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Essential Steps In Setting Price For A Product

When setting the price of a new product, marketers must consider the competitions prices, estimated consumer demand, costs, and expenses, as well as the firms pricing objectives and strategies.
Here are the steps on how to set a price for your products:

Step 1: Determine Pricing Objectives. What is your purpose in setting a price for your product? Do you want to increase sales volume or sales revenue? Establish prestigious image for your product and your company? Increase your market share and market position? Answering these questions will help you keep your prices in line with other marketing decisions.

Step 2: Study Costs. Since the main reason for being in business is to make a profit, give careful consideration to the costs involved in making or acquiring the goods or services you will offer for sale. Determine whether and how you can reduce costs without affecting the quality or image of your product. This is so true for a company that quality product is the main service. For instance, a digital printing service shop can higher their price in their postcard printing service if it really has higher quality compared to others.

Step 3: Estimate Demand. Employ market research techniques to estimate consumer demand. The key to pricing goods and services is to set prices at the level consumers expect to pay. In many cases, those prices are directly related to demand.

Step 4: Study Competition. Investigate your competitors to see what prices they are charging for similar goods and services. Study the market leader. What is the range of prices from the ceiling price to the price floor? Will you price your goods lower than, equal to, or higher than your competitors?
Step 5: Decide on a Pricing Strategy. You may decide to price your product higher than the competitions because you believe your product is superior. You may decide to set a lower price with the understanding that you will raise it once the product is accepted in the marketplace.

Step 6: Set Price. After you have evaluated all the foregoing factors, apply the pricing techniques that match your strategy and set an initial price. Be prepared to monitor that price and evaluate its effectiveness as conditions in the market change.

Sales Training Books

Books Sales Professionals might like to Read

While developing out new website for Sales Training Consultants, we thought it would be a good idea to provide a reading list for sales people wanting to develop their sales skills and knowledge. So, here it is, divided into various sub-categories for ease of use:

Selling Skills

* Getting Into Your Customer’s Head: 8 Secret Roles of Selling Your Competitors Don’t Know, Kevin Davis. New York: Random House, 1996. (ISBN 0-8129-2628-5)
* Stop Selling and Start Partnering, Larry Wilson
* Changing the Game, Larry Wilson. New York: Simon and Schuster, 1987.
* SPIN Selling, Rackham, Neil. New York: McGraw Hill, 1988.
* Solution Selling by Michael T. Bosworth (Irwin Publishing, 1995).
* Samurai Selling: The Ancient Art of Service in Sales by Chuck Laughlin, Karen Sage and Marc Bockmon (St. Martin’s, 1993).
* The 25 Sales Habits of Highly Successful Salespeople , by Stephan Schiffman (Adams Publishing, 1994).
* The AMA Handbook of Successful Selling, by Bob Kimball (NTC Publishing Group, 1993).
* The Selling Bible: For People in the Business of Selling, by John L. Lawton (Council Oaks Distribution, 1995)
* Closing Tactics, Andoni Lizardi
* Negotiate to Close, Gary Karass
* Ziglar on Selling, Zig Ziglar. Nashville, TN: Ziglar Corporation, 1991.
* The Sales Strategist: 6 Breakthrough Strategies to Win New Business, Warren Kurzrock. New York: Irwin Publishing, 1996. ISBN: 0-7863-0738-2.
* Selling to VITO: the Very Important Top Officer, Anthony Parinello, Massachusetts, Bob Adams, 1994.
* Selling to the Top, David A. Peoples. New York, John Wiley & Sons, 1994.
* Sales Reengineering From the Outside In, Mark Blessington and Bill O’Connell (McGraw Hill, 1995).
* Strategic Selling, Stephen Heiman and Robert Miller.
* Conceptual Selling, Stephan Heiman and Robert Miller. Berkeley, CA: Miller Heiman, 1987.
* Selling the invisible, Harry Beckworth
* Cracking New Accounts: Tips and Techniques for Opening and Closing the Sales in Half the Time, Terry L. Booton (Probus, 1994).
* Guerilla Selling: Unconventional Weapons and Tactics for Increasing Your Sales, Jay Conrad Levinson, Orvel Ray Wilson and Bill Gallagher (Houghton Mifflin, 1992).

