Sunday, August 16, 2015

Job Profiles in Marketing

Consumer Marketing: Mass marketing to end-consumers.
Opportunity Areas
FMCG (fast moving consumer goods)/CPG (consumer packaged goods), Consumer Durables, Consumer Services
Learning Focus
Sales & Distribution, Brand Management, Marketing Communication, Product Development, Pricing Strategies, Consumer Behaviour, Retailing/E-Tailing, Marketing & Sales Analytics, Digital Marketing
Business to Business (B2B) Marketing: Targeted marketing to enterprise customers
Opportunity Areas
Technology products & services, Industrial products, ITES, Infrastructure Development, Energy, Defence, Core Sectors
Learning Focus
Selling Skills, Negotiation Skills, Product Development, Pricing Strategies, CRM/Customer Solutions Marketing, Customer Research, E-Business and E-Commerce
Marketing Communication (MARCOM): Service providers to companies, for outsourcing their MARCOM activities Targeted marketing to enterprise customers
Opportunity Areas
Advertising Agencies, Media Agencies, Digital Agencies, Event Management Agencies, Activation & Promotion Agencies, Design Agencies, PR Agencies
Learning Focus
Marketing Communication, Brand Management, Digital Marketing, Consumer Insights, Consumer Culture, Media Management, Media Planning & Buying, Experiential Marketing
Retailing & E-Tailing: Brick & Mortar Retail and Online Shopping
Opportunity Areas
Large Format Multi-Brand Retailers, Exclusive Brand Outlets, Online Shopping Companies
Learning Focus
Retail Management, In-store & Shopper Marketing, Category Management, Merchandising, Supply Chain, Digital Marketing, CRM, E-Commerce
Marketing Research & Analytics: Quantitative &Qualitative analysis of for Marketing decision making
Opportunity Areas
Marketing Research Agencies, Marketing/Business Analytics Companies, Small/Medium Consulting Companies, Business Intelligence in companies across sectors
Learning Focus
Consumer Behaviour, Marketing Research, Consumer Insights, Business Analytics, Customer & Market Analytics, Web & Social Media Analytics, CRM
Luxury Brand Marketing: Marketing of exclusive, niche brands to high net-worth customers
Opportunity Areas
Ultra-premium categories like, watches, designer apparel & accessories, vacations, cars & bikes, real-estate, hotels & resorts and other lifestyle products/services
Learning Focus

Understanding ‘Luxury Business’ with respect to: Brand Management, Marketing Communication, Retailing, Experiential Marketing, Relationship Marketing

Statistics about Indian Labor Market

1) Total workforce in the country-Around 47 crore.
2) Workforce in the organized sector-8 crore.
3) Workforce in the unorganized sector- 39 crore
4Labor force participation rate (LFPR) at All India Level-52.5% 
5) Worker Population Ratio at All India Level-49.9%
6) Unemployment Rate in India-4.9%
7) Self Employed Persons-49.5%
8) Casual Labor Employed-30%
9) Wage/Salary Earners Employed-16.5%
10) Contract Workers Employed-3.0%
11) Unemployment for Rural Male Youth-5%
12) Unemployment for Rural Female Youth-5%
13) Unemployment for Urban Male Youth-8%
14) Unemployment for Urban Female Youth-13%
15) Unemployment for Urban Male (National) - 2%
16) Unemployment for Urban Female (National)-2%
17) Unemployment for Rural Male (National)-3%
18) Unemployment for Rural Female (National)-5%
19) Unemployment Rate highest in state (urban India)-Jammu & Kashmir (48%)
20) Unemployment Rate highest in state (rural India)-Kerala 

Pros of Bonus and Compensation

Bonuses are compensation for employees for work performed; they are paid in addition to salary or wages. Bonuses are considered compensation if (per the IRS) they "arise out of an employment relationship or are associated with the performance of services." Bonuses are considered taxable to employees, but are considered an expense of doing business and are, in most cases, a tax benefit to the employer.

A bonus payment is usually made to employees in addition to their base salary as part of their wages or Salary. While the base salary usually is a fixed amount per month, bonus payments more often than not vary depending on known criteria, such as the annual turnover, or the net number of additional customers acquired, or the current value of the stock of a public company. Thus bonus payments can act as incentives for managers attracting their attention and their personal interest towards what is seen as gainful for their companies' economic success.

