patience of the consumer. To add to that, if the businesses design complex web pages with lots of graphics and animations, it will slow down the speed even more. Another minus point of online marketing is that the customers cannot feel, taste, smell or try products in order to make a good decision. To over come this, some of the online stores have created liberal return policies with the help of which the customer satisfaction is guaranteed.
Another biggest threat of online shopping is identity theft. Paying online using credit cards, e-checks are susceptible to hackers and information can be stolen and used. Many hackers and websites have been caught who were involved in buying and selling of personal information. Most of the websites have taken measures and incorporated good security on their websites. One of the best methods is encryption. When the data is being transferred between two computers; there is a possibility of a hacker intercepting it. So the data is changed by applying some encryption algorithm and is sent through the network and upon receiving, the decryption algorithm is applied to bring back the data to its original form.
Online selling is influencing all kinds of businesses like banking, advertising, music, etc. Instead of going to a store for buying cassettes and CDs, music can be bought online. Bank transactions like depositing, withdrawing, transferring funds, and paying bills are all performed online. Billions of dollars are invested every year in online advertising alone.
Chapter 13: Marketing Management
Marketing management involves choosing target markets that not only get new customers but also retain the existing ones. It is a business subject, which is based on research and study of practical applications of marketing techniques and management of the marketing resources. The one who excels in this field is known as marketing manager. The job of the marketing manager is to influence the timing and level of customer demand so as to help the sales. It actually depends on the size of the business and environment in the corporate industry. Like if he is working in a huge production company, he will be the general manager of a particular product category assigned to him and he will be responsible for profit and loss with respect to the product. And in small business there is no marketing manager as his job is taken over by the partners of the company.
Creating and communicating best customer values can increase the number of customers. The steps taken and resources utilized to maintain existing customers and get new customers fall under marketing management. The scope is quite large because it not only consists of developing a product, but also retaining it. The term marketing management has many definitions. It actually depends on individual firms and how the marketing department functions and activities of other departments like operations finance, pricing and sales.
Before deciding about a marketing strategy, the company must do an in-depth study about their business, and the market. This is where marketing management merges with strategic planning. Usually the marketing strategies are of three types, customer analysis, company analysis and competitor analysis. Using the customer analysis, the market is broken down into different types of customers.
The marketing management realizes the characteristics and other variables of each group. They are geographical location, demographic, customer behavior pattern and need. Like a group of people can be recognized who can be less price sensitive, purchases often and are growing. Such groups can be worked on by heavy investments as they are worth the money and time.
They cannot only retain such customers and make new customers in this group but they can go to the very extent of turning back customers who don't belong to this group. Understanding the needs makes customer's expectations to be met per their satisfaction, better than the competitors, which will lead to higher sales and obvious profit.
Company analysis highlights the cost structure and resources of the company and cost position when compared to competitors. The accounting executives use it to learn about the profit earned by a particular product. From time to time, audits are conducted to study about the strengths of various brands of the company.
Marketers using competitor analysis build detail customer profiles. It gives a clear picture about the strengths and weaknesses of the firm, when compared to a competitor. The competitor's cost structure, resources, competitive positioning, degree of vertical integration, product differentiation, and profits are studied in detail and are compared to what company is doing in those regards.
The marketing management to do marketing analysis carries out marketing research. The most common of such researches are qualitative marketing research, quantitative marketing research, experimental techniques and observational techniques.
After all the studies and researches are conducted, its easier for the marketing manager to make strategic decisions and they then can design a marketing strategy to increase the profits and revenues of their company. The other goals can be profit over the long run, market share, and revenue growth.
Chapter 14: Marketing Classes
Ask most people whether they feel the need to undertake marketing classes and chances are they would say no. Most people have a tendency to believe that they know whatever there is to know about marketing. And attending marketing classes is seen as a sheer waste of time, money and effort by many. However, having said all that, scores of people worldwide do pay a lot of money and invest a lot of time to enroll themselves in marketing classes. So what is it about marketing classes that gives them this sort of universal appeal?
To understand that, we must first examine what marketing classes offer to a prospective student. For most people, marketing classes are a sure shot way to getting the lowdown and the tips that various marketers have used down the ages. Instead of having to make the very same mistakes themselves, learners make use of the tips and tricks provided in marketing classes to get up to speed, in a manner of speaking. That's not all. By interacting with people from other backgrounds and demographic profiles, who more often than not will have different perspectives of marketing classes and the wealth of information they offer, learners can make use of the classroom as a mini world scenario.
But there is one aspect of marketing classes that cannot be easily ignored or even tucked away. And this pertains to the social networking aspect of the marketing classes. Gone are the days when information flowed only from one direction. Today's knowledge economy has evolved to a stage where the flow of information is to ways. Even ordinary people can make use of web2.0 media like blogging sites and podcasts in order to transmit their own brand of marketing knowledge to even the most erudite of marketing professionals. And it is in the web that the next generation of marketing classes are being conducted.
The internet has changed the way in which marketing classes are conducted. In fact, it would be true to say that the way in which almost all classes have been conducted has undergone a tremendous change. But as far a marketing classes and the people who attend them are concerned, almost all the change has been for the better. For one thing, it has made the marketing classes themselves more open to the two way flow of information. And for the other, it has enabled the field itself to grow and expand its scope beyond the traditional boundaries it was earlier restricted to.
Chapter 15: Signs - Ultimate Sales Tools
A well-designed signage program can instantly and effectively communicate the style, professionalism and overall presence of your business, it conveys to people who you are, where you are and what you do. Vehicle signs are one of the most cost-effective advertising tools available to maximize the potential of your business.
With unique and effective design, your shop car becomes a moving billboard and connects with your customers in a way that no other advertising medium can. It sends the message to potential customers that your company is expert and professional and is also established and reputable. Vehicle advertising is long lasting
