Promotional of internal organization concern with the steps to be taken for a sound promotional programs. The elements of internal promotion are as follows-
15 September, 2021
Discuss the promotional tools aimed at internal organization
What are the different tools of sales promotion for consumer promotion?
This sales promotion is aimed at final consumer or use BDT Consumer sales promotion used by retailers are aimed at attracting customers to specific locations. The consumer promotion tools are-
E.g.:- Aquafresh toothpaste- At the
launching of Aquafresh toothpaste offered two tubes at the price of one.
Colgate offered 125gm. tube for the
price of 100 gm. Santro- book year santro today & take home a world space
Hitachi digital radio receiver worth BDT 4990/- free.
Pepe- Buy Product/ Services worth
BDT 4000/- & get a bag worth BDT 888/- free.
Adidas- Buy Product/ Service worth
BDT 2800/- and get a Adidas bag free.
Philips- 5 in 1 offer.- Philips TV,
2 in 1, Mixer, grinder, rice cooker at an attractive price. Sponsoring the
games and teams- Many companies like reliance, Pepsi, Pentaloons, Maruti
sponsor different games and sports in the country and abroad.
The trade shows can be useful for
smaller firms which can’t much in advertising and also salesman can make for
more contacts. Trade shows are important rules for reaching potential
wholesalers & distributors for a company’s brand.
What are the roles of sales promotion in a company or shortages
There are three types of world economy:- developed, developing & under developed (Shortage economy) . In an economy of shortages, the availability of goods & resources are shorter or lesser than their demands.
2. Natural resources remain
untapped.
3. Restricted development of
industrial activities.
4. Lower standard of living of
people .
5. Shorter supply of Product/
Service & resources.
6. Slow growth of capital formation.
7. Limited opportunity for
employment.
What is distinction with advertising & personal selling
Discuss the points which make sales promotion distance with that of Advertising & personal selling
Sales promotion can be
differentiated from advertising in the following ways:-
4. Media:-Sales promotion can be
presented through any media like vocal, written or audio visual personal
selling it can be presented through vocal media only.
What are the functions performed by a sales promotion department
. The success of modern business largely depends on the functions of sales promotion department. Sales promotion department becomes more important as there exist a buyers’ market in place of a seller’s market.
The functions & responsibilities of sales promotions department have been described by Alfered Ghoss & Haughten in 3 ways:
To establish coordination with other
departments.
1. Assisting functions towards
dealeBDT
2. To motivate the customeBDT
What is sales promotion? Discuss the nature, role & importance of sales promotion.
Sales promotion is a key factor & strategy for marketers within the promotional mix. Sales promotion refers to many kinds of incentives & techniques directed towards consumers & traders with the intention to produce immediate or short term effects. Sales promotion helps in stimulating trial or purchase by final customers or others in the channel. A marketer can increase the value of its Product/ Service by offering an extra incentive to purchase a Product/ Service or brand. A few definitions are quoted below:-
(b) Incentive – They give certain
concession, inducement or contribution that gives value to the consumer.
(c) Invitation – They invite a
distinct invitation to engage in the tre.
Importance of sales promotion:-
operation & maintenance of the
Product/ Service.
How you will define banking products and services
The primary operations of banks include:
- Keeping money safe while also
allowing withdrawals when
needed
- Issuance of chequebooks
so that bills can be paid and other kinds of payments can be delivered by
post
- Provide personal
loans, commercial
loans, and mortgage loans (typically loans to purchase a
home, property or business)
- Issuance of credit
cards and processing of credit card transactions and billing
- Issuance of debit
cards for use as a substitute for cheques
- Allow financial transactions at branches or by using Automatic Teller Machines (ATMs)
- Provide wire transfers of funds and Electronic fund transfers between
banks
- Facilitation of standing orders and direct debits, so
payments for bills can be made automatically
- Provide overdraft
agreements for the temporary advancement of the bank's own money to meet
monthly spending commitments of a customer in their current account.
- Provide internet banking system to facilitate the
customers to view and operate their respective accounts through internet.
- Provide charge card advances of the bank's own money
for customers wishing to settle credit advances monthly.
- Provide a check guaranteed by the bank itself and
prepaid by the customer, such as a cashier's check or certified check.
- Notary service for financial and other documents
- Accepting the deposits from customer and provide the
credit facilities to them.
- Sell investment products like mutual funds etc.
