...Personal Selling & The Marketing Concept Personal Selling - A Definition and a Philosophy Personal Selling is a process of developing relationships; discovering needs; matching the appropriate products with these needs; and communicating benefits through informing, reminding, or persuading. The development of a personal selling philosophy for the information age involves three prescriptions: 1) Adopt marketing concept. 2) Value personal selling. 3) Assume the role of a problem solver or partner in helping customers make buying decisions. Personal Selling as an Extension of the Marketing Concept When a business firm moves from a product orientation to consumer orientation, we say that it has adopted the marketing concept. This concept springs from the belief that the firm should dedicate all of its policies, planning, and operation to the satisfaction of the customer. Promotion can be further subdivided into advertising, public relations, sales promotion, and personal selling. Personal selling is the major promotional method used in business. Evolution of Consultative Selling Consultative selling emphasizes need identification, which is achieved through effective communication between the salesperson and the customer. The salesperson establishes two-way communication by asking appropriate questions and listening carefully to the customer's responses. The salesperson assumes the role of consultant and offers well-considered recommendations...
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...The Other Wes Moore. Concepts from these two theories will be discussed an explained. Systems is a broader term. A system is a formal or informal grouping of people or facets of organizations. An example from The Other Wes Moore would be the private school Wes goes to when he moves to the Bronx. In addition to systems, there are also subsystems. A subsystem is a smaller part of a system, that helps contribute to the system as a whole. Using the example of the Wes Moore family as a system, the subsystem would then be the mother,...
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...Book Report Good to Great: Why Some Companies Make the Leap… and Others Don’t (Jim Collins, 1996) In his book “Good to Great” Jim Collins asked the question, "Can a good company become a great company and if so, how?" Collins and a devoted team of 22 researchers embarked to discover what transforms good companies into truly great companies. To begin the research for the Good-to-Great study, they searched for companies that: performed at or below the general stock market for at least fifteen years; then at a transition point began to pull away from the competition, and sustained returns of at least 3 times the general market for the next fifteen years. They started with a list of 1,435 companies that appeared on the Fortune 500 list from 1965 to 1995 and ended up with only 11 that made the cut. These eleven companies produced, on average, a return of 6.9 times the general stock market during the 15 years following the transition points. Collins chose a 15-year span to avoid "one-hit wonders" and lucky breaks. The companies that were selected were Abbott Laboratories, Circuit City, Federal Home Loan Mortgage, Gillette, Kimberly-Clark, Kroger, Nucor, Philip Morris, Pitney Bowes, Walgreens, and Wells Fargo. In the book, Collins highlights some important factors which are the result of the research. Although there are several factors involved for taking a company from good to great', what these great companies turned out to have in common was a particular kind of leader...
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...s, but it was not until the 90 s began to be widely used and spread, has been hanging in the mouth of the entrepreneur and venture investors a noun. Have a good Business Model, guarantee have half the success. Business model is the company through what way or ways to make money. In short, the beverage company to make money by selling drinks; Express company to make money by delivery; Internet companies through the click rate to make money; Communications companies by receiving spending money; The supermarket through the platform and storage to make money, and so on. As long as there is place of making money, there is a business model. Along with the market demand is becoming more and more clear and increasing resources accurate definition, an opportunity to beyond its basic form, gradually evolved into the creative concept (commercial), including how to meet the market demand or core resource allocation plan. With their own ascension of the concept of business, it is more complex, including the product/service concept, the market concept, supply chain/marketing/operations concept (cardozo (1996), and the accurate and differentiation of creative concept (commercial) gradually mature eventually evolved into the perfect business model, to form a combined market demand and resource system. Business model is a kind of contains a series of elements and their relations of conceptual tools, to clarify the business logic of a particular...
