Using Marketing Information System to Perfection

What is the difference between a good marketer and an average marketer? Probably the most vital one is the ability to anticipate the demands and trends in the targeted market; it is in fact the essence of marketing. Marketing manager, who can foresee coming trends or demands, is a piece of good fortune for the business. Given these forecasts are based on actual information and figures, rather than just gut feelings. The businesses that can “smell the blood” (anticipating changes) and “go for the kill” (prepare for the upcoming boom in demand) always manage to get their hands on the biggest share of market.

To help managers foresee the change in market or customer’s preferences, you need a sound information system, which is known as marketing information system. Marketing information system collects the relevant data; organize it into something meaningful, make recommendations based on these figures and than stock it up for future use. Any marketing information system that lacks in any of these three departments is nothing but an encumbrance for the business.

Among these three components, the first one is also the most important one, because the effectiveness of the entire system depends on the availability and correctness of information. There are two types of resources, normally used for collecting data. Primary resources, where the company carries out the research itself, through different means (interviews, observing consumers behavior, etc) and the secondary resources, where research work of some outside party is used (e.g. government or some research specialist firms). All of these resources have their own pros and cons and the people involved in the decision making should choose the source carefully, consistent with the quality of the data required and the cost.

Then comes the organizing part, where this raw data is sorted out and organized into something purposeful. If the information was collected through primary resources, then this task of organizing the information should not be much of a problem, however if secondary resources were used, it may take some time to segregate required bit of information. Even that has been made easy by powerful computers and data stored in electronic forms.

Last part is deriving results and making decisions based on these figures. This is done mostly by the management, but the success of these decisions is based entirely on the figures originated from the marketing information system. As you can see, marketing information system is a basic requisite for the most important decisions; still many businesses continue to operate without a proper MkIS.

Source:
Wholesale

Using Home technology to improve your living experience

Home technology is not necessarily about installing some Hi-fi home theatre system in your bathroom, it is all about using new innovations and remodeling techniques to improve your living experience. You don’t need to wait for a brand new home to perk up your lifestyle (especially when this wait can stretch to a lifetime); instead you can work on your existing home to make small improvements and modifications. Depending on your budget, these modifications could range from installing multimedia home theater systems to small renovations like more efficient lighting or cooling systems. Let’s start from some of these technologies and see what sort of changes they can make.

Security:
Home security systems can save you from theft, burglary, fire, etc and people are increasingly opting into using these security systems, given the present state of affairs in most countries. These systems use cameras, different types of sensors, alarms and remote controlled devices to protect you, your family and valuables. Home security systems differ in prices, depending on the level of security they provide. In normal circumstances you don’t need to install a fool proof security system, most of the times you can do with getting your hands on some surveillance cameras or burglar alarms.


Bathroom:
So many new technologies are in market, promising to change your daily practice of using bathroom into a luxurious, rejuvenating experience (not only promise, they actually do) by providing everything from infrared sauna systems to LCD Televisions right there in your bathroom. As stated earlier, you don’t really need to install some electrical tanning bed or sauna systems (as they can be a little too expensive), but you have many other less expensive options like whirlpool tubs, steaming showers, different types of vanities, mirrors, better lighting and much more.

Kitchen:
Microwave oven is probably one of the most commonly used technologies in the kitchen but it doesn’t stops here. More advance appliances could reduce the traditional cooking to bare minimum. Various types of kitchen cabinets, sinks, ranges, BBQ and grill equipments are available, providing more efficient energy consumption and speedy solutions.

Living Areas:
Apart from Kitchen & Bathrooms, many technologies have been introduced mainly for living rooms like bedroom, dining room or hallways. For example, Home theater systems (which is an industry in itself, thanks to the incredible demand) to give you that cinematic experience at home. You can also spend on some smart cooling or heating systems to overcome extreme weather conditions. Similarly, you can set up a computerized and proficient lighting system in the living space.

Source:
Wholesale

Total quality management and its building blocks

"Total Quality Management", the title is almost self-explanatory; still a brief definition of TQM by "International Organization for Standardization (ISO)" will help you in coming to terms with this system. It states, "TQM is a management approach for an organization, centered on quality, based on the participation of all its members and aiming at long-term success through customer satisfaction, and benefits to all members of the organization and to society". Although, such exemplary business models that act in accordance with all these requirements (especially the last one about society) are hard to find, but this all-inclusive business standard (known to be a product of Japanese industry) is worth putting into practice. First because it calls for an equal level of dedication and contribution from all levels and departments of organization, second because it focuses on quality and third and the most critical, it lays emphasis on customer.

