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Many people mistakenly think that selling and marketing are the same - they aren't. You might already know that the marketing process is broad and includes all of the following: 1. 2. 3. 4. 5. Discovering what product, service or idea customers want. Producing a product with the appropriate features and quality. Pricing the product correctly. Promoting the product; spreading the word about why customers should buy it. Selling and delivering the product into the hands of the customer.
Selling is one activity of the entire marketing process. Selling is the act of persuading or influencing a customer to buy (actually exchange something of value for) a product or service. Marketing activities support sales efforts. Actually, they are usually the most significant force in stimulating sales. Oftentimes, marketing activities (like the production of marketing materials and catchy packaging) must occur before a sale can be made; they sometimes follow the sale as well, to pave the way for future sales and referrals. Contrasting the Sales Concept with the Marketing Concept The concepts surrounding both selling and marketing also differ. There is a need for both selling and marketing approaches in different situations. One approach is not always right and the other always wrong - it depends upon the particular situation. In a marketing approach, more listening to and eventual accommodation of the target market occurs. Two-way communication (sometimes between a salesperson and a customer) is emphasized in marketing so learning can take place and product offerings can be improved. A salesperson using the sales concept, on the other hand, sometimes has the ability to individualize components of a sale, but the emphasis is ordinarily upon helping the customer determine if they want the product, or a variation on it, that is already being offered by the company. In the sales approach, not much time is spent learning what the customer's ideal product would be because the salesperson has little say in seeing that their company's product is modified. Furthermore, they aren't rewarded for spending time listening to the customer's desires unless they have a product to match their desires that will result in a sale. (Note, however, that sales people aren't restricted to the use of the sales concept; oftentimes they use the marketing concept instead.) At the heart of the sales concept is the desire to sell a product that the business has made as quickly as possible to fulfill sales volume objectives. When viewed through the marketing concept lens, however, businesses must first and foremost fulfill consumers' wants and needs. The belief is that when those wants and needs are fulfilled, a profit will be made. Do you see the difference? The selling concept, instead of focusing on meeting consumer demand, tries to make consumer demand match the products it has produced. Whereas marketing encompasses many research and promotional activities to discover what products are wanted and to make potential customers aware of them.
What is Management?
Management is commonly considered to be the central operations of the business - Financial, Legal, Human Resources, Office Space, Equipment, and Organization, Marketing, and Production. However, most business textbooks describe management as being comprised of five processes: 1. 2. 3. 4. 5. Planning Organizing Staffing Directing Controlling
Let's see what that means in plain English and where the areas in the first paragraph fit in this model. Planning involves determining what are appropriate objectives for the business and how those objectives are going to be accomplished. This is one of the most commonly skipped steps in running a small business, yet it is also the one thing that can you on track and keep you there. Make space for this in your work.
Organizing structures the resources and activities of the business so that the objectives are accomplished. There are a wide variety of organizational models available. What a difference having the right one can make! Staffing involves hiring the right people to do the activities of the business, training them to do the job, and rewarding them appropriately. Even if you are the only employee of the business, there may be issues like health insurance that may be of interest to you. Remember you are part of the human resources of your firm and your needs need to be met also. Directing is really leadership - motivating the employees to achieve the business objectives. Leadership is often considered an art, but there are a lot of tools that can help you be better at it. Controlling is the process of evaluation and correction that is needed to make certain that the business stay on track towards its goals. Planning and controlling are closely linked since planning sets the goals and standards for performance. Controlling essentially checks to make certain the plan is being followed. It also provides feedback so that the plan can be revised, if needed. Often small business owners handle all these responsibilities. The important thing is to be aware that they need to be handled. Learn more about each by clicking on the links above.
what is Brand?
A brand is the identity of a specific product, service, or business[1][page needed]. A brand can take many forms, including a name, sign, symbol, color combination or slogan. The word brand began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service.
(f) Discounted prices e.g. Budget airline such as EasyJet and Ryanair, e-mail their customers with the latest low-price deals once new flights are released, or additional destinations are announced. (g) Joint promotions between brands owned by a company, or with another company's brands. For example fast food restaurants often run sales promotions where toys, relating to a specific movie release, are given away with promoted meals. (h) Free samples (aka. sampling) e.g. tasting of food and drink at sampling points in supermarkets. For example Red Bull (a caffeinated fizzy drink) was given away to potential consumers at supermarkets, in high streets and at petrol stations (by a promotions team). (i) Vouchers and coupons, often seen in newspapers and magazines, on packs. (j) Competitions and prize draws, in newspapers, magazines, on the TV and radio, on The Internet, and on packs. (k) Cause-related and fair-trade products that raise money for charities, and the less well off farmers and producers, are becoming more popular. (l) Finance deals - for example, 0% finance over 3 years on selected vehicles. Many of the examples above are focused upon consumers. Don't forget that promotions can be aimed at wholesales and distributors as well. These are known as Trade Sales Promotions. Examples here might include joint promotions between a manufacturer and a distributor, sales promotion leaflets and other materials (such as T-shirts), and incentives for distributor sales people and their retail clients.
Likewise , Bajaj Electricals.a household name in India, has almost ninety products in i8ts portfolio ranging from low value items like bulbs to high priced consumer durables like mixers and luminaires and lighting projects .The number of products carried by a firm at a given point of time is called its product mix. This product mix contains product lines and product items .In other words its a composite of products offered for sale by a firm.
strategic planning - the link with marketing Planning Introduction Businesses that succeed do so by creating and keeping customers. They do this by providing better value for the customer than the competition. Marketing management constantly have to assess which customers they are trying to reach and how they can design products and services that provide better value (competitive advantage). The main problem with this process is that the environment in which businesses operate is constantly changing. So a business must adapt to reflect changes in the environment and make decisions about how to change the marketing mix in order to succeed. This process of adapting and decision-making is known as marketing planning. Where does marketing planning fit in with the overall strategic planning of a business? Strategic planning is concerned about the overall direction of the business. It is concerned with marketing, of course. But it also involves decision-making about production and operations, finance, human resource management and other business issues. The objective of a strategic plan is to set the direction of a business and create its shape so that the products and services it provides meet the overall business objectives. Marketing has a key role to play in strategic planning, because it is the job of marketing management to understand and manage the links between the business and the environment. Sometimes this is quite a straightforward task. For example, in many small businesses there is only one geographical market and a limited number of products (perhaps only one product!). However, consider the challenge faced by marketing management in a multinational business, with hundreds of business units located around the globe, producing a wide range of products. How can such management keep control of marketing decision-making in such a complex situation? This calls for well-organised marketing planning.