Business Acumen

* The One to One Future: Building Relationships One Customer at a Time, by Don Peppers and Martha Rogers (Doubleday, 1993).
* The Monster Under the Bed by Stan Davis & Jim Bodkin. (Simon and Schuster, 1994).
* Corporate Life Cycles: How and Why Corporations Grow and Die and What to Do about It by Izak Adiches. (Englewood Cliffs, NJ: Prentice Hall, 1990).
* The Little Black Book of Business Math, by Michael C. Thomsett. (New York: Anacom, 1988).
* The Art of War, by Sun-Tzu (Delacorte, 1989).
* The Goal, by Eliyahu M. Goldratt (North River Press, 1992).
* The E Myth: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber (Harper-Business, 1990).
* The Popcorn Report: The Future of Your Company, Your World, Your Life by Faith Popcorn (Harper-Business, 1992).
* Finance and Accounting for Non-Financial Managers by William G. Droms, (Reading MA: Addison Wesley, 1990).
* The Vital Difference: Unleashing the Powers of Sustained Corporate Success, by Frederick G. Harmon and Garry Jacobs, (AMACOM, 1985).
* What They Don’t Teach You at Harvard Business School, Mark H. McCormack, (Bantam Books, 1984).
* Zap, the Power of Empowerment by Jeff Cox.
* Marketing, by Robert D. Hisrich (Barron’s Educational Series, 1990).
* Multi-Level Marketing: The Definitive Guide to America’s Top MLM Companies (Summit Group, 1993).
* Relationship Marketing: Successful Strategies for the Age of the Customer, by Regis McKenna (Addison Wesley, 1993).
* How to Drive Your Competition Crazy, Guy Kawasaki.
* The Ten-Day MBA : A Step-By-Step Guide to Mastering the Skills Taught in America’s Top Business Schools @amazon.com
* The Complete MBA For Dummies @amazon.com
* Financial Statements : A Step-By-Step Guide to Understanding and Creating Financial Reports @amazon.com
* Business Planning : 25 Keys to a Sound Business Plan (The New York Times Pocket MBA Series) @amazon.com
* Tracking & Controlling Costs : 25 Keys to Cost Management (The New York Times Pocket MBA Series) @amazon.com
* Forecasting Budgets @amazon.com

Strategic Sales Planning

* The Magic Lamp: Goal Setting for People Who Hate Setting Goals, Keith Ellis, Three Rivers Pr., 1998, ISBN: 060980166X.
* Achieving Individual and Team Goals, Terry R. Bacon, Thomas Doggett, International Learningwork, 1996, ISBN: 1577400135.
* The Agile Manager’s Guide to Goal-Setting and Achievement (The Agile Manager Series), Walter Wadsworth, Velocity Pub., 1998, ISBN: 0965919323.
* All About Goals and How to Achieve Them, Jack Ensign Addington, Devorss and Co (Txp), 1977, ISBN: 0875162371.
* 10 Minute Guide To Planning (10 Minute Guides), Edwin E. Bobrow, IDG Books Worldwide, 1997, ISBN: 0028618181.
* The Sales Strategist: 6 Breakthrough Strategies to Win New Business, Warren Kurzrock. New York: Irwin Publishing, 1996. (ISBN 0-7863-0738-2)
* Sales Reengineering From the Outside In, by Mark Blessington and Bill O’Connell (McGraw Hill, 1995).
* First Things First, Steven Covey, Roger Merrill and Rebecca R. Merrill (Simon & Schuster, 1994)
* Winning the Fight between You and Your Desk by Jeffrey J. Mayer (Harper Business, 1994)
* Strategic Selling, Heiman, Stephen and Miller, Robert.
* Conceptual Selling, Heiman, Stephen and Miller, Robert. Berkeley, CA: Miller Heiman, 1987.
* Successful Large Account Management, by Robert Miller
* Major Account Sales Strategies, by Neil Rackham. New York: McGraw Hill, 1989.
* Managing Major Accounts, Neil Rackham
* Stop Selling and Start Partnering, Larry Wilson
* Power of Consultative Selling, Bryce Webster
* Organizational Capability: Competing from the Inside Out, by Dave Ulrich and Dale Lake, (John Wiley and Sons, 1990).
* Getting to Yes: Negotiating Agreement without Giving In, Fisher and Uri.
* Cracking New Accounts: Tips and Techniques for Opening and Closing the Sales in Half the Time, by Terry L. Booton (Probus, 1994).
* Guerilla Selling: Unconventional Weapons and Tactics for Increasing Your Sales, by Jay Conrad Levinson, Orvel Ray Wilson, and Bill Gallagher (Houghton Mifflin, 1992).

