...meet standards to be a developed market. This includes countries that may be developed markets in the future or were in the past. Many businesses may feel that it is most effective to target an emerging market to increase and maximise profits because the market can become loyal to the brand, making the market more sustainable. When a business expands into an emerging market, there is the opportunity to become part of an economic system that is still forming. Deloitte, a worldwide financial firm, notes that companies in emerging economies must expand capacity and capability. As large companies build power plants, roads and dams, other businesses step in to provide the locals with the goods and services they need. As the region's economy develops, the businesses that open up shop earlier may have a better chance at building lasting relationships with customers, increasing profits in the long run. Access to new capital is what drives many businesses to take on the risks of doing business in emerging markets. As new economies emerge, untapped capital is up for grabs and building and maintaining a pipeline to those funds helps companies not only expand abroad, but also bring in new resources for domestic growth. Emerging market capital can breathe new life into companies that have maxed out potential for new capital domestically. Small businesses especially may have opportunities to grow in emerging markets not available to them in domestic markets. For example, Procter & Gamble...
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...Introduction: This report will explain to the management of SPSL about the best promotional tool that they need to use to increase awareness and market share in Manchester based on the case study. Benefits of employing a sales force: The various types of promotional tools that are used by business organisations like SPSL are: advertising, public relations, trade event, direct marketing, sales promotion and personal selling. Advertising: Advertising is the process through which a company draws attention of the members of public about its products and services by communicating it to them through advertisements which are communicated through various sources of medium like TV, Radio, news paper and leaflets. The main disadvantage of advertising is it involves high costs (Bertrand et al, 2010). Public Relation: Public relation is the process through which a company communicates the positive messages about itself and its services through press releases and events that are conducted by the company. The main disadvantages of public relation are that designing and implementing a public relation campaign is a complex process and the success of the process is hard to measure (Karimi, 2013). Trade Events: Trade events are processes through which a company displays its products and services to the members of the public to create awareness through trade fairs to create awareness and increase its market share. The main disadvantage of conducting trade events for a company is that they...
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...persuade and remind a target market about its products. The importance of promotional strategies is determined by the ability of a businesses marketing mix such as ‘Jenny Craig’ ‘Myer’ ‘Coles’ or ‘David Jones’ to promote their goods and services through a range of strategies such as relationship marketing, personal selling, public relations, publicity, and sales promotion and how they all work together effectively to successfully market its goods and services. Personal Selling Personal selling is where businesses use people as the ‘sales force’ to sell products through face-to-face time with the customer. The sellers, or sales-representatives, promote the product through their attitude, appearance and specialist product knowledge. They aim to inform and encourage the customer to buy, or at least trial the product. At Myer stores across Australia, they have a team of employees in the cosmetic, perfume and personal care sectors named the ‘Visual Merchandising Team’. Their role is to interact with customers while providing information, assisted service, expert advice and friendly consumer relations in an attempt to make sales and create long-term relationships with the customers. Despite personal selling being an expensive promotional strategy, its importance and effectiveness is gained through the unique advantages it offers to businesses such as Myer. 1. The communication can be customized to accommodate different conditions e.g. age, budgets,...
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...THE EFFECT OF HAWKERS ON THE PERFORMANCE OF SMALL CLOTHING BUSINESSES IN NGARA Ngare Melissa wangari 637249 Mutongu Lydia wanjiku 637888 Owuor Mark Kingsley 636340 Presented to: G. Nduati A research proposal submitted as partial fulfillment of the requirement for International Business Administration degree. United States International University Fall Semester 2014 Table of Contents ABSTRACT 4 CHAPTER 1 5 1.0 INTRODUCTION 5 1.1 Background of study 5 Small Businesses in Ngara – Nairobi Kenya 6 1.2 Problem statement 7 1.3 General objective 8 1.4 Specific objectives 8 1.5 Research justification 8 1.5.1 The researcher 8 1.5.2 The small businesses 8 1.5.3 The hawkers 8 1.5.4 The government 9 1.6 RESEARCH SCOPE 9 1.7 Chapter Summery 10 CHAPTER 2 11 2.1 Introductions 11 2.2 Extent to which the prevalence of hawkers affect the growth of small clothing business along Ngara road 11 2.3 Effects of hawkers on sales strategies of small clothing businesses along Ngara 13 2.4 Extent to which the presence of hawkers affects the pricing strategy of small clothing business in Ngara 15 CHAPTER THREE 17 3.0 RESEARCH METHODOLOGY 17 3.1 Introduction 17 3.2 Research design 17 3.3 Population and sampling design 17 3.3.1 Population 17 3.3.2 Sampling Design 17 3.3.2.1 Sampling Frame 17 3.3.2.2 Sampling technique 18 3.4 Data Collection 18 3.5 Research Procedure 18 3.6 Data Analysis 18 3.7 Chapter Summary 19 Research questionnaire 20 Interview statements 21 REFERENCES...
