shop marketing enterprise Best Nagar | shop marketing enterprise mumbai

shop marketing enterprise Best Nagar

Fulcrum Marketing is a strategic shop marketing enterprise Best Nagar. Our team of marketing consultants also specialise in marketing planning and shop marketing for all types of business of any size.

Brand Strategy: Build a Powerful Brand

Your B2B brand determines which signals you’re sending out to the marketplace and how you are perceived by your audience. Whether launching a new service, targeting a niche audience with specific products, or knocking the rust off a dated market position, your brand strategy is fundamental to your company’s success. That’s where we come in. Uncovering the insights that help build an effective, hard-working B2B brand position takes experience — an ability to conduct interviews that deliver more than high-level answers to boilerplate questions; curious researchers willing to explore the idiosyncrasies of your markets; creative minds that bring clarity, even when a compelling position feels obfuscated by internal biases and aggressive competitors.

Research
Interview customers and SMEs
Primary, secondary research
Messaging
Tell your story convincingly
Maintain campaign consistency
Brand Expression
Create a visual representation of your brand

We start with research — talking with your product experts and potential customers to make sure we understand the nuances of your position.

Then, we craft persuasive messages that connect with your target audience, ensuring continuity across all communications.
Finally, we create a visual identity that expresses your brand to a T.

While it’s not quite as easy as one-two-three, we’ll keep it simple, staying focused on the insights that can serve as brand building blocks and avoiding unnecessary trips down rabbit holes that won’t bring any value.

MARKETING STRATEGY

Effective marketing organisations must be driven through sound business strategy. Fulcrum produce marketing strategy that is always well embodied by your business strategy.

The best marketing strategy does not start with creative, it starts with a marketing process.

The Fulcrum Marketing Strategy Development Process is a thorough problem solving and marketing strategy development program that focusses on solving your growth challenges and maximising the return from your company’s marketing operations.

 

SALES METHODOLOGIES

Personal selling is a promotional method in which one party uses skills and techniques for building personal relationships with another party that results in both parties obtaining value. Personal selling occurs whenever an individual salesperson sells a product, service or solution to a client.

AIDA Method

AIDA is an acronym that stands for Attention, Interest, Desire and Action. This is a method that looks at the steps a client will undertake from when they first becomes aware of the product or service, to when they are making a purchase decision.

Attention – Get the other person’s interest
Interest – Spark their curiosity
Desire – Create the need
Action – Get them to commit to something

Need satisfaction

The need satisfaction technique is a question and answer technique to make the client to recognise the need for your offering. This then leads to the client agreeing that they have a need to be fulfilled, which leads to you showing them how your offer can satisfy their needs. This method is based on a win-win approach for both the sales person and the client.

Depth Theory

Depth Theory is when a creation of trust occurs between the buyer and seller. The seller uses expertise in their product, service or industry to create trust between themselves and the buyer. The client will see the salesperson as an expert in that area and will trust them to solve the issues that they have.

 Step process

The 7 step process is a plan of action that starts at the planning and preparation to make the sale and leads to after sale follow ups. The 7 steps are:
1.   Planning and preparation
2.   Introduction or opening
3.   Questioning
4.   Presentation
5.   Overcoming objections/negotiating
6.   Closing
7.   After-sales follow-up

Implementing a shop marketing Strategy

Implementing a Marketing Strategy Execution Plan, known to Fulcrum and our clients as a “Sprint Plan” is the most effective way to prevent this highway-less journey , shop marketing enterprise . A Marketing Strategy is a set of strategic goal-focused plans for a certain period of time.

shop marketing Strategy and Planning

Implement your marketing plan

Your marketing plan must do more than just say what you want to happen. It must describe each step required to make sure that it happens.

