The marketing mix-definition-example-elements-4ps-4cs

The Marketing Mix

Marketing Mix Definition

The marketing mix has consisted of various tools of marketing a firm uses to run to run its business. It’s a combination of some elements that are vital in the business world.

  • Also known as marketing mix 4ps.
  • An extended version of it includes Marketing Mix 7 Ps:
  • 4Ps of it has another modified version which is the 4cs of marketing’ although this version is not so widely known as the other two.

Moving on to the marketing mix 4ps.

Marketing mix 4ps

Marketing Mix 4 ps

Fig- Marketing mix elements

Marketing mix product

The product is one of the marketing mix elements which keeps the system going. It’s produced by a manufacturing company or bought from a manufacturer to satisfy the needs of the targeted audience.

  • It can be tangible or intangible (in the form of service)
  • For example, if you offer clothes to our targeted audience, you’re selling a product.

If you’re offering any kind of service like delivering stuff to your customer you’re offering the service in exchange If money.

marketing mix importance-product-price-promotion-place

Marketing mix price

Price is the value or amounts your targeted audience pay you in exchange for the product or service you offer to them. Price actually places an economic value to your offerings.

In terms of selecting the price for your product or service you have to keep certain things in mind such as,

  • Not too low: If your pricing is too low compared to your competitors in the market then your customers may think your product or service is not that valuable compared to them
  • Not too high: If your pricing is too high then your customers will outweigh the too high price with the benefits received from your product.

The pricing has to be just perfect so that you can gain your profits while it’s convenient for our targeted audience as well.

Marketing mix promotion

Promotion refers to the steps a firm takes to induce its targeted customers to its products or services. Promotional activities can be divided into 5 types.

  • Personal selling.
  • Advertising
  • Direct marketing.
  • Sales promotions.
  • Public relations.

All these include several activities which all aim to familiarize the targeted audience with a firm’s offering as much as possible.

Marketing Mix Place

Place refers to selecting a place which would be convenient for your targeted customers. This marketing mix variable includes deciding which distribution channel to go with while distributing the products to the retailers and wholesalers who will sell your product to the targeted audience.

Selecting prominent places is an important cause if the locations are easily accessible to everyone, then there will be more customers looking to buy your offerings.

Marketing Mix Matrix

 

Marketing Mix 7 p’s

Although marketing mix the 4ps is initially used worldwide, this model actually has an extended version which is the Marketing Mix 7 p’s. This version includes 3 more marketing mix elements.

Marketing Mix People

This marketing mix element refers to the people involved with the whole process: your employees and the targeted customers.

Firstly you have to determine if the size of the targeted audience is big enough to demand the product or service you’re going to offer. Let’s face it if you bring a product or service in the market but no one wants it or a very small number of people do compare to how much you are offering then who’s going to buy all these extra ones?

Secondly, you have to select your employees very carefully as well. Your employees represent your company. They deliver and sell the products to the customers. Some of them are part of your promotional activities as well. If your employees are good and loyal to your company, they will do their best while operating. They will give their opinions and recommendations to the customers, influence them to buy from you.

marketing mix modeling

Marketing mix Process

This refers to the overall operations you go through while doing your business. This marketing mix element is basically the execution or implementation of the whole marketing strategies you make. This includes your payment system, distribution system etc.

While evaluating and selecting your marketing mix process, make sure you select the one which would be convenient in achieving your goals (e.g. – more production in minimized costs).

Marketing mix Physical Evidence

This one refers to the environment where services take place. This marketing mix element includes all the tangible factors that operate in the process such as machinery, furniture etc.

4cs of marketing

There is another modified version of 4Ps of marketing which is the 4cs of making mix. It views the whole marketing mix elements from another perspective.

Product Customer Value
Price Cost
Place Convenience
Promotion Communication

 

marketing mix 4cs

Customer Value

It’s best for all if firms research about the customers wants and demands before launching products or services in the market. If firms do this carefully, then they can make tentative forecasting about customer demand.

Hence, lower chances of surplus or shortage.

Cost

Price is not the only cost concerned with buying a product. The opportunity cost of choosing one company’s product over another or the switching costs or merely the convenience of choosing one firm’s products should be also included in the costs.

Convenience

Products should be easily accessible or available to the targeted audience. Marketers of the firms should select the distribution channels and place the products in suitable ones.

Communication

According to this version, promotions can be manipulative or even misleading sometimes considering they are supposed to induce customers towards the products. Open communication should be encouraged and practiced instead to make sure the targeted audience gets to know all they need to before they make a purchase. This marketing mix element refers to being more open to the targeted audience.

Marketing Mix Importance

While going through all these, it’s normal to think why a firm would need to identify all these marketing mix elements in the first place.

Truthfully told, identifying marketing mix helps a business in ways you may not have thought before!

  • It works as a guide to your business
  • It helps to evaluate options while making decisions
  • It helps to forecast strategies for future operations
  • It helps to determine the targeted audience with more precision
  • It helps a lot while starting a new product line
  • It gives you a clear idea of the whole process

 

Marketing mix helps you in growing and improving your business in so many ways. The best part is, developing the marketing mix modeling is not very time consuming and the process can is fun as well!

Social Security

Importance of Social security & Financial Planning

In the United States, the program of public retirement is known as Social Security. This social welfare and insurance plan, regulated by the U.S. federal government, pays benefits (retirement income, disability income, social security Medicare and Medicaid, and death and survivorship benefits), known as social security benefits to the disabled workers, retirees, and survivors of deceased workers. As much as most of us highly rely on the social security program, its advantages alone may not be enough. The ability to work decreases as individuals start to age, but individuals tend to continue to live life anyway, even when they are no more willing to work. However, it has been found that there is significant evidence in the literature about the social security department and its contributions being valuable. Social security applications can commonly be associated with the welfare state’s insurance function and the reallocation function, as far as pensions are in concern.

