_objectives"
is a process of agreeing upon objectives within an organization so that management and employees agree to the objectives and understand what they are in the organization.
The term "management by objectives" was first popularized by Peter Drucker in his 1954 book 'The Practice of Management.
objective:
Objectives can be set in all domains of activities (production, services, sales, R&D, human resources, finance, information systems etc.).
Some objectives are collective, for a whole department or the whole company, others can be individualized.
Practice:
MBO is often achieved using set targets. MBO introduced the SMART criteria: Objectives for MBO must be SMART (Specific, Measurable, Achievable, Relevant, and Time-Specific). In some sectors (Healthcare, Finance etc.) many add ER to make SMARTER, where the E=Extendable R=Recorded.[citation needed]
Objectives need quantifying and monitoring. Reliable management information systems are needed to establish relevant objectives and monitor their "reach ratio" in an objective way. Pay incentives (bonuses) are often linked to results in reaching the objectives
Limitations:
There are several limitations to the assumptive base underlying the impact of managing by objectives, including:
1. It over-emphasizes the setting of goals over the working of a plan as a driver of outcomes.
2. It underemphasizes the importance of the environment or context in which the goals are set. That context includes everything from the availability and quality of resources, to relative buy-in by leadership and stake-holders. As an example of the influence of management buy-in as a contextual influencer, in a 1991 comprehensive review of thirty years of research on the impact of Management by Objectives, Robert Rodgers and John Hunter concluded that companies whose CEOs demonstrated high commitment to MBO showed, on average, a 56% gain in productivity. Companies with CEOs who showed low commitment only saw a 6% gain in productivity.
3. It did not address the importance of successfully responding to obstacles and constraints as essential to reaching a goal. The model didn’t adequately cope with the obstacles of:
Defects in resources, planning and methodology,
The increasing burden of managing the information organization challenge,
The impact of a rapidly changing environment, which could alter the landscape enough to make yesterday’s goals and action plans irrelevant to the present.
When this approach is not properly set, agreed and managed by organizations, in self-centered thinking employees, it may trigger an unethical behavior of distorting the system of results and financial figures to falsely achieve targets that were set in a short-term, narrow, bottom-line fashion.
A more fundamental and authoritative critique comes from Walter A. Shewhart / W. Edwards Deming, the fathers of Modern Quality Management, for whom MBO is the opposite of their founding Philosophy of Statistical Process Control.
The use of MBO needs to be carefully aligned with the culture of the organization. While MBO is not as fashionable as it was before the 'empowerment' fad, it still has its place in management today. The key difference is that rather than 'set' objectives from a cascade process, objectives are discussed and agreed, based upon a more strategic picture being available to employees. Engagement of employees in the objective setting process is seen as a strategic advantage by many .
A saying around MBO and CSF's -- "What gets measured gets done" - is perhaps the most famous aphorism of performance measurement; therefore, to avoid potential problems SMART and SMARTER objectives need to be agreed upon in the true sense rather then set.
References:
^ Drucker, Peter F., "The Practice of Management", 1954. ISBN 0060110953
^ S.M.A.R.T. defined at LearnMarketing.net
^ A Foundation of Goal Management Practice in Government: Management by Objective - [1]
^ The Goal of Management; from MBO to Deming to Project Management and Beyond - [2]
^ Castellano, Joseph F.; Kenneth Rosenzweig, Harper A. Roehm (Summer, 2004). "How corporate culture impacts unethical distortion of financial numbers: managing by Objectives and Results could be counterproductive and contribute to a climate that may lead to distortion of the system, manipulation of accounting figures, and, ultimately, unethical behavior". Management Accounting Quarterly. http://findarticles.com/p/articles/mi_m0OOL/is_4_5/ai_n6276425/pg_1. Retrieved on 2006.