Schedule
The plan should include a schedule of key tasks. This sets out what will be done, and by when. Refer to the schedule as often as possible to avoid losing sight of your objectives under the daily workload.
Team And Resources
It should also assess what resources you need. For example, you might need to think about what brochures you need, and whether they need to be available for distribution. You might also need to look at how much time it takes to sell to customers and whether you have enough salespeople.
Cost
The cost of everything in the plan needs to be included in a budget. If your finances are limited, your plan will need to take that into account. Don’t spread your marketing activities too thinly – it is better to concentrate your resources to make the most of your budget. You may also want to link your marketing budget to your sales forecast.
Control
As well as setting out the schedule, the plan needs to say how it will be controlled. You need an individual who takes responsibility for pushing things along. A good schedule and budget should make it easy to monitor progress. When things fall behind schedule, or costs overrun, you need to be ready to do something about it and to adapt your plan accordingly.

Marketing Execution – Plan, Execute, Track, Measure

Everyone likes to talk about creating a marketing plan. It’s the fun part of marketing, the creative aspect of your planning process and shop marketing enterprise . But strategy without execution won’t help your business succeed. In fact, marketing execution is how you achieve results.

Create your marketing strategy

Decide how to market your product or service to potential customers by developing a marketing strategy that positions your product to particular customers

Write a marketing execution plan

How to identify your objectives and write a plan that will help your marketing generate sales, including tactics and objectives

Marketing on a tight budget

How to get the most out of a small or limited marketing budget using cost-effective marketing methods such as Public Relations and online marketing

Marketing your business in Pune

How to market your business effectively in pune including researching your target audience and establishing new contacts

shop marketing,shop marketing enterprise Best Nagar

Get in touch with us, we would love to discuss your marketing needs.

We love a good coffee and a challenge, so would behappy to meet up with you face to face.

Marketing Company in Best Nagar

Call Us :-08433772261
Email:- info@fulcrumresources.in

Best Nagar, mumbai

 

B2B Marketing: 

Fulcrum is a magnet for businesses with well-defined goals and a desire to harness the latest advantages that marketing and technology can offer.

Face To Face Marketing : 

face to face field marketing is also called personal selling or door to door marketing, customers are met directly in order to sell their products, using this method of field marketing.

Product Sampling :

Fulcrum are a highly recommended provider of product sampling staff. We specialise in the implementation of sampling campaigns using our in house sampling team and logistical know-how.

Dealer Marketing: 

Dealer marketing is of utmost importance for the success of any brand. For most brands, dealers, distributors and resellers are critical links to success.

Direct Marketing:  

we can help with everything from planning and design to production and delivery ensuring your direct marketing campaigns are delivered on time to the highest quality.

Guerrilla Marketing:

When it comes to guerrilla marketing the gloves are off. They are usually low budget campaigns but with the right imagination and ideas they offer up some unprecedented results

Retail Marketing:

Fulcrum is a dynamic-retail marketing agency born in tradition, fueled by innovation, and living at the intersection of commerce and imagination.

Direct Selling : 

Much like product demonstrations these campaigns have brand reps or ambassadors at the center of them. The difference is it’s more about the selling of the product

Retail Audits & Merchandising:

Auditing takes the reps out off the front line and away from the consumer. Auditing teams are used by marketers to monitor traditional marketing strategies that they put in place across retail.

Door To Door Marketing :

Nothing beats the reality that one gets when you can interact with potential clients face to face physically moving from door to door within a community or household to household,

Product Demonstrations:

As mentioned already, demo days are a popular tool of field marketing. These campaigns can stretch from as little as one week to 6 months however some are continuous and full time.

Street Marketing: 

We will still need to spend time interacting with people, face-to-face, Street Marketing. Personal interaction is what makes the world go around

shop marketing 

shop marketing enterprise

The team at Fulcrum has delivering successful Shopping Centre Marketing Campaigns across a wide range of shopping centres and retail complexes. From major  retail locations to local community focused shopping centres; we have secured real, measurable results across the board.

shop marketing Plan and shop marketing Strategy

shop marketing enterprise mumbai

Best Nagar, mumbai

Mumbai, also known as Bombay, is the capital of Maharashtra. It is the most populous city in India and the fourth most populous city in the world. Along with the neighbouring urban areas including Navi Mumbai and Thane, it is one of the most populous urban regions in the world. Mumbai lies on the west coast of India and has a natural harbour.