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...HER HIGH-POWERED JOB AT STARBUCKS TO LAUNCH JULEP, WHERE SHE'S USING HER BEST CUSTOMERS TO HELP IMPROVE THE BEAUTY-PRODUCT BUSINESS. BY TAFFY BRODESSER- AKNER She is reimagining the entire enterprise of selling beauty merchandise to women, from product design to the transaction experience. During her four years at Starbucks, Jane Park developed a keen understanding of just how crucial the happiness of the customer is at every turn. "It's about thinking through every step of the customer journey," she says. When she launched Julep, Park's first move was to open a small chain of beauty parlors. These brick-and-mortar outposts-- carefully designed to encourage social interaction via communal spaces with movable furniture--function as mini labs in which to test products on actual customers. Park trained facialists and vernisseurs (a term that is to manicurist as barista is to coffee pourer) to listen closely to reactions and report back. Julep uses that info to tweak details such as colors, packaging, and scents. "FEEDBACK CAN BE BRUTALLY HONEST; ONLY ABOUT A THIRD OF THE CONCEPTS JULEP INITIATES MAKE IT TO MARKET. "THE IDEA OF FAILING FAST HAS BEEN PART OF OUR DNA," SAYS PARK. After Julep launched its own e-commerce site in December 2011, it expanded the test- lab concept into the digital sphere. The company now has a core group of about 5,000 customers, known as the Idea Lab, who've been culled from interactions over social media and website feedback. Mavens, as members of...
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...Team Selling in the Marketplace for Lexmark Canada Inc. Northwood University Abstract The Lexmark Corporation is a financially strong organization that was spun off from the IBM Corporation to be a standalone business and this has caused some restructuring within the company. The sales department underwent a major shift from individual compensation packages to a team compensation concept that was not immediately embraced by everyone in the organization which led to some defections and put the company in a position to be short staffed. This raised questions about the concept itself and whether it was a workable plan and also if the compensation is an adequate motivator and measure of personal performance. The analysis of this case really comes to the point of, do they have the right people to make this team work, and through continuing education can the company get and retain the right people? Is the compensation package correct? Team Selling in the Marketplace for Lexmark Canada Inc. Lexmark Canada's problem started by being short staffed almost from the start when two account managers quit due to lack of control of their earnings as they saw it and disappointment from not being chosen as team leader. Getting the right people on board quickly and effectively would be a key, but “As difficult as it is, resist the temptation to hire for the short-term because bad hires are poison.” (Tao, 2012) This is true in this case because they were worried about making quotas,...
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...Writing Assignment 2: Hero Concept In literature there are many different concepts that authors use, one concept that is used is the 'hero concept,' which can capture any audience, and can be seen in many different ways, but it's pretty clear that a hero is someone with the will to stand up for what they believe in, has courage, and is strong for others. People in general, at some point, have wanted to be the hero, or have the courage to stand up for what they believe in. More often than not, people stand by and don't act in a heroic manner, so when reading a story, poem, or other piece of literature that uses the hero concept; it captures the reader and keeps the reader interested. The hero concept is clearly used in "Bodega Dreams," "Hard Rock Returns to Prison for the Criminal Insane," and "The Train from Hate." The authors of these pieces of literature keep the reader captivated by using the hero concept, and the pathos appeal, evoking a sense of emotion in the reader. "Bodega Dreams" by Ernesto Quinonez has a great example of a hero. This short story is of a class of apparent minority students, who are told by one teacher that they will never amount to anything, and would end up in jail or on the streets. Since the students are being constantly told that they will fail, they don't make an effort. This causes another teacher, the "hero," to become very angry, because he wants to see his students succeed. The narrator reveals this teachers heroic nature when the teacher...
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...What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? .A conceptual framework establishes the concepts that underlie financial reporting. A conceptual framework is a coherent system of interrelated objectives and fundamentals that are expect to lead to consistent standards'. A coherent system of concepts that flow from an objective. The objective identifies the purpose of financial reporting. The other concepts provide guidance on (1) identifying the boundaries of financial reporting; (2) selecting the transactions, other events, and circumstances to be represented; (3) how they should be recognized and measured; and (4) how they should be summarized and reported. What is the primary objective of financial reporting? The objective of general-purpose financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling, or holding equity and debt instruments, and providing or settling loans and other forms of credit. Information that is decision-useful to capital providers may also be useful to other users of financial reporting, who are not capital providers What is meant by the term “qualitative characteristics of accounting information”? Qualitative characteristics of accounting information that distinguish better or (more useful)...
