Sales Job Ebooks Catalog
All of these functional areas can apply the theories and methods mentioned earlier, in the context of the particular situation and tasks that they have to perform. Thus a production department may want to plan and schedule the level of output for the next quarter, the marketing department may want to know what price to charge and how much to spend on advertising, the finance department may want to determine whether to build a new factory to expand capacity, and the human resources department may want to know how many people to hire in the coming period and what it should be offering to pay them. It might be noted that all the above decisions involve some kind of quantitative analysis not all managerial decisions involve this kind of analysis. There are some areas of decision-making where the tools and techniques of managerial economics are not applicable. For example a sales manager may want to
Instructional aids of an exceptionally high quality are available to instructors and students using this book. The Instructor's Manual was written by Gilbert White of Michigan State University, Geoffrey Rothwell of Stanford University, and Valerie Suslow of the University of Michigan. It provides answers to all of the Questions for Review and the Exercises that appear at the end of the chapters, as well as a summary of the key points in each chapter and a series of teaching suggestions. It is available from the publisher on request, as is a separate Test Bank, written by Dennis Muraoka and Judith Roberts of California State University at Long Beach. The Study Guide, by Valerie Suslow of the University of Michigan and Jonathan Hamilton of the University of Florida, provides a wide variety of review materials and exercises for students. The Study Guide can be purchased separately. Finally, Arthur Lewbel of Brandeis University has developed MICRO-EX, an innovative software package that...
Of persuading customers to buy a different, more luxurious model, the salespeople may instead try to persuade customers to add a number of items of optional equipment, such as climate control, electric seats or satellite navigation. This is now a bait-and-add tactic. The objective of product mix profit maximization is further examined in the following case study.
After I graduated, I moved to Dallas, which was the only big city I had ever visited, to look for a job as a stockbroker. I thought being a stockbroker meant that you got to manage other people's money and play the stock market all day long. I quickly found out that it was more of a sales job, and quite frankly, I'm a terrible salesperson. I picked up my largest client because his own broker wouldn't answer the phone on the day of the October 1987 stock market crash he couldn't face talking to his customers and 1 was the only one his client could reach. After I was there for about two years, I remember calling up my dad and saying, I don't like being a stockbroker. All 1 do is cold-call people all day, trying to sell them stuff they probably don't need in the first place. Verbalizing my feelings helped me decide to quit. I knew I really wanted to be a money manager. I moved to New York City to find a job more closely aligned with my goal.
Investment Banker Research analysts, institutional salespeople, and traders are dealing with securities that already have a history of trading in the public marketplace. Investment bankers are focused on originating new securities and new transactions. Although investment bankers do not manage companies or manage portfolios, they often develop a very keen understanding of corporate valuation and the motives that drive corporations to undertake transactions of various sorts. That understanding can provide a useful background in implementing various hedge fund strategies. It is especially useful in managing an equity-oriented hedge fund, a risk arbitrage portfolio (for which the focus is mergers, acquisitions, and other corporate transactions), or a distressed debt portfolio.
At least 25 percent below the domestic bid, effectively shutting out foreign producers in most cases. Nor can an American company simply act as a sales agent for foreigners While American products can contain some foreign parts, 51 percent of the materials must be domestic.
Originally, shares of most open-end mutual funds were sold by salespeople (usually brokers) who were paid a commission. Since this commission is paid at the time of purchase and is immediately subtracted from the redemption value of the shares, these funds are called load funds. Most mutual funds are currently no-load funds they are sold directly to the public with no sales commissions. In both types of funds, the managers earn their living from management fees paid by the shareholders. These fees amount to approximately 0.5 of the asset value of the fund per year.