Financial Planning Definition

When we are young and ages away from retirement, we hardly think about contributing to our savings as we think it is wiser to spend the money elsewhere. Experts say that we need to contribute at least about 70% of our peak earnings to our savings, as that will benefit our standard of living during retirement. However, we also need to establish a financial plan for considerable life events, which includes long-term care, medical needs and altering family dynamics.

financial planning

Problems Related to Financing Social Security

We might wonder how these social security benefits are financed and what might be the problems related to financing social security. First and foremost, it is crucial to carefully plan how the benefits are to be financed. Once a new scheme is enlightened, it is important to look at how the cost of the proposed benefits is behaving and, whether these costs can be afforded. Be it a simple occupational pension scheme or a means-tested system, every type of scheme is financed virtually. Nevertheless, the provident funds are the only exception to this. The employers’ and the workers’ contributions are combined and collected so that they are available in the future. Moreover, we need to make sure there are no adverse effects on a worker’s ability to meet his or her daily expenses.  The profitability of a business and one’s ability to keep employers at work is also a matter of concern.

Financial calculations

The general average premium system is comparable to social security, as it determines a constant rate of resources.  On the other hand, there are the annual assessment or pay-as-you-go systems in which, chiefly speaking, the annual income and consumption are similar. In practice, a transitional, partially funded system is normally applied with accumulated capital, not for expenditure, but for the sake of the interest. That way it yields. The contribution rate remains stable over successive intervals of time under the scaled premium system. Finally, the assessment of constituent capital system is largely enforced to finance pensions arising under employment injury branches of insurance. Here, the calculations are made to equate each year’s income with the capital value of pensions in that year. In other words, each year’s contributions, invested with interest, should be adequate to meet the liabilities issuing in that year.

Financial Calculations & social security benefits

Social security, Saving & Finance

The importance of having legitimate financial reviews of schemes is, indeed, quite necessary. Each approach has its particular characteristics and applications, though one or more may be convenient for the different types of benefit probabilities.

Social security has been challenged with major financial competence issues for many decades. The current workers are contributing to today’s payments from their payroll, and it remains tentative whether they will have money available during their retirement period. The future of social security, therefore, remains in uncertain threats of becoming insolvent because of factors such as a booming population entering retirement age, longer life expectancies, and inflation. Nonetheless, the continuation of social security benefits remains certain, as almost all Americans are privileged and most depended on it. Furthermore, the modifications on the benefits are approved by the higher officials in Congress.

summer fashion 2019- summer fashion tops- summer fashion for men

Summer Fashion Trend 2020

Summer Fashion 2020

Summer fashion 2020 is fun. The first thing that probably comes to your mind after hearing summer fashion 2020 is short dresses, light colors, light, and comfortable clothes but at the same time fashionable. summer fashion 2020 is all about floral printed, stripes, bright color fabrics and comfortable clothes for both men and women. Summer fashion 2020 mainly concentrated on the comfort label of one dress. But now it’s all about to look fashionable and stylish in a particular way. Summer fashion 2020 for men is equally essential for women. Everybody has their type of fashion sense, but in summer everybody wants to wear comfortable clothes and light colors that’s the common thing. We live in a moment where we can know what is out there in fashion.

Social Media Trend 2020

summer fashion 2019- summer fashion tops

On Instagram, it’s just a hashtag away to find what is trending. Summer fashion 2020 trends are really eye-catching and so much fun to do. Summer is the time where we can rock in every way we want to. If you want to cover your whole body, you can do that and if you want to wear short dresses that are also cool.


Now there is also some summer fashion 2020 jewelry that we can style and look more sophisticated. Summer fashion 2020 is fun, cool and easy to do.

Summer Fashion Trends 2020

The trend is craze or a thing that is so popular at a particular time, and now everyone wants to follow the trend to look up to date.

Summer Fashion Trend 2020
Summer Fashion Trend 2020

Summer fashion trends 2020 are also important because what’s out in the market is important to know and what the celebrities are doing with their fashion is also made an impact in fashion.

From here we get the idea about fashion trends. Every summer the trend change and there is always something new to experience. Now summer fashion 2020 trends are very concentrated to the comfort level and also how to make ta he summer dresses stylishly.


Summer Fashion 2020 Trends That Are In Right Now:

  • Maxi dresses: these are so comfortable and so fashionable, and these have so much variety and style that one can easily style these dresses.
  •  Bright colors: people love to wear bright colors in summer, and this is a trend that is always has been followed; colors like yellow, mustard, maroon is just so summer-friendly colors.
  • Crop tops: This is so easy to go to clothing items and be casual and fashionable at the same time.
  • Sixties clothes: The monochrome patterns of sixties are so in trend this year.
  • Craft fashion: Fringe, tassels, cutting hem and sheer clothes are now in the top in summer fashion.
  • Hippie clothes: now celebrities are following the edgy look and so the world.
  • Hats: Hats are going to be the top on styling this summer.

Summer Fashion 2020 Style: How to Style In Summer

summer fashion 2019

Summer can be very challenging when it comes to style a dress and look trendy. But if you invest in some good dresses, you can wear that in many different ways and also look fashionable. Layering, scarves, cover-up, accessories can give you a very polished and sophisticated look, and you won’t go out of summer fashion. Here are some tips for styling your summer dresses:

 Invest in some dresses which have patterns on it that will give you a shape to your body and also will look flattering.

 Wear cover-up or jackets that are sheer or thin that will add the trendy look that you are looking for.

 Add a belt over your dress that will cinch your waist and will give to the new summer fashion 2019look.

 Add some simple yet classy jewelry to enhance your look.

 Wear scarves that also summer fashionable and go well with summer dresses.

 Get some colorful shoes and bags that will give you a complete summer look.

Summer Fashion 2020 for Men: How Can Men Dress-up In Summer

Summer and fashion don’t always go well for men. It’s difficult for men to dress up in summer than when the temperatures’ go down. But still, they’re so many ways to style for men also.

