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Retail Pricing – Different Types of Pricing Models
Cost Plus Pricing Mechanism
Cost Plus Pricing
Pricing Below Competition
Prestige Pricing (Pricing above competition)
- Exclusive Brands at the store.
- Brand image of the store
- Prime location of the retail store
- Excellent customer service
- Merchandise not available at any other store
- Latest Trends
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Retail Mechanism – How does retail work ?
|Retailer||…………………………….||Consumer (End -User)|
How does retail work ?
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Types of Retail Outlets (offline)
- For existing retailer: To know in which retail format you are in and adept strategies accordingly
- For aspired retail venture (New retail business seeker) : To be clear with retail store formats so that he/she will be clear for starting kind of venture they will love to operate
Types of Retail outlets
- Electronic Appliances
- CDs, DVDs
- Discount stores also offer a huge range of products to the end-users but at a discounted rate. The discount stores generally offer a limited range and the quality in certain cases might be a little inferior as compared to the department stores.
- Wal-Mart currently operates more than 1300 discount stores in United States. In India Vishal Mega Mart comes under discount store.
- Bakery products
- Meat Products, Fish products
- Soft drinks
- Frozen Food
- Canned Juices
Mom and Pop Store (also called Kirana Store in India)
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New era Marketing by being Purple cow
The Purple cow
Here are 3 lessons from the book:
- We live
in the third era of advertising, where marketing is mainly done
taking risks is riskier than taking risks.
- If you
want your product to succeed, focus on early adopters as your first
1: Today marketing is mainly done through word-of-mouth recommendations.
Seth walks us through the history of
advertising and says there were three distinct periods.
Before advertising was way back in ancient times, when people could
only spread the word about great deals with their mouths.
For example in ancient Rome, when
one of the vendors on the market sold particularly good fish, everyone who
bought one would of course tell all their friends and family. Likely, the next
time they’d go to the market, they’d visit that same vendor.
During advertising was the time during the 18- and 19-hundreds, when
advertising seemed to work like magic and the only limit to how much you could
sell through it was how much you were able to buy. Billboards, ads in
magazines, TV commercials, they all fall into this category.
But by now we’re in the era after
advertising. Consumers completely ignore ads now and are already
blind to banner ads online. Unless they’re looking for something specific,
for example a car, people won’t look at car ads.
In the era we are in right now,
we’ve gone back to word-of-mouth marketing, only that the word is now exchanged
online, which makes news about good and bad products spread a lot more quickly, thanks
to social media like Facebook, Twitter or Instagram.
2: Not taking risks is riskier than taking risks.
Because we live in a
post-advertising world and the internet is such a noisy place, you have to be
truly remarkable to stand out – like a purple cow among brown, black and white
Seth calls this remarkable marketing
and without it, your product is doomed to fail.
That’s why the riskiest thing you
and your company can do right now, is to not take any risks at all.
Following the trends and trying not
to make any noise, won’t make you stand out, it will make you invisible.
For example, Ford is a steady
company, but they’re not very innovative. They do what they know to do, again
and again, which is why their stock price has merely changed in 10 years. They’re
a boring company.
Take Porsche, and you see a company
that’s always at the edge. In 2013, Porsche took a massive risk with the
918 project (Please Google It for more details).
They built a car with hybrid
technology, which they’d never done before, the car cost eight times as much as
any of their normal models, and they limited production to 918 units.
But what they built was truly
remarkable, the car caught major attention for it’s space-style design and also set
an all time record on the Nurburgring.
The car completely sold out.
It’s your choice.
You can never take risks, and never
build something that’s so great everyone will eventually want it, or you can
work at the edge, occasionally fall, but rise all the higher in the long run.
3: If you want your product to successfully reach the masses, focus on
early adopters first.
When I hear the word early
adopters, I always have to think of Simon Sinek and his talk.
The gist of it is that you need to
communicate why you do things (Purpose) before you tell people what you
do, because that’ll help get your product into the right people’s hands.
In both Seth’s and Simon’s case,
these people are called early adopters.
Traditional marketing shoots
its advertising right at the majority of people, when a new product comes
out. The mistake with this is that the majority isn’t ready for it yet
– they want a proven product, not some new gimmick.
Instead, build your product in a way
that makes it attractive to innovators and early adopters, the tech
geeks, the people that stand in line for 24 hours to buy an iPhone, and let
them spread the word.
When you do this and make sure that
your product is easily shareable, you’ll make sure your product eventually
reaches the masses through diffusion, and they won’t turn you down at the door.
The essence of the Purple Cow is about
being remarkable. Remarkable products are worth talking about. They
get noticed. They’re exceptional, new, and interesting. Remarkable
in marketing means that the product or service remarkable. In that sense,
marketing isn’t an add on, but a part of the product cycle as well. Godin
emphasizes that if it isn’t remarkable, it’s invisible. It’s a brown or
white cow. His Purple
Cow is about three pertinent
ideas: the why, the what, and the how of being remarkable.
1. Why be remarkable
The author states, using rational argument
and case examples, that being remarkable is a necessity of marketing. His
“TV-industrial complex” system, is dying or dead. Consumers are hard to
reach and they ignore mass advertising. Godin offers multiple examples of
this (Please read book for the examples, they are worth reading). Most
notable is the, often called, most popularly know television ad ever made: “I’d
like to teach the world to sing” by Coca-Cola. Godin cites works of other
which argue that the commercial sold “not one more bottle of Coke.”
2. What is remarkable
Godin lists some products or services
which are remarkable: Starbucks, Jet Blue, Sam Adams, and others.
