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(Sales) Management by Tactics (MBT) is an unconventional process of increasing sales activities and revenues -- unlike the traditional Management by Objective (MBO). The presentation describes the sales management supervisory technique and its effects on sales performance.
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The Nature of Business Research
Business research covers a wide range of phenomena. For managers, the purpose of research is to provide knowledge regarding the organization, the market, the economy, or another area of uncertainty. A financial manager may ask, “Will the environment for long-term financing be better two years from now?†A personnel manager may ask, “What kind of training is necessary for production employees?†or “What is the reason for the company’s high employee turnover?†A marketing manager may ask, “How can I monitor my retail sales and retail trade activities?†Each of these questions requires information about how the environment, employees, customers, or the economy will respond to executives’ decisions. Research is one of the principal tools for answering these practical questions.
Business research is the application of the scientific method in searching for the truth about business phenomena. These activities include defining business opportunities and problems, generating and evaluating alternative courses of action, and monitoring employee and organizational performance. Business research is more than conducting surveys.6 This process includes idea and theory development, problem definition, searching for and collecting information, analyzing data, and communicating the findings and their implications.
Applied business research is conducted to address a specific business decision for a specific firm or organization. The opening vignette describes a situation in which ESPN used applied research to decide how to best create knowledge of its sports fans and their preferences. Basic business research (sometimes referred to as pure research) is conducted without a specific decision in mind, and it usually does not address the needs of a specific organization.
All research, whether basic or applied, involves the scientific method. The scientific method is the way researchers go about using knowledge and evidence to reach objective conclusions about the real world. The scientific method is the same in social sciences, such as business, as in physical sciences, such as physics. In this case, it is the way we come to understand business phenomena.
A firm can be production-oriented. A production-oriented firm prioritizes the efficiency and effectiveness of production processes in making decisions. Here, research providing input from workers, engineers, finance, and accounting becomes important as the firm seeks to drive costs down. Production-oriented firms are usually very large firms manufacturing products in very large quantities. The third orientation is marketing- oriented, which focuses more on how the firm provides value to customers than on the physical product or production process. With a marketing-oriented organization the majority of research focuses on the customer. Research addressing consumer desires, beliefs, and attitudes becomes essential.
Diagnosing Opportunities: After a.
ISMM Winning Edge - Why not experiement
Competitive advantage comes from doing things differently and better than competitors through increased market share and growth. Sustainable competitive advantage relies on attributes that are difficult to copy, such as creativity and innovation from employees. Recently, applied behavioral economics has gained attention from businesses as a way to achieve predictable revenue growth by understanding human behavior in buying and selling. Experimentation within sales organizations can provide sustainable competitive advantage but is underutilized due to rigid thinking and short-term goals; conducting controlled experiments with clear objectives can help sales organizations improve performance.
Essay On What Is Strategy
The article discusses how strategy development must be seen as a revolutionary action within an organization. It lists 10 attributes of such an action, arguing that revolution is needed to secure a position in a changing market. These attributes include having an imaginative vision, subverting the status quo, and empowering employees. The article is relevant to strategic management as it advocates a radical approach to strategy that can identify new market opportunities and drive organizational change.
Research Summary
The Managing Partner of a small to mid-size firm faces a number of challenges related to marketing the firm. This survey, the first of its kind, shows that most firms with 10-80 lawyers have made a concerted effort to dedicate at least some effort to marketing.
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- Social marketing follows a marketing process including understanding audience determinants of behaviors, developing appropriate products and messages, and distributing these through various channels.
- Marketing concepts like exchange, customer value, segmentation, and competition can apply to social marketing to better meet audiences' needs and motivate behavior change.
- Thinking like a marketer for social change involves understanding audience research, segmentation, the marketing mix, competition, and developing strategies based on audience determinants rather than assumptions.
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There are 3 key points in the document:
1. Experimentation is important for marketers to test strategies, connect with consumers, and answer questions about the best ways to reach audiences. Regular experimentation can lead to improved ad performance and increased performance over time.
