Question

ASSIGNMENT 1: COMPANY REPORT( EMIRATES NBD) A. Introduction For this assignment, you will research the four topics below. You will then write a report on your findings using the report structure and format detailed in Parts B and C. You are strongly encouraged to talk to your industry supervisor and colleagues from your company, and or do additional research, to gather more information. 1. Market Structure . . Explain the company's market (B2B or B2C). Discuss the B2C market approach to selling compared to the B2B market approach, depending on the company's market. 2. Buyer • What are the company's major categories of business buyers? Define the steps of the buyer decision-making process. 3. Sales What are the company's sales techniques (e.g., hard or soft, transactional or relationship). Do you agree with these techniques? Why? Recommend ways to identify customer needs and improve customer interaction. Review the historical sales performance of the company and analyze how to improve sales. Make recommendations for the sales team based on three key metrics: Cost: Assess costs that the sales company incurs in the process of generating sales by comparing incurred costs with the planned costs in sales budgets. Sales: Examine the sales organization's past, current and future sales performance in comparison to projections, competition and industry sales. o Profitability: Evaluate the results from combining sales and cost data to identify and assess sales organization profitability. . . o 0

i need these answered use

emirates nbd bank

as a topic and talk in detail please

Answer 1

1. MARKET STRUCTURE

a, Market Structure. Definition: The Market Structure refers to the characteristics of the market either organizational or competitive, that describes the nature of competition and the pricing policy followed in the market.

What is a market structure in which many companies?

Monopolistic competition is a market structure where there are many firms producing differentiated products with relatively easy entry into the industry. All firms also have some control over price. Oligopoly is a market structure where there are a few large firms and can create entry barriers to potential new firms

Definition: The Market Structure refers to the characteristics of the market either organizational or competitive, that describes the nature of competition and the pricing policy followed in the market.

What are the examples of market structure?

The main types of market structures include the following:

• Perfect competition. Perfect competition is a market structure where a large number of small firms compete against one another with homogeneous products. ...
• Monopoly. ...
• Monopolistic Competition. ...
• Oligopoly.
• B2B MARKET STRUCTURE. ... B2B MARKETS • B2B describes commerce transactions between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer. • More than 94 percent of all Internet sales are B2B transactions.

• How do you market a b2b company?

  The list of online marketing strategies you can use to market your B2B business is constantly evolving, but here are some popular approaches:

• Pay-Per-Click Advertising. ...
• Paid Search Advertising. ...
• Search Engine Optimization (SEO) ...
• Paid Social Media Advertising. ...
• Social Media Marketing. ...
• Conversion Rate Optimization (CRO)

• b.

  B2C (business-to-consumer) marketing is a broad term that refers to the approach of selling goods, products, and services to consumers. It differs from B2B (business-to-business) marketing in that B2C marketing typically (but not always) involves more emotional, lower involvement purchases.

• Business to consumer

  Business to consumer, or B2C, marketing is a common term companies use when referring to the type of business they operate. B2C companies focus on selling to individuals and market their products for personal use. They also offer packaging options that are appropriate for individual consumption

• What is b2b vs b2c marketing?

  B2B and B2C marketing differ primarily in terms of their audiences and how they communicate to them. While B2C marketing focuses on quick solutions and enjoyable content, B2B marketing is more concerned with building relationships and proving a product's return on investment for a business customer

  2. BUYERS

• a. There are four basic categories of business buyers: producers, resellers, governments, and institutions. Producers are companies that purchase goods and services that they transform into other products. They include both manufacturers and service providers

• What are the 4 major categories of business customers?

  The business market consists of four major categories of customers: producers, resellers, governments, and institutions. The producer segment of the business market is quite large.

• What are business buyers?

  Definition: Business Buyer

  A business buyer is one who engages in the purchase or acquisition of a part or the entire business organization. ... They are responsible for the buying raw materials done for the company which are used for business processes and for making the final products.

• What are different types of buyers?

  There are three different buyer types, and they consist of spendthrifts, average spenders, and frugalists. Their purchase journeys and criteria can significantly differ, requiring businesses to be aware of their needs in order to appeal to each type.

• b. There are 5 steps in a consumer decision making process a need or a want is recognized, search process, comparison, product or service selection, and evaluation of decision. Most decision making starts with some sort of problem. The consumer develops a need or a want that they want to be satisfied.

• What are the three steps in the consumer decision making process?

  It is the journey or buying process that consumers go through to become aware of, evaluate, and purchase a new product or service, and it consists of three stages that make up the inbound marketing framework: awareness, consideration, and decision.

• What is buyer decision making process?

  The buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives.

