By Michael Armstrong
This advisor to fashionable suggestions in all fields of administration is a perfect significant other for pro managers, in addition to a vital reference booklet for enterprise and administration scholars. It contains over a hundred systematic and analytical tools used to aid in decision-making and to enhance potency and effectiveness.
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Extra info for A Handbook of Management Techniques
In this field, ‘split-run’ tests can be run in certain media where different offers or styles are tested in alternate (A or B) copies and the results can be compared directly. In more conventional advertising the most commonly used methods include market research and sales analysis. Market research involves general research into consumer attitudes and responses, or particular research into the reaction to an advertisement (reactions to proposed campaigns can be pre-tested by qualitative research).
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. ᔢ Public relations (PR), which also covers publicity, and is not promotion that is paid for directly by a company to the media.
Companies can employ many pricing tactics that might promote sales yet reduce margins in the short term. The general objective might be profit maximization, but the company’s product mix should be examined in terms of individual items, and price tactics applied individually, rather than Pricing ᔡ 23 singular pricing decisions applying to the complete range. Prices should adopt a customer focus, and this will determine whether the product is bought or not. Although the assumption behind market-based pricing techniques is that prices are a major factor in achieving competitiveness, this can also be attained through non-price competition.