Customer Focus

* Discipline of Market Leaders, Treachy, Michael and Wiersema, (Addison Wesley, 1995)
* Brain Power: Learn to Improve Your Thinking Skills , Karl Albrecht. Prentice Hall, 1987.
* Seven Habits of Highly Effective People. Stephen R. Covey. New York: Simon & Schuster, 1990.
* Raving Fans: A Revolutionary Approach to Customer Service , Ken Blanchard and Sheldon Bowles. New York, William Morrow & Co., 1993. ISBN 0-688-12316-3.
* Stop Selling and Start Partnering, Larry Wilson & Hersch Wilson.
* One-to-One Marketing, Martha Rodgers and Don Peppers.
* The Customer Driven Company: Moving from Talk to Action , Richard C. Whiteley. Addison Wesley, Reading, MA, 1991. ISBN 0-201-57090-4.
* Customer Centered Growth: 5 Strategies for Building Competitive Advantage, Dianne Hessen and Richard Whitely. Addison Wesley, Reading, MA, 1996. ISBN: 0-201-47967-2.
* Getting Into Your Customer’s Head: 8 Secret Roles of Selling Your Competitors Don’t Know , Kevin Davis. New York, Random House, 1996. ISBN 0-8129-2628-5.
* Changing the Game, Larry Wilson, New York, Simon & Schuster, 1987.
* Solution Selling, Michael T. Bosworth. Irwin Publishing, 1995.
* Customer Visits: Building a Better Market Focus , Edward F. McQuarrie, Sage Pubns., 1998, ISBN: 0761908838.
* Customer Focus: A Strategy for Success, Roger Langevin, Bill Christopher, Crisp Pubns., 1998, ISBN: 1560524855.
* The Discipline of Market Leaders: Choose Your Customers, Narrow Your Focus, Dominate Your Market , Michael Treacy, Frederik D. Wiersema, Perseus Pr., 1997, ISBN: 0201407191.
* Implementing Quality With a Customer Focus , David N. Griffiths, Quality Resources, 1991, ISBN: 0873891104.

End User Effectiveness

* All Consumers Are Not Created Equal, Garth Hallberg. John Wiley & Sons, 1996. 320 pages.
* Real Time, Regis McKenna. Harvard Business School Press, 1998.
* Enterprise One to One, Don Peppers and Martha Rogers, Ph.D. Currency Doubleday, 1997.
* Keeping the Edge, Dick Schaaf. Dutton, 1995.
* Customer-Centered Growth, Richard Whiteley and Diane Hessan. Addison-Wesley, 1996.
* Strategic Customer Alliances : How to Win, Manage, and Develop Key Accounts @amazon.com
* Key Accounts Are Different : Sales Solutions for Key Account Managers @amazon.com
* Account Management (Building Service Management Program) @amazon.com
* Successful Large Account Management by Tad Tuleja(Contributor), et al @amazon.com
* Key Account Management: The Route to Key Supplier Status by Peter Cheverton @amazon.com
* Key Account Management: Maximizing Profitability from Major Customers by John Rock @amazon.com