• 7 decision-making process steps

• Identify the decision. To make a decision, you must first identify the problem you need to solve or the question you need to answer. ...
• Gather relevant information. ...
• Identify the alternatives. ...
• Weigh the evidence. ...
• Choose among alternatives. ...
• Take action. ...
• Review your decision

3. SALES

Selling Techniques to Help You Become a Better Salesperson

• Understand Your Market. ...
• Focus on the Right Leads. ...
• Prioritize Your Company Above Yourself. ...
• Leverage Your CRM. ...
• Be Data Informed. ...
• Really Listen to Your Prospects. ...
• Build Trust Through Education. ...
• Focus on Helping.

Which sales methods should I use?

• SPIN selling. SPIN selling is about asking the right questions. ...
• SNAP selling. Before modern buyers make a purchase decision, they're overloaded with information urging them to buy solution X or Y. ...
• Challenger Sale. ...
• Sandler Sale method. ...
• Consultative or solution selling

• Sales Strategies to Increase Sales and Revenue

• 1) People Buy Benefits. ...
• 2) Clearly Define Your Customer. ...
• 3) Identify the Problem Clearly. ...
• 4) Develop Your Competitive Advantage. ...
• 5) Use Content and Social Media Marketing to Your Advantage. ...
• 6) Sometimes, You Will Have to Cold Call.

• Our Top 7 Sales Tips And Tricks To Drive More Effective Results

• Develop A Distinct Point Of View. ...
• Create A Context That Makes Your Prospects Care. ...
• Target The Status Quo, Not The Persona. ...
• Align Sales Content With The Sales Process. ...
• Use Grabbers. ...
• Use Visual Storytelling. ...
• Have Conversations, Not Presentations.

    

Identification – Follow customer needs analysis via surveys, interviews, focus groups, or social listening. Distribution – Once identified the needs, you can distribute it across the right teams and departments. Create – Tailor product features, create detailed content that speaks about customer needs.

Methods for Identifying Customer Needs

• Starting with existing data. You most likely have existing data at your fingertips. ...
• Interviewing stakeholders. ...
• Mapping the customer process. ...
• Mapping the customer journey. ...
• Conducting “follow me home” research. ...
• Interviewing customers. ...
• Conducting voice of customer surveys. ...
• Analyzing your competition.

• 3 Effective Ways to Identify Customer Needs

• Pay attention to new customers. Sometimes a new customer who is yet to experience your product or service may require a different, more personalized approach. ...
• Ask what they think about you and your competitors. ...
• Anticipate the customer's future needs.

   Customer needs are the named and unnamed needs your customer has when they come in contact with your business, your competitors, or when they search for the solutions you provide. To identify the needs of your customers, solicit feedback from your customers at every step of your process.

Most Common Types of Customer Needs

1. Functionality. Customers need your product or service to function the way they need in order to solve their problem or desire.
2. Price. Customers have unique budgets with which they can purchase a product or service.
3. Convenience. ...
4. Experience. ...
5. Design. ...
6. Reliability. ...
7. Performance. ...
8. Efficiency.

How would you sell a difficult customer?

Sell with questions, not just answers. Slow down their assaults with thoughtful questions and a low, slow tone and demeanor. Listen with the intent to understand and not one-up the customer. Until you let customers express themselves, they will not be open to what you have to say.

What are sales and marketing expenses?

SALES & MARKETING EXPENSE Definition. SALES & MARKETING EXPENSE normally includes: salaries, commissions, and benefits to sales and marketing personnel, co-op advertising allowances to customers, advertising, warehouse costs, and shipping costs.

What of revenue should be spent on sales?

The U.S. Small Business Administration recommends spending 7 to 8 percent of your gross revenue for marketing and advertising if you're doing less than $5 million a year in sales and your net profit margin—after all expenses—is in the 10 percent to 12 percent range

Cost of sales refers to the direct costs attributable to the production of the goods or supply of services by an entity. ... It includes the cost of the direct materials used in producing the goods, direct labor costs used to produce the good, along with any other direct costs associated with the production of goods.

Selling expenses include sales commissions, advertising, promotional materials distributed, rent of the sales showroom, rent of the sales offices, salaries and fringe benefits of sales personnel, utilities and telephone usage in the sales department, et

What are cost of sales examples?

Examples of costs of sales:

Examples of costs of sales would be: raw materials to make goods for sale, salaries for factory workers who are making goods for sale, and postage of finished goods.

What do you mean by sales?

Sales are activities related to selling or the number of goods or services sold in a given targeted time period. The seller, or the provider of the goods or services, completes a sale in response to an acquisition, appropriation, requisition, or a direct interaction with the buyer at the point of sale.

What is a sale in business?

Put simply: in accounting, sales refers to a company's revenue earned from the sales of products or services (net sales). In general business operations, sales refers to any transaction where money or value is exchanged for the ownership of a good or entitlement to a service.

Here are a few important types of sales that are seen in most of the organizations :

• Inside Sales.
• Outside Sales.
• Sales support function.
• Client services :
• Lead Generation.
• Business development managers.
• Account Managers.
• Consultative Selling.

