Monthly Archives: March 2017

Importance of Statistics in Marketing – A Concise Account

Over the years, the corporate ambience has cultured a potent need for research and development. While research is just as important an area in other fields such as finance, sales, or human resources, the scope of research in the dimension of marketing and sales management has only amplified with time. Corporations at the very top are investing millions of dollars in marketing research that includes both qualitative and quantitative research. Regarding the latter type, marketing innovations depend a great deal on the findings of quantitative research.

Statistics and Marketing

The statistical inferences delivered from the carriage of these researches are vital factors in determining the direction of an organization’s marketing flow. Be that product development, market development, promotional campaign plans, or knowing the customer standpoint, statistics run the state of affairs in contemporary marketing. The field of statistics contains a whole area of study relevant to marketing. Sophistication of these statistical methods goes a long way in enlightening the marketer about multiple aspects of marketing that aid him in the decision making process. Different methods help in different ways.

MDPREF

For example, there is a statistical analysis termed as multidimensional preference analysis (MDPREF) that employs the use of columns and rows for consumers and products respectively. With the help of this data analysis, the marketer can determine consumer preference patterns for different products. Essentials of the target market come out in the open along with the areas of potential market growth. Also various ideas can be deciphered through these patterns about product innovations.

Standing Out

Then there is multidimensional scaling (MDS), which throws light on the comparative analysis of the product and its competitors. Consumer standpoints generated from this analysis pave a path of illustration regarding the similarities and differences between different products. This, in turn, helps the marketer in descrying the product’s competitors and hence empowers him to develop the marketing base in productive accordance. In other words, the incorporation of insight produced from this method enables the marketer to develop the unique selling proposition of the product, thus making it score an edge over its counterparts.

Conjoint Analysis

Furthermore, another statistical strategy is conjoint analysis, the application of which evaluates consumer preference. Each product has a number of attributes. By employing conjoint analysis, the marketer succeeds in uncovering those combinations of attribute levels that have a high level of consumer preference. Consumers are given choices of different sets of attributes out of which they have to choose the one that will motivate them to a purchase. This is indeed valuable insight that facilitates the process of feature development, a prime context of marketing.

A Complimentary Hand

The aforementioned methods of statistics are just marginal accounts of the otherwise paramount contribution that statistical procedures are making to the field of marketing. Multiple innovations and advancements in marketing can be attributed to statistical findings, the utility of which has only diversified with the passage of time. Insight is key for business success and sustaining the freshness of that insight is exactly what statistics accomplishes. To cut a long story short, marketing owes a lot to statistics, given the consistency of value generation the latter continues to accomplish for the former.

An Introduction to the Scientific Theory of Management

Scientific management theory was proposed by Frederick Winslow Taylor in the first decade of the 20th century, is the first coherent theory of administration. According to this theory the same principles of management can be applied to all social entities. The governing policies for our homes, farms, state, business, and church, have the same underlying principles. It emphasized on improvements in the lower level of the company rather than at top management. It aimed at studying the relationship between the physical nature of work and the physiological nature of the workmen. It stressed upon specialization, predictability, technical competence and rationality for improving the organizational efficiency and economy.

PRINCIPLES

Taylor gave the following four principles which according to him can be used universally:

-Construct a science for each element of a man’s work.

-Scientifically select, train, teach and develop workmen.

-Management should fully cooperate with workers.

-The division of work and responsibility between management and the workers must be shared equally.

Scientific management, according to Taylor, involves a complete mental revolution on the part of workers towards their duties, work, fellow men and their employers; and on the part of managers, towards their employees and their problems.

TECHNIQUES

The techniques of scientific management facilitate the application of principles of scientific management mentioned below:

FUNCTIONAL FOREMANSHIP: Under this, a worker is supervised and guided by eight functional foremen. Four of these are responsible for planning viz. Order-of-work-and-route-clerk, Instruction-card clerk, Time-and-cost clerk, Shop Clerk. The other four are responsible for execution and serve on shop floor namely, Gang boss, speed boss, inspector and Repair boss.

MOTION STUDY: It involves the observation of all the motions comprised in a particular job and then determination of best set of motions.