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...Marketplace Fairness Act Could Destroy Many Small Businesses The Marketplace Fairness Act (MFA) of 2013 is a proposed law that passed the United States Senate in May 6, 2003 and currently pending by the United States Congress. The legislation requires all remote sellers, a term that usually used to define online retailers who sell and ship goods to other state that the company has no physical presence in, to collect sales taxes and use taxes for every state and jurisdiction where they have customers if they have $1 million or more in annual retail transaction. When individual purchases goods outside of their domestic state, the out-of-state sellers have no obligation to serve as the tax collector but the consumers have the obligation to report the use tax, a tax that individual should pay if one does not pay the tax already to his domestic state. Yet, very few consumers follow the requirement. This legislation is designed to close the loophole that currently allows buyers to purchase out-of-state item and avoid having to pay sales tax. Since every state and location have different tax requirement, the MFA intend to design tax software to help companies calculate their taxes and collect taxes for up to 46 states. One of the MFA’s main goals is to level the playing field between the local and online retailers by mandating the necessary taxes to be collect equally by every business. The MFA also attempts to protect the small businesses from the unfairness market competition set...
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...Abstract In today’s growing market many businesses are turning toward automated systems to perform their everyday tasks. Automated systems can replace the cost and time consuming processes that were once completed by hand while providing companies with more accurate data. One automated system that is becoming more popular is the automated inventory system. This system is used to track the merchandise and goods of retail stores, grocery stores, hardware stores, etc. In this paper I will discuss the background of automated inventory systems, including what they are, how they work and what type of data and information that they provide for businesses. I will also give some examples of companies that have automated inventory systems and how they have changed their business. I will provide the advantages and disadvantages of automated inventory systems and the affect they can have on a businesses’ growth and competitive edge. Automated inventory systems play a large role in today’s businesses, especially the retail industry. This is because businesses want the ability to access and organize data in a quick and efficient manner. With an automated inventory system, businesses can rely on computers to do tasks that were once performed manually, such as inventory checks and product sales. These tasks can be very overwhelming for businesses to do manually because of their size, number of stores, and their product diversity. This can all be changed...
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...Table of Contents EXECUTIVE SUMMARY 2 Information Systems 4 EXECUTIVE SUMMARY The Objective… Explain the different types of information systems available to businesses. * Processing Payroll * Point-of-sale Terminal * Microsoft Office * Report of sales for individual customers * Electronic commerce To operate a successful business one must know and understand the information technology aspects, which enhances the daily operations of the business. Small businesses are at a disadvantage and must seek ways to expand and become viable. “Strategic Information Systems provide a competitive advantage by helping an organization implement its strategic goals and increase its performance and productivity” (R. Kelly Rainer Jr., Casey G. Cegielski, 2011). There are six reasons why information systems are so important for businesses today and they include: * Operational excellence - Businesses improve the efficiency of their operations in order to achieve higher profitability. * New products, services, and business models - Business models describe how a company produces, delivers, and sells a product or service to create wealth. * Customer and supplier intimacy - When businesses serve its customers well, the customers usually return and purchase more. This allows businesses to engage its suppliers, which enables the suppliers to provide vital input. * Improved decision making - Information system made it possible for the managers to use...
