Loss Leader

Good or service advertised and sold at below cost price. Its purpose is to bring in (lead) customers in the retail store (usually a supermarket) on the assumption that, once inside the store, the customers will be stimulated to buy full priced items as well. See also price leader.

Communication Process

Maslows' need hierarchy Theory

http://www.businessballs.com/maslow.htm



Privatisation and its advantages and disadvantages

Advantages:

1. Basic advantage in privatization is accurateness and commitment towards the service as they private organizations are very much concerned about the profits they make ultimately which depend on the quality of service being provided by them and the public response to it.

2. Privatization generates more revenue compared to government enterprises, thus govt can indirectly earn a bit more by leasing out enterprises to private organizations.

3. Customer support and satisfaction basically is of much interest in private enterprises comparatively.

Disadvantages:

1. The biggest threat is reliability. There is nothing that backs up the private organizations, where as govt can back up its enterprises easily in terms of funds. There are more chances of bankruptcy in private orgs where are 0 to few in govt orgs.

2. Though the quality of service may be little compromised, its reliable.

3. Some departments need social responsibility which can be done only by government like police department, traffic management.

Qualities of a Good salesman

1.Knowledge of self

2.Knowledge of the product

3.Knowledge of the company
4.Knowledge of the customers
5.Knowledge of the selling techniques
6.personal qualities

Functions of packaging

1.Protection
2.Identification
3.Convenience
4.Promotion
5.Innovation

Types of packages

1.Consumer package:-http://searchcrm.techtarget.com/definition/consumer-packaged-goods

2.Family package:-When products are related in use and are of similar quality the firm makes the packages identical for all products by using common features on all the packages.

3.Reuse package:- It is also known as dual package. A producer sells the contents in such a package which can be reused for other purposes after the product is consumed.

4.Multiple package:- It is a practice of placing several units in the container. Eg:- make-up set, babies care set,etc.

Management by exception

Control by Exception is an important principal of organisational control. According to this principle, only significant deviations (exceptions) from the standards of performance are reported to the management.If the actual work performed is according to the standard fixed, it need not be brought to the attention of the manager.But if there is much deviation from the standard, it should be brought to the attention of the manager