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...business. The concept was introduced and being used during the beginning of internet utilization by all organization. It is not easy to have this kind of thinking to create a business model and strategy which is two different concept needed to be applied. By looking at this concept, business model required to identify your customer and need to plan how to make money from them by providing a value services while strategy explain how we can be different by others in term of providing services and so on. Inside the article, Magretta give us a well constructed thought on the concept that being used by certain example of company that was succeed. This will enable us to define whether the concept is useful only for certain type of business or it can apply to all. A set of tool need to be distinguished before a business model and strategy may applied by carried out a few test and from there assumption can be made. Both business model and strategy may be combining to produce a better business organization. Introduction Magretta, 2002 writes an article about Why Business Models Matter. This article presents us on how a good business is start by having a good human motivation producing a well profit to the company or organization. Magretta quote ‘a company didn’t need a strategy or a special competence, or even any customer – all it needed was a Web-based business model that promised wild profit in some distant, ill-defined future’. There are two set of concepts that Magretta discussed...
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...Guillermo’s Furniture Store Concepts and Principles of Guillermo’s Store Kendall Norman II University of Phoenix Corporate Finance/571 The goal of this paper is to briefly discuss the Guillermo Furniture Store scenario while pointing out and tying key financial concepts and principles discussed in the textbook. The Guillermo Furniture store scenario is about a local furniture manufacturer whose business is located in Sonora, Mexico. He has enjoyed several years of success without any threat of competition. Most recently competition has come about from two different directions. Guillermo has competition via a new international furniture manufacturer who makes the same furniture with better precision, in less time, and at a much cheaper price. The next type of competition comes through the way of development of a new international airport. This is a problem because this airport development will need labor workers. This need will surely drive up the cost of wages, and thus force Guillermo’s hand in the way of increasing his wages for his employees. This is one concept from the text that will be discussed in correlation to Guillermo’s furniture store. Some of the other concepts and/or principles that will be branched into are the concepts of risk aversion, diversification, specification, and time value of money, as well as, the behavior principle, the self interested behavior, and finally the Comparative Advantage Principle. The combination of two forces of...
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...Question 1. - What has allowed IKEA to be successful with a relatively standardised product and product line in a business with strong cultural influence? Did adaptations to this strategy in the North American market constitute a defeat to their approach? Background and the "Ikea concept" World's largest home furnishings retail chain. Achieved international expansion in 3 major phases. Summarised its mission as to offer a wide variety, good design, good value, for "young people of all ages". Determination to maintain a standardised product strategy. Does not own manufacturing facilities. Ikea owns distribution and designs furniture. Manufacturers are subcontracted. Cost leadership strategy through high volume production and standardised items. Ikea consumers expected to supply their time for assembling work after purchase, thus becoming "prosumers". What has allowed IKEA to be successful? They were customer focused. As they were not selling through dealers - could obtain feedback directly from customers. Also, Ikea sees itself not so much as a retailer but as a central star of services. What are these universally appealing values and why were these, together with the standardised assortment, successful in so many countries worldwide? It appears that the countries Ikea entered through international expansion had already had a growing number of potential customers who were not tied to a traditional furniture image. They preferred practicality, good value, simplicity, and...
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...incentive plan to increase accuracy of forecast and slow the increase of commission and ultimately to make the salesperson care about the selling expense. The new incentive plan is introduced in order to tackles these three problems by providing commissions on product gross margins, promising an extra bonus on accuracy of the sales forecasts, and offering a bonus on the achievement of MBO targets. However, the new incentive plan brings some new problems. There are four downsides of this plan. Firstly, no commission will be paid until gross margins exceed 70% of the forecast. It is totally unfair to sales representatives taking care of the low gross margin products. Secondly, in order to receive the extra bonus, sales persons of low gross margin products will be inclined to move this year’s sales to next year or vice versa. Others associated with products whose gross margin exceed 70% tend to ignore the accuracy of the forecast due to the little amount of bonus based on 5% of their salary other than commission. Thirdly, the cost of implementing this plan could be insurmountable. When the sales staffs meet the 70% requirements, the commission could be punishingly high to the company. The biggest issue of this incentive plan lies in its percentage-oriented nature. Gross margin equals gross profit divided by sales. It neglects period costs such as selling and administrative expenses....