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...MERCHANDISING BUSINESSES DISCUSSION QUESTIONS 1. Merchandising businesses acquire merchandise for resale to customers. It is the selling of merchandise, instead of a service, that makes the activities of a merchandising business different from the activities of a service business. Yes. Gross profit is the excess of (net) sales over cost of merchandise sold. A net loss arises when operating expenses exceed gross profit. Therefore, a business can earn a gross profit but incur operating expenses in excess of this gross profit and end up with a net loss. The date of sale as shown by the date of the invoice or bill. a. b. c. 5. 6. a. 1% discount allowed if paid within 15 days of date of invoice; entire amount of invoice due within 60 days of date of invoice. Payment due within 30 days of date of invoice. Payment due by the end of the month in which the sale was made. A credit memo issued by the seller of merchandise indicates the amount for which the buyer’s account is to be credited (credit to Accounts Receivable) and the reason for the sales return or allowance. A debit memo issued by the buyer of merchandise indicates the amount for which the seller’s account is to be debited (debit to Accounts Payable) and the reason for the purchases return or allowance. The buyer The seller 2. 3. 4. Sales to customers who use MasterCard or VISA cards are recorded as cash sales. b. 7. 8. 9. 10. a. b. Examples of such accounts include the following: Sales, Sales Discounts, Sales Returns...
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...business can become more cost efficient. With increased competition the business can react to the change in market conditions by becoming more competitive themselves through being more efficient. Increased efficiency can be a result of the business reducing sales and increasing output in order to achieve economies of scale. This will allow the business to produce more products allowing sales to increase if there is demand available for the products whilst reducing the average costs per products. Another way in which the business may become more efficient is that there is an increased level of innovation within the business. Large business can be differentiated from their competitors through the innovation displayed by their products and product range demonstrating the ideas of the business, also with innovation increasing the quality of the workforce will increase as they employees will try to perform to their best standards in order to become more competitive this will allow waste to decrease reducing the costs of the business which in turn will help improve profits. Another reason why globalisation is more of an opportunity than a threat is that there is ease of movement and advancement of technology. Due to this businesses having taking the initiative to more operations abroad so that they can exploit the benefits such as improved infrastructure and communication, cheaper labour and supplies costs and movement of employees. This will give the business the incentive...
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...a macro programming language called Visual Basic for Applications. Microsoft Excel is a very widely applied spreadsheet for these platforms, especially since version 5 in 1993, and replaced Lotus 1-2-3 as the leading industry standard for spreadsheets. Excel is a part of Microsoft Office. Microsoft Excel is used in my field retail for, retail math. Retail math is centers around sales and several calculations should always be monitored. There are two uses of retail math, that Microsoft Excel is used for and used at my job. (1) Profit Margin calculates an amount of each sale that is applied to profits. (2) Total sales calculate the gross take and then multiplied by profit margin, and then you get the net profit. (3) Markup tells you how much the retail price is increased over your wholesale cost. Arranging a Microsoft Excel spreadsheet gives comfort when calculating retail math. In the retail business the supply demand and sales can be enormous. The store that employs me has to use Microsoft Excel spreadsheets, spreadsheets are used for calculating the number of lottery tickets sold, calculating sales and inventory control. Without the use of Excel the company would be in disarray and inventory would not be controlled, meaning that products would be bought and not logged in so there...
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...use BizMarket to buy a small business? BizMarket lets you search a database of 30,000 small businesses free of charge. No registration is required. BizMarket also guides you through the steps of the purchase and helps you avoid the pitfalls. How do you sell a business? List your business by completing an online form. BizMarket adds the business to its database and e-mails buyers who are looking for businesses like yours. You can also purchase a standard or high-profile ad that BizMarket places on its Web site and with major search engines. Why should you use BizMarket to sell a small business? BizMarket helps you reach thousands of buyers for less than the cost of a typical classified ad in a local newspaper. BizMarket also provides a free business valuation so you can determine what your business is worth and list it at the right price. Does BizMarket earn a commission on business sales? No. BizMarket only charges a fee to list your business for sale. It is not otherwise involved with the sales transaction. How do you search for a business to buy? Use the search tools at the BizMarket Web site to find businesses that are actively for sale. You can search by location, business category, asking price, or other special criteria, such as whether the business is a franchise, home-based, or start-up business. What types of businesses are for sale? * Food and beverage businesses. * Cleaning and maintenance services. * Health, beauty, and fitness. * Retail...