Seven islands came together to constitute present day Mumbai. During the mid-18th century, Mumbai was reshaped by reclaiming the area between the seven islands from the sea. Bombay was characterized by economic and educational development in the 19th century. Upon India’s independence, the city was incorporated into Bombay State. In 1960, a new state of Maharashtra was created with Bombay as the capital. The city was renamed Mumbai in 1996.

Mumbai is the financial and entertainment capital of India. The city houses important financial institutions such as the Reserve Bank of India, the SEBI, the Bombay Stock Exchange, the National Stock Exchange of India and corporate headquarters of numerous Indian companies and multinational corporations. Mumbai has evolved into a global financial hub.

Mumbai is the financial and entertainment capital of India. The city houses important financial institutions such as the Reserve Bank of India, the SEBI, the Bombay Stock Exchange, the National Stock Exchange of India and corporate headquarters of numerous Indian companies and multinational corporations. Mumbai has evolved into a global financial hub.

It is home to some of India’s premier scientific and nuclear institutes such as BARC, NPCL, AERB, AECI and the Department of Atomic Energy. The city also houses India’s Bollywood movie industry. Mumbai’s business opportunities, as well as its potential to offer a higher standard of living, attract migrants from all over India, making the city a melting pot of many communities and cultures.

In 1950, municipal limits of Bombay were expanded by merging the Bombay Suburban District and Bombay Island City to form Greater Bombay Municipal Corporation (GBMC).

In 1979, a sister township of New Bombay(Navi Mumbai) was founded by the City and Industrial Development Corporation (CIDCO) across Thane and Raigad districts to help decongest and control Bombay’s population.

Textile industry in Mumbai largely disappeared in 1982. Since then, Mumbai’s defunct cotton mills have become the focus of major redevelopment.

Dharavi, Asia’s second largest slum, is located in central Mumbai and houses between 800,000 to one million people in 2.39 sq.km, making it one of the most densely populated areas on Earth.
Key Projects in Mumbai are Omkar Ananta, Xrbia Aashiyana, Oberoi Tata Steel, K Hemani Neona, L&T Emerald Isle, L&T Crescent Bay, Godrej Prime, SPARK DEVELOPERS JYOTI PALACE, BHUMI YUG GARDENS KAMAN, Dosti Codename Landmark, Dosti Vihar, Dosti Planet North, Dosti Imperia Phase I, Mohan Suburbia, Mohan Willows, Piramal Vaikunth, Mohan Palms.
Most searched properties in Mumbai are 1 bhk flats in mumbai, plots in mumbai, villas in mumbai, 2 bhk flats in mumbai, 3 bhk flats in mumbai, house in mumbai, property in thane, property in ulwe, property in panvel, Flats in mumbai.
Key builders in Mumbai are L&T Realty, Lodha Group, Mahindra Lifespaces, Godrej Properties, Paradise Group, House of Hiranandani, Kolte Patil Developers Ltd, Dosti Realty, Lok Group, Mohan Group.

Demographics:

According to the 2011 census, the population of the city is 12,479,608. The city has seen a huge migration of population from all over India in search of employment opportunities. The population density is approximately 20,482 persons per sq.km. The living space is 4.5 sq.mt per person.
According to 2011 census, the sex ratio in the island city is 838 (per 1,000 male) and 857 in the suburbs. Greater Mumbai has a literacy rate of 94.7%. The literacy rate in Mumbai slums is 69% making these slums the most literate slums in India.