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...HANSON CANADA PROFESSIONAL SELLING SAMPLE OF QUESTIONS 1) Many studies dealing with incomes earned in the business community tell us that: A) salespeople earn significantly higher incomes than most other workers in the business communitY. B) salespeople earn siigntly less than other workers in the business community. C) salespeople earn about the same income as other persons in the business communitY. D) there are no relevant studies that link income and the salesperson. Answer: A ' 2) Which of the following statements accurately describes a career in selling? A) salespeople generally do not have good job security Bi salespeople have numerous opportunities to advance to middle-management ranks C) salespeople generally have lower incomes D) salespeople have limited opportunities for advancement Answer: B 3) ln sales, CSR stands for: A) Computer Sales Representative. B) Customer Service Representative. C) Customer Satisfaction Representative. D) Competitor Status Rating. Answer: B 4) All of the following describe a category of sales personnel in the field of manufacturing excePf: A) rack jobber. B) sales engineer, C) field salesPerson. D) detail salesPerson. Answer: A 5) All the following statements regarding careers in personal selling are true except: A) Sales careers can provide above-average psychic income. ei fne skills and knowledge needed to achieve success in the various selling careers vary greatlY. c) salespeople today have many...
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...Accounting 10 Key concepts of accounting Done by-Bemnet A.Mamo ID number-B0129FSFS0813 School of Business and Law 10/15/2013 Contents * Introduction……………………………………………. 2 Going concern……………………………………….. 3 Consistency……………………………………………. 3 Prudence……………………………………………….. 4 Accruals…………………………………………………. 4 Objectivity……………………………………………… 5 Realization…………………………………………….. 5 Dual aspect……………………………………………. 6 Materiality…………………………………………….. 7 Money Measurement……………………………. 7 Timeliness……………………………………………… 8 * Conclusion………………………………………………. 9 * References………………………………………………. 10 Introduction Accounting generally can seem to be a practical subject that would be very simple to focus on only the applications of procedures and techniques. But it is far more than just a bunch of calculations, until we can identify and interpret our production of the figures, the calculations are pointless. It also measures the works of a business in financial terms and provides various financial statements and reports for various transactions the business agrees (e.g., buying and selling goods) assumed the business. In organizing financial statements, accountants use certain fundamental concepts when constructing financial accounts and statements. Traditionally there are four main concepts; 1) Going...
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...Literature Review The nature of consumers is responsible for the chances of an idea to become a successful business. Dalenberg, et al. (2014), p. 1 observes that consumers demonstrate high variability levels in product liking. The essential element that needs to be considered is the exposure of the product to reach the consumers. In their study, Thrassou, et al. (2012), p. 22 acknowledge that the most important aspect in a new idea or innovation is value. The significance of having an insight on consumer knowledge behavior is based on the modern marketing philosophy that recognizes the consumers as the target of any marketing activity (Thrassou, et al., 2012, p. 28). The basis of the business idea can be attributed to the highly competitive market environment. While already the problem that the idea seeks to address is being solved by another idea, the intense competition prompts the need for innovation to be able to offer greater value (Thrassou, et al., 2012, p. 30). In his article, Gentile (2010), p. 96 covers the difficulty that is involved in having people change their behavior to accept an idea. It is acknowledged that it is difficult to change ideas but that is exactly what businesses are required to do to get consumers buy the product or service. The difficulty in having consumers embrace a new product has been observed by Ji & Wood (2007), p. 261 as resulting from the high degree of repetition that is evident in consumer domains....
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