Products
Retail banking
- Savings account
- Money market account
- Certificate of deposit (CD)
- Individual retirement account
(IRA)
- Credit
card
- Debit
card
- Mortgage
- Mutual
fund
- Personal
loan
- Time
deposits
- ATM card
- Current accounts
- Cheque books
Business (or commercial/ investment) banking
- Business loan
- Capital raising (equity / debt / hybrids)
- Mezzanine finance
- Project finance
- Revolving credit
- Risk management (foreign exchange (FX)), interest
rates, commoditys, derivatives)
- Term loan
- Cash
management s (lock box, remote deposit capture, merchant processing)
- Credit
services
What are the essentials differences between marketing of financial services and marketing of products of a manufacturing company
Marketing products and services can have many similarities as well as differences. Products and services benefit from adding trust and name recognition into the marketing materials, but products can be impulse purchases whereas services need time for delivery. There are several differences between marketing products and services, most of which center on relationship building.
Trust
Entrepreneur magazine says in a service-based
business, "you are the product." In other words, you have to sell
confidence and trust in yourself, and your ability to perform the services as
described. When marketing a service, you need to instill trust and confidence
in your abilities because instead of receiving a tangible product in exchange
for money, the customer receives a promised result.
Time
Selling a service also means you're selling your
time. When you sell a product, there is time invested to create or acquire the
product and then it is sold again and again without further time invested.
Services by their very nature are time-intensive activities because there is no
way to continue providing a service without continuing to invest time
performing the service. Time is an important part of marketing a service
because if you promise results within a given time frame, you must be certain
you're able to deliver while still managing and providing services for others.
You must be able to effectively estimate and manage the time needed for
providing services to clients.
Deliverability
When you're marketing products, you can give
customers a delivery date estimate if they're ordering online or through the
mail, and they can walk out the door with the product in hand if they buy it in
your brick and mortar store. Services must be created after they're ordered,
and delivery times will vary. The challenge with marketing services is being
able to convince customers that you can and will deliver quality results within
a given period of time. Usually service marketing materials have testimonials
and case studies from other satisfied clients, that work to prove you're able
to deliver on the promises in your marketing materials.
Wants And Needs
Many products can be marketed in ways that
trigger impulse buying. If someone sees a pair of shoes, she can suddenly
decide to buy them whether they're needed or not. She may justify the purchase
by claiming they needed dress shoes for a special occasion, but in reality she
gave in to a want instead. Services are rarely impulse buys, but the marketing
materials can help buyers justify the want or need by explaining the benefits
the customer will receive from buying the service. A lawn care service for
example, can include convenience and free time as part of their marketing
materials, to persuade buyers to sign up.
Relationships
Marketing a service-based business relies more on
building a relationship than marketing products does. Some relationship
building is done with product marketing--particularly branding and name
recognition--but it's not as important a part of the overall marketing process
for service-based businesses. When services build up trust and reliability with
clients, they gain relationships that can continue earning them money for years
to come.
How do you see the future of mobile banking in Bangladesh
Presently there are a lot of Banks in Bangladesh encouraging Mobile Banking- Bkash, Ucash, Mbankig, DBBL M Banking, Onecash, Quick Cash, Sure Cash and some are coming. Its the forecasting news that people of all ages now take the benefit of Mbanking. The mobile banking menu is very easy and soft for using as a very low educated person can use it and by the help he can charge his mobile, flexi load, itop, etop. They can give any payment in larges stores of Bangladeshi shops. People can easily send funds from any foreign country by mobile banking. Its the most secure money transferring system now a days. Coz your hand set is not stolen and the pin code is safe to you.
The mobile banking registration is very easy- needs two copies of
photograph, one copy National ID and the filled form by the company. An agent
can open an accounts within a minutes. The service is activated within 1 week.
No initial deposits needs, no extra charge needs only the company
related the charge. Though the charge is high 2% is very high for Bangladeshi
concept. But people needs money instant and easily. Coz ones a time people
sends money to their relatives by post and it takes long time 7/15 days.
Sometimes the postmasters don't give the money. When banking systems are well
known people used to send money by Banks. But most of the branches are in the
Town and it is very difficult to go town. Some courire services are
established for sending funds and products. Sundarban Courier, SA Paribahan,
Karatoa Paribahan, Central Courier, Continental Courier. But most of the served
in Town. So people are sometimes losed their times and money for collecting the
fund.
As the mobile is now a on glowing possibility of Bangladesh, people of all
classes used to favour in Mobile. 2/3 Years ago people used to take money by
Hundi, Dalal, Broker and third party and the third party takes a huge
commission. But now in mobile banking they can easily take their money in
their local are in villages and thanas. The system is very short and ensuring
the receiving money.