Negotiation Skills

* Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher and Bill Ury (Viking Penguin, 1991).
* Getting Past No, Bill Ury (Viking Penguin, 1993)
* The Tao of Negotiation by Joel Edelman and Mary Beth Crain (Harper Business, 1993).
* How to Out-Negotiate Anyone (Even a Car Dealer) by Leo Reilly (Adams Publishing, 1993).
* Major Account Sales Strategies, by Neil Rackham (McGraw Hill, 1989).
* The Complete Negotiator, Gerard Nierenberger, (Berley Books, 1986).
* The Negotiation Toolkit: How to Get Exactly What You Want in Any Business or Personal Situation @amazon.com
* Deal Power: 6 Foolproof Steps to Making Deals of Any Size by Marc Diener @amazon.com
* The Power of Negotiating: Strategies for Success by Mike R. Stark @amazon.com
* The Shadow Negotiation: How Women Can Master the Hidden Agendas That Determine Bargaining Success by Deborah M. Kolb, Judith Williams @amazon.com

Channel Partner Effectiveness

* The channel advantage, Lawrence Friedman and Timothy Furey
* Market-Based Management: Strategies for Growing Customer Value and Profitability, 2nd edition, (Prentice Hall, 2000) – Roger Best – Part III Tactical Marketing Strategies Chapter 9
* Make Your Dealers Your Partners Harvard Business Review, March-April 1996, pp. 89-96.
* Rethinking Distribution: Adaptive Channels Harvard Business Review, July-August 1996, pp. 112-120. (Englewood Cliffs, NJ: Prentice Hall, 1990).
* The Sales Rep Navigator: How to Find the Perfect Sales Rep or Distributor for Your Business, @amazon.com
* How to Market Your Product Through Distributor sales Networks, @amazon.com
* Planning Telephone Sales: Handbook for Distributor Management, @amazon.com
* The Channel Advantage : Going to Market With Multiple Sales Channels to Reach More Customers, Sell More Products, Make More Profit @amazon.com
* Channel Champions: How leading companies build new strategies to serve customers @amazon.com

Computer Skills

* Lotus Notes for Dummies, @amazon.com
* PowerPoint for Dummies, @amazon.com
* Excel for Dummies, @amazon.com
* Word for Dummies @amazon.com

What Is A Payment Gateway And How It Works

Payment Gateway is another tool of convenience invented for those who have shortage of time. It enables electronic transactions of money between customers, banks and businesses. This process is a must for all online businesses and shopping carts. Following are the features of a Payment Gateway:

Facilitates ecommerce operations, also it allows transactions in conventional brick and mortar businesses.

Encryption of private data as well as payment

Carries out communique between the concerned financial institutions, the business and the customer.

Authorization of payments.

Feature to calculate the sales tax, handling costs and shipping rates is available only in some payment gateways.
Specialized fraud detection tools can be added to a payment gateway in order to ensure safety. Many web hosting companies provide payment gateways within their packages.

Working of a Payment Gateway:

All the operations of Payment Gateway are carried out with the help of Internet. Many brick and mortar businesses also make use of them as they are quicker and more reliable means of payment.

Following are the steps involved in the working of the payment gateway:

The customer buys a product or products through a Web site, phone order or in person.

The SSL (Secure Socket Layer) coding is used by the customer’s browser to “scramble” the data that is being sent.

The information is collected by the business website and forwarded to the payment gateway.

The information is then sent to the bank by the Payment Gateway.

The request is then forwarded to the card association. If card used in the transaction is Discoverer or American Express, the association is then the same bank and if Visa Logo or MasterCard some extra steps are taken.

In the case of Visa Logo or MasterCard, the information related to transaction is forwarded to the concerned bank (customer’s bank).

This bank checks whether the customer’s account have sufficient balance or not.

An authorization code is sent by the customer’s bank to the card association informing them whether the transaction should be completed or not.

The authorization code is then sent to the Payment Gateway.

Finally a code is sent to the business by the Payment Gateway. The refusal of the transaction leads to the termination of the sales deal. The approval helps forward the sale and the money is taken from the account of the customer.
Thus Payment Gateway is a complicated process but is efficiently and swiftly carried out. Its incorporation in the business transactions has widened the scope of businesses. Also, it enables the businesses to conduct trade smoothly with clients all over the world.