For example, Avon Products, Inc., is rightly famous for its entrepreneurial army of independent sales representatives. Avon Calling is a greeting that has long generated huge cash returns for the company in the United States and abroad. In Japan, for example, Avon's profit rate and popularity is even greater than that enjoyed in the United States. Avon has succeeded where others have failed because it has developed and nurtured the direct selling market for cosmetics. Better than anyone else, Avon knows cosmetics, toiletries, costume jewelry, and other products that many women want and knows how much they are willing to pay for them. Avon keeps on growing despite numerous assaults from would-be competitors and regular predictions that its primary market is a sure-fire casualty of dual-income households. Indeed, its domestic and foreign business is so profitable that Avon has been the subject of repeated takeover speculation. To thwart such advances, the company has initiated a...
Now suppose she has an income of 15,000 and is considering a new but risky sales job that will either double her income to 30,000 or cause it to fall to 10,000. Each possibility has a probability of .5. As Figure 5.3a shows, the utility level associated with an income of 10,000 is 10 (at point A), and the utility associated with a level of income of 30,000 is 18 (at E). The risky job must be compared with the current job, for which the utility is 13 (at B).
As an example, ABC Company is about eight years old and operates in the online professional services industry. The customer wants and needs this service. Most importantly, the customer is willing to pay for the service and ABC Company is the only company occupying this space at this time. One would imagine that ABC Company is generating a strong and regular revenue stream. Unfortunately, ABC Company's CEO does not believe in investing in consistent marketing strategies and targeted marketing initiatives. Rather, the CEO pays low wages to inexperienced salespeople who have no incentive or support to sell the service. Therefore, due to a lack of investment in marketing, the customer does not even know that ABC Company exists. The fallout of such poor strategic thinking could be that employees often are not paid in a month, morale plummets, and company reputation lags.
It is understandable why sectors within an economy tend to share a common business cycle. If the manufacturing sector is doing well, it will generate demand for new buildings that will encourage the construction industry and will also generate increased demand for the service sector (increased realtor services, mortgage demands, insurance policies, and so forth.). National economies are also linked together when the U.S. economy is growing fast, it generates demand for non-U.S. goods and that helps output grow faster in other countries. As a result, we should expect to see signs of a common business cycle across countries.
The construction job involves dirty hands, a sore back, the hazard of accidents, and irregular employment, both seasonally and cyclically. The retail sales job means clean clothing, pleasant air-conditioned surroundings, and little fear of injury or layoff. Other things equal, it is easy to see why some workers would rather pick up a credit card than a shovel. So labour supply is more limited for construction firms, as in Figure 15-9(c), than for retail shops, as in Figure 15-9(d). Construction firms must pay higher wages than retailers to compensate for the unattractive nonmone-tary aspects of construction jobs.
The FRB maintains the authority to examine and require reports from any bank holding company, including an FHC, and any subsidiary of the holding company. The GLBA does limit the FRB's authority to examine and require reports from functionally regulated subsidiaries of a BHC, defined as certain entities regulated by the SEC (broker, dealer, investment adviser, or investment company), the CFTC, or state insurance agencies (insurance company, insurance agent). The GLBA requires the FRB to rely on publicly available information to the greatest extent possible in this respect, regulatory reports submitted by a functionally regulated subsidiary to its regulatory agency, and financial statements subject to external audit. The FRB may examine functionally regulated subsidiaries only if (i) the FRB has reasonable cause to believe that the entity is engaged in activities that pose a material risk to an affiliated depository institution (ii) the FRB determines that an examination is necessary...
Closely related to ability is effort. Some people work hard others are lazy. We should not be surprised to find that those who work hard are more productive and earn higher wages. To some extent, firms reward workers directly by paying people on the basis of what they produce. Salespeople, for instance, are often paid as a percentage of the sales they make. At other times, hard work is rewarded less directly in the form of a higher annual salary or a bonus.
A firm's growth and development, even its ability to remain competitive and to survive, depend on a constant flow of ideas for new products and ways to make existing products better and at lower cost. Awell-managed firm goes to great lengths to develop good capital budgeting proposals. For example, a sales representative may report that customers are asking for a particular product that the company does not now produce. The sales manager then will discuss the idea with the marketing research group to determine the size of the market for the proposed product. If it appears likely that a substantial market does exist, cost accountants and engineers will be asked to estimate production costs. If it appears that the product can be produced and sold to yield a sufficient profit, the project will be undertaken.
