Marketing

What is Integrated Marketing? Definitions, Strategy of Integrated Marketing

4:45:00 AM Sam Wiki 0 Comments

When all of the company’s departments work together to serve the customers’ interests, the result is called integrated marketing. Integrated marketing takes place on two levels.

First, the various marketing functions-

Sales force, Advertising, Customer service, Product management, Marketing research—must work together. All of these functions must be coordinated from the customer’s point of view.

@LocalGeniusMarketing.com

Second, marketing must be embraced by the other departments-

According to David Packard of Hewlett-Packard: “Marketing is far too important to be left only to the marketing department!” Marketing is not a department so much as a company wide orientation. Xerox, for example, goes so far as to include in every job description an explanation of how each job affects the customer. Xerox factory managers know that visits to the factory can help sell a potential customer if the factory is clean and efficient. Xerox accountants know that customer attitudes are affected by Xerox’s billing accuracy.


To foster teamwork among all departments, the company must carry out internal marketing as well as external marketing. External marketing is marketing directed at people outside the company. Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. In fact, internal marketing must precede external marketing. It makes no sense to promise excellent service before the company’s staff is ready to provide it.


Managers who believe the customer is the company’s only true “profit center” consider the traditional organization chart—a pyramid with the CEO at the top, management in the middle, and front-line people and customers at the bottom—obsolete. 


Master marketing companies invert the chart, putting customers at the top. Next in importance are the front-line people who meet, serve, and satisfy the customers; under them are the middle managers, who support the front-line people so they can serve the customers; and at the base is top management, whose job is to hire and support good middle managers.

0 comments:

What Factors Will You Consider At The Time of "Make or Buy" Decision!

7:58:00 AM Unknown 0 Comments

Decision making, whether it be short-term or long-term, may be defined in its simplest terms as the process of choosing' between or among alternative courses of action. This article will guide you to Make or Buy Decision with respect to the vital cost-saving decision known as make-or-buy.

In most corporations with absentee owner's (i.e: stockholders) management is delegated the responsibility for making all the important economic decisions which will eventually result in company profits or losses

@Mentor.Com
When a manufacturer assembles component parts in producing a finished product, management must decide whether to Make or Buy these components. The decision to buy parts or services is often called outsourcing.


Faced with a make-or-buy decision, the manger should: 

  1. Consider the quantity, quality, and dependability of supply of the items as well as the technical know-how require, weighing such requirements for both the short-run and long-run period.
  2. Compare the cost of making the items with the cost of buying theme.
  3. Compare the cost of making the with possibly more profitable alternative uses the could be made of the firm/s own facilities if the items are purchased
  4. Consider differences in the required capital investment and the timing of cash flows.
  5. Whether it is profitable to make or buy depends upon the circumstances surrounding the individual situation.

 

The management should present a statement that compares the company’s cost of making the items with the vendor’s price. The budget should also be restated to indicate the effect on total costs and total profit when existing fixed cost are allocated to the additional items.

0 comments:

Subscribe to: Posts (Atom)