Employment Opportunities
Mumbai is India’s most populated city. It is the financial and commercial capital of the country as it generates 6.16% of the total GDP. The city contributes to 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India’s foreign trade and 4000 crore in corporate taxes. Mumbai has witnessed an economic boom since the liberalization of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in 2000s.
Although Mumbai had prominently figured as the hub of economic activity of India in the 1990s, the Mumbai Metropolitan Region is presently witnessing a reduction in its contribution to India’s GDP.
Many of India’s conglomerates such as Larsen and Toubro, State Bank of India, Life Insurance Corporation of India, Tata Group, Godrej and Reliance, and five of the Fortune Global 500 companies are based in Mumbai.
The key sectors contributing to the city’s economy are gems and jewellery, leather, IT and ITES, textiles, and entertainment. Bandra Kurla Complex (BKC) and Nariman Point are Mumbai’s major financial centres. The Santacruz Electronic Export Processing Zone (SEEPZ) in Andheri and the International Infotech Park (Navi Mumbai) offer excellent facilities to IT companies.
Current situation indicates that the western zone has 33% of the total occupied space in the city implying a large proportion of employment opportunities here. The central zone contributes to 30% of employment.

Connectivity
Mumbai has several major national highways: National Highway 3, National Highway 4, National Highway 8, National Highway 17 and National Highway 222. The Mumbai-Pune Expressway was the first expressway built in India. There are several important highways such as Mumbai Nashik Expressway, Mumbai-Vadodara Expressway, Western Freeway and Eastern Freeway under construction. The Bandra-Worli Sea Link bridge and Mahim Causeway link the island city to the western suburbs. The three major arterial roads of the city are the Eastern Express Highway, the Sion Panvel Expressway and the Western Express Highway.
Mumbai is the headquarters of two of Indian Railways zones: the Central Railway (CR) and the Western Railway (WR). Mumbai is also well connected to most parts of India by the Indian Railways. Long-distance trains originate from Chhatrapati Shivaji Terminus, Dadar, Lokmanya Tilak Terminus, Mumbai Central, Bandra Terminus, Andheriand Borivali.
Public transport systems in Mumbai include the Mumbai Suburban Railway, Brihanmumbai Electric Supply and Transport (BEST) buses, taxis, auto rickshaws and ferries. Suburban railway and BEST bus services together accounted for about 88% of the passenger traffic in 2008.
The Mumbai Suburban Railway, popularly known as ‘local trains’ forms the backbone of Mumbai’s transport system. Mumbai’s suburban rail systems carry more than half of the Indian Railways daily carrying capacity. Trains are overcrowded during peak hours. The Mumbai rail network is spread at an expanse of 319 route kilometres and is growing. The Mumbai Monorail and Mumbai Metro are under construction and expected to be partially operational in 2014, relieving overcrowding on the existing network.
Public buses run by BEST cover almost all parts of the city as well as parts of Navi Mumbai, Mira-Bhayandar and Thane. Maharashtra State Road Transport Corporation (MSRTC) buses provide intercity transport from Mumbai to other major cities of Maharashtra and India. Navi Mumbai Municipal Transport (NMMT) also operates its Volvo buses from Navi Mumbai to Bandra, Dindoshi and Borivali.
The Chhatrapati Shivaji International Airport is the busiest airport in India in terms of passenger traffic. An upgrade plan was initiated in 2006, targeted at increasing the capacity of the airport to handle up to 40 million passengers annually. The proposed Navi Mumbai International Airport to be built in the Kopra-Panvel area has been sanctioned by the Indian Government and will help in relieving traffic burden on the existing airport.
Mumbai has two major ports, Mumbai Port Trust and Jawaharlal Nehru Port Trust, which lies in Navi Mumbai. Mumbai Port has one of the best natural harbours in the world. Jawaharlal Nehru Port is the busiest and most modern major port in India.