Still, he must know that some of the increase in worker productivity is occurring because the consumer is doing more of the work. Remember when annoying salespeople used to follow you around the store, asking if you needed help Now they're sales associates, and they don't ask, don't know, don't care and don't sell.
When reviewing the advantages that favor incumbents over challengers, the amount of money that people invest to attain political power, and the barriers to entry that enhance the profitability of political power, it is apparent that the essence of political competition is that those who have political power are competing with those who are trying to get it. Incumbents of different parties have more interests in common than incumbents of one party have with challengers in their own party. Parties do compete with each other, just as sales people from the same company may compete with each other to see who can generate the most sales. This competition is incidental to the fundamental competition, which in politics is not parties competing with each other but incumbents competing with nonincumbents.
For one thing, investors should certainly prefer no-load over load funds the latter charge a sizable up-front fee, which is used to pay commissions to salespeople. Unlike closed-end funds, which have a fixed number of shares that fluctuate in price according to supply and demand, open-end funds issue new shares and redeem shares in response to investor interest. The share price of open-end funds is always equal to net asset value, which is based on the current market prices of the underlying holdings. Because of the redemption feature that ensures both liquidity and the ability to realize current net asset value, open-end funds are generally more attractive for investors than closed-end funds.1
There are many other examples of monopolistic competition besides toothpaste. Soap, shampoo, deodorants, shaving cream, cold remedies, and many other items found in a drugstore are sold in monopolistic ally competitive markets. The markets for bicycles and other sporting goods are likewise monopolistic ally competitive. So is most retail trade, since goods are sold in many different retail stores that compete with one another by differentiating their services according to location, availability and expertise of salespeople, credit terms,etc. Entry is relatively easy, so if profits are high in a neighborhood because there are only a few stores, new stores will enter.
To illustrate yet another use of dummy variables, consider Figure 9.5, which shows how a hypothetical company remunerates its sales representatives. It pays commissions based on sales in such a manner that up to a certain level, the target, or threshold, level X*, there is one (stochastic) commission structure and beyond that level another. (Note Besides sales, other factors affect sales commission. Assume that these other factors are represented
Warren Lorenzen, a sales manager and a long-time employee of S & H, was eligible to retire on 1 February 1987, having turned 65.21 S & H asked Lorenzen to stay on because he was in the midst of managing a company project. He agreed, and this extended his retirement date to 1 July 1987. At this time (February) he decided, with the written consent of his wife, that when he retired he would take his retirement as a lump sum benefit, rather than as a series of monthly payments.22
The better the theories used by managers the better their decisions will be, in terms of being more likely to achieve managerial objectives. However, it is not just a case of managers using other people's theories. Consider the following situation a marketing manager has just received sales figures for a particular product showing a considerable decline in the last quarter. She has a meeting with the sales manager, the advertising manager, the PR manager and the production manager. The sales manager claims that sales are down because of the recent price rise of 15 per cent the advertising manager says that advertising was cut in one of the normal media, because it was thought to be ineffective the PR manager says that customers reacted badly to the announcement in the papers that the firm was stopping its sponsorship of a
Bonds, Wall Street's analysts and salespeople would paint them a picture. By discarding old measurements of valuation and creating new ones and by mastering the art of optimistically projecting and compounding results further and further into the future, Wall Street was able to generate demand to match and at times even to exceed the burgeoning supply of junk bonds.
Gional salespeople will be called in to form a team to regain that market share. Although their regional focus will remain, they will have to work together to solve the problem of regaining that market share, and when they achieve that goal, they will individually work on maintaining their hold in their market.
To finance consumption provides a lower return. Consumers are divided into two categories, those who consume 'early' in period 1 and those who consume 'late' at the end of period 2. Clearly, early consumption imposes a cost in the form of lower output and, hence, consumption in period 2. The introduction of a bank offering fixed money claims overcomes this problem by pooling resources and making larger payments to early consumers and smaller payments to later consumers than would be the case in the absence of a financial intermediary. Hence, the financial intermediary acts as an insurance agent.