Here are some few examples for ‘summer fashion 2019 for men

  • The Shorts are the essential clothing item for men for summer, and now in trend, there are so many different types of shorts in trend; like the preppy ‘Chino Shorts,’ athletic shorts, denim shorts and these come in different colors also. But the neutral and the pastel are in trend.
  • The shirts: keep your shirt light in colors and fabrics; polo’s, stripe tee are summer-friendly shirts for men and also trendy and stylish. Wear full sleeves shirt in linen or cotton fabrics’.
  • Short sleeves: short sleeves pattern shirt are so in trend right now. It’s the perfect pick for men in summer. And pattern doesn’t mean floral or beach where it can also be wear on a regular day.
  • The Pants: Avoid dark color paint like black, navy blue, these color are not summer fashionable. Wear pastel color or light washed denim; these are comfortable and trendy.
  • The Shoes: white leather sneakers are so in trend this summer, it can take your look next level and will give you a trendy summer fashionable look.
  • Accessories: A good watch and a hat can give you a fashionable touch to your look and complete it.

How Can You Style Jewelry In Summer 2020

summer fashion 2019- summer jewelry

Jewelry can give a polished look to anyone; it complete one’s looked and makes the outfit more fashionable and trendy. But overdoing that it can also take your look down and make you look tacky. So while selecting jewelry or accessories, we should keep it simple and elegant.


Here some ways to select our summer fashion 2020 jewelry wisely:

  • Keep it simple wear small pendant or choker which are really in trend and look great on everybody.
  • Choose colorful earrings if you’re wearing subtle color dresses.
  • Tassels, pompoms and boohoo kind of jewelry pieces are so summered fashionable and trendy; add these and you are good to go.
  • Add a few bracelets and a watch these give you a polished look you’re aiming for.
  • Do not overdo your jewelry game then that can look tacky, so always keep it simple but unique.

Ultimately, summer is a fun season take your fashion game a level up and follow the trend and also give it your touch to look a little bit unique. Summer fashion 2020 is all about playing with colors and experiment with colors; wear bright colors and fashionable pieces. Wear comfortable clothes and add some accessorize and follow the trend and you’ll look your best.

financial statement analysis of startup -cash flow statement, balance sheet

Financial Statements Analysis for startup

According to statistics conducted by Harvard Business School, 90% of the startup do fail within the first five years. Among this 90% startup, 75% got bankrupted within the first two to three years. Harvard business school found that the most common reasons for being failed are inefficient financial knowledge, lack of financial analysis capability and inappropriate leadership.

Most of the founders of the startup cannot afford to have an individual CFO [Chief Financial Officer] or a professional financial statement analyzer. That is why they cannot prepare cash flow statements, balance sheets, and other financial statements. These statements are very important to monitor the cash flow inside the organization and the financial condition of the business.

How to do the Financial Analysis of a Startup

For example, Mr. X is the founder of a fashion store. He just started a fashion store and planning to scale it up on an international level.
Now Mr. X had invested $1000 to buy a showroom place. After that, he had invested $5000 to buy the products. But after some days he was frustrated because none of his products been sold. Also, he needed money to pay the expenses of the business like utilities, tax, etc. That is why he had sold all products on the loss. Let, he had sold all of the products on $3000 and paid his expenses which were $2000.

 

Cash Flow Statement

Cash from Buyers = $3000
Cash invested = $5000
——————————————–
Gross Profit = -$2000
Operational Expenses = $2000
——————————————-
Net Profit = -$4000

Balance Sheet

 

customer loyalty programs

Customer Loyalty Program: 7 Low Cost Tips

Customer Loyalty Definition:

While there are so many ways to define what customer loyalty is; every one of them has one thing in common that it comes from emotions. Now I could bore you with definitions from dictionaries, books or articles. But I’d rather explain in the easiest way possible.

Loyalty

If you are a startup company and are willing to expand your business then, implement loyalty at the very beginning. Loyalty has become a separate department.

What is loyalty?

It is the bond between a customer and a businessman. It is not satisfactory, as a satisfied customer will switch service if someone else provides them with a better discount offer. To be loyal customer satisfaction is not necessary, but a loyal customer will never switch. Loyalty is an emotion built strategically so that the customer won’t leave a service no matter how cheap or discounted other services are such as, Apple customer stick with iPhone despite their prestige pricing.

Loyal customer acts as an unpaid employee by spreading the word to other people which helps in terms of promotion and acquiring a new customer. It has been established that acquiring new customer cost 7 times more than retaining an existing customer. Customer loyalty increases:

  1. Brand Equity
  2. Repeat Purchase

Friend reference works more than fancy endorsement it helps to increase

  1. Brand Awareness
  2. Customer Engagement
  • Prospect Generation

The loyal customer plays an important role in feedback and forecast as better feedback makes the forecast more accurate. The forecast is important for

  1. Planning
  2. Product
  • Expenses

  1. Reach
  2. Marketing
  3. Budgeting
  • Accuracy

Customer Engagement is very important for customer loyalty the below example provides a clear picture:

Starbucks started a campaign taking customer input such as:

  1. Suggestion
  2. Discussion
  • Feedback

They did so by creating a website mystarbucks.com making people feel like Starbucks will do as you say. People responded to this campaign after which they were asked for further engagement through:

  1. Like
  2. Share
  • Comment

  1. Input
  2. Validation

The most liked idea will be was implemented. Through this campaign over the course of few years Starbucks implemented more than 300 new ideas. This increased customer engagement thus increased customer loyalty. Through Starbucks brought upon 3 fascinating changes:

  1. Product Idea
  2. Experience Idea
  • Involvement Idea

So How to Acquire Customer Loyalty?

  1. Point-based Loyalty: Give customer points upon purchase which they can redeem. A survey from Deloitte demonstrated that brands using point-based loyalty program are 88% more profitable.

This will build:

  1. Online Conversion
  2. In-shop Experience

Jet Airways Case study the divide frequent flyers into a different category from high to low. They provide different facilities such as Lounge access, Baggage Allowance, Early check-in benefit, etc categories. These privileges are easy to redeem and increase loyalty.

  1. Build loyalty through Social media: Incentivize customer through social activities.
  • Customer Referral Program: This decrease staff expense, provide loyal customer benefits and in turn, brings the customer.
  1. Analyze with data: Keep customer data always keep CRM
  2. Emotional Engagement: Analyze the data and engage with emotion based on the data
  3. Build Anticipatory Content: Understand through which you can benefit your customer.
  • Transactional Business vs Delightful Surprise: Customer likes an unexpected surprise, build and OMNI channel strategy. Such as, on the birthday of your customer, make it special through:
    1. Phone Call
    2. SMS
    3. Social Media
    4. Gift or Coupon
    5. Cake
    6. Scheme
    7. Discount

Give 80% and sell 20% is the 80-20 rule.

