Topics

1

BBA Discussion Forum / Top Ten Promotional Strategies

« on: February 26, 2020, 06:01:06 PM »

Top Ten Promotional Strategies
1. Contests as a Promotional Strategy
2. Social Media Promotion
3. Mail Order Marketing
4. Product Giveaways and Samples
5. Point-of-Sale Promotion and End-Cap Marketing
6. Customer Referral Incentive Program
7. Causes and Charity
8. Branded Promotional Gifts
9. Customer Appreciation Events
10.After-Sale Customer Surveys

2

BBA Discussion Forum / Benefits of self-Control:

« on: February 26, 2020, 06:00:24 PM »

Benefits of self-Control:
1. Increase decision making capacity
2. Increase chances of success.
3. Self-control can help us curtail impulsive behaviors.
4. Improves FOCUS
5. Promotes Congruence

3

BBA Discussion Forum / 5 Common Factors Influencing Consumer Behavior

« on: February 26, 2020, 05:57:19 PM »

5 Common Factors Influencing Consumer Behavior
1. Purchasing Power
2. Group Influence
3. Personal Preferences
4. Economic Conditions
5. Marketing Campaigns

4

BBA Discussion Forum / Social stratification:

« on: February 26, 2020, 05:56:34 PM »

Sociologists use the term social stratification to describe the system of social standing. Social stratification refers to a society’s categorization of its people into rankings of socioeconomic tiers based on factors like wealth, income, race, education, and power.

5

BBA Discussion Forum / What is gender marketing?

« on: February 26, 2020, 05:55:57 PM »

Gender has a very specific meaning, which differs to ‘sex’; when we refer to a person’s ‘sex’ we are speaking of their biological sex (i.e. male or female). This is strictly physiological, whereas the term ‘gender’ refers to a sociocultural construct. While a person’s biological sex is defined at birth, their gender is determined by the different gender roles and behavioral differences between men and women, which are strongly influenced by society and culture. Gender marketing is based on the various properties assigned to men and women, both physical characteristics and interests. 
Behavioral and psychological differences between men and women are the central focus of gender studies. In addition to being a fascinating area of sociology or psychology, gender studies can produce interesting insights for marketing purposes. Many marketing strategies now use gender marketing techniques, tailoring advertising content and techniques to the different consumption and purchasing behavior of the genders.

6

BBA Discussion Forum / Cause related marketing

« on: February 26, 2020, 05:55:14 PM »

Cause related marketing is part of a company’s corporate social responsibility policy . That is, a for-profit business establishes a long-term relationship with a non-profit company. The former expects to profit by selling more products and gaining positive publicity. The non-profit, on the other hand, benefits financially and through publicity.

7

BBA Discussion Forum / major issues of current marketing practice

« on: February 26, 2020, 05:54:36 PM »

Three major issues of current marketing practice:
1.      Marketers lack fundamental approach to address the challenges of digital era.
2.      Marketers are suspicious about their digital media partners.
3.      Marketers have been facing the challenges of the post-truth era before the politicians

8

BBA Discussion Forum / Common Marketing Problems:

« on: February 26, 2020, 05:53:11 PM »

Common Marketing Problems:
1.- Not knowing how to explain the product or service you want to sell
2.- Not finding your market segment
4.- Invisibility of your business
5.- Problems with the price of your product
6.- Lack of coordination between marketing and sales departments
7.- Not having a marketing plan
8.- Lack of Brand Image, Professional Reputation, Personal Branding
9.- Not having a good online presence
10.- To think that marketing is not necessary.

9

BBA Discussion Forum / Recent Marketing Challenges:

« on: February 26, 2020, 05:52:27 PM »

Recent Marketing Challenges:
1.   Generating Traffic and Leads
2.   Providing ROI for Your Marketing Activities
3.   Securing Enough Budget
4.   Identifying the Right Technologies for Your Needs
5.   Managing Your Website
6.   Targeting Content for an International Audience
7.   Training Your Team
8.   Hiring Top Talent

10

Faculty Forum / Techniques for Managing Students

« on: March 07, 2019, 01:08:28 PM »

    Use polite language
    Maintain eye contact
    Keep phones in your pockets
    Let one another speak uninterrupted
    Raise concerns about one another’s statements in a respectful manner

11

Business Administration / What Is Employee Motivation?