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Fuyang 42 sales outlets for sale appliances to the countryside products – Neodymium Block Magnets

Later This Morning, Fuyang countryside individuals can acquire really to be able to monatary amount ”

Bringing home washing machines “Supplement. Fiscal in addition , Transact Agency proper wanted to say, future afternoon town will during Qin Dynasty Plaza” launch date attached to kitchen appliances toward country side “, each of our picture is simply Jinan,an,

States U . S . , 100 leading consequently eight “home equipment about the country” remedys issued deals sites angle stalls, maqui berry farmers were given their Identity with real estate, generally to choose 13% high priced compared to market price about kitchen appliances.

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“Cookware to countryside” devices at 10

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Of The household products to choose from 2 kits

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Financial Aid a certain amount into mind during 30 trading days

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Role Of Service Managers In Automotive Industry

Since the invention of automobiles the automotive industry has grown by leaps and bounds and continues to grow rapidly even today. With more and more models rolling out every day, the progress graph of the automobile industry is climbing up stupendously. Other factors like economic liberalization, easy finance schemes, tax benefit options and increasing per capita income provides added boost to it.

However, with more and more companies growing in this sector, competition has reached new heights, where not only the car designs and ambiance matter, but also the services provided by the companies play a vital role in attracting customers.

Today, many of the car buyers look for the services and options provided by car manufacturers. Buyers research more about the services through news articles and word of mouth publicity, before they go ahead with any decision. Hence, the service manager job in automotive industry calls for efficiency and extensive service manager training, as it affects the company sales in some way or the other.

Those employed in the service manager job need to oversee all the operations carried out by the service department and have to coordinate and supervise that all duties by service staff are in accordance with company policies and applicable international standards and laws. Hence, the service manager has to strike the right kind of balance between keeping customers happy and following procedure. The job involves a lot of mechanical knowledge as well as understanding customer satisfaction and priorities.

Also, the role involves ensuring customer satisfaction and retention by providing repair and service maintenance, and communicating with customers as per their priorities. Since, the automotive service manager directly handles the customer service part, the job requires to identify market reports and ongoing trends and be updated on the service strategy of other car companies in the market. The role of service manager in automotive industry has undergone drastic changes from what it was earlier; it requires a good deal of leadership qualities, management skills, motivation, customer service and counseling skills.

With so many responsibilities and pressure to achieve sales targets, it becomes very difficult for service managers to perform consistently with remarkable results. This is where automotive service consulting comes into picture. The role of a service consultant is more like a lubricant that gives a cooling effect to the engine that has been worn out and overloaded. The service consultant advices and prepares those in the service manager job to perform their tasks in an organized way, which will in return optimize their productivity and bring down their stress level.

Moreover, the service consultant guides the automotive service manager on how to measure the productivity of their subordinates and junior employees and provide them with best practices for better customer service and also provides them with updates and repair descriptions that will help the technicians. Service advisor training is held for people holding a service manager job or a service director job where a positive and systematic approach towards work is inculcated, to combat the ever mounting pressure of this competitive market.

Nucertity And Skincerity Reviews

Nucerity offers a unique line of skin products, which are called non-prescriptive health care products. They offer a unique, multi-level marketing plan that allows you to make money 12 different ways. Besides retail profits, you can earn new volume bonus, customer retention bonus, customer acquisition bonus, team bonuses, Blue Diamond level bonus, preferred customer overrides, executive matching bonus, multiple business centers, fast start bonus, Diamond level bonus and distributor retention bonus. For those that are interested in network marketing opportunities, this is one of the most generous compensation plans offered.

Nucerity offers three weekly conference calls for training, corporate updates and getting started. Right now, the company offers Skincerity, which is a breathable masque to improve your skin without affecting your normal skin care regimen. It rolls on as liquid and dries in seconds. It heals the skin and it is great for sun damaged skin, acne, rashes, itching and insect bites.