You know you have achieved customers’ loyalty when-

  • You see sales going up without providing any discount
  • You see the same old familiar faces pop up your shop (online or offline) even though they have many options to choose from
  • While scrolling social media, you stumble upon comments where som, one has recommended your product/ service.

You know you have loyal customers when you see some customers keep coming back to you and heck they even bring other ones with them!

Customer Loyalty Programs

Customer loyalty programs are those programs which plan and provide loyal customers with rewards. Some customer loyalty program examples include treating the customers who make a regular purchase from a company to keep the customer more satisfied. These rewards are aimed to be used as incentives for the customers so that they keep coming back to a particular brand.

For example, a company can provide loyal customers with-

  • Free samples
  • Coupons
  • Points for every purchase
  • Token of appreciations etc.

Customer Loyalty Importance

Now you may wonder how loyal customers may help you grow your business. Are they worth all these efforts? The answer would be yes. You would be surprised by how much customer loyalty benefits you.

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Higher Sales

Loyal customers would make frequent sales if not regularly. It all depends on their needs, the type of product you’re providing them with. A loyal customer will keep coming back to your shop whether or not you have provided the discount. As long as they are satisfied, they will purchase from you. Loyal customers will also tell their friends, family, acquaintances all your other potential customers about your product. So when these potential customers hear about your brand, some of them if not all will come to you.
Thus, your revenue increases!

Brand Popularity

WOM (Word of Mouth) refers to customers sharing their opinions or views of a product or brand to another one.
Like mentioned before, loyal customers will talk about their experience and your product to others. And customers usually value another fellow customers’ opinion more than anything else while evaluating a brand. And when they hear about your brand from the loyal customers, that’s when your brand will get more coverage to the market. You’re getting more popular than before, and the best part is, all those are positive evaluations!

Less Customer Acquisition Cost

It’s easier and not even expensive to maintain a regular old customer than acquiring a new one. For example, if you already have a customer who knows and admires your brand, you don’t have to introduce that customer to your brand again & again. All you need to do is, keep coming with products. You can reward loyal customers by giving coupons, points or free samples, etc. occasionally to make them more interested.

Higher Profits

Profits will rise in sales. According to research, one loyal customer tends to spend more than two new ones combined. Loyal customers already know what type of products or service they are going to get from you. They know, they are already satisfied. So they will come back & make more purchase than a new one will.

Low Advertising Cost

The more attached your customers are with you, the less adverting you would have to do for your products. Why? Cause they already know about you and they are happy with the service they are getting. So you would not need to spend as much money on advertising your product.
Think about what you need to do when you want to attract new customers.

You need to make sure your targeted segment gets a positive vibe from your brand; you would have to lure away the potential customer from many competitors. You would have to be more careful as the old loyal customers may overlook simple mistakes but the new ones won’t. You would have to be made very lucrative offers if you are trying to gain new customers who are already purchasing from another brand.

Stronger Position in the Market

When you have loyal customers who shop from you, share their positive experience with others and choose you over others, they have already got your back. They are already boosting up your revenues and profits. They are bringing you, potential customers, as well. All these make you a strong competitor in the market. When you have bigger market coverage and an army of loyal customers to protect you, you’re already standing taller than your competitors!

You will they will forgive you

Mistakes occur in businesses all the time. While dealing with any customer, you should try your best to avoid them. But even if something happens, there’s a higher possibility that a loyal customer will forgive you or overlook your mistake. At least, they will give you a second chance to correct it. Whereas, a new one may not do so.

Grow the connection

When you have loyal customers who have stuck by you through thick and thin, you have their data as well. You can use that data to make sure they stay even more connected to you.

How?

Use the important dates like their birthdays or partners’ etc. and give them surprises on these special days. These things do not cost much, but they will mean a great deal to the customers. Let your customers know they are being appreciated; make them feel important to you. Hence, the customers will feel more emotionally connected to you, and that’s another reason why they will stick by you!

customer-Loyalty

Customer Loyalty vs. Customer Satisfaction

Although it may seem like it, these two aren’t the same. One is temporary but may or may not last very long. Whereas the other one is permanent.
A company gets to know about its customer satisfaction via the reports they collect from the customers they have done business within the previous periods. A customer may be satisfied with the lasts interaction he/she has had with you, but that does not mean that he/ she is a loyal customer.

That customer may leave when a more lucrative offer from another company pops up or simply the mere convenience if buying from another brand or availability of another. Now, this customer is satisfied with the products bought from you, sure. But he/she may not stay with you. And that’s not loyalty.

Seven Low-Cost Tips for Creating Loyal Customers

Now we will discuss the most important and beneficial seven low-cost tips or strategies to create loyal customers. Courtesy of these tips has been given to DR. VIVEK BINDRA.

Customer Name is The Sweetest Desert to Him.

  • The customer likes to hear his name from another person.
  • Give a personalized, specialized, and customized service. Customers tend to like these types of service.

For example,

A survey conducted represented that:

In a restaurant during bill clearance, a waiter served the bill only; another waiter served bill with mint. The latter received a 14% extra tip. Again, a waiter served bill with mint, but the kids did not like mint, so he got chocolates for the kids. The kids were happy as a result parents were happy which got the waiter a 27% extra tip.

This extra personalized service requires low cost but increased brand equity and value significantly.

Even if a shopkeeper calls his customers with the name, it will increase customer loyalty without any cost at all.

customer loyalty
customer loyalty

Co-Creation of Innovation With Your Customer

  • Do not innovate alone.
  • Co-create innovation
  • Co-create the idea or the changes to a product with the customer.
  • Take a lot of customer feedback making them feel they created the product

This model is known as the ABCDE model.

