Pricing

Pricing is the most important decision making process in market management. It is the process of fixing the price for the product or services they provide.

The pricing policy should be such that,

1. It should enable the firm to earn a fair percentage of profit.

2. It should aid in staying ahead of competition.

3. It should maintain or increase the firm's share of the market.

4. It should stabilize its prices.

Advertisement is the process of promotion of goods and services. It is a one way communication between the market and the potential customer. A firm can use a number of media for advertisements. Choosing the media depends on the following factors.

1. Purpose of advertisement: The purpose of advertisement can be

a. To inform people about product/services.

b. To inform people about the superiority of one company over its competitors.

c. To create a brand name so familiar that it becomes a house hold work.

d. To introduce a new product.

2. Cost of advertising media: Advertisements can be made using different media like news paper, magazines, radio or TV. Marketing managers should choose the media based on its cost and effectiveness.

3. Circulation of media: Media circulation refers to the actual number of readers, viewers or listeners in a specific area. Marketing managers should choose a media with good circulation in that place.

Sales Management

Selling is a process involving the following functions.

1. Locating and identifying buyers.

2. Making buyers aware of goods through advertisements.

3. Offering advice and services to the purchaser.

Sales management is the process of planning, organizing, directing and controlling the sales activities in an organization. Sales management includes.

a. Looking for new and profitable market.

b. Trying to improve sales methods.

c. Providing goods to customers through economical route.

d. Motivate the staffs of sales department.

e. The goods reach the customers at the right time.

f. Inspire complete co-ordination between advertising and sales.

g. Receive suggestions on quality, appearance, price and method of packing from customers, sales staff and dealers.