It starts with customer & end on consumer:
Total Quality Management approach has the customer on the top priority for all business decisions. It presents "customer satisfaction" as the key to the "long term success". Many times businesses are carried away by some glamorous product coming from their competitors, or a low-cost alternative, while compromising on customer requirements. "Total Quality Management" theory lays emphasis on making products or services with customer satisfaction in mind, not your personal preferences, not the competitors, not anything else, nothing, nada, zip.

Quality:
Literally, the word means a set of standards while in business language a product is a quality product if it provides your customer more than what he/she was actually anticipating (usability and durability vise), for the given price. Nowadays, there's so much competition that you should not be offering anything at all if the product you are offering is not a quality product. Apart from the product, your customer support should be of excellent quality as well.

"Total" is for "team effort":
In the set of guidelines known as "Total quality management", the word "total" symbolizes team work. As a business, you'd not be able to come up with a quality product unless all departments of your company are not into it. Total quality management is not only for manufacturing department or for marketing section or purely for upper level management; you need to get each and everyone on board. Define the tasks for everyone; make them realize their significance and the contribution they can make towards company's success. Leader's function become much more significant, supervisors and managers should be leading from the front.

Source:
Wholesale

Things to consider when taking out business loans

Starting a business is an exciting experience except for the time, when you get to the stage of acquiring business loans. It's another thing to be all excited about your business idea, but to transmit this excitement into someone else and making the investor believe in your idea as much as you do is something else. And when the person in question is a banker or venture capitalist, the job becomes even harder. Acquiring a business loan for an established business is relatively easy and it should not be a problem if you are maintaining a good credit history. However, the success rate is significantly low when we talk of business startups going out in search of loans. Ironically, they are the one who need it the most.

Critically review your idea:

Before going to the bank or any other traditional lender, scrutinize your business idea from all perspectives. Understandably, you'll be a little biased towards your own idea, for you that's nothing but perfect, but try to think from a third party viewpoint. Are their any statistics, which you can turn up to support your idea? Does your idea complement some ongoing market trends? Are you going to offer some product or service that's already in demand? Better discuss your idea with some of your friends or relatives to get some neutral comments or reaction. More often than not, you'd get some off-putting reminders, try and come up with the counter arguments or plans.

Make a Business Plan to present your case:

You need to present a comprehensive but concise, and fully documented business plan. It will help the banker to understand the prospects of a business, a well thought out plan also represent you as a person who is capable of running a business. The business plan should clearly explain the growth potentials with the help of facts and figures. If you are seeking loan for a business startup, your personal credit history should be clean, because more often than not you'll get a loan on the basis of your personal net worth and guarantee. You can strengthen your case by coming up with estimated Balance sheet or cash flow.

Another thing that will strongly go in your favor is your experience (if you have any) of working at some high-level position at a company that relates to the business you are willing to do. It amplifies that you know the trade secrets and the market for this business.

Source:
Wholesale

The emotions you can use in marketing campaigns

The goal for modern era marketers is to click the right set of emotions in their customers through their advertisements, which will make them go for their products. They do not always succeed in doing so, but when they do, rewards are great. Though debatable, these tactics manages to sell more than any other marketing ploys (if there are any). Bottom-line is that marketing persons should be aware of the emotions that will trigger sales and the knowledge on how to spark these emotions in their targeted customers. We see modern marketers using this tactic in their advertisement a lot, next time when you see some advertisement (even those that seems to make no sense); try to see if it taps into emotions or triggers some feelings in you.

Behavioral sciences and the study of human mind have changed marketing from a simple practice of selling into a scientific field where new experiments are carried out, new hypothesis tested and new theories made on regular basis. Companies are no longer limited to attracting people through their ads; they are now looking to go for the kill in every marketing campaign. So much, that many intellectuals have now started to raise questions over these manipulative techniques and methods. Whether it is completely ethical or not is another debate, but the fact is that using the knowledge of human emotions in marketing campaigns works wonder.

Fear & Panic:

 Probably the easiest to use and also the most criticized one. Ignite some fear in the customer mind, and it will set them in motion towards taking some action (while the required action is highlighted as buying your product). Fear works, just like the controversy. Though, responsible companies refrain from both of these "hot selling" tactics, because of their negative effects on customers and society. If you want to see this emotion at work then tune on to some news channel (who actually overuse it).

 Desire & Hope:

 This is the more appropriate emotion. When you have to ignite fear for some reason (insurance companies ads or some health related advertisements can't really do without this), you can always compliment it with providing hope. However, it will take more time and efforts to churn out such ads, because you are not leaving the customer in dismay by just highlighting some problems, you are actually coming up with solutions. Mortgage companies or election campaigners may use this emotion in their marketing.