  • Analyze
  • BrainStorm
  • Co-Create
  • Deliver
  • Evaluate

All these are to be done with customer

The success of SUBWAY lies in the fact that a customer has complete freedom to choose from a variety of ingredient. He is in complete control of creating his subway-sandwich. Even if it turns out bad the liability is on him. Thus, he won’t be disappointed.

There are two types of innovation:

  1. Manufacturer led innovation: Here the manufacturer is in complete control of the innovation. The customer has no involvement.
  2. User-led innovation: Customer and manufacturer work together to innovate a product.

The two products were made to satisfy the same need but Product a sold 19 million whereas, the second product was sold 150 million. This is because in the second product customer thinks he is in control and thus acceptability increases.

Customer’s Love Loyalty Program

Customer loves to come back if such a program is designed which gives him a reason to come back which must be easy and exciting.

There are two types of benefits:

  1. Financial Benefit
  2. Emotional Benefit

Emotional benefit is a psychological benefit.

For example,

A bank offers 3 types of cards Diamond, Ruby, and Emerald ranked from high to low. The customer is willing to pay extra, upgrade and take the highest emerald card if he feels superior that a ruby and emerald card holder.

Frugal “wow” and a Delightful Surprise

This process does not depend on price but requires such an action were customer gets delighted.

  1. Financial wow: Never spend too much money to get a wow. This decreases the frequency of wow.
  2. Frequent wow: It’s better to get more frequent wow with low expense. This increase the frequency of customer satisfaction.

For example,

A customer is in a call with a call center executive regarding a problem; it’s taking a long time to solve his problem. The executive decided to order a pizza for his customer. When he receives the pizza, he is delighted and wowed. This requires low expense but can be done frequently.

Don’t See it as Product See it as a Project

Sell a product to a customer as project management.

Project management has three pillars:

  1. Scope: Scope includes:
  2. Deliverables
  3. Specs
  • Objectives
  1. Exclusions
  2. Constraints
  3. Characteristics

These define what a customer will get in a product. It is necessary to figure out if you can under commit and over deliver. Whatever was promised if the extra amount is given customer will be highly satisfied.

  1. Time: If the project is delivered ahead of time then the customer will appreciate it.
  2. Cost: If the cost can be reduced and extra can be given then customer loyalty will increase.

Create a purposeful emotional story.

According to Neuro-Linguistic Programming (NLP), people don’t remember data, fact or figure but, they remember the story. The story has a higher retention time in the human brain. If a powerful story can be created the product will be remembered more.

For example,

EnGio personnel described a story about a boy,

Wearing torn clothes the boy picked up a rotten apple from a dustbin. Almost whole of the apple was rotten black. He cleaned the part which was not yet rotten and ate it.

He added “I was devastated by this scene, it broke my heart, and I started this Feed and Educated Hungry Child Campaign. To help these poor kids are you willing to help?”

It is almost impossible to say know to hear this story and thinking about the poor kids. This backed up story also helped to register this information in the human brain.

Sell Experience Over Money

Creative ad campaigns help create recall value. Instead of talking about the benefits and feature of a product, if the experience can be shared in the tagline, then product recall value will increase.

Establishment of 5 Formulas For Customer Loyalty

loyalty Formula

  • Repurchase Rate – Repurchase rate is very important in case of Multi-level marketing, B2bNS

                                             Number of Repurchase/Number of Unique Purchase x 100

  • Net Promoter Score – It gives an idea, How satisfied your customer with your services?

Example,

It is the review of staying in a hotel or the review of the food in the restaurant. If you give rating 6 from 10, then you are not satisfied with her services. If you give rating 4 out of 10 then, the services are very bad and if you give 9 or 10 then the services are excellent. So they are the loyal customer of yours and you give a recommendation to others to go there.

Loyalty Calculations

Loyalty can be calculated by the feedback scale. Like 100 customers come towards you. 70 people give rating (9-10) and 10 people give a rating from 7-8 and 20 people give a rating from 1-6. So the 10 peoples rating is neutral.

So,

70 (Promoter) – 20 (Detractors) = 50 (Net Promoter Score )

When a customer is the promoter of your brand, the business can build up automatically. This called Loyalty.

Up-Selling and Cross-Selling Ratio

If the customer comes to buy one thing but you convince him to buy more than the turnover rate is double.

Example-

Suppose, you sell Commodities, Currency, Mutual Fund, PMS, Types of Insurance, Fixed Income Plan. The customer comes to buy Insurance, but you convince him to buy PMS and Mutual Fund then the sales turnover rate is increased.

Number of Customer Buying more than one Product – 1000

Number of Customers who bought single Product – 5000

So,

  1000/5000 X 100  = 20

So Up- Selling and Cross Selling loyalty Ratio is 20%

Frequency and Recency

Frequency means the number of times customer comes to purchase.

Recency means how recently a customer has made a purchase.

Example,

Mahindra shop is closed for a one month so customer comes to purchase from you. But when the Mahindra shop is open than the customer stop to purchase from you. So Recency is very important to build up the sales rate.

Redemption Rate

Provide customers with Coupon, Loyalty bonus and point coupon. Provide coupons for the future sale, this generates more loyal customers.

Redemption rate= Loyalty Point Redeemed/Loyalty Point Issued X 100

At the End

Customer loyalty is gained when you see a familiar customer is doing business with you again and again. Even when you are not offering discounts or lucrative packages, that customer purchases from you, these customers stay with you for the long term and let others know about your product. These customers do not just bring you revenues; they help you grow as a brand.

Finally, customer loyalty is something every business strives for, and all the efforts given to gain this are worth it. If you have a business and aim to grow, your loyal customers are your best friends!