^ Statistical Process Control: the Founders' Way - http://www.statistical-process-control.org/
^ Handy Understanding Organizations (Penguin Business) (3rd Edition) (Paperback)
^ Behn, R.D. (2003), ‘Why measure performance? Different purposes require different measures’, Public Administration Review, 63:5, 586-606
Retrieved from "http://en.wikipedia.org/wiki/Management_by_objectives"
Creating S.M.A.R.T. Goals
Specific
Measurable
Attainable
Realistic
Timely
Specific : A specific goal has a much greater chance of being accomplished than a general goal. To set a specific goal you must answer the six "W" questions:
*Who: Who is involved?
*What: What do I want to accomplish?
*Where: Identify a location.
*When: Establish a time frame.
*Which: Identify requirements and constraints.
*Why: Specific reasons, purpose or benefits of accomplishing the goal.
EXAMPLE: A general goal would be, "Get in shape." But a specific goal would say, "Join a health club and workout 3 days a week."
Measurable: Establish concrete criteria for measuring progress toward the attainment of each goal you set. When you measure your progress, you stay on track, reach your target dates, and experience the exhilaration of achievement that spurs you on to continued effort required to reach your goal.
To determine if your goal is measurable, ask questions such as......How much? How many? How will I know when it is accomplished?
Attainable : When you identify goals that are most important to you, you begin to figure out ways you can make them come true. You develop the attitudes, abilities, skills, and financial capacity to reach them. You begin seeing previously overlooked opportunities to bring yourself closer to the achievement of your goals.
You can attain most any goal you set when you plan your steps wisely and establish a time frame that allows you to carry out those steps. Goals that may have seemed far away and out of reach eventually move closer and become attainable, not because your goals shrink, but because you grow and expand to match them. When you list your goals you build your self-image. You see yourself as worthy of these goals, and develop the traits and personality that allow you to possess them.
Realistic : To be realistic, a goal must represent an objective toward which you are both willing and able to work. A goal can be both high and realistic; you are the only one who can decide just how high your goal should be. But be sure that every goal represents substantial progress. A high goal is frequently easier to reach than a low one because a low goal exerts low motivational force. Some of the hardest jobs you ever accomplished actually seem easy simply because they were a labor of love.
Your goal is probably realistic if you truly believe that it can be accomplished. Additional ways to know if your goal is realistic is to determine if you have accomplished anything similar in the past or ask yourself what conditions would have to exist to accomplish this goal.
Timely : A goal should be grounded within a time frame. With no time frame tied to it there's no sense of urgency. If you want to lose 10 lbs, when do you want to lose it by? "Someday" won't work. But if you anchor it within a timeframe, "by May 1st", then you've set your unconscious mind into motion to begin working on the goal.
T can also stand for Tangible - A goal is tangible when you can experience it with one of the senses, that is, taste, touch, smell, sight or hearing. When your goal is tangible you have a better chance of making it specific and measurable and thus attainable.
Monday, 2 February 2009
10 Goal Setting Tips
1) Choose worthwhile goals.
You would think it would go without saying but lots of people set meaningless goals - and then wonder why they don't feel any sense of achievement. Remember that the purpose of goal setting is to move us forward and spur positive change. If a goal doesn't have this motivating, transformational quality, don’t bother with it. You'll just be disappointed.
2) Choose goals that are achievable stretches.
The fact that goals have to be achievable is standard goal-setting advice. Pretty well everyone knows that there's no point in setting a goal that you will never be able to accomplish. All you'll do is get frustrated and abandon it. Less well-known is the fact that goals need to stretch you in some fashion. If a goal isn't engaging, you'll get bored and abandon it.
3) Make your goals specific.
The big problem with the sample goals I've used to open this article is that they're vague. To decide that you're going to lose twenty pounds, for instance, is nice, but provides you with no guidance for doing that. Think how much easier it would be to accomplish this goal if you knew exactly what you were going to do to lose weight. So when you're goal setting, use a goal setting formula that gives your goal a built-in action plan. You'll start accomplishing more than you thought possible.