An Incentive is something that motivates an individual to perform an action. Four kinds of incentives are available for employers to use at work. Those are as follows:

1) Compensation incentives may include items such as raises, bonuses, profit sharing, signing bonus, and stock options.

2) Recognition incentives include actions such as thanking employees, praising employees, presenting employees with a certificate of achievement, or announcing an accomplishment at a company meeting.

3) Rewards incentives include items such as gifts, monetary rewards, service award presents, and items such as gift certificates. An additional example is employee referral awards that some companies use to encourage employees to refer job candidates.

4)Appreciation incentives include such happenings as company parties and celebrations, company paid family activity events, ice cream socials, birthday celebrations, sporting events, paid group lunches, and sponsored sports teams.

Advantages of supplying bonuses:
1) Incentive and motivation
2) Appreciation
Disadvantages of supplying bonuses:
1) Costly for the company.
2) Jealousy among employees.

Advantages of providing incentives:
1) Increase productivity.
2) Retention of employees.
3) Encourage teamwork.
Disadvantages of providing incentives:
1) Employee Resentment.
2) Union Opposition.
3) More supervision required.

Bonus a motivating tool

An Incentive or bonus is something that motivates an individual to perform an action. The study of incentive structures is central to the study of all economic activities (both in terms of individual decision-making and in terms of co-operation and competition within a larger institutional structure). Economic analysis, then, of the differences between societies (and between different organizations within a society) largely amounts to characterizing the differences in incentive structures faced by individuals involved in these collective efforts. Ultimately, incentives aim to provide value for money and contribute to organizational success.

They can be classified according to the different ways in which they motivate agents to take a particular course of action. The different categories are following:
Remunerative incentives

are said to exist where an agent can expect some form of material reward – especially money – in exchange for acting in a particular way.
Financial incentives
Moral incentives
are said to exist where a particular choice is widely regarded as the right thing to do, or as particularly admirable, or where the failure to act in a certain way is condemned as indecent. A person acting on a moral incentive can expect a sense of self-esteem, and approval or even admiration from his community; a person acting against a moral incentive can expect a sense of guilt, and condemnation or even ostracism from the community.
Coercive incentives
are said to exist where a person can expect that the failure to act in a particular way will result in physical force being used against them (or their loved ones) by others in the community – for example, by inflicting pain in punishment, or by imprisonment, or by confiscating or destroying their possessions.
Natural Incentives
such as curiosity, mental or physical exercise, admiration, fear, anger, pain, joy, or the pursuit of truth, or the control over things in the world or people or oneself.

It's also worth noting that these categories are not necessarily exclusive; one and the same situation may, in its different aspects, carry incentives that come under any or all of these categories. In modern American society, for example, economic prosperity and social esteem are often closely intertwined; and when the people in a culture tend to admire those who are economically successful, or to view those who are not with a certain amount of contempt prospect of (for example) getting or losing a job carries not only the obvious remunerative incentives (in terms of the effect on the pocketbook) but also substantial moral incentives (such as honor and respect from others for those who hold down steady work, and disapproval or even humiliation for those who don't or can't).
Incentive and bonus structures, however, are notoriously trickier than they might appear to people who set them up. Human beings are both finite and creative; that means that the people offering incentives are often unable to predict all of the ways that people will respond to them. Thus, imperfect knowledge and unintended consequences can often make incentives much more complex than the people offering them originally expected, and can lead either to unexpected windfalls or to disasters produced by unintentionally perverse incentives.
For example, decision-makers in for-profit firms often must decide what incentives they will offer to employees and managers to encourage them to act in ways beneficial to the firm. But many corporate policies – especially of the "extreme incentive" variant popular during the 1990s – that aimed to encourage productivity have, in some cases, led to failures as a result of unintended consequences. For example, stock options were intended to boost CEO productivity by offering a remunerative incentive (profits from rising stock prices) for CEOs to improve company performance. But CEOs could get profits from rising stock prices either (1) by making sound decisions and reaping the rewards of a long-term price increase, or (2) by fudging or fabricating accounting information to give the illusion of economic success, and reaping profits from the short-term price increase by selling before the truth came out and prices tanked.