Active Pharmaceutical Ingredients database

Active Pharmaceutical Ingredients-(API) 2020

ACTIVE PHARMACEUTICAL INGREDIENTS (API) 2020

Definition

Active Pharmaceutical Ingredients is the term used to allude to the organically active part of a medication product (for example tablet, case). For instance, an active fixing to calm agony is incorporated into a painkiller. This is called Active Pharmaceutical Ingredients (API). A little measure of the app has an impact, so just a small piece of the Active Pharmaceutical Ingredients (API) is contained in the medication. You will discover the name and measure of the Active Pharmaceutical Ingredients (API) contained in the prescription on the bundle of OTC (over-the-counter) drugs.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Active Pharmaceutical Ingredients Starting Material 2020

A crude material, halfway, or an Active Pharmaceutical Ingredient (API) that is utilized in the creation of another Active Pharmaceutical Ingredient and that is joined as a noteworthy basic piece into the structure of the Active Pharmaceutical Ingredients (API). An Active Pharmaceutical Ingredient (API) Starting Material can be an article of business, a material obtained from at least one provider under contract or business assertion, or created in-house. Programming interface Starting Materials are typical of characterized substance properties and structure.

Reference: Manufacturing, Processing, or Holding Active Pharmaceutical Ingredients FDA Guidance. This segment gives general and basic rules for choosing Active Pharmaceutical Ingredients (API)s reasonable to transdermal conveyance utilizing topical plans.

Active Pharmaceutical Ingredients (apis)

GMP for Active Pharmaceutical Ingredients Manufacturing 2020

Administrative Applicability

Inside the world network, materials may shift as to their legitimate characterization as Active Pharmaceutical Ingredients (API). At the point when a material is delegated an Active Pharmaceutical Ingredients (API) in the area or nation in which it is produced or utilized in a medicate item, it ought to be fabricated in this direction.

Scope

This direction applies to the assembling of Active Pharmaceutical Ingredients (API)s for use in human medication (restorative) items. It applies to the assembling of sterile Active Pharmaceutical Ingredients (API) just up to the indicate promptly earlier the active Pharmaceutical Ingredients being rendered sterile. The cleansing and aseptic preparing of sterile Active Pharmaceutical Ingredients are not secured by this direction, yet ought to be performed as per GMP directions for medication (restorative) items as characterized by neighborhood specialists.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Obligations of the Quality Unit(s) 2020

The principal duties of the free quality unit(s) ought not to be assigned. These obligations ought to be depicted recorded as a hard copy and ought to incorporate, yet not really be constrained to the accompanying:

  1. Discharging or dismissing all Active Pharmaceutical Ingredients (API)s. Discharging or dismissing intermediates for use outside the control of the assembling organization
  2. Building up a framework to discharge or reject crude materials, intermediates, bundling, what’s more, marking materials
  3. Checking on finished clump creation and lab control records of basic process ventures before the arrival of the Active Pharmaceutical Ingredients (API) for dispersion
  4. Ensuring that basic deviations are explored and settled
  5. Supporting all determinations and ace creation guidelines
  6. Supporting all systems influencing the nature of intermediates or Active Pharmaceutical Ingredients
  7. Ensuring that inward reviews (self-examinations) are performed
  8. Favoring middle of the road and Active Pharmaceutical Ingredients (API) contract makers
  9. Favoring changes that possibly influence transitional or Active Pharmaceutical Ingredients (API) quality
  10. Investigating and supporting approval conventions and reports

 

Inside Audits (Self Inspection) 2020

To check consistency with the standards of GMP for Active Pharmaceutical Ingredients (API)s, normal interior reviews ought to be performed as per an endorsed timetable.

Review discoveries and remedial activities ought to be reported and conveyed to the consideration of mindful administration of the firm. Concurred remedial activities ought to be finished in an opportune what’s the more, powerful way.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Item Quality Review

Customary quality-audits of Active Pharmaceutical Ingredients (API) ought to be directed with the target of confirming the consistency of the procedure. Such surveys ought to ordinarily be led and reported every year and ought to incorporate at any rate the accompanying:

  • A survey of basic in-process control and basic Active Pharmaceutical Ingredients (API) test results
  • A survey of all clumps that neglected to meet set up specification(s)
  • A survey of every single basic deviation or nonconformances and related examinations
  • A survey of any progressions did to the procedures or systematic strategies;
  • An audit of the consequences of the solidness checking program.
  • An audit of all quality-related returns, protests, and reviews
  • An audit of the sufficiency of remedial activities

The consequences of this survey ought to be assessed and an appraisal made of whether the restorative activity or any revalidation ought to be attempted. Explanations behind such restorative activity ought to be recorded. Concurred restorative activities ought to be finished in an auspicious and powerful way.

Personal Hygiene

Personnel should wear clean attire reasonable for the assembling action with which they are included and these garments ought to be changed, when suitable. Extra defensive attire, for example, head, face, hand, and arm covers, ought to be worn, when vital, to ensure intermediates and Active Pharmaceutical Ingredients (API)s from sullying. The workforce ought to maintain a strategic distance from direct contact with intermediates or Active Pharmaceutical Ingredients (API)s.

gmp of Active Pharmaceutical Ingredients (API) Unmarinero

Active Pharmaceutical Ingredients (API) Buildings And Facilities 2020

Plan and Construction

Buildings and facilities utilized in the production of intermediates and Active Pharmaceutical Ingredients (API) ought to be found, planned, and built to encourage cleaning, upkeep, and tasks as suitable to the type and phase of assembling.

There ought to be characterized zones or other control frameworks for the accompanying exercises:

  • Receipt, recognizable proof, testing, and isolate of approaching materials, pending discharge or dismissal
  • Quarantine before discharge or dismissal of intermediates and Active Pharmaceutical Ingredients (API)s
  • The sampling of intermediates and Active Pharmaceutical Ingredients (API)s
  • Holding rejected materials before further demeanor
  • Storage of discharged materials

Utilities

All utilities that could influence item quality (e.g., steam, gas, packed air, warming, ventilation, and cooling) ought to be qualified and fittingly checked and the activity ought to be taken when limits are surpassed. Illustrations for these utility frameworks ought to be accessible. Sufficient ventilation, air filtration, and fumes frameworks ought to be given, where fitting.

These frameworks ought to be structured and developed to limit the dangers of sullying and cross-contamination and ought to incorporate gear for control of pneumatic force.

  • Cleaning plans, including, where fitting, disinfecting plans
  • Instructions for the security of clean gear from pollution before use

Calibration

Control, gauging, estimating, checking, and testing hardware basic for guaranteeing the quality of intermediates or Active Pharmaceutical Ingredients (API) ought to be adjusted by composed techniques and a setup plan.