4) Commit to your goals.
You need to dedicate yourself to accomplish the goal you have chosen. That's why writing your goals down is a common goal-setting tip; it's the first step to committing to achieving your goals. But you also have to realize that accomplishing a goal is not an overnight process and that you are going to have to work regularly at transforming your goal into an accomplishment. And you have to set aside the time you will need to work on your goal.
5) Make your goal public.
Making your goal public is a goal-setting technique that is really effective for many people. Think of organizations such as TOPS (Take Off Pounds Sensibly) and their weekly weigh-ins. Knowing that others are going to be monitoring your results ensures commitment to the goal and is extremely motivating. You don't have to join an organization or broadcast your goal on a Facebook page to make your goal public; having a goal buddy, a single person interested in your efforts can be just as effective.
Continue on to the next page to read five more goal-setting tips...
So far we've looked at how you can set the right goals and the importance of making your goals specific and committing to working on them. Here are five more goal-setting tips to help you accomplish what you want to accomplish.
6) Prioritize your goals.
Goals don't have to be huge projects that take months or even years to attain, but because they require commitment and need to be worked on regularly, every single goal that you set will be demanding. So don't sabotage yourself by taking on a bunch of goals at a time. Assuming that you are following all the other goal-setting tips presented here and setting worthwhile goals, I would recommend working on no more than three at a time, and even then you should choose one goal as your top priority.
7) Make your goals real to you.
Goal setting is basically a way to approach the process of accomplishment. It's a very successful way if done right, but like all such processes, it's a bit abstract. Using techniques such as visualization to focus on what actually accomplishing your goal will be like and what it will do for you can be very powerful - and a great help in staying motivated. Choosing and posting pictures that represent successfully accomplishing your goal is another way of doing this.
8) Set deadlines to accomplish your goals.
A goal without a deadline is a goal that you have not fully committed to and a goal you will not achieve. For one thing, if working on achieving a goal is something you can do whenever, you won't. For another, having a deadline will shape your plan of action. To return to the weight loss example, it makes a great difference whether your goal is to lose twenty pounds in four months or in ten. You will have to do a lot more exercising and cutting down on your food portions if you want to lose weight more quickly.
9) Evaluate your goals.
Remember that goal setting is a process - and evaluation is an important part of that process. Don’t just settle for a 'good' or 'bad' assessment; think about what you did, how you did it, and what you got out of it. Whether you accomplished your goal or not, there's always something to be learned; what works or doesn't work for you, whether achieving your goal lived up to your expectations, why you failed. Extracting these lessons will increase your accomplishments even more as you apply them to your future goal-setting experience.
10) Reward yourself for accomplishment.
Internal satisfaction is a great thing, but external rewards can be immensely satisfying, too. When you accomplish a goal, you've devoted time and effort to your success, so take the time to celebrate your success, too. One caveat; don't undermine your efforts by choosing an inappropriate reward. Eating a huge slab of cheesecake is not an appropriate reward for losing twenty pounds; for example, a new outfit would be a more suitable choice.
Set the Stage for Your Goal Setting SuccessSo don't defeat your goal-setting efforts before you even start to work on accomplishing your desired goals. Set yourself up for success rather than failure by applying these ten goal-setting tips and start achieving what you want to achieve.
3 Rules for Setting Business Goals
Like setting personal goals, setting business goals provides us with direction and motivation. But only if we set the right goals, goals that will keep our business on track rather than derail it. How do we know that we're setting the right business goals? The right business goals follow three goal setting rules.
1) Business goals need to be relevant.
Business owners sometimes make the mistake of choosing business goals that are pointless. For instance, one person I know once set a business goal to hand out one hundred business cards a month. Well he did, but so what? If his intention in setting this business goal was to bring in more business, we all know that the way to do that is to establish relationships with people, and you don't accomplish that by just handing someone a card. The whole exercise was just a waste of time.