2. The document outlines some fundamental principles of experimentation including having a clear hypothesis, defining success metrics, assigning test and control groups, and taking action on results. It also describes some common experiment methodologies including incrementality, optimization, and causal impact analysis.
3. The document provides an overview of different experiment solutions offered by Google including those for video, search, display, and geo-based testing. It also gives examples of using different
Marketing Strategy & Market Competition on Business Performance in the PH.pdf
Marketing Strategy and Market Competition on Business Performance in the Philippines
LO1 Workbook
Market research and analysis are important functions of marketing that provide companies with information about customer needs, market size and trends, and competition. Market research methods include surveys, focus groups, and interviews to collect both primary and secondary data. A market analyst's role is to develop and implement analytics and reporting to help marketing campaigns be more effective. Marketing strategy involves analyzing internal and external factors like the marketing mix, customer and competitor analysis, and using this information to set goals and objectives. Advertising is also important for organizations as it communicates information to consumers about available brands and products in order to drive trial, continuity, brand switching, and switching back.
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- The document discusses a study examining the attitudes of drug representatives (reps) towards sales training programs in the healthcare industry in Nigeria.
- The study found that drug reps have an apathetic attitude towards sales training programs introduced by management, as evidenced by correlation values below the critical value, reflecting a feeling that the training is not accomplishing much.
- The study is framed around Douglas McGregor's Theory X and Theory Y, which propose that management's assumptions about workers' attitudes (Theory X being negative vs. Theory Y being positive) impact how an organization operates. The current state in Nigeria seems to favor Theory X assumptions.
Managerial perspective on marketing
This document discusses perspectives on marketing and the marketing concept. It describes how marketing was traditionally viewed as selling but now focuses on understanding customer needs. A marketing oriented organization provides information on customer needs throughout the company and coordinates functions to achieve goals. The document also outlines the marketing planning process, noting it takes place at both the corporate and middle management levels and involves situation analysis, objective setting, and strategy and program development.
Attachments 2012 06_18
This document provides an overview of marketing research and the marketing research process. It discusses the objectives of marketing research, defines marketing research, and outlines the five stages of the marketing research process: determining the purpose, planning the research, performing the research, processing the data, and preparing the research report. It also discusses limitations of the research process, ethical responsibilities of researchers, statistical techniques used, and marketing information systems.
Marketing Basics @ tnmg4u.com
Welcome to the ‘Marketing Basics’ – dear friend! :)
This document is authored by Angshu – a PhD Scholar in Marketing Management in one of the top management schools in India. This document is created for the purpose of spreading knowledge about basic marketing concepts and frameworks in a brief and easy to understand manner. You are free to use this document for personal non-commercial purposes. You can also share this document with anyone and everyone who you think will find the information useful. For any further queries about the content or copyright please write to us at: tnmg4u@gmail.com. Any feedback, suggestions or comments about this document or TNMG website (www.tnmg4u.com) or our YouTube channel (www.youtube.com/user/TNMGTube) is most welcome. We would love to hear back from you! :D
Sales management
This document discusses the key challenges faced by sales organizations and how organizations can respond. It identifies the main challenges as getting qualified leads, building trust with customers, integrating sales and marketing teams, overcoming price objections, standing out against competitors, and maintaining consistency. To address these challenges, the document recommends that organizations implement a modern marketing strategy, transform their communication styles, and align sales and marketing goals.
Unit 1
1) Marketing involves creating, communicating, delivering, and exchanging offerings that have value for customers. There are various types of marketing such as influencer marketing, relationship marketing, viral marketing, green marketing, and keyword marketing.
2) Marketing management involves conducting consumer research, determining product and distribution policies, and making promotional decisions. The marketing management process includes conducting market research, developing a marketing strategy and marketing plan, and providing feedback and control.