Soon to be released, Lucerity Natural Facelift contains the super antioxidant Lutein. It promises to increase your skin hydration and elasticity while it enhances cell growth for smoother skin. Both Skincerity and Lucerity are products that meet the demanding testing standards of the medical community through scientific research, clinical trials and testing.

The first-to-market skin and health care technologies create new consumer categories. The executive team at Nucerity has a successful history of developing medical practices and strong retail brands. They chose the network marketing distribution method for the person to person approach for optimal exposure. The company believes in well-paid distributors to market their leading edge products, which is why they have composed one of the leading compensation plans.

Nucerity has a medical advisory board with a certified dermatologist and a leading research scientist that specializes in anti-aging and age management skin care. It is obvious by the nature of the products that the medical advisory panel had influence in product development for Skincerity and Lucerity.

Skincerity is touted as a pharmaceutical grade product and an amazing medical breakthrough. Unlike any other skin care product, Skincerity makes your skin look younger by scientifically helping it to retain moisture. Wrinkles seem to disappear. Because Nucerity’s website won’t allow you to buy the product without going through one of their distributors, your network marketing business enjoys support from the company.

For an enrollment fee of $45, you can enjoy 40% discounts off the retail price. As an associate, you have to be personally active, which means enrolled for the $45 and paying the monthly website fee of $5.95, and have two personally sponsored affiliates who have also enrolled. From there, the ranks for compensation increase at a fairly quick pace, but those that reach the highest levels, Blue Diamond are earning thousands and thousands of dollars weekly.

Retail sales of Nucerity products are encouraged, besides the multi-level sponsorship plans and you are rewarded immediately. Team members purchase the products at wholesale and receive immediate retail profit. Affiliates that don’t participate in the team commissions can build their own websites to market the products. Face to face sales of the products is encouraged.

Once you have a customer that is satisfied, the repeat sales will continue to generate profits and possibly earn you an associate that can become part of your network. Nucerity believes that successful sales efforts, hard work, diligence and leadership are the keys to successful earnings results. They are willing to offer a generous compensation plan to motivate the growth of your network marketing business.

Promotion Strategies

The largest companies in world can demonstrate the best promotion strategies which are worth learning and following if one wishes to get success in the world trade and production. Two of such big companies which success could be defined as the best promotion strategies implementation are Coca Cola beverages Company and Pepsi Company.

Pepsi promotes its products by personal selling, advertising, and sales promotion. For advertising, and sales promotion it used printed and electronic media. Every newspaper and magazine carry Pepsi advertisements. Advertisement of Pepsi are eye catching and attractive. Through advertising it informs the consumer about new brands and flavours. Pepsi designs its sales promotion strategies and advertisement campaign focusing strictly on the target markets. Pepsi has been catching the trends of society. National songs by bands like Vital Signs, Awaaz, Junoon and Strings were the keys in their advertisement campaign. Sponsoring the pop industry and the cricketing team helped Pepsi hit right on target of their primary market which consists of teenagers.

The management of PEPSI uses both the skimming and penetration pricing strategy. The brands, which has price greater than Pepsi beverage is skimming pricing strategy, and brands having prices less than one can of Pepsi adopted penetration-pricing strategy. By adopting skimming they are earning more profit and by penetration they attract the customers and consolidating position in the market. They have to adopt both strategies because they are facing established competition in the market, e.g. In beginning the main competitors for Pepsi are Coca cola & RC, now their major competitor is Coca cola.

Sales Jokes In Sales Meetings A Sales Must

You’re not alone, because the fact is the often info-laden seminars that are constructed for the benefit of employees and those in the business are void of any sales jokes. Why are jokes about sales so important to include? Because they involve the audience at another level of interaction, they create a comfortable environment and successfully engage the audience in its totality. Sales jokes, especially sales training jokes are crucial to presentations and seminars – especially if you are the one conducting the session.

The responsibility is immense, employee satisfaction and general morale comes down to the office environment and the content of their job and duties. The work experience they encounter will be one of amusement and inspiration. Building energy in the room can be difficult; however sales jokes can alleviate the dullness and arduousness of the situation by creating a warmer and more welcoming atmosphere. One of the most important issues to address is ‘questions’.

