When people hear the word “consulting,” they often think of Harvard MBAs advising enterprise businesses on corporate strategy.

They think that being a consultant means obtaining difficult degrees and certifications from prestigious universities in order to land a competitive job at a top consulting firm.

They envision a fancy office with thousands of impeccably dressed staff members, each with a packed suitcase ready for yet another international flight.

But in reality, this isn’t an accurate picture of consulting.

Not even close.

The true picture of modern consulting is a lot closer to home, and you probably know someone right now making great money as a consultant. 36% of the US workforce is currently engaged in some form of independent consulting and contract work, and out of this group, nearly 20% of those working full-time are earning north of six figures.

In this guide, we’ll discuss the definition of consulting, explore

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What is Sales?

Sales refer to the exchange of goods and services in return for the money. It is a process to transfer goods from manufacturer to distributor, distributor to wholesaler, wholesaler to retailer and from retailer to the consumer. The primary object of sales is to increase revenue.

Generally, to promote sales of a product or services a special discount or offers are encouraged to attract the consumer. Few activities involved in strengthening the sales are:

  • Demonstration of the product
  • Establishing tie-up with various companies
  • Customers satisfaction
  • Building contacts

Also Check: Difference between Selling and Marketing

What is Marketing?

Marketing is a process that involves research and analysing customer requirement, according to which a company manufactures a product to satisfy their need. The marketing team regularly do market research to examine the likes and dislikes of customers or a group with different tools. In other words, marketing is all

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Is having a great product the only requirement to run a successful business? For most companies, the answer is no. Why? Because generating sales requires potential customers to understand that a product exists, what it does, and why it’s better than a competitor’s offering.

The responsibility to communicate that information rests on the shoulders of the marketing and sales teams. Typically, marketing has a predominant role at the beginning of a potential sale. For example, a marketing team may develop a new radio campaign to help spread awareness about a product launch. A sales team works to finalize a deal by communicating directly with leads and addressing their concerns.

Another advantage sales and marketing teams exploit, is collaboration. Rather than operating as independent units, strong information and idea sharing between the teams can help improve results and create a seamless experience for prospective buyers.

Here’s a comprehensive overview of the

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Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948.

Marketing Mix – A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix.

Elements of Marketing Mix

The elements of marketing mix are often called the four P’s of marketing.

  1. Product

    Goods manufactured by organizations for the end-users are called products.

    Products can be of two types – Tangible Product and Intangible Product (Services)

    An individual can see, touch and feel tangible products as compared to intangible products.

    A product in a market place is something which a seller sells to the buyers

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Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix – Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

Description: What are the 4Ps of marketing?

Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply – demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

Product: refers to the item actually being sold. The product must deliver a minimum

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Marketing is a business term that experts have defined in dozens of different ways. In fact, even at company level people may perceive the term differently. Basically, it is a management process through which products and services move from concept to the customer. It includes identification of a product, determining demand, deciding on its price, and selecting distribution channels. It also includes developing and implementing a promotional strategy incorporating both outbound and inbound marketing.

Collins Dictionary has the following definition of the term:

“Marketing is the organization of the sale of a product, for example, deciding on its price, the areas it should be supplied to, and how it should be advertised.”

Below is the American Marketing Association’s definition:

“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

Marketing refers to the

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square What is Management? Definitions

According to Harold Koontz,

“Management is the art of getting things done through and with people in formally organised groups.”

Harold Koontz gave this definition of management in his book “The Management Theory Jungle“.

According to Henri Fayol,

“To manage is to forecast and to plan, to organise, to command, to co-ordinate and to control.”

Henri Fayol gave this definition of management in his book “Industrial and General Administration“.

management definition meaning features

Image Credits © Michael Heiss.

According to Peter Drucker,

“Management is a multi-purpose organ that manages business and manages managers and manages workers and work.”

This definition of management was given by Peter Drucker in his book “The Principles of Management“.

According to Mary Parker Follet,

“Management is the art of getting things done through people.”

square Meaning of Management

According to Theo Heimann, management has three

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Management is an inevitable element for directing and unifying the group efforts towards a common objective. Since the most of the human aims can be well realized only through collective action, management is universally called for in all such organizations of the society.

Management – Meaning, Role, Importance, Limitations

In short, management is not merely the task of managing the business. But it is an essential accompaniment of all social organizations and is to be found everywhere as a distinct and dominant activity.

In other words, management functions have universal application. While describing the pivotal role of management in the social history, Drucker rightly remarked that

Management which is the organ of society specially charged with making resources productive that is with the responsibility for organized economic advance, therefore reflects the basic spirit of the modern age.

With the growth of industry and commerce and the separation of ownership from

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Definition: Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK.

Description: Advertising is always present, though people may not be aware of it. In today’s world, advertising uses every possible media to get its message through. It does this via television, print (newspapers, magazines, journals etc), radio, press, internet, direct selling, hoardings, mailers, contests, sponsorships, posters, clothes, events, colours, sounds, visuals and even people (endorsements).

The advertising industry is made of companies that advertise, agencies that create the advertisements, media that carries the ads, and a host of people like copy editors, visualizers, brand managers, researchers, creative heads and designers who take it the last mile to the customer or receiver. A company that needs

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