« on: July 08, 2015, 04:52:12 PM »

Motivation is an employee's intrinsic enthusiasm about and drive to accomplish activities related to work. Motivation is that internal drive that causes an individual to decide to take action.
An individual's motivation is influenced by biological, intellectual, social and emotional factors. As such, motivation is a complex, not easily defined, intrinsic driving force that can also be influenced by external factors.
Every employee has activities, events, people, and goals in his or her life that he or she finds motivating. So, motivation about some aspect of life exists in each person's consciousness and actions.
The trick for employers is to figure out how to inspire employee motivation at work. To create a work environment in which an employee is motivated about work, involves both intrinsically satisfying and extrinsically encouraging factors. Employee motivation is the combination of fulfilling the employee's needs and expectations from work and the workplace factors that enable employee motivation - or not. These variables make motivating employees challenging.
Employers understand that they need to provide a work environment that creates motivation in people. But, many employers fail to understand the significance of motivation in accomplishing their mission and vision. Even when they understand the importance of motivation, they lack the skill and knowledge to provide a work environment that fosters employee motivation.
The easy way to do fast and frequent performance appraisals!
Here are thoughts about encouraging and inspiring employee motivation at work.
Factors to Encourage Motivation
These are some of the factors that are present in a work environment that many employees find motivating.
•   Management and leadership actions that empower employees,
•   Transparent and regular communication about factors important to employees,
•   Treating employees with respect,
•   Providing regular employee recognition,
•   Feedback and coaching from managers and leaders,
•   Above industry-average benefits and compensation,
•   Providing employee perks and company activities, and
•   Positively managing employees within a success framework of goals, measurements, and clear expectations.

12

Business Administration / Recommendations for a balanced global marketing strategy

« on: July 08, 2015, 04:51:09 PM »