Suppose that you plan to take a part-time job selling appliances on a commission basis. You can decide to sell only air conditioners or only heaters, or you can spend half your time selling each. Of course, you can't be sure how hot or cold the weather will be next year. How should you apportion your time to minimize the risk involved in the sales job
There are different types of labour, with different skills, and these can often be substituted for each other. In a marketing department, for example, salespeople are substitutes for administrative workers to some extent. The managerial problem is to determine the optimal mix of different personnel.
Suppose you are choosing between two part-time sales jobs that have the same expected income ( 1500). The first job is based entirely on commission-the income earned depends on how much you sell. The second job is salaried. There are two equally likely incomes under the first job- 2000 for a good sales effort and 1000 for one that is only modestly successful. The second job pays 1510 most of the time, but you would earn 510 in severance pay if the company goes out of business. Table 5.1 summarizes these possible outcomes, their payoffs, and their probabilities. table au Income from Sales Jobs Note that the two jobs have the same expected income because .5( 2000) + .5( 1000) .99 ( 1510) + .01 ( 510) 1500. But the variability of the possible payoffs is different for the two jobs. This variability can be measured by recognizing that large differences (whether positive or negative) between actual payoffs and the expected payoff, called deviations, signal greater risk. Table 5.2 gives the...
Suppose you are choosing between the two sales jobs described in our original example. Which job would you take If you dislike risk, you will take the second job. It offers the same expected income as the first but with less risk. But suppose we add 100 to each of the payoffs in the first job, so that the expected payoff increases from 1500 to 1600. Table 5.4 gives the new earning and the squared deviations. table 5.4 Incomes from Sales Jobs Modified ( )
The probability of an event is the chance, or odds, that the incident will occur. If all possible events or outcomes are listed, and if a probability is assigned to each event, the listing is called a probability distribution. For example, suppose a sales manager observes that there is a 70 percent chance that a given customer will place a specific order versus a 30 percent chance that the customer will not. This situation is described by the probability distribution shown in Table 14.1.
Private collectors account for almost two-thirds of contemporary art purchases in the salesroom. Many of these collectors are uncomfortable with their own judgement. They want advice about which lots to bid on, and how much to bid. Most of all they want reassurance that, when they hang the art, their friends will not ridicule their purchase. Some potential bidders consult other collectors, some rely on dealers. Many rely on auction specialists, who come to be perceived as art consultants rather than salespeople.
Suppose you are choosing between two part-time sales jobs that have the same expected income ( 1500). The first job is based entirely on commission-the income earned depends on how much you sell. The second job is salaried. There are two equally likely incomes under the first job- 2000 for a good sales effort and 1000 for one that is only modestly successful. The second job pays 1510 most of the time, but you would earn 510 in severance pay if the company goes out of business. Table 5.1 summarizes these possible outcomes, their payoffs, and their probabilities. table .1 Income from Sales Jobs Note that the two jobs have the same expected income because .5( 2000) + .5(S1000) .99 ( 1510) + .01 ( 510) 1500. But the variability of the possible payoffs is different for the two jobs. This variability can be measured by recognizing that large differences (whether positive or negative) between actual payoffs and the expected payoff, called deviations, signal greater risk. Table 5.2 gives the...
Competition among insurance companies involves not only price but service. When flood, hurricanes or other disasters strike an area, insurance company A cannot afford to be slower than insurance company B in getting money to their policy-holders. Imagine a policy-holder whose home has been destroyed by a flood or hurricane, and who is still waiting for his insurance agent to show up, while his neighbor's insurance agent arrives on the scene within hours to advance a few thousand dollars immediately, so that the family can afford to go find shelter somewhere. Not only will the customer of the tardy insurance company be likely to change companies afterward, so will people all across the country, if word gets out as to who provides prompt service and who drags their feet. For the tardy insurance company, that can translate into losing billions of dollars worth of business.