All Localities in Mumbai

LOCALITY, Aarey Road, Agripada, Altamount Road, Amboli, Andheri East, Andheri West, Anushakti Nagar, Azad Nagar, Bandra East, Bandra West, Bangur Nagar, Behram Baug, Bhandup East, Bhandup West, Bhayandar East, Bhayandar West, Bhiwandi, Bhuleshwar, Boisar, Borivali East, Borivali West, Breach Candy, Byculla East, Byculla West, C.P. Tank, Chakala, Chandivali, Charkop, Charni Road, Chembur, Chinchpokli, Chira Bazar, Chuna Bhatti, Church Gate, Colaba, Cuffe Parade, Cumballa Hill, Currey Road, Dadar East, Dadar West, Dahanu Road, Dahisar East, Dahisar West, Deonar, Dharavi, Dombivli West, Dongri, Elphinstone Road, Fort, G T B Nagar, Gamdevi, Gandhi Nagar, Ghatkopar East, Ghatkopar West, Girgaon, Golibar, Goregaon East, Goregaon West, Govandi, Grant Road East, Grant Road West, Haji Ali, J B Nagar, Jacob Circle, Jogeshwari East, Juhu, Juhu Tara Road, Kalbadevi, Kalina, Kandivali East, Kandivali West, Kanjurmarg, Kashimira, Kemps Corner, Khan Abdul Gafar Road, Khar East, LOCALITY, Khar West, Kharodi, Khetwadi, Kurla East, LBS Marg, Lal Baug, Kurla West, Link Road, Linking Road, Lokhandwala, Lower Parel, Mahalaxmi, Senapati Bapat Marg, Malad East, Malad West, Mandapeshwar, Mankhurd, Marine Lines, Marol, Masjid Bunder, Matunga East, Matunga West, Mazgaon, Mira Bhayandar, Mira Road, Mulund East, Mulund West, Mumbai Central, Nahur East, Naigaon East, Naigaon West, Nalasopara East, Nalasopara West, Nariman Point, Navghar Road, Nehru Nagar, Nehru Road, Mandvi, Opera House, Orlem Malad, Oshiwara, Pali Hill, Parel, Peddar Road, Poonam Nagar, Powai, Prabhadevi, Pydhonie, Raigad, S V Road, Sakinaka, Santacruz East, Santacruz West, Sewri, Shastri Nagar, Shivaji Park, Sion East, Sion West, Tardeo, Thakurdwar, Tilak Nagar, Trombay, Tulsiwadi, Vakola, Veera Desai Road, Versova, Vidya Nagari, Vidyavihar, Vijay Nagar, Vikhroli East, Vikhroli West, Vile Parle East, Vile Parle West, Virar East, Virar West, Wadala East, LOCALITY, Wadala West, Walkeshwar, Warden Road, Western Express Highway, Worli, Yari Road, Jogeshwari West, Kalyan West, Karjat, Kasara, Upper Parel, Vasai West, Vasai East, Vikramgad, Mumbai – Nasik Highway, Ambivali, Sahar, Madh, Triveni Nagar, Prabhu Ali, Chinchpada, Bhadane, Neral, Nahur West, Samat Nagar, Sarvodaya Nagar, MHADA Colony, Chedda Nagar, Shivaji Nagar, Beverly Park, Naya Nagar, Govind Nagar, Yogi Jawraj Nagar, IC Colony, Kanti Park, Dindoshi, Evershine Nagar, Chikuwadi, Malvani, Royal Palms, Gokuldam, Narayan Patil Wadi, Upper Worli, Umerkhadi, Nagpada, Ramnagar, Alibag, Gulmohar Road, Murbad Road, Titwala, Khadakpada, Kanakia Road, Saralgoan, Ambernath, Khandas Road, Malabar Hill, Ulhasnagar, Saravali, Palghar, Jawhar, Khandale, Bandra Kurla Complex, Andheri-Kurla Road, Mahavir Nagar, V P ROAD, Kolad, Vitthalwadi, Vasai Road, Carter Road, Murbad, Shahapur, Badlapur East, Ghera Sudhagad, Mahad, Lonere, Roha, LOCALITY, Uttan, Vasai-Nallasopara Link Road, Harihareshwar, Kalyan East, Murbad Karjat Road, Shahad, Badlapur West, Kalher, Dahanu, Bhivpuri, Atgaon, Kalyan-Shil Road, Dombivli East, Gaibi Nagar, Agashi, Thakurli, Navapada, Sir JJ Road, Vangani, Murud, Pali, Gorai, Talasari, Nagothane, Khardi, Kamatghar, Mahim, Khodala, Manori, Antop Hill, Mulund Colony, LBS Marg-Mulund, Kanjurmarg East, Kannamwar Nagar, Panth Nagar, barve Nagar, chirag Nagar, vidyavihar West, vidyavihar East, postal Colony, Jai Ambe Nagar, Sindhi Society, Borla, Ghatla, chembur Colony, Sahakar Nagar, kidwai Nagar, sewri West, Ambernath East, Ambernath West, Manor, Vehloli, Vindhane, Boraj, Umroli, Nagaon, Dohole, Shelu, Sakawar, Gokuldham Colony, Magathane, Ghodbunder, Netaji Nagar, Best Nagar, Kajupada, Dhamote, Kharbao, Anand park, Kopargaon, Matunga, Govandi East, Hariyali, Tungareshwar, Tagore Nagar