TIME STUDY: It is used to determine the standard time for completion of work.

DIFFRENTIAL PIECE RATE PLAN: Under this plan, a worker is paid a low piece rate up to a standard, a large bonus at the standard and a higher piece rate above the standard.

EXCEPTION PRINCIPLE: It involves setting up a large daily task by the management, with reward for achieving targets and penalty for not meeting it.

CRITICISM/OPPOSITION

Scientific management came to be criticized and opposed by various sections for the following reasons:

-It was concentrated on the shop floor. It did not stress on the higher levels of management.

-It was criticized as a mechanistic theory of organization as it neglected the human side of the organization. It treated worker as a machine and sought to make it as efficient as machine itself.

-It was criticized on the ground that it underestimated and oversimplified human motivation by explaining human motivation in terms of monetary aspects only.

-It was also opposed by the managers due to two reasons. First, they would lose their judgment and discretion due to the adoption of scientific methods. Second, their work and responsibilities increases under Taylorism.

Management Styles – The Unorthodox

You can’t always define right and wrong when it comes to management styles. You have to find your own style that’s right for business. Sometimes this means trial and error – and heresy. There are times when heresy and an unorthodox management style can pay off – as shown by a Brazilian engineering company called Semco.

If you have your own business then it is your prerogative to run it any way you see fit. Your management style might be considered eccentric but no one can prevent you putting it into practice.

The unorthodox management of Ricardo Semler of Semco certainly paid off. As he reveals in his book Maverick! his off-the-wall management ideas have worked for Semco, with unusual business practices such as subordinates giving their managers twice-yearly appraisals. If a boss scores low, he can even lose his job!

The manager is referred to as ‘the subject’ in a multiple choice questionnaire. The first among the 36 questions is: ‘If an employee makes a small mistake, the subject:

1) Is irritated and unwilling to talk about the error

2) Is irritated but willing to discuss the error

3) Identifies the mistake and discusses it in a constructive manner

4) Ignores the error and pays attention only to more important matters.

It’s not rocket science to spot the correct answer and you can tell Semler has a good understanding of management behavior. He expects his managers to be fair and relaxed, secure and friendly, innovative and competent, trustworthy and participant.

So do unorthodox management styles help with the above?

In all businesses and all processes, there is room for improvement and you have to listen when someone comes up with an idea that has the potential to realise that improvement. You have to look at the benefits before dismissing the idea. You should be prepared to embark on challenges and change in order to create an organisation where people are happy with the management style – and that goes for the people managing and those being managed.

Semler has found success with an unorthodox management style and built a company that has the power to create effective new ideas, and continues to do so.

Customer Relationship Management Marketing = Starburst Opportunities

“It is easier to keep an existing customer rather than trying to find a new one”.

Companies know their bottom line is directly impacted by repeat business and without it, the business can struggle. Customer Relationship Management Marketing can generate new opportunities, repeat business and most of all, additional revenue.

Whether large or small, each and every business is dependent upon their customer relationship strategy. All companies should be driven by their customer wants and needs, otherwise they can struggle and eventually fail. Aligning client needs with company products and services is critical in client retention and company growth.

CRM systems help track every aspect of a customer through sales and into ongoing support. Many companies fail to utilize their own client base for revenue generating opportunities. Through these systems, marketing other products and services to existing clients can create “Starburst Opportunities” that can add to the bottom line with minimal expense.

For example, you may have an existing client using one of your software tools for a significant period of time. Over time, their usage of the tool increases and history of various support calls come in that has been resolved by another application or service your company offers.

This is a perfect opportunity to call on the existing client to present the new offering. The current relationship is leveraged for a new sales lead that could very well benefit the client as well as the company m a true win/win situation.

In summary, your current customer base is a hotbed of potential sales of other products and services you offer. You already know the client and their wants and needs, so you are ahead of the curve when it comes to building rapport and presenting your offerings. Customer management relationship marketing is another channel that should not be ignored, if you are not using it, you are leaving money on the table.