Gear adjustments ought to be performed utilizing gauges discernible to affirmed guidelines, on the off chance that they exist. Records of these adjustments ought to be kept up. The present alignment status of basic gear ought to be known and certain.

Active Pharmaceutical Ingredients lists

 

Active Pharmaceutical Ingredients (API) Documentation & Records 2020

Documentation System and Specifications

All reports identified with the assembling of intermediates or Active Pharmaceutical Ingredients (API) ought to be readied, audited, affirmed, and dispersed by composed systems. Such records can be in paper or electronic structure.

Equipment Cleaning and Use Record

Records of significant hardware use, cleaning, sanitation, as well as sanitization and upkeep should demonstrate the date, time (if proper), item, and the cluster number of each group prepared in the hardware and the individual who played out the cleaning and upkeep. Records of Raw Materials, Intermediates, Active Pharmaceutical Ingredients (API) Labeling, and Packaging Materials Records ought to be kept up including the accompanying:

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Active Pharmaceutical Ingredients (API) Materials Management 2020

General Controls

There ought to be composed systems portraying the receipt, distinguishing proof, isolate, capacity, taking care of, inspecting, testing, and endorsement or dismissal of materials. Producers of intermediates and additionally Active Pharmaceutical Ingredients (API) ought to have a framework for assessing the providers of basic materials.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Active Pharmaceutical Ingredients (API) Production and In-process Controls 2020

Production Operations

Raw materials for middle and Active Pharmaceutical Ingredients (API) assembling ought to be gauged or estimated under fitting conditions that don’t influence their appropriateness for use. Gauging and estimating gadgets should be of appropriate precision for the planned use.

Time Limits

In the event that time limits are indicated in the ace creation guidance (see 6.40), these time limits ought to be met to guarantee the nature of intermediates and Active Pharmaceutical Ingredients (API)s. Deviations ought to be archived also, assessed. Time breaking points might be wrong when preparing to objective esteem (e.g., pH modification, hydrogenation, drying to foreordained. )

In-process Sampling and Controls

Composed strategies ought to be built up to screen the advancement and control the execution of preparing steps that reason fluctuation in the quality attributes of intermediates and Active Pharmaceutical Ingredients (API)s. In-process controls and their acknowledgment criteria ought to be characterized dependent on the data picked up amid the formative stage or from verifiable information.

Contamination Control

Lingering materials can be persisted into progressive bunches of a similar middle of the road or Active Pharmaceutical Ingredients (API) if there is sufficient control. Models incorporate buildup clinging to the mass of a micronized, leftover layer of soggy precious stones staying in an axis bowl after release, and deficient release of liquids or precious stones from a preparing endless supply of the material to the following venture all the while.

Packaging and Identification Labeling of Active Pharmaceutical Ingredients (API) and Intermediates 2020

Packaging Materials

Compartments ought to give satisfactory assurance against decay or pollution of the middle of the road or Active Pharmaceutical Ingredients (API) that may happen amid transportation and prescribed stockpiling.

Compartments ought to be perfect and, were demonstrated by the idea of the middle of the road or Active Pharmaceutical Ingredients (API), purified to guarantee that they are reasonable for their planned use. These compartments ought not to be responsive, added substance, or absorptive in order to change the nature of the middle of the road or Active Pharmaceutical Ingredients (API) past the indicated limits.

Lebel Issuance and Control

Access to the name stockpiling zones ought to be restricted to the approved workforce.

Storage and Distribution of Active Pharmaceutical Ingredients (API) 2020

Warehousing Procedures

Facilities ought to be accessible for the capacity of all materials under fitting conditions (e.g., controlled temperature and stickiness when fundamental).

Distribution Procedures

Active Pharmaceutical Ingredients (API)s and intermediates should just be discharged for conveyance to outsiders after they have been discharged by the quality unit(s). Active Pharmaceutical Ingredients (API)s and intermediates can be exchanged under isolate to another unit under the organization’s control when approved by the quality unit.

list of active pharmaceutical ingredients

 

Active Pharmaceutical Ingredients (API) Laboratory Controls 2020

Testing of Intermediates Active Pharmaceutical Ingredients (API)

For each clump of the middle of the road and ACTIVE PHARMACEUTICAL INGREDIENTS (API), suitable research center tests ought to be directed to decide conformance to details.

Stability Monitoring of Active Pharmaceutical Ingredients (API)

An archived, on-going testing project ought to be set up to screen the steadiness attributes of Active Pharmaceutical Ingredients (API)s, and the outcomes ought to be utilized to affirm proper capacity conditions furthermore, retest or expiry dates.

Expiry and Retest Dating

At the point when a transitional is planned to be exchanged outside the control of the maker’s material administration framework and an expiry or retest date is appointed, supporting dependability data ought to be accessible.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Active Pharmaceutical Ingredients (API) Validation 2020

Validation Policy

The organization’s general strategy, goals, and way to deal with approval, including the approval of generation forms, cleaning techniques, systematic strategies, in-process control test techniques, automated frameworks, and people in charge of configuration, survey, endorsement, and documentation of every approval stage, ought to be archived.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Active Pharmaceutical Ingredients (API) Rejection and Re-use of Materials 2020

Rejection

Intermediates and Active Pharmaceutical Ingredients(API)s neglecting to meet set up details ought to be recognized accordingly and isolated. These intermediates or Active Pharmaceutical Ingredients (API)s can be reprocessed or improved as depicted underneath. The last demeanor of rejected materials ought to be recorded.

Reprocessing

Presenting a transitional or Active Pharmaceutical Ingredients (API), including one that does not fit in with norms or determinations, once more into the procedure and reprocessing by rehashing a crystallization step or other suitable substance or physical control steps.

active pharmaceutical ingredients

 

Active Pharmaceutical Ingredients (API)s For Use in Clinical Trials 2020

The controls utilized in the assembling of Active Pharmaceutical Ingredients (API)s for use in clinical preliminaries ought to be steady with the phase of the advancement of the medication item fusing the Active Pharmaceutical Ingredients (API). Procedure and test methods ought to be adaptable to accommodate changes as information of the procedure increments and clinical trials or testings of a medication item advances from pre-clinical stages through clinical stages.

