Buying Behavior

The effectiveness of the different options would depend on the buying behavior. Telemarketing is an example that highlights the importance of understanding the buying behavior before allotting the functions. Several telemarketing agencies promote their products through television. However, the sales of those brands are not picking up as this method is unable to allow the consumers to feel the  product or have a demonstration. Noticing this deficiency the telemarketing agencies open franchise outlets in major towns to satisfy this consumer requirements.

 My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

TV Advertising

Television can only be effective if you see it enough. And enough is a lot. Enough is expensive. How much is enough? Many experts say you can measure how much enough is by understanding rating points. A GRP, or Gross Rating Point, is calculated on the basis of one percent of the TV sets in the TV marketing area. If one million TV sets are in the area, one rating point equal 10,000 sets. The cost of TV advertising is determined by the size of each GRP in the marketing area, and advertisers pay for a given number of GRPs when the buy advertising time. The experts advise that you should not consider TV advertising unless you can afford to pay for 150 GRP per month. Those can come in the form of 75 GRP per week every other week, or 50 GRPs for three weeks out of four, or even 150 GRPs for one week per month. How much a single rating point costs in your area depends upon the size of area, the competitive situation, and the time of year.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Promoting Sales

First stage marketing strategies should focus on sales promotions that will attract immediate customers and selling methods that will ensure repeat business. First stage companies can also benefit from sales and promotion activities, but with a focus on short term rather than long term benefits. Ideas include:

1. Invite a local newspaper to write an article on some unique aspect of the company.
2. Invite television reporters to cover a special event sponsored by the company (fund raising drive, a banquet honoring an employee, or the introduction of snappy new product).
3. Start a charity book collection drive at local schools.
4. Sponsor a young people’s athletic team.
5. Sponsor a civic band or float in a local parade.
6. Donate materials, space, or services to community theater groups.
7. Sponsor a paper, glass, aluminum, or plastic recycling drive.
8. Get behind a social cause.
9. Donate used computers, office equipment, etc., to local schools, hospitals, or welfare agencies.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

The Swivel-Chair Potato

Like the television addict, the full-time computer operator runs a significant risk of turning into a swivel-chair potato. With the loss of time perspective, it becomes all too easy to neglect physical exercise. This can lead to poor cardiovascular tone, varicose veins, obesity, constipation, hemorrhoids, and back-ache, as well as, decreased mental alertness. As important as the furnishing surrounding the computer terminal are the time and space for a little office exercise.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Non Price Competition

In spite of the emphasis placed on price in microeconomic theory, marketers often compete on product attributes other than price. You may have noted that price differences between products such as gasoline, men’s haircuts, candy bars, and even major products such as compact cars and private colleges are often small, if there is any price difference at all. Very rarely will you see price used as a major promotional appeal on television. Instead, marketers tend to stress product images and consumer benefits such as comfort, style, convenience, and durability.

Many organizations promote the services that accompany basic products rather than price. The idea is to make a relatively homogeneous product better by offering more service. Quite often the reason marketers emphasize non-price is because prices are so easy to match. Few competitors can match the image of a friendly, responsive, consumer-oriented company.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Market Sales Potential and Profitability

An essential activity in opportunity evaluation is the determination of market sales potential and profitability. Estimating market’s sales potential for offerings is a difficult task even for a seasoned marketing executive. Markets and offerings can be defined in numerous ways that can lead to different estimates of market size and dollar sales potential. For innovative offerings or new markets, marketing analysts must often rely almost entirely on judgment and creativity when estimating market sales potential. Therefore, it is understandable that market sales potential estimates very greatly for high definition television  (HDTV) and hybrid (gasoline and battery powered) automobiles. The underlying technology for both offerings is still evolving as is the physical form. In such dynamic settings, measures for identifying prospective market segments are uncertain.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Constitution of Service Sector

Service sector comprises following services:

Lodging Services

Hotels, rooming houses, and other lodging places

Sporting and recreation camps

Trailering parks and camp sites for transients

Personal Services

Laundries

Childcare

Linen supply

Shoe repair

Diaper service

Funeral homes

Carpet cleaning

Tax preparation

Photographic studios

Beauty shops

Health clubs

Business Services

Accounting

Exterminating

Agencies

Employment agencies

Collection agencies

Computer programming

Commercial photography

R&D labs

Commercial art

Secretarial services

Management services

Window cleaning

Public relations

Consulting

Detective agencies

Equipment rental

Interior design

Automotive Repair Services and Garages

Auto rental

Tire retreading

Truck rental

Exhaust system shops

Parking lots

Car washes

Paint shops

Transmission repair

Motion Picture Industry

Production

Theaters

Distribution

Drive-ins

Amusement and Recreation Services

Dance halls

Race tracks

Orchestras

Golf courses

Pool halls

Amusement parks

Carnivals

Fairs

Ice-skating rinks

Botanical gardens

Circuses

Swimming pools

Health Services

Physicians

Nursery care

Dentists

Medical labs

Chiropractors

Dental labs

Legal Services

Educational Services

Libraries

Correspondence schools

Schools

Data processing schools

Social Services

Child care

Family services

Job training

Non-commercial Museums, Art Galleries, and Botanical & Zoological Gardens

Selected Membership Organizations

Business associations

Civic associations

Financial Services

Banking

Investment firms

Insurance

Real estate agencies

Miscellaneous Repair Services

Radio and television

Welding

Watch

Sharpening

Reuphoistery

Septic tank cleaning

Architectural

Surveying

Engineering

Utilities

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Full Warranty

A full warranty means:

1. The warrantor will fix or replace any defective product, including removal and reinstallation if necessary, free of charge.
2. It is not limited in time (say, to one or two years).
3. It does not either exclude or limit payment for consequential damages unless the exclusion or limitation is printed conspicuously on the face of the written warranty.
4. If the product cannot be repaired or has not been repaired after a reasonable number of efforts to repair it, the consumer may choose between a refund and a replacement.
5. The warrantor cannot impose duties on the consumer except reasonable duties (the warranty cannot require the consumer to ship a piano to the factory) or a duty not to modify the product.
6. The warrantor is not required to fulfill the warranty terms if the problem was caused by damage to the product through unreasonable use.

A full warranty does not have to cover the whole product. It may cover only part of the product, such as the picture tube of a television set. Also, anyone who owns the product during the warranty period may invoke or use the warranty.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Psychographic Data

Psychographic data deals with people’s attitudes, mores, perceptions rather than with externally observable characteristics, like average home value, classified under demographic data. Marketers use psychographic data to identify groups of people who share common values about such diverse subjects as lifestyles, products, politics, religion, and criminal justice.

Marketers tend to use psychographic data when they are planning to launch a campaign or introduce new products into communities where they do not have previous experience. The cable television industry makes extensive use of psychographic data when deciding whether it should promote pay services that feature R-rated or PG-rated movies.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Advertising: Media Reach and Frequency

When advertisers discuss media, they talk of reach and frequency. Reach refers to the number of people who will be exposed to the message. Frequency refers to the number of times each person will be exposed. Although in some endeavors you should strive for reach, in most, frequency will help you even more. Remember, familiarity breeds confidence, and confidence serves as the springboard to sales.

Select a marketing method. Before you select any method of reaching the people you wish to reach, think these thoughts. It is not necessary to say everything to everybody, nor is it possible. If you try to say everything to everybody, you’ll end up saying everything to nobody or nothing to everybody. Instead, you should try you should strive to say everything to everybody. Your marketing message is the “something.” Your target audience is the “somebody.” Just as you take care in selecting what you will say, you should take equal care in selecting to whom it will be said. Saying the right thing to the wrong people is not acceptable. Advertising on television does wonders for your ego, but if your prospective customers don’t watch much television, it is folly.

Whether you utilize the method properly yourself, and whether you can afford it. When you combine two marketing methods with two other marketing methods, the total is more than two plus two. A synergistic effect is created whereby two plus two starts to equal five and six and seven. And when you combine five marketing methods with five others, your possibilities for success are increased many fold. The more methods of marketing you employ, and the greater your skill at employing and selecting them, the larger the size of your bank balance.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.