A global marketing approach does not mean the absence of local, market-specific plans and initiatives. These should, in fact, be complementary.
Global marketing will typically set the framework and parameters within which local marketing operates, whilst giving in-market teams the freedom to control local success levers.
Some areas of marketing that lend themselves to being led at a global or central level include branding and brand guidelines, strategic marketing planning and budgeting (with autonomy given to markets within their allocated budget), large-scale marketing campaigns, social media strategy and guidelines, research strategy, and global PR.
Other areas best managed locally include local outreach initiatives and more tactical campaigns, local social media channels and PR initiatives, local partnerships and events, etc.  Markets need to have some control over the local channels that contribute to driving their success.
In practice, it might be useful to divide your markets into tiers.
A tiered market will help you identify territories that might drive the highest potential returns. It also allows top tier markets to access bigger budgets, giving them autonomy; for example, research into local users’ behaviours to inform product development.
Global and local areas of ownership may differ from company to company. However, it is critical you define the areas clearly to avoid friction and inefficiencies.  Take the time to do this upfront - don’t wait until issues start arising.
Recommendation 2: Understand local market needs and develop a collaborative approach
Too often, operating globally is seen as an excuse to avoid spending time understanding local cultures, customer needs and behaviours, as well as successful and less successful marketing approaches.
And yet, it is obvious that a US-based customer is likely to be very different from a customer located in India or SEA. Their lives, cultures, and needs are different, so it makes sense they will interact very differently with your products or services.
For a global model to work, global teams need to develop an understanding of local markets and establish a close relationship with local marketing teams.
Gone are the days when global campaigns and strategies were applied in a blanket fashion across all international territories - it simply doesn’t work.
Globally defined initiatives and plans need to factor in a degree of flexibility to cater for cultural differences. A community meet-up, social media competition, or treasure-hunt based campaign might resonate well with some markets, and not at all with others. Celebrity endorsement or participation will only work with … well, actual celebrities. And an Indian celebrity is unlikely to be known in France or Japan.  Privacy laws can be very different from country to country too.
So, if you are in a global marketing role:
•   Research the markets and take the time to get to know the international teams you will be working with.
•   Trust them to be the experts on local customs and users.
•   And leverage their knowledge to make your global plans and campaigns a success.
Recommendation 3: Develop and socialise a global marketing plan early (seek feedback)
So, you have established key relationships, researched local markets, and defined global marketing plans which you think accommodate local needs where required.
That’s a great start, but don’t wait for the campaign to begin to validate your assumptions. Socialise these plans with your international teams as soon as possible, seek their feedback and ensure that there are no legal issues to prevent your plans from working in certain markets.
A proactive approach will give you time to adjust and revise your plans in the event of a problem. It will also allow you to get buy-in from your local colleagues.  And, after all, a huge part of the success will rest on their shoulders during execution.
Recommendation 4: Manage campaigns like an army operation – plan ruthlessly
As the time for your campaign to kick-off approaches, there are a few key elements to consider to help it succeed; starting with outstanding project planning.
•   Appoint a global campaign manager - with responsibility for all communication and coordination around the campaign. Make sure his/her overall accountability is understood by all. Failing to do this will result in cross-communication, misunderstandings and missed deliverables.
•   Plan ruthlessly – make sure deadlines, responsibilities and deliverables are clear to everyone involved. Plan your campaign’s official launch at a time and date that works for all the countries in the campaign. And, at every step of the way, get all parties to confirm when deliverables have been completed so you can stay on top of the project at a global level.
•   Consider time-zones - your timelines must reflect these so all relevant materials are ready concurrently across all markets. And don’t forget to factor in time for translation, localisation, reviews and iterations.
•   Communicate - plans, deliverables and expectations across different channels and multiple times.  Touch base with in-country teams regularly to provide support and advice and to stay on top of the campaign as it unfolds.
Recommendation 5: Make sure you track and adjust in real time
Running a campaign in multiple markets means you will have to be particularly disciplined about tracking results.  The campaign manager is a good person to coordinate this.
Here are a few suggestions:
•   Define key metrics and goals at the start of the campaign at both global and market level (clicks, click-through rate%, conversion rate, average customer spend, etc.)
•   Get buy-in from in-market teams on these targets.  Share these metrics early and share them all.  Seeing how each market contributes to the overall success of the campaign might help drive a bit of healthy competition!
•   Keep a centralised shared template where market metrics are updated every week/day/any other relevant frequency
•   Review metrics weekly with the team, preferably on a call or video call, and take actions to address under-performance. These discussions should be active and vibrant, allowing all local teams to chip in and contribute. This is also a good opportunity to leverage best practice across markets.
Recommendation 6: Consolidate and share insight
Once your campaign comes to an end, make sure you consolidate the insight gained and organise a debrief.
It is important results are both shared upward and reviewed with in-market teams. Discuss what worked, what didn’t; which markets the campaign was most successful in and why.  Learnings will be invaluable in planning future activity.
Recommendation 7: Over-communicate
Effective communication is important at all times, not only when running campaigns.
Being in a global marketing role inevitably means you will be working with colleagues around the globe; most of whom will be sitting thousands of miles away from you.  These circumstances it’s easy to feel disconnected.  And, if you are disconnected, so is your strategy, plans and activities.
A critical element that makes global marketing work is the relationship you establish with in-market teams.  An open communication channel is vital in developing trust and nurturing these relationships. Regular (video) calls are a great way to keep the teams up-to-date with the latest global plans and changes, as well as to learn about the latest competitive developments in-market, or to discuss new campaign ideas.
Time-zones will make this a challenge, but it can work, and it will pay off.  Creating cohesion in the team will go a long way in driving your joined success.
Reap the benefits of operating globally
Yes, global marketing requires some effort to work, but it does have a number of benefits.
Most obviously, it ensures your marketing strategy is applied consistently (but smartly) across territories and it allows you to operate more efficiently through economies of scale.
Beyond this, one of the biggest benefits of operating globally with a local presence is the opportunity it provides to develop a deeper understanding of the markets in which your company operates and their potential. It enables you to prioritise and optimise your efforts and budgets effectively.
And last but not least, it gives you as many territories to test and learn from. For each campaign or activity you run, you will gather feedback and suggestions from a range of markets. This is invaluable insight you can leverage by developing a repository of best practice and ideas which will help drive your long term success.

13

Business Administration / Strategies for Entering and Developing International Markets

« on: July 08, 2015, 04:49:15 PM »