Pray Rain Journaling – Manifestation Technique

Keeping a pray rain journal is one of my favorite manifestation techniques, mainly because it works. I’ve manifested several wonderful things in my life with this method, including the condo I currently live in, various jobs I’ve held, even my successful website! People using this technique have literally seen results within hours, and you’ll be hooked once you try it because it’s so effective (not to mention fun!).

Pray rain journaling is a technique whereby you write in a journal on a daily basis as if whatever you want to create in your life has already come to pass. You do not write from the standpoint of wanting something to happen, you write as if it has already come to pass and is already present or a part of your life. This speeds up the manifestation process because the law of attraction ensures that whatever we regularly focus on is what will show up in our lives.

To start, take a blank journal (or sheet of paper) and write a page in your journal every day as if your dream has already come true. Whatever you would like to create (soulmate relationship, weight loss, career success, financial freedom, etc.), write in your journal as if that thing has already come true for you.

For example, if your desire is to get married, write a page a day as if you are already married to your amazing spouse and living the life of your dreams. Be sure to describe your spouse and relationship in detail. Do you have children together? What kind of home do you live in? If your ambition is to own your own company someday, write a page a day as if you are already the owner of your successful company and describe it in detail. What are your annual profits? Do you have an actual office space you operate from, or do you work from home? You get the idea. Be sure to include as many details as possible!

Here comes the magic: by the time you’re finished with your journal, your dream will either have already manifested or will be well on its way to doing so!

The term ‘pray rain’ comes from a story about a community that was in a serious drought and in desperate need of rain. A visitor to the community learned of this situation and offered to perform a rain dance in order to summon the much-needed rain. However, when he went out and did his rain dance, everyone was puzzled because it looked like he was just standing there not moving, rather than dancing around and chanting for rain as they had expected. When they asked him what he was doing, he answered, “I was praying rain”… as opposed to praying for rain. Can you see the difference?

Instead of dancing around and doing a traditional rain dance, the man stood there and felt what it would feel like if this community was already receiving all the rain it needed. He used his imagination and focused on what it would feel like if raindrops were falling on his forehead and arms, he felt his clothes drenched with water, he imagined what it would be like if all the crops were well-nourished and abundant, and he visualized the community as a whole having plenty of water to drink. Instead of praying for rain and coming from a place of lack, he prayed rain as if the rain the community needed was already a reality!

This is exactly what we should all do in order to make things happen in our lives: feel the feelings now of already having that which you desire to create in your life. The powerful law of attraction ensures that if we feel now how we would feel once the particular thing or situation arrives in our life, then that thing or situation has no choice but to show up! Remember, like attracts like, period.
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Important Functions of a Business Plan

Today all entrepreneurs or small business owners know and respect the importance of a business plan. But to most of them the benefit it has for their company after it has been used for an investment remains hidden. Therefore, it is important as it plays an important part in the growth and development of your business.

Business plans are documents that clearly describe the goals of the company along with all major and minor details regarding it. It is almost like a print of how you plan to build your company or organization. At the same time it plays the role of a medium to communicate through for investors and banks.

Not only does it guide your company towards its goals and accordingly the strategies are thought of, but even the management of your business relies on the business plan. Before you have written a plan you only have faint idea about what you plan to achieve and the milestones you wish to conquer. After the plan is written, the aims are clarified and you set up a plan of action. It describes everything about your organization.

Its position in the market and your products or services , a brief background story, your target customers, your budgets, your finances, strategies etc. it contains all details regarding the amount of money you need for starting up or carrying on. It is a financial tool.

The final, ready business plan can provide guidance to entrepreneurs for organizing and creating ideas to move forward. It would also contain details of where your company stands now, where it is going and where it plans to go. You can break down the goals into milestones to be achieved in a year.

If you haven’t upgraded your Company’s business plan, now is the time, a lot depends on it.

You may wish to read more at: You may wish to read more at: Writing a Simple Business Plan and Sample and Example Business Plans for You

Insight To SMO Services

Social Media Optimization (SMO) is one of the methods in website optimization which involves a set of activities which are implemented by the business houses to attract new visitors by driving traffic to the websites from other sources, other than search engines. The word of mouth in social media optimization is spread through social networking, blogging, video marketing and social bookmarking sites whereby the businesses can improve their online presence, reach to the targeted network and market their brands and products in the most effective ways.