 

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Door to Door Marketing Strategy, Door to Door Marketing Plan

shop marketing enterprise | door2door marketing Professional nashik

When it comes to Promotional Marketing and its associated services shop marketing enterprise | door2door marketing Professional nashik, we like to think we know a thing or two. After all, we’ve been doing it for a quarter of a century!

As a long established and reliable partner to brands and agencies, we provide a proactive and helpful account management team to help work through your marketing objectives. Technology is at the heart of everything we deliver – from live online reporting through to cashback platforms and ecommerce websites, we utilise the latest technology to deliver efficiencies in handling and transparency of our operation.

Fulcrum provides a flexible approach – allowing you to focus on your brand, while we take care of the detail behind the scenes

For the team here at Fulcrum it’s all about how to help a brand to drive sales, manage logistics – using the power of our people, our processes and our technology. Our people are drawn from a variety of commercial backgrounds including agency, experiential, btl and fieldwork.

We do the research on new trends, Marketing and Btl solutions and effective ways of working

we provide a comprehensive a range of promotional solutions to major organisations working to promote their businesses and brands. These solutions relate to the issuing, validation, redemption and settlement of…

RETAILER OFFERS – loyalty vouchers, coupons & points, complex & personalised targeted promotions, trigger offers

STORED VALUE INSTRUMENTS – gift, savings, points, general ‘spend’ cards or virtual cards
MANUFACTURER COUPONS – including 3rd party and affinity partner programmes
…whether physical or digital, for customer present and online transactions.

Our services are operational in the mumbai and pune (where we support all major grocery retailers, FMCG manufacturers, and many leading multi-retailer environments).

Who are we?

Fulcrum specialises in the provision of marketing, Btl and leaflet distribution services within the Marketing and all sector.

How can we help?

Over the years we have innovated our core capabilities through excellent IT infrastructure and customer service, to provide a one stop shop for all your promotional, fulfilment and distribution needs.

We are dedicated to helping our customers achieve growth, customer retention and increased profitability through the combination of our expert marketing support services.

Marketing

Brand Activation

 

Marketing idea an tips , info , case study

Motivating and Compensating Salespeople

Motivating and Compensating Salespeople

Employees are best motivated through effective job design, equitable compensation, and treatment as stakeholders in the company.

LEARNING OBJECTIVES

Discuss methods to motivate and compensate salespeople

KEY TAKEAWAYS

Key Points

  • Participation and influence are important ways to provide motivation to employees. Voice and influence mechanisms allow employees to contribute their expertise to the success of the business.
  • Meaningful job design exemplifies the company’s goals and structure, and motivates employees. Without meaningful job design, an organization will never operate to its potential.
  • There are many different types of compensation, including bonuses, benefits, and commission. This is especially true for salespeople, whose overall compensation is likely to be directly linked to the quantity and quality of their sales.
  • Having internal and external equity in compensation is crucial to employees feeling that they are being adequately valued by the organization. “Matching the market ” maximizes the quality of talent while minimizing labor costs.

Key Terms

  • equity: Justice, impartiality or fairness. Internal and external equity relate to a comparative level of pay compared to both internal and external candidates.

Employees as Stakeholders

The concept of employees as stakeholders refers to the interest employees have in the success of the company and the fact that actions taken by the organization directly affect the employees. Employees’ stakes in the company are economic in the fact that their livelihood comes from the firm, psychological in that they derive pride from their work, and political in terms of their rights as employees and citizens. To motivate employees and improve firm performance, companies should strive for employee participation and influence.