  

Love & Belongings:

 Another very powerful feeling, may it be the love for their children, their spouses or the love for some product itself. If you have some doubts that good marketing can make them fall in love with your product, then you can look at the likes of Coca-Cola, Nike, or Nokia, customers love these brands. Make the customers own your brand as much as you do.

In spite of these emotions, you can also focus on patriotism, dreams, jealousy or pride as well.  

Source:

Wholesale 

Some standard export contracts and their significance

Export Contracts:
Buyers and sellers have to settle on issues like price, mode of payment, delivery of goods or the possession of goods in all types of sales and purchase. For example, when we go to the market and buy something, there is an understanding at work between both parties, because the payment and delivery of goods is made on the spot, we don't normally need a contract or agreement in this case.

Export and especially international export is not that simple. So many new factors come into play such as different currencies, mode of shipment or delivery time. Delivery takes time and somebody has to bear the risk and expenses of cargo, insurance, etc. Importers and exporters need to secure themselves and this sense of security comes from agreeing upon all the terms and conditions of trade. Both parties will sign on an agreement that states these provisions in detail. Normally export contracts have following sections.

i. Specifications & Signature of contracting parties
ii. Specifications of trading products
iii. Price & terms of payment
iv. Mode of shipment & Delivery period
v. Contract Validity

Following are some of the standard export contracts. These standards are known as "Incoterms", developed and published by "International Chamber of Commerce".

Free on Board:
Importer designates a board (ship) and exporter is responsible to deliver goods on the ship. Exporter has to bear all expenses except the insurance and cargo charges. FOB contract works only when maritime transportation is used as the mode of shipment.

Cost, Insurance and Freight (C.I.F):
Unlike F.O.B, the exporter has to arrange (and pay) for everything including shipment and insurance. In both types (F.O.B and C.I.F) delivery time is crucial and exporter is obliged to deliver the goods on the exact date that has been specified in the contract.

Ex works:
Seller's obligation ends when he makes the goods available at his place. Buyer arranges and pays for everything after that (clearance, transportation, etc).

Delivered Ex Ship:
Seller is responsible for delivering the goods to the port (advised by the buyer). Unlike F.O.B, where seller has to deliver the goods on the ship, in DES the seller has to bear the risk along with freight and insurance cost.

Free Carrier:
This "incoterm" is quite similar to F.O.B, but unlike F.O.B (that's just used for maritime transport), Free carrier (FCA) is used for all types of transport including air, by rail or road.

These are the ones mostly used in international trade; other types include "Cost and Freight", "Carriage paid to", "Delivered Ex QUAY" or "Delivered Duty Paid".

Source:
UK Wholesalers

Retail marketing – Boost up your retail business

Retailing is an important component in the supply chain. In most cases the products are sold to their final customers from a retail outlet, it is the retailer who gets to know the customer feedback more than anybody else. Retail business is a form of small business but most business owners do not even consider marketing or advertising their retail business, which is absolutely wrong. Remember, no matter how small or how big your business is, if you are not doing appropriate marketing, you are going amiss. The marketing techniques may differ, the amount you spend on marketing your retail store may be relatively small (or maybe you won't even need to spend anything at all), but overlooking the marketing altogether is definitely a bad business decision.

Retail marketing – is it really necessary:
Do not retail businesses have competition? Do not retail businesses have to target customers? Do not retail businesses need sales? If all of these business traits are as applicable to retail businesses as any other business, then why is not marketing? Only difference is that as a retail business you probably have to target a very small set of customers, therefore the efforts you'll put into marketing will be relatively lesser than a large business.

So, what is the best way to market a retail business?
The best way to market a retail business, is to don’t overlook any single medium that falls within your resource limits. It can be anything, a business card, pamphlet, press release, small ads in your local newspaper classified section or yellow pages, attractive display of products, banners in the locality, special discounts and sale or maybe making a special effort to please your customers. As you can see, by spending a very minimal amount every now and then, you can rise above your competition with more or less the same products and prices.

Making it more profitable:
The notion is that starting or running a small business needs little or no planning, which is clearly incorrect. Small things can prompt big changes, for example more efficient pricing, product sourcing, smart money management, etc. If you have not been paying attention to any of these, it is time to start keeping tabs on all aspects of your business and see if you can improve on some aspect. It can be anything, such as less electricity consumption, dumping your supplier who charges too much and getting into business with a new one, putting extra effort to connect with your customers on individual level, etc.

Source:
Wholesale Suppliers