With the evolvement and popularity of the social networking websites such as Facebook, Twitter etc, SMO has been a blessing for the small business in the truest sense of term. Not only, SMO services lead to measureable outcome and the progress can be tracked and assessed, but also the cost of service associated with SMO services is very low in comparison to the traditional marketing methods. Hence, it has become much easier for the small scale online businesses to reach out to their potential client base easily and connect with them while spreading the brand awareness. Social media optimization also facilitates fine lines of communication and when implemented in the right way, SMO services can surely yield productive results.

SMO services include content submission (article submission and press release distribution), classified ad posting, video submissions, PPT submissions, social bookmarking, RSS feed submission blogging, forum posting, social network marketing etc. An online business wishing to promote its brands and services through social media platforms seeks to refer to a professional SMO company. On the client’s behalf, the SMM Company formulates the righteous strategies and implements various methods and techniques to promote the brands in the social media arena.

A professional social media optimization company incorporates social bookmarking as an integral part of SMO campaign. By adding bookmark to the social bookmarking sites and optimizing the tags of the business page, the SMO executives seek to give comprehensive exposure to the client’s business page.

Blogging is another crucial aspect in SMO services. A professional SMO company emphasizes on maintaining and upgrading blogs with fresh and engaging content to drive visitors. Publishing regular updates in blogs are ways of informing the target audience about the latest news about the company. Blogs are also good podiums for accumulating where visitor’s feedback. The SMO executives hence try to make the blogs as engaging as possible. They upload images, videos and play with the words intelligently to make the blog interesting for the readers.

The SMO executives, on behalf of their clients, engage themselves in the ongoing discussions in the online forums. Participating in the discussion forums and posting the views on a relevant topic is one of the most effective options of interacting with a pool of target audience. The social media experts thus utilize the discussion forums with the aim to communicate with the targeted audience at an inter-personal level.

A small sized business can get the best out of the social media platform provided they utilize the right techniques. There should be winning strategy and planning that will give the businesses an upper hand in the competitive domain. SMO services do not mean blatant promotion in the social media platform, rather through cognitive approach, communication and collaboration a business can get the best outcome and generate good amount of web traffic for their website.

How IT Managed Services Can Boost Your Business And Result In Profit

Every business organization faces some or the other problems every now and then. Dealing with these troubles on a regular basis can consume a lot of the company’s time, resources and money. One of these problem areas which an organization is likely to face is IT problems. IT difficulties such as constant repair requirement, threat to security of networks and faulty software and hardware can mean spending of extra sums of money on something which can be dealt with quite easily. Yes, there are many IT managed service providers who can provide large or small business IT consulting, computer sales, computer repair and many other such IT related services. Let’s read about how IT managed services can boost a business and help it survive in the long term:

• An IT managed service provider can help in software and hardware related services, computer repair and re installation services and also offers discounted rates of computer sales if you hire it on contract basis. This can greatly reduce your IT related stress and may encourage you to focus on the business goals.

• Another reason how an IT company or a small business IT consulting company can boost your business is by improving overall IT performance which thereby boosts the overall office or work productivity. Strengthened systems and networks mean less time wasted on repair and troubleshooting which thereby results in better profits and improved efficiency.

• If your small or large sized business needs some kind of advice or help regarding IT matters, then the IT service providers can offer consulting services and guide you in the right direction in terms of the equipments to be installed, data backup methods to be utilized and how the network should be monitored.

• Once you hire an IT managed service provider, you can be rest assured that all your IT issues are well taken care of and that you do not need to waste your own time on resolving these problems. This gives you a certain peace of mind and gives you an opportunity to focus on what is really important for you, which are your business goals. This automatically means better revenue for the business and ensures its long term survival in the market.

• Small business IT consulting is an effective way to keep in touch with modern day and advanced technological methods and keeps you well ahead of other companies as far as business growth and development is concerned.

Now that you are aware of the several ways in which an IT service provider can help you, there must be no doubt left in your mind about hiring one or outsourcing the services. So what are you waiting for, go boost your business!