For those new and lacking in knowledge about the sales industry, questions are critical to their understanding and help in building work relationships with other employees and seniors. As such sales jokes allows for a more relaxed environment where they feel comfortable and at ease to ask questions that will indubitably increase their performance within the office and increase profitability and profile for the business.

There really is nothing worse than sitting through an important sales meeting and finding it hard to stay awake and stay involved. Jokes about sales can make the difference! It offers humour and fun in a business environment. Adult sales jokes can be a risk and before using these in a sales meeting or presentation session make sure you know your audience well. It is inappropriate to use adult sales jokes or sexist jokes in mixed audience situation.

In today’s politically correct society and particularly in the work environment, or in any public presentation there can be severe repercussions if adult sales jokes cause offense to your staff or audience. The reality is that not everyone has the same sense of humour and causing offense will immediately disengage the audience or cause emotional stress in individual staff members. Jokes on sales should be fairly generic and funny! They should also be shared amongst all staff rather than creating a sense of isolation in one or more of the company’s departments.

If all staff are included in shared jokes you will find that the overall team spirit within the organization as well as productivity will increase. Without a shared team spirit, staff members often work alone and at their own pace as there is little desire of supporting fellow team mates in achieving their sales goals and targets. Therefore introducing humour through sales meeting jokes will improve the company turn over.

Steps involved in marginal costing

The technique of marginal costing involves the following steps:

a)Differentiation between the fixed costs and variable costs; b)Ascertainment of marginal costs and c)Ascertaining the effect on profit due to changes in volume or type of output; i.e. the determination of cost-volume-profit relationship.

The steps involved in marginal costing are explained as below: a)Difference between fixed costs and variable costs: Marginal costing technique involves the segregation of all costs into fixed costs and variable costs. The costs may be divided into fixed costs, variable costs and semi fixed or semi variable costs. Fixed cost may be defined as a cost which tends to remain unaffected in aggregate by changes in the volume of output. Fixed costs are generally referred to as period costs as they are incurred on the basis of time and do not vary directly with volume or rate of output such as rent, rates, insurance premium etc.

The variable cost may be defined as a cost which tends to change in aggregate in direct proportion to changes in output. The variable costs mainly depend on output and are sometimes referred to as direct costs. The examples of variables costs are direct material cost, direct wages, direct expenses etc. Semi variable cost or semi fixed cost is a cost which is partly fixed and partly variable. It tends to change in aggregate with changes in volume of output but not directly in proportion to such changes. The examples of semi variable costs are repairs and maintenance, cost of supervision etc.

b)Ascertainment of marginal cost: Under the marginal costing technique only variable costs are applied to products. The cost of production is the marginal cost of production and the cost of sales is the marginal cost of sales. The marginal cost refers to the aggregate of prime cost and all variable overheads. The prime cost is the aggregate of direct material cost, direct wages and direct or chargeable expenses. All variable overheads means variable overheads plus the variable portion of semi variable overheads. Semi variable overheads are partly fixed and partly variable and require segregation into fixed and variable elements.

The variable portion is added to fixed overheads thus forming part of marginal cost whereas the fixed portion is added to fixed overheads and the total fixed overheads are treated as separate costs. These separate costs are related to time and hence are known as period costs. The main problem to a cost accountant is to segregate the semi variable overhead into fixed and variable elements. The segregation or separation of semi variable overhead into fixed and variable elements can be done by adopting various methods such as comparison method. The high and low points method, equation method, averages method, graphical method or least square method.

Classof1.com offers Accounting Homework Help

The Importance Of Coupons And Vouchers

An integral component of building Raving Fans is rewarding your customers. You sell the best gizmos and provide fabulous customer service (both vital to building good relationships with your customers) but what turns a loyal customer into a Raving Fan.

Coupons or vouchers have an important role to play in saying thank you and making customers feel special. You can have a lot of fun and create a lot of loyalty. Lets look at when to use vouchers. A list of just some of the applications with examples follow. When you get the idea make sure you look at the last item what to remember before you set up your own vouchers.
Giving away things for FREE or discounted requires a bit of thought.