There are some restrictions in mobile banking. People can send money 25000/-
per month and receive 150000/- per month in their mobile. So their may be very
less possibilities of money laundering.
Here we are noticing some fraud and cheat in mobile banking. Sometimes the cheater
takes help of Mobile banking to collect funds. If the people are aware of it
they can easily safe from any fraudulent. The GDP is now increasing day by day
in Bangladesh. Every day there 2500 Million tk transacted every day in
Bangladesh by mobile banking.
People can easily withdraw money from the agent of from the ATM Booth. Some
banks charges extra charge for ATM using by Mobile Banking.
The international money management company such as moneybookers.com,
skrill.com, payoneer.com, payza.org, payza.com, perfectmoney.is, neteller.com
known as skrill, payoneer, payza, perfectmoney, neteller are trying to develop
their business in Bangladesh. Already payza and payoneer opens their office in
Bangladesh.
Paypal is trying to develop their business in here. In Dhaka they are trying to
setup their offices.
In the large concept with the local mobile banking, freelancer and foreign
persona can easily send money to Bangladesh. So we are trying to stay with you
for better services.
Customer Services need to be transcended throughout the organizations-explain this in the light of triangle model
For many executives, the terms “customer service” and “customer experience” are interchangeable, the latter simply representing a new industry buzzword to file away.
For the world’s most successful brands, customer experience represents so much more than service—it begins the moment a customer hears about your brand, and follows them through their decision-making process, purchase, post-purchase and yes, customer service interactions.
Traditionally, businesses have segmented the customer experience into silos. The marketing department handles the initial introduction to the product, the Web team handles the online information-gathering process, the sales team handles the purchase process, and the service team handles everything post-purchase.
Through these efforts a company makes
promises to its customers regarding what they can expect and how it will be
delivered. Traditional marketing activities such as advertising, sales, special
promotions, and pricing facilities this type of marketing, but for services,
other factors also communicate the promises to customers. The service
employees, the design and decor of the facility, and the service process itself
also communicate and help to set customer expectation. Service guarantees and
two-way communication are additional ways of communicating service promises.
Unless consistent and realistic promises are set via all of these external
communication vehicles, a customer relationship will be off to a shaky
beginning. Further, if there is tendency to over promise, the relationship may
also be off to weak beginning.
Interactive Marketing-Keeping Promises
External marketing is just the beginning for
services marketers – promises made just to keep. Keeping promises is the second
type of marketing activities captured by the triangle and is the most critical
from the customer’s point of view. Services promises are most often kept or
broken by the employees of the firms or by the third party providers, most
often in real time. Sometimes service promises are even delivered through
technology, as discussed a bit later. Interactive marketing occurs in the
moment of truth when the customer interacts with the organization and the
service is produced and consumed. Interestingly, promises are kept or broken
and the reliability of service is tested every time the customer interacts with
the organization.
Internal Marketing-Enabling Promises
This is the third phase that takers place through
the enabling of promises. In order fro providers and service
systems to deliver on the promises made. They must have skills, abilities,
tools, and motivation to deliver. In other words, they must be enabled. These
essential services marketing activity has become known as internal marketing.
Promises area to make, but unless providers are recruited, trained, provided
with tools and appropriate internal systems, and rewarded for good service, the
promises may not be kept. Internal marketing also hinges on the assumption that
employee satisfaction and customer satisfaction are inextricably linked.
In banking industry it requires 12 good memories to wipe out 1 bad memories-defend this statement with Logic
Memory is plastic and changeable. The idea that memories can be deleted—or perhaps “overwritten”— can be found in the psychological effect known as “verbal overshadowing.” If you show someone a picture of a face and then ask him to describe it in words, he will afterwards have a slightly harder time recognizing the face than if there was no attempt to first reconstruct the face verbally from memory.
The idea that memories can be erased from working
memory storage is also inherent in the idea of the attentional blink. The
suppression of memory associated with the blink works in both directions. If
something really interesting appears on a screen then it pushes the image that
preceded it out of working memory, as well as inhibiting attention to the image
that follows for about half a second. That is why short-term memory produces
rising and falling wave-like peaks.
Advertisers dream of the eternal
sunshine of a spotless consumer mind into which they can implant
brand memories. But the reality is that different brands are competing to
colonize the same places in the mind with their memories. The result may be
dueling memories