The Importance of Social Media Marketing Today

Marketing is essential to any business and is generally referred to as the most important aspect of any business strategy. Large companies spend millions of dollars to hire reputed agencies to handle the marketing of their business whereas smaller companies rely on more creative and cost efficient methods. In the extremely competitive world of today, social media marketing is the new ‘in’ thing and definitely here to stay. In a nutshell, it means using social media such as blogs, community sites, video sharing sites etc. to market a product or a business.

Certain popular websites like LinkedIn, Facebook, Twitter, Flickr and YouTube which have more than five million visitors everyday are considered to be an important hub for marketing. Promoting your business using these sites is a very attractive business proposition since they offer a huge amount of steady traffic everyday. In today’s world, social networking is extremely successful and social media marketing is very important to a business because of the sheer number of people that access these sites regularly.

The reasons why this type of marketing is so important, or rather, essential for a business are many. Firstly it is a low cost investment when compared to the other options available, offering many links to your site for free. Social media is generally free to use but marketing the same thing through conventional methods would cost you thousands of dollars. These sites get a lot of traffic and they in turn generate traffic to your site. Also it acts like a word-of-mouth concept that people tend to believe when compared to commercial advertising.

To make a lasting impact on the user and build a successful business any entrepreneur should be adept in social media marketing. There are a number of factors to keep in mind while promoting your business online so as to maximize its potential and achieve realistic real time sales. Lehman Hailey believes marketing through social media is a potent method that will make your site profitable over time.

Following are a few pointers that an entrepreneur would do well to remember while utilizing the immense scope of this type of marketing. Firstly, one should always try to give a clear account of the company’s product or the contents of the business instead of exaggerating and claiming the impossible because this discourages people from visiting your site whereas a more realistic picture generates slow but steady traffic over time. Secondly, it is important to post as many links as you can wherever there is a provision to do so.

Any business becomes profitable only if the end product promised by the company or the entrepreneur is really as good as advertised and produces customer satisfaction. There is no sure-shot formula for success using marketing since it only gives more visibility to the business and the end sales depend only on the efficiency of the product. However, social media marketing is an important tool that, when properly used is a highly beneficial and promising enterprise.

How Has the Internet Impacted Market Research?

Market research is the way that companies gather information about their customers, competitors, and the effectiveness of their marketing campaigns for those of you who are wondering what it is. In recent years the internet has had a huge affect on the way that companies have been conducting their market research through the various methods that are available for them to use. Companies know that almost everyone and their dog get on the internet for one reason or another and this is a great way for them to be able to gather information about what their consumers want as well as keep an eye on what their competitors are doing. The internet is also a great way for companies to test and try different marketing campaigns before they spend millions of dollars on them. There are a few different ways that the internet has had an effect on the way that market research is conducted.

One thing that companies are able to do is called keyword research. Conducting research on different keywords is how businesses find out what words and phrases their customers are using when they are searching for the products that they are selling. This is a great advantage because it allows the company to focus on certain words and phrases that will gain them popularity. Also, if the company has a website they will be able to move their website into a better position by building links back to their site that focus on these specific keywords.

Companies can also take surveys and put up polls on different topics that will help them to get the opinion of the consumers that buy their products. This helps the company to know what they are doing right so that they can do more of it and it also helps them to gather information that they can use to make their customers happier.

A company can also easily check out what their competition is doing by looking them up. They will be able to see where their competition is getting backlinks from, and they will be able to see what methods their completion is using to be able to gain more customers. There are a lot of different tools that a company can use to be able to find out what their competition is doing on the internet very quickly and easily. One of the biggest advantages that a company has when they use the internet for market research is testing different advertising campaigns to find out which one works the best. There are a lot of different ways to advertise both online and offline and companies pay a lot of money each year to advertise their business. By doing their market research online they will be able to find out which campaign will bring them the most success before they pay out all of the money to run it.

Over the past few years the internet has dramatically affected the way that market research is being conducted. It will have an even larger affect as we move forward into the future. It will be very necessary for every company to have knowledge of Internet Marketing so that they will be able to quickly and effectively do their research online.