Remarkable is the insight to realize that there is no other choice to grow a
business or launch a product. Passion is not a requisite. Neither
is an extreme amount of creativity. Godin gives the reader an
interestingly non-marketing example of remarkable: kiteboarding. It is
one of the fastest growing sports today. “Strap a surfboard to your feet,
hold onto a huge kite, and start racing across the water at thirty miles per
hour. Unless, of course, you get dragged across the beach.” Dangerous and
new are worth talking about. Remarkable is worth talking about. It
is exceptional and worth noticing.
3. How to be remarkable
This is the core material of Purple Cow, literally and
figuratively. It is the heftiest part of the book, and is filled with
case examples and stories (Please read the book for all the examples). It
is, however, more of a listing of what not to do than what to do. Godin’s
“how’s” become increasingly abstract, but three core beliefs stand out.
- Firms must make more remarkable products and
services that the “right” people (Micro niche segment of customers) seek
out. Creating safe and ordinary products and combining them with
great marketing no longer works.
- Purple Cows focus on early adopters
of products. Brown cows focus on the masses in the middle of the
product life cycle. But the masses also ignore new products.
The majority are happy with their choices and unlikely to change.
They are stuck consumers.
- Beyond catering to the early adopters, Purple
Cows can use them to spread ideas. Godin calls them “idea viruses”
and vocal early adopters “sneezers.” They sneeze products and ideas
and their friends catch on. Ideasvirus items are occasionally the
product of accidental luck; consider the Pet Rock and Psy’s Gangnam Style
video. More likely, however, it is the result of hard work and a
focus on sneezers. In fact, Godin states “It is useless to advertise
to anyone except interested sneezers with influence.”
Purple Cow products are rare because they
are seen as risky, like kiteboarding. The real problem with them is
fear. Giant brands with large facilities and significant inertia have a
low tolerance for perceived risk. Smaller and mid sized firms have less
to lose. And, they realize they have far more to gain by playing by a
different set of marketing and conceptual rules. Godin calls them
“cheaters.” One example is Jet Blue. They “cheat” by using a low
cost business structure, underused airports, and a younger non-union
staff. This gives them an unfair advantage. His take on this is
“If Purple Cow is now
one of the Ps of marketing, it has profound implications for the enterprise. It
changes the definition of marketing. It used to be that Engineering invented,
Manufacturing built, Marketing marketed, and Sales sold. There was a clear
division of labor, and the president managed the whole shebang.” That’s clearly
not a valid strategy any longer the customer’s mind, creating Killer Brands.
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Start saving by using these
8 Inventory Management Techniques
Why Inventory Management Is Important
Inventory Management Saves You Money
Inventory Management Improves Cash Flow
8 Inventory Management Techniques
1. Set Par Levels
2. First-In First-Out (FIFO)
3. Manage Relationships
4. Contingency Planning
5. Regular Auditing
6. Prioritize With ABC
A – high-value products with a low frequency of sales
B – moderate value products with a moderate frequency of sales
C – low-value products with a high frequency of sales
7. Accurate Forecasting
8. Consider Dropshipping
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2) People with High commitment and Low competency – Like COLORLESS BUT SCENTED FLOWERS
4) People with high commitment & high competency – Like COLORFUL with FRAGRANCE FLOWERS
The passion to execute plans and achieve results is the fundamental factor in successful people.
Never talk about the faults of others ,no matter how bad they may be.
repent; do not brood over past deeds… you can not undo, the effect must come,
face it, but be careful never to do the same thing.
Hear our former president’s vision about Swami Vivekananda
The faith is oneself is the
fundamental factor to win. This winning formula of Swami Vivekananda empowers
us to move forward in life and attain success. Whatever we think , that we will
be. If we think we are weak, weak we will be
4) Competence – Focus of mind
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About the Author:
Why this Book:
“One Woman’s Search For Everything across Italy, India and Indonesia”
Story of the book:
Elizabeth Gilbert tells how she made the difficult choice to leave behind all the trappings of modern American success (marriage, house in the country, career) and find, instead, what she truly wanted from life.
“Gilbert explored the art of pleasure in Italy “
“Gilbert explored the art of devotion in India“
She invokes spiritual reality within herself and finds inner peace
“Gilbert explored the art of balancing the two in Bali“
YOURSELF, OR REINVENT YOURSELF
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Shared what are the medias and process one can start using tools available for online payments and initiate digital payment process with ease.
Objective of the Presentation is:
To share mediums we can use for online transactions
To share take cares while doing digital payments so that individual who is new to the process can use it effectively and be in flow
Also shared do’es and Don’ts while going digital
Benefits of digital payment and
Things needs to be taken care while doing digital transactions
Some of the tools/ applications mentioned are:
Aadhar enabled Payment
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These 5 Body Language Related
in an Interview
Based on wonderful
article shared by Timesjobs:
1. Looking lazy or aggressive
Do not lean back – you will look lazy. Do not lean forward- you will
look aggressive. Just sit naturally – straight -you will look alert and
comfortable. Also do not cross your arms. This shows defensiveness — like you
are holding yourself back.
2. Avoiding eye contact
Look calmly at the interviewer during the conversation. Do not stare or
look away while speaking. Understand that you can say a lot through eyes too.
3. Constant nodding
Do not be in the habit of nodding and agreeing to everything the
interviewer says. This shows you are more of a ‘yes’ person.
4. Weak handshakes
There is nothing worse than a weak handshake to start off or end an
interview. A firm handshake is a sign of authority and confidence.
5. Looking at the clock
Some interviews can drag on for a long time. Still, if you want to have
the job, avoid peeking at the wrist watch or the wall clock while you are in
the middle of a conversation with the interviewer.
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