PURCHASE, SUPPLIES AND MERCHANDISING OF GOODS AND SERVICES
MARKETING

PURCHASE, SUPPLIES AND MERCHANDISING OF GOODS AND SERVICES

Marketing business is all about purchasing goods from manufacturer and making them available to consumers.

Marketing outlet exist to bridge the gap between the manufacturer and the consumer by providing total marketing solutions to their clients.

They purchase goods from manufacturers or producers such as manufacturers of beverages, dairy and eggs, food additives and chemicals, grains and cereals, meat, poultry and seafood, fruits, nuts, and vegetables, cosmetics, makeup and perfumes, underwears, tooth brush and tooth paste, photo printing machines, t-shirt, trousers, fabrics, cigarette and cigar, detergent, toilet soap, tooth paste, medicated soap, etc and supply them to the retailer or the final consumer.

 

SELLING AND BARGAINING SKILLS

Bargaining is a type of negotiation in which the buyer and seller of a goods or service bargain about the price with which to pay and the exact nature of the transaction that will take place, and eventually come to an agreement.

Knowing how to sell is a vital ingredient for marketing success. In simple terms, effective sales and negotiation techniques blend with talking to the right people and listening attentively to find out what they want to buy. It is important to learn how to negotiate more effectively so that the good will be sold above cost price.

The following are sales and bargaining techniques:

1) Focusing on the customer: A successful sales process starts by looking at the customer and knowing what they want, rather than just introducing to them immediately what you are trying to sell. This allows you to tailor the way you present your product or service to match each customer’s individual requirements.

This kind of ‘solution selling’ is a far more powerful selling technique than simply delivering a general-purpose sales pitch. Your sales message can highlight exactly how your product suits your customer, emphasising the points where you have a competitive advantage. At the same time, the more you know about the customer’s position and what your product is worth to them, the more likely you can prove its value to them.

 

2) Dealing with objections: Good sales skills include anticipating and dealing with any reasons the customer may choose not to buy. Your selling techniques should include the ability to see when the customer is ready to buy, and the right selling technique for closing sales.

Selling techniques often focus exclusively on winning sales. But knowing how to negotiate the right terms is important too.

Like the earlier parts of selling, negotiation should start with understanding the customer. What makes them tick? What would make them enthusiastic about buying? What is the problem that they are trying to solve through buying from you? And how much value do they attach to that? The good news is that most customers are far more interested in talking about themselves than on hearing about you and your product, so use this human trait to your advantage.

But you should also be clear about your own position. What would be an acceptable compromise for you to close the sale? How important strategically would the sale be? And what would make it a bad deal for you and be at the point of no return.

If your customer believes that you are working with their interests at heart as well as your own, they are more likely to be more honest about what they view as their alternatives. And this in turn allows you to do the same that is, making for a more positive environment to do good business.

Successful negotiation results in a coming together between buyer and seller, ideally, both you and your customer should have a sense of achievement as you shake hands on the deal.

 

FUND MANAGEMENT

Fund management is a broad term that covers a number of functions that helps individuals and businesses to process receipts and payments in an organized and efficient manner. It refers to a broad area of finance involving the collection, handling, and usage of cash.

Frequently corporate treasurers or a business manager is responsible for overall management of organisation fund.

Managing company funds allow companies to process and use their money in such a way that they have adequate funds available for regular costs like paying employees. It ensures that the company has some money for the things they did not plan for such as a higher than expected increase in the cost of materials. The business also uses these techniques to check if people are paying as they should and that the funds are used for their original intent that is, it prevents payment loss and heightens financial and overall operational accountability. These strategies influence cash flow, as well, making it more likely that the business will have the funds it needs at the right time.

Companies use a wide variety of techniques in fund management. One of the simplest is cheque book or account balancing, also known as reconciliation. Many organizations use software programs to automate how the business collects funds from clients. Agencies routinely use other methods such as Internet services, automated clearing houses and controlled disbursement.

 

Financial Literacy in fund management

It is important for those who are in charge of a company’s money to demonstrate a high level of financial literacy. They must be aware of the benefits and drawbacks for each option the company considers and how those options interact to form the business collective financial approach.

New options become available over time, so financial workers routinely must re-evaluate the techniques the company is using to see if they are still effective given the context of the market and the company’s objectives.

 

The Roles of Technology in fund management

Technology has vastly changed how companies approach taking care of their money. An example is the automated clearing house, or ACH. Through these technological networks, a business can transact a business-to-business cash transfer that deducts the payment from the customer’s account and deposits the funds in the vendor’s account. Generally, this service is available for a fee at local banks.

Another good example of businesses using technology in cash management is the use of software to automate payroll or the routine purchase of materials or services such as electricity. Software also can be used for activities such as preparing budget reports, purchase orders and fiscal statements. Using software can be costly due to the need for updates and hardware, but most companies discovered that the savings gained from these tools have more than justify their costs.

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