3) The marketing mix, also known as the 4Ps, refers to the set of controllable tactical marketing tools - product, price, place, and promotion. It is the crux of marketing and must be constantly reviewed and adapted to changes in the external environment.
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Sales Management by Tactics - in slides
- 1. (Sales) Management by Tactics ™ A supervisory technique used by contemporary sales management - An overview of its effects on sales performance Presented by James D. Roumeliotis JD Roumeliotis | Prof. G. DiGirolamo
- 2. Do Sales Goals Actually Work? Sales goals can get in the way of a successful sale, if you spend too much time thinking about them. Goals are not a bad thing – it’s what spur you to take action. However, primary focus should be on the action, not on the goal, otherwise, you end up alienating customers through your pressure to reach your goals by making the sale. JD Roumeliotis | Prof. G. DiGirolamo
- 3. Focus on the Process/Activities Things are very different when you focus primarily on the process of selling, rather than worrying about the day-to-day routine of closing and quotas. When you focus on the process, you stop trying to "make the sale." Because of this, you start building long-term relationships. Eventually your customers start bringing you new business and new opportunities. JD Roumeliotis | Prof. G. DiGirolamo
- 4. What is (Sales) Management by Tactics™ (MBT) Management by Tactics™ is a term which describes a supervisory technique utilized by sales management. It is a process in which sales managers/ directors, along with salespeople, identify the day-to-day activities required to achieve sales objectives and focus their energies in controlling such activities (input) – rather than simply focusing on results (output). JD Roumeliotis | Prof. G. DiGirolamo
- 5. What are the advantages of applying MBT? Management by Objectives (MBO) focuses on the outputs (sales results). On the other hand, salespeople improve their performance when they focus on tasks (inputs) rather than sales objectives (outputs). I t i s e f f e c t i v e i n s e v e r a l t y p e s o f i n d u s t r i e s – for both products & services. E f f e c t i v e i n p e n e t r a t i n g n e w m a r k e t s . E f f e c t i v e i n s e l l i n g n e w p r o d u c t s t o existing customers. JD Roumeliotis | Prof. G. DiGirolamo
- 6. RESEARCH STUDY – pretest & post-test results* (with MBT) Twenty nine subjects from a sample of four companies representing different types of industries were selected. Three of the companies sold products (tobacco, textbooks and pharmaceuticals), while the other promoted/sold loan services. T h e f i r s t 3 c o m p a n i e s s o l d t o r e t a i l e r s , w h i l e t h e 4 th s o l d academic textbooks to schools (which in turn sold them to students). During this research, sales representatives from all 4 companies worked exclusively with output goals – namely sales objectives. Data were collected. This stage of the research was referred to as the “Pre -test”. * Source: Management By Tactics (MBT): An Investigation of its Effects on Sales Performance, Giovanni Di Girolamo, Ph.D. (Management), California Coast University, Santa Ana, California, December 2005 JD Roumeliotis | Prof. G. DiGirolamo
- 7. Research Study - Post Test The researcher then proceeded to implement the Management by Tactics™ system. In this phase of the research, the salespeople were given Input goals, such as the number of telephone calls to be made, number of prospects to visit and types of sales presentations etc. This stage of the research is referred to as the “Post-test”. JD Roumeliotis | Prof. G. DiGirolamo
- 8. Research Study - Conclusion Results from all four companies suggest that there is indeed a relationship between variables: MBT had a positive impact on Sales Performance. I nthe absence of applying MBT, all representatives in the study under achieved sales objectives between 21% to 75% of their target. O n the other hand, when all reps were given input goals under the MBT system, the weakest rep hit 100% of target – while the other two reached 117% and 118% respectively for a combined average of 112% of sales targets. JD Roumeliotis | Prof. G. DiGirolamo
- 9. Including the forms used for MBT™ Contact: jdr@affluencemarketing.ca (Sales) Management by Tactics™ Copyright 01/2013 James D, Roumeliotis Prof. Giovanni DiGirilamo