• How do sales work?

  Sales representatives sell retail products, goods and services to customers. Sales representatives work with customers to find what they want, create solutions and ensure a smooth sales process. Sales representatives will work to find new sales leads, through business directories, client referrals, etc.

Here are the best sales jobs and best marketing jobs:

• Marketing Manager.
• Insurance Sales Agent.
• Sales Manager.
• Real Estate Agent.
• Sales Representative.
• Retail Salesperson.
• Telemarketer.

Definition: Profitability is ability of a company to use its resources to generate revenues in excess of its expenses. In other words, this is a company's capability of generating profits from its operations.

How do you calculate profitability?

Profitability Ratios Formula

1. Gross Profit Margin = (Gross Profit / Sales) * 100.
2. Operating Profit Margin = (Operating Profit / Sales) * 100.
3. Net Profit Margin = (Net Income / Sales)* 100.
4. Return on Assets = (Net income / Assets)* 100.
5. Return on Equity = Net Income / Shareholder's Equity.

Profit vs Profitability

Profit is the net income made after covering expenses. Profitability is the extent to which profit is made. Profit is an absolute amount. Profitability is expressed as a percentage

What is a good profitability ratio?

For most profitability ratios, having a higher value relative to a competitor's ratio or relative to the same ratio from a previous period indicates that the company is doing well

How important is profitability?

Profit equals a company's revenues minus expenses. Earning a profit is important to a small business because profitability impacts whether a company can secure financing from a bank, attract investors to fund its operations and grow its business. Companies cannot remain in business without turning a profit.

What is a measure of profitability?

Profitability Ratio Definition. A profitability ratio is a measure of profitability, which is a way to measure a company's performance. Profitability is simply the capacity to make a profit, and a profit is what is left over from income earned after you have deducted all costs and expenses related to earning the income

4. customer relationship management

a. Customer relationship management (CRM) is an approach to managing a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.

What does a CRM system do?

A Customer Relationship Management (CRM) system helps manage customer data. It supports sales management, delivers actionable insights, integrates with social media and facilitates team communication. Cloud-based CRM systems offer complete mobility and access to an ecosystem of bespoke apps.

What is an example of customer relationship management?

One of our favorite examples of customer relationship management is using a CRM to analyze customer segments experiencing a specific product problem. ... They use their CRM as a way to connect and manage client social media responses along with improving their response time to customer questions

What are relationship management skills?

Relationship Management is all about your interpersonal communication skills. It's all about your ability to get the best out of others … your ability to inspire and influence them, your ability to communicate and build bonds with them, and your ability to help them change, grow, develop, and resolve conflict.

The top 5 skills for a happy relationship

• Empathy. Sometimes, arguments reach a stalemate because neither partner is willing to listen to what the other is saying. ...
• Communication. It's an obvious one, but bears repeating: communication is one of the most important skills in any relationship. ...
• Conflict. ...
• Commitment. ...
• Love.

   b.

What is customer data privacy?

Consumer privacy, also known as customer privacy, involves the handling and protection of the sensitive personal information provided by customers in the course of everyday transactions. The internet has evolved into a medium of commerce, making consumer data privacy a growing concern.

How do consumers feel about data privacy?

of consumers believe companies are vulnerable to hacks and cyberattacks. of consumers believe most companies handle their sensitive personal data responsibly. of consumers feel they have complete control over their personal information. of consumers believe businesses, not government, are best equipped to protect them.

What is the importance of data privacy?

The Importance of Protecting Personal Data. For organizations, protecting privacy and personal data is an issue of risk and trust. Protecting privacy mitigates risks of costly incidents, reputational harm, regulatory penalties, and other harms. Protecting privacy also is essential to people's trust in an organization.

How do consumers feel about data privacy?

of consumers believe companies are vulnerable to hacks and cyberattacks. of consumers believe most companies handle their sensitive personal data responsibly. of consumers feel they have complete control over their personal information. of consumers believe businesses, not government, are best equipped to protect them.

c. With integrated technologies, your data is more organized, accessible, and easier to share. Your employees don't waste time waiting for data they need, and there is less room for error when everyone is sharing the same database. This lets your employees focus on improving the business, leading to better productivity

How can business use technology to their advantage?

First and foremost, technology affects a firm's ability to communicate with customers. ... Fast shipment options allow businesses to move products over a large geographic area. When customers use technology to interact with a business, the business benefits because better communication creates a stronger public image.

What is technology integration in business?

Business integration is a strategy whose goal is to synchronize information technology (IT) and business cultures and objectives and align technology with business strategy and goals. Business integration is a reflection of how IT is being absorbed as a function of business

What is impact of technology on business?

Technology has important effects on business operations. No matter the size of your enterprise, technology has both tangible and intangible benefits that will help you make money and produce the results your customers demand. Technological infrastructure affects the culture, efficiency and relationships of a business.