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...driver is an explanation of how the company will generate growth in revenue or sales. The revenue driver may also be explained as the method the company will use to reach its customer, and by focusing this strategy the business will therefore focus on a growth driver. Sometimes businesses have a hard time identifying these growth drivers; however there is an easier way to identify the growth drivers, since there is only five in total. These can be easily remembered by using the acronym SANDS: 1. Subscribers 2. Accounts 3. New Locations 4. Distribution 5. Sale force What are subscribers? These users are the revenue driver when normally a technologically based business focuses on the customer. Some examples are cable companies, cellphone companies and websites. Also, when consumer based businesses based on real estate with a limited location. For example theme parks, hospitals, and utilities. In such businesses the growth of revenue comes directly from the increase of the amount of users, and the customer acquisition cost is a significant use of capital. What are accounts? This is a revenue driver in business to business sales. Accounts may sometimes confuse individuals into believing that the growth driver is sale force since they are both inter-related; however, the sale force may be viewed as an order taker in the process, and the sale as an account. Normally accounts are large sales to one company; these are normally seen at sub-assembling companies that work...
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...------------------------------------------------- The impact of the global recession within business The following is a report on how the Global Recession has impacted on Customer Relations Management and how more and more businesses worldwide have begun to adopt CRM systems in a bid to improve their business in the current economic climate ------------------------------------------------- The impact of the global recession within business The following is a report on how the Global Recession has impacted on Customer Relations Management and how more and more businesses worldwide have begun to adopt CRM systems in a bid to improve their business in the current economic climate Report by: Elaine McGrath Student K00121928 Limerick Institute of Technology Report by: Elaine McGrath Student K00121928 Limerick Institute of Technology Business Report The Impact of the Global Recession on CRM within business Elaine McGrath K00121928 (CRM) Customer relationship management is a business strategy for managing organisations interactions with their customers, their clients and their future sales prospects .It uses technology to organise and automate their business processes such as sales and marketing activities, customer service and technical support. According to a Goldman Sachs Study CRM is considered the second most important initiative after security for business. The overall goals of CRM are to seek out, find and win new clients and to implement strategies to...
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...Sales Relationships How would you define a sales relationship? Sales relationships are about building long-term relationships with customers and the process does not happen overnight. Sales relationships can be built by reaching out to customers, offering rewards and incentives to come back to the company to purchase more products, and offering the type of customer service that customers love to receive. This paper will discuss sales relationships and compare and contrast the cost of customer retention verses customer acquisition. Business-to-Business Retention and Acquisition Business to business sales can be astronomical. An example of a business to business transaction is a small company selling a large amount of product to the Wal-Mart Corporation for Wal-Mart to market in all of the organizations stores. Wal-Mart strives in selling the merchandise for a low price but wanting to make a profit in bulk. The benefit about Wal-Mart is that the company can be very beneficial to other patent holders because of how fast Wal-Mart can sell an item once the item enters the company’s doors. Another company that should be explored is Sam’s Club (which is owned by Wal-Mart). Sam’s club on the other hand allows consumers to purchase in bulk for his or her small business. The point that needs to be brought up is that at least half of the profit that Sam’s Club brings in the doors is from small business accounts. Sam’s Club offers bulk refills to candy machines and the ability to...
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...Sara Lee retrenched seven of its business units in 2006 in order to focus its resources on its more profitable industries. The company’s goal is to boost its sales lines by at least 2 percent and increase its profit margin to 12% by 2010. By developing three competitive capabilities in each of its remaining business units, Sara Lee looks to improve its net profits within the next few years. Sara Lee, a 58-year-old company that was known as Consolidated Foods Corp. before it adopted its current name in 1985, operates in four industries: packaged meats and bakery items, coffee and grocery goods, household and body-care products and personal products. Its other familiar brands include Hanes, L'eggs and Sheer Energy hosiery; Playtex bras; Kiwi shoe polish; Brylcreem hair products; Jimmy Dean and Hilshire Farm packaged meats; and Champion apparel (Peltz 1). Divested Businesses Analysis Sara Lee divested seven of its units, including: direct sales, U.S. retail coffee, European apparel, European snacks, and U.S. and European meats. The company followed a strategy which allowed it to increase its corporate profits, since most of its business units it retrenched were unprofitable. By 2006, five business units had negative net profit margins and negative operating margins. Four of those units had negative margins of more than 10%, with different units seeing steady or sharp declines in revenues in profits since 2004. Contrary to what has become understood from how the past has evolved...
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