When to use vouchers: Saying Thank you

Vouchers and coupons are a great way to say Thank you. Use them when your customers complete a survey for you or when they first become a customer. Can you imagine going into a florist, purchasing flowers for you wife, completing the registration formthen when you open the computer the next day at workhey presto a thank you email with a voucher towards you next purchase, to welcome you to the we dont forget important dates Florist!. Nice touch!

When to use Vouchers: To move slow stock

Say you are a fashion shop. the Summer Sales are upon you so you generate a coupon to send to your loyal customer database and offer them an advanced opportunity to purchase before the general public. Summer sale starts on 1 June, come in any time the week prior, present your coupon and purchase at sale prices offer only available to customers of the Chic Fashion House. They feel special. They have a choice of all stock before general release and chances are, they will visit and purchase.

When to use Vouchers: Announce and move new stock

A florist has just ordered a pallet of designer pots. A new line for the business. She generates a voucher offering a special deal to her loyal customers. she offers a better price than the one she intends to offer to the general public. Special delivery at a special price due to go on sale on 1 September at $10 per pot, we are offering our Flower Family a sneak opportunity to purchase at just $8.50 per pot when you purchase two. In a single email you have raised awareness among your loyal customers of a new line you are carrying and again you are making them feel special. From their response, youll also get an idea of how popular its going to be!

When to use Vouchers: Cross-sell other products and services.

How many product lines do you carry? A few? Do your regular customers use all your services or just one or two? Do the ones that use just one of two even know about your other services or products? What would happen to your business if say 20% of your existing customers, purchased one other product or service from you? Its a pot of gold!!! And you have it. Just a quick note to thank you for your purchase and to include a voucher for our Pretty Pots at least thats what we think they are! Use you voucher to purchase one of our Pretty Pots and see for yourself. Look forward to seeing you next time. In a single email you have raised awareness among your loyal customers of other products or services they may not be aware of, and you have encouraged them to purchase.

When to use Vouchers: As an inducement to place another order / Up-selling

Coupons can form part of an ongoing promotion to encourage repeat orders and prevent customers straying. Often customers just wander off. You have done nothing wrong they just have a competitors name to hand at the time they want to order and hey presto, theyre gone! A printer completes a job for a new client. The clients information is now on the database. A thank you and Coupon is emailed out immediately offering a discount or an up-sell on a second order. I.e. the customer ordered 10,000 brochures. As a thank you he is offered a voucher for 500 business cards FREE with his next order. This printer will qualify the size of the next order on the voucher, and the expiry date. He can gang up multiple businesses, to make his business card offer really economic to print.

When to use Vouchers: Filling in a slow time in the season

Lots of companies dread particularly slow times of the year. They know they are coming but have difficulty cranking up work. Now you have a database, you can offer any number of inducements to help fill in this slow time. Imagine you are a car repair company. Every year you have a particularly slow period in January. Plan ahead. This year you are going to offer a free wheel alignment with every service if booked before Christmas for a January job. Tourism operators are very seasonal. In February everyone goes home and your resort is empty. Do a deal with the local cinema and send out a coupon to your more local market that would like a special night out. Offer a Fab February Flick deal. Book a room and get a free cinema tickets to whatever is on that month. Lots of ideas it just needs pre-planning and you should never be sitting dreading that slow month again!

What to remember?

When considering sending out a voucher, make sure you consider: What value – Giving away something free or discounted requires thinking through. Is it going to cheapen my product? Is the amount I am sacrificing worth the additional revenue? Can I pick up the cost I am sacrificing by increasing my charges anywhere? Once you have satisfied these questions, move on. Put a cutoff date for the offer.

You dont want them valid for too long because customers tend to procrastinate then end up never using the coupons or vouchers. Similarly you dont want them brining a voucher into your business in 2 years and expect you to honor it.

There always has to be conditions applied to your coupons and vouchers. For example, you may want to make them non-transferable or applicable to non-sale items. If its for a service then you might want to exclude times that you know you will be busy.