The process of penetrating and then developing an international market is a difficult one, which many companies still identify as an Achilles’ heel in their global capabilities. In fundamental terms, entering a new country-market is very like a start-up situation, with no sales, no marketing infrastructure in place, and little or no knowledge of the market. Despite this, companies usually treat this situation as if it were an extension of their business, a source of incremental revenues for existing products and services. Two aspects of the typical approach are particularly striking. First, companies often pursue this new business opportunity with a focus on minimizing risk and investment—the complete opposite of the approach usually advocated for genuine start-up situations. Second, from a marketing perspective, many companies break the founding principle of marketing—that a firm should start by analyzing the market, and then, and only then, decide on its offer in terms of products, services, and marketing programs. In fact, it is far more common to see international markets as opportunities to increase sales of existing products and so to adopt a “sales push” rather than a market-driven approach. Given this overall approach, it is not surprising that performance is often disappointing. As was discussed in Chapter 1, profitability in international markets has lagged behind average firm profitability for much of the last two decades (the “foreign investment profitability gap”). This may well be because of what Ghemawat and Ghadar describe as “top-line obsession,” a focus on revenue growth rather than profitability growth.1 The link between this perspective and a view of international sales as incremental business is self-evident. And, after all, many firms enter new country-markets through the indirect channel of a local independent distributor or agent, in which case the multinationals will not know their costs and therefore their operating profitability in the markets. Although more mature firms are altering the way they enter and penetrate new international markets, the mixed results in the post-2001 recession demonstrate that this remains a challenging phase of internationalization.
This common mismatch between expectations and situational requirements stems, above all, from a failure to follow in international operations the marketing strategy process that is probably established in the core domestic business. This may be because participation in the market is indirect (i.e., via an independent local distributor or agent, rather than via a directly controlled marketing subsidiary). It also often reflects a lack of control over strategic marketing and a failure to think rigorously about how the business will develop over the course of several years. While it is true that certain distinctive characteristics of an international marketing situation demand a different approach to marketing, this is not a reason for standards of strategic marketing management to be relaxed. This chapter will begin by examining these unique international marketing challenges and then discuss, in turn, several phases of the process of market entry and development, including the following:
•   The objectives of market entry, which will have implications for the strategy and organization adopted.
•   The choice of market entry mode (i.e., the form of marketing organization through which the company participates in the market). Particular attention will be paid to the low-intensity modes of entry most commonly favored in market entry situations.
•   The marketing entry strategy, with a particular focus on the lessons learned from the strategies of western multinationals in emerging markets.
•   A framework for the overall evolution of an international marketing strategy.

14

Business Administration / Ten ways to improve your international marketing strategy

« on: July 08, 2015, 04:48:09 PM »

1.   Find out if your product will travel. Many UK firms get occasional orders from overseas — thanks to the reach of the internet. But should you actively market your products abroad? Not every product travels well so if you plan to expand into new territories, find out if your product can be sold widely without having to be adapted.
2.   Research new territories. Your experience and the resources you have built up in the UK means that you’re not starting from scratch. But you need to know how to leverage them appropriately — and that means researching new markets and thinking about issues such as logistics, order fulfilment and customer service.
3.   Assess the size of the market. How big is the market for your product in other countries? You’ll have to see how established it is, find out how many players there are in that sector and how big the customer base could be. Are there any potential trade barriers or restrictions?
4.   Adapt your marketing strategy. You may have a product that can easily cross borders but your marketing strategy will have to be adapted. Local values, customs, language and currencies will all impact on your marketing plan. Look at your unique selling points and your branding. Are they right for the new markets you are targeting?
5.   Work with local partners. Working with affiliates, partners, distributors, licensees or agents can help you get established in a new market. Close consultation with business partners on the ground will ensure that your marketing materials have local appeal and don’t include any mistakes.
6.   Check your prices. Pricing is not just about understanding currency differences — you need to research price levels in each new territory. Your overheads may also be higher so ensure that your prices take into account the cost of freight and transport, packaging and agent’s commission.
7.   Adjust your media mix. The marketing channels you use will vary in each territory. In some countries, you may rely mostly on social media or online advertising. In other places, it could be local newspapers, outdoor advertising or radio.
8.   Learn local customs. When it comes to customer service, what works in one country may not work in another due to cultural differences, language and health and safety regulations. Levels of formality, business etiquette, the way you address them — all these are issues that could make or break your expansion plans.
9.   Get the timing right. Timing is everything. In some places, what you sell may be ahead of its time, in others it could be seen as outdated. Is demand for your type of product already peaking? Or is it just starting to grow?
10.   Exhibit overseas. Taking a stand at trade shows abroad is a good way of dipping your toe in the water, meeting contacts and making your first sales in a new market. It’s also a chance to see what your competitors are doing.

15

Business Administration / Term of sale

« on: December 22, 2014, 01:44:54 PM »

Term of sale: The set of rules and costs applying to a transaction, covering such categories as price, freight and insurance.