During all periods of clinical improvement, including the utilization of little-scale offices or research centers to make bunches of Active Pharmaceutical Ingredients (API)s for use in clinical preliminaries, systems ought to be in the spot to guarantee that hardware is adjusted, clean, and reasonable for its proposed use.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

At The End

The nature of Active Pharmaceutical Ingredients (API)s significantly affects the adequacy and security of drugs. Inadequately fabricated or traded off Active Pharmaceutical Ingredients (API)s have been associated with significant issues, for example, diseases and even passing.

Indeed, even on account of redistributing, Active Pharmaceutical Ingredients (API)s are liable to stringent guidelines and oversight from the nation they are transported to. For instance, Active Pharmaceutical Ingredients (API) fabricating plants abroad still experience an examination by the U.S. Sustenance and Drug Administration.

Best Ref Book For- Active Pharmaceutical Ingredients (API)

Information Economics - Un Marinero

Start-up and Information economics Updated 2020

The world runs on information, all kinds of information. The economic analysis of all information is known as Information Economics, just as its name suggests. All the information you and I have and also don’t have been analyzed for economic purposes. Therefore, Information Economics, a branch of microeconomics, picks out different kinds of information, differentiates between them, and relates them to the economy, points out problems and looks for their solutions.

Fundamentals of Economics

Economics is fundamentally about solving the problem of scarcity- limited resources but unlimited wants. This problem leads to consumers having to make a choice because they do not have enough resources to satisfy all their wants. Another thing that consumers take into account is a utility, which in simpler words can be known as satisfaction. Consumers will choose the product that gives them the highest level of satisfaction. Now, to make that choice, the person needs to know about the product to know if it is possible to afford it and also if it gives the highest level of satisfaction. Information Economics is basically all about that- information necessary to get to the highest utility, information about the product such as price, and how the decision made with this information affects the economy, this is why Information Economics is important.

An Economy reaches allocative efficiency when the demand and supply curves meet. The corresponding quantity of that intersection point is the allocative efficient quantity. However, in a market economy, it is rarely the case. In these economies, market failure occurs due to the overproduction of demerit goods or underproduction of merit goods. The main reason behind this is asymmetric information. The definition of asymmetric information can be said to be insufficient information, simply put, or information failure. Merit goods are goods that are good for people, and demerit goods are bad for people, just as the names suggest. However, most people do not know that it is good for the;m therefore under consume merit and overconsume demerit goods. This then leads to the under or overproduction.

Information Economics Updated 2020

As said earlier, Information Economics picks out problems and looks for its solution. Therefore, this asymmetric information or information failure is the problem that is to be analyzed and solved. Now, this is why information economics is so important. Without this branch of microeconomic,s it would not be possible to analyze these problems! Coming back to solving the problems of asymmetric information, two ways are signaling and screening.

Asymmetric Information and Information Economics Updated 2020

To discuss the solutions, let us first talk about what might happen due to asymmetric information. Suppose, Information Economics and healthcare. You have symptoms of dengue, but you do not know the adverse effects or the symptoms of dengue. Will you go to the doctor or the hospital? No. This means that underconsumption is happening just because of a lack of information. These kinds of problems are analyzed in information economics and can be solved by signaling.

Overview – Signaling

To explain signaling, let us consider the most common example that is about employers and employees. When employers are looking for employees, they are looking for certain qualifications in the prospective candidates. However, employers need to know that people have those qualifications. That is done by informing the employers that they have obtained a certain degree from a certain college, by adding that to their cv, which lets the employers know about the qualifications. This adding of that information is signaling.

Basically, the person who the information about informs the concerned authority that “I have these qualifications” to ignore information failure. If there were no such information given, then the employers would not know enough information about the candidates, leading to a very lengthy, tedious and inefficient recruitment process.

Overview – Screening

To explain screening, let us consider plane tickets. Plane tickets nowadays are bought on websites. On the website,e many options are given to a passenger to choose from, from the cheapest options to the most expensive ones. Now, without any further information, a passenger would either buy the cheapest one or just become confused and not buy at all. But, because of screening, the information will be displayed on the websites. Information that says what offers each price comes with. This makes it easier for the passengers to choose because now they can just see options and what is available and choose the most desirable ones. Otherwise, there may have been a lot of inefficiency and chaos.

Example- Anti-tobacco Campaign

The Government uses different policies to minimize the effects of asymmetric information. One example is by introducing the anti-tobacco campaign by displaying its moral, health and social hazards. Another way could be making the citizens more aware of health issues, the importance of education, etc. In short, tall policies need information, no matter what it is, and that is where information economics comes in, and that is why it is so important.

Information Economics and Government policies Updated 2020

Information Economics and government policies are related in more ways. Information Economics is also needed to understand the concept of efficiency, full employment of resources and price stability. Efficiency requires information and needs proper information on price, demand, and resources. For example, to be efficient, a company needs to produce to the fullest with the lowest possible costs. For this, it needs to know about what resources they need, their prices and what prices are the consumers willing to buy at. The proper information regarding these will help them produce to the fullest, to meet the right amount of demand at the minimum cost.

startup & economics

Importance of Economics in Start-up Updated 2020

Just like efficiency, firms also need to know how much resources are available in the economy. To know that, they need information about how much of the necessary resources available in the economy to exploit the resources to the fullest. For example, a firm needs labor but is not aware of the unemployment in the economy, thus not trying to look for it, but it would if they knew about it. The other factor, price stability is also highly affected by information economics. Price stability is keeping inflation at its lowest, maybe, 1% and also not inducing deflation.

For that, the Government needs to make certain policies, such as fiscal policy or monetary policy. To decide on what policies to use, they need information about the inflation level and what is causing it.

At the end

Therefore, throughout this paper, we can see what and how important information economics is and how it is applied in the economy. To summarize the whole thing, to flourish, the people in an economy has to have clear information about it. From choosing what to eat for lunch to choosing important Government policies, information is needed and to analyze what kind of information is needed and to what extent, information economics is needed.

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