To be relevant, a business goal has to be profitable in some fashion. That's not to say that every business goal has to be measurable in dollars and cents, but it does have to possess a clear advantage or benefit to your business.
2) Business goals need to be actionable.
An even more common mistake when setting business goals is to choose business goals that are too vague or abstract. Business goals such as "Andy's Antiques will improve our customer service" sound nice - but if Andy's Antiques is your business, how are you going to do that?
When you're setting business goals, be sure that you have developed them from general statements, such as in the example above, to specific actions that can be performed and evaluated. (See Setting Goals Is the First Step to Achievement to learn how to create specific goals.) Goals without action plans are just pretty words.
3) Business goals need to be achievable stretches.
The purpose of business goals is to move our businesses forward and, as I said in the opening of this article, to motivate us. So we have to position the bar very carefully when we're setting business goals. If the bar is set too high, we set ourselves up for failure and disappointment and many of us, recognizing this in advance, will just stop trying.
On the other hand, if the bar is set too low, and all we have to do is step over it, we might not bother to do it as we won't get enough satisfaction or recognition from the accomplishment. A goal has to stretch us to be worth doing. Recognize that a business goal has to 'feel' worthwhile and set business goals that will accomplish the dual purpose.
Follow these three rules when you're setting business goals and you’ll find that you're automatically achieving more because you'll no longer be wasting time setting goals that defeat the purpose of the exercise.
Ready to create business goals for your own business? Quick-Start Business Planning for Small Businesses will lead you through the process.
You might also want to read Top 10 New Year's Resolutions for Business Success; it presents business goals to move your business ahead that you might want to incorporate into your plans.
Like setting personal goals, setting business goals provides us with direction and motivation. But only if we set the right goals, goals that will keep our business on track rather than derail it. How do we know that we're setting the right business goals? The right business goals follow three goal setting rules.
1) Business goals need to be relevant.
Business owners sometimes make the mistake of choosing business goals that are pointless. For instance, one person I know once set a business goal to hand out one hundred business cards a month. Well he did, but so what? If his intention in setting this business goal was to bring in more business, we all know that the way to do that is to establish relationships with people, and you don't accomplish that by just handing someone a card. The whole exercise was just a waste of time.
To be relevant, a business goal has to be profitable in some fashion. That's not to say that every business goal has to be measurable in dollars and cents, but it does have to possess a clear advantage or benefit to your business.
2) Business goals need to be actionable.
An even more common mistake when setting business goals is to choose business goals that are too vague or abstract. Business goals such as "Andy's Antiques will improve our customer service" sound nice - but if Andy's Antiques is your business, how are you going to do that?
When you're setting business goals, be sure that you have developed them from general statements, such as in the example above, to specific actions that can be performed and evaluated. (See Setting Goals Is the First Step to Achievement to learn how to create specific goals.) Goals without action plans are just pretty words.
3) Business goals need to be achievable stretches.
The purpose of business goals is to move our businesses forward and, as I said in the opening of this article, to motivate us. So we have to position the bar very carefully when we're setting business goals. If the bar is set too high, we set ourselves up for failure and disappointment and many of us, recognizing this in advance, will just stop trying.
On the other hand, if the bar is set too low, and all we have to do is step over it, we might not bother to do it as we won't get enough satisfaction or recognition from the accomplishment. A goal has to stretch us to be worth doing. Recognize that a business goal has to 'feel' worthwhile and set business goals that will accomplish the dual purpose.
Follow these three rules when you're setting business goals and you’ll find that you're automatically achieving more because you'll no longer be wasting time setting goals that defeat the purpose of the exercise.
Ready to create business goals for your own business? Quick-Start Business Planning for Small Businesses will lead you through the process.
You might also want to read Top 10 New Year's Resolutions for Business Success; it presents business goals to move your business ahead that you might want to incorporate into your plans.
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