By Michael Armstrong
This consultant to trendy concepts in all fields of administration is a perfect better half for pro managers, in addition to an important reference publication for enterprise and administration scholars. It contains over a hundred systematic and analytical equipment used to help in decision-making and to enhance potency and effectiveness.
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Additional resources for A Handbook of Management Techniques
Advertising, which is non-personal mass communication, paid for by a sponsor. It is sometimes referred to as above the line, which is an advertising term that refers to the line above which the agency receives a commission for placing the sponsor’s advertising. ᔢ Sales promotion, which refers to short-term activities like free samples and competitions that encourage quick action by buyers. This is referred to as below the line, as agencies do not receive commission here, and a direct charge is made to the sponsor for the work performed.
If the operating costs of the store are £4 per unit sold, the retailer’s profit margin will be £1 or 10 per cent. This is a production-orientated approach commonly used in manufacturing and it is at odds with market-based approaches, which take account of customer preferences and the pricing policies of competitors. However, prices should cover costs, so all pricing systems are, to that degree, cost-related. Cost-plus or mark-up pricing systems do this, and have the additional virtue of being based on ascertainable facts rather than on suppositions about demand.
The basic approach is known as ‘PEST’, which covers political, economic, sociocultural and technological factors. The addition of legal and environmental factors produces the acronym PESTLE, the components of which were defined in Chapter 2. Marketing Information Systems ᔡ 43 BENEFITS A marketing information system provides invaluable inputs to the marketing planning process. It acts as a control mechanism as customer reactions are also fed into it from market intelligence, the field sales force or marketing research.
A Handbook of Management Techniques by Michael Armstrong