Explain your rationale for how you set the price of your products in the marketplace.I set the price of my product in the marketplace from the practical approach that is cost-based pricing in which an amount of gain joins the total cost of a product and, the expenditures that were not into consideration previously. The basis of setting up the price of a product in the market does not only serve the purpose of organization’s profitability objectives but it also encompasses volume, ethical, social, image, and status quo goals .
What was your strategy around creating new products to meet the changing marketplace?I came up with devising new products in order to cater the needs of irregular marketplace. I made regular focus on releasing new products in the market in order to save company from product obsolescence. The regular flow of new products into the market raised the company’s lifeblood and underwent improved survival in the market . Few new products among the new ones established the fundamental technological breakthrough that posed hard times to the competitors in the market, and enabled organization to enjoy great share of market.
I established referent with the help of a pre-test that gauges customer awareness and, behavior of the product. The outcomes of a pre-test revealed that the customers in a particular vicinity are forty percent aware of the development, and the registration of their attitudes is 3.5 on the scale (1=very bad; 2=bad; 3=average; 4=superior; 5=very superior), whereas the objective was to improve awareness from forty to ninety percent and 3.39 to 4.49 behavior levels. Therefore, the objectives established accordingly after undertaking complete yearly promotion in 2014. This promotion campaign resulted in improvements in customer’s attitude and level of awareness after the employment of testing measures on the customers .
How effectively did you establish a sales force and distribution channels?I designed the sales force with the help of three steps. Number one step details sales strategy that involves customer segmentation offering and, sales process, the second one entails go-to-market strategy, and the third one is sales force design that comprises of sales force structure and, size . I formed the distribution channel with the incorporation of different channels including wholesaler, catalog, Value-Added Reseller (VAR), broker, Sales Representative, Internet, Sales Squad, Retail and, Consultants were all the fundamental elements in the business growth and added returns.
What was your sales forecast strategy for your products?
I developed the strategy of sales estimate for my products around two fundamental elements that were estimation of each sales representative and, an examination of trends in the markets. The strategy enabled the company to establish individual and departmental sales objectives, departmental budgets and, estimates of business expansion for investors.
What was your rationale for your credit policies (accounts receivable and accounts payable)?
The rationale for collecting accounts receivable included internal communication within relevant departments, execute phone calls and remind customers to not forget the previous adage, disposal of letter comprised of agreed sales terms and conditions and copy of invoice, a delivery of an email forcing customer to live up the promises, follow up after designated time period and explain to customer that overdue unpaid invoices case go to the collection agency, and acknowledge payment after payment of invoice. The vendors are responsible to honor the company’s policy in order to have their payment on time. The policy required them to fill out the designated form available on the company’s website under the title “payments” and attach all the necessary documents to the accounts payable department in order to receive their payments in time. It is advisable to all vendors to review the payment terms and condition of the company available on the website before submitting the invoices to the concerned department.
References
Boone, L., & Kurtz, D. (2013). Contemporary Marketing. Mason, OH, USA: South-Western Cengage Learning.
M. Joseph Sirgy. (2014). Real Estate Marketing: Strategy, Selling, Negotiation, Management, and Ethics. New York: Routledge.
Zoltners, A., Sinha, P., & Lorimer, S. (2004). Sales Force Design for Strategic Advantage. Basingstoke, Hampshire: Creative Print & Design (Wales), Ebbw Vale.