Voice and influence mechanisms allow employees to give input and to contribute their expertise to the success of the business. These mechanisms allow firms to get the most benefit from the skills of their human capital. Thus, firms with employee influence mechanisms get higher financial return from their employee assets.

Effective Job Design

Job design, defined as the allocation of specific work tasks to individuals and groups, is critical for any organization. Allocating jobs and tasks means specifying the contents, methods, and relationships of jobs to satisfy technological and organizational requirements as well as the personal needs of jobholders. If successful job design is not implemented, then the company’s general strategy and direction will be strongly diverted. Employees, in turn, will be demotivated. Meaningful jobs must exemplify the company’s goals and culture.

image

Paradigm of diversity: Following the above paradigms can lead to a more motivated and more successful sales team (and workforce in general).

Individuals, including salespeople, need to be compelled and excited to do their work. It is thus essential to design their jobs with the goal of motivating them. Motivation describes the forces within the individual that account for the level, direction, and persistence of effort expended at work. Appropriate resource allocation allows large organizations to foster and develop innovation in their workforce. Reward systems include compensation, bonuses, raises, job security, and benefits. Job design is the base element for producing effective work organizations, so without meaningful job design, an organization will never operate to its potential.

Compensation: Internal Equity

The first consideration for designing a compensation system is that the base pay system needs to be internally equitable. In other words, the pay differentials between jobs need to be appropriate. The amount of base pay assigned to jobs needs to reflect the relative contribution of each job to the company’s business objectives.

Compensation: External Equity

The second consideration in creating a base pay system is external equity. This refers to the relationship between one company’s pay levels and the pay levels of competitors. Setting pay levels higher than the competition, in the hope of attracting the best applicants, is called “leading the market.” The risk is that a company’s costs will generally be higher than the costs of its competitors. Other employers can set their pay levels lower than their competition, hoping to save labor costs. This is called “lagging the market. ” The risk is that the company will be unable to attract the best applicants. Most employers set their pay levels the same as their competition. This strategy is called “matching the market” and maximizes the quality of talent while minimizing labor costs.

Types Of Compensation

Cash is one way to compensate employees, but cash alone is rarely enough payment. Benefits and other forms of non-monetary compensation are becoming more appropriate forms of compensation for employees in today’s workplace. In order to attract, retain, and motivate the best employees, benefits and other sources of non-monetary compensation should be considered. If the company has an understanding of what they can offer to employees, benefits can increase a company’s workforce quality and the general morale of employees.

Companies can offer different types of benefits in order to create a positive culture for their employees. These benefits have the ability to promote social interaction among employees, make life easier for working parents, or improve their quality of life. Depending on the industry and job type, benefits may be more attractive than salary figures. This fact could allow companies to pay lower wages, thus reducing the total amount spent on payroll.

Pay for Performance

It is important to design reward systems carefully, taking into consideration base salary and other incentives. This notion applies especially to salespeople. Most compensation systems include “variable pay.” Depending on work performance, many companies reward their employees without affecting the base salary. To reward employees for achieving a set goal, many companies use bonuses. To this point, companies such as GE, HP, and Sun Microsystems use software that directly evaluates the behavior of employees with respect to customer service. Long-term incentives are also a part of reward systems. Stock options and profit-sharing plans are representative of long-term reward systems.

 

Advertising ideas

Promotional Idea

Marketing Ideas

Marketing Ideas 1

Events Ideas

Marketing Management and Strategic Planning

 Guide to Online Marketing

Sales Management & Planning

Advertising and Promotion

Mass Communication Media and Culture

Principles of Marketing

Effective marketing techniques

Marketing communication Strategies and Planning

Promotion: Integrated Marketing Communication

Marketing Management and Strategic Planning

Marketing Strategy

ADVERTISING AND PROMOTIONS

 

 

Retail Management

Entrepreneurship and Innovation

Small Business Management

Business Plan Development Guide

Small Business and Entrepreneurship

Human Resource Management

Introduction to Business

Principles of Management

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