Discussion Questions VI Essay Example | Topics and Well Written Essays - 750 words

Discussion Questions VI - Essay Example Market segmentation is a division of the population of consumers into identifiable segments. So within each segment are people with shared characteristics. This makes it easier to identify their needs and wants and identify market opportunities, as the purpose of a segmentation system is to target consumers better. This can affect the product, price, promotion and place in the marketing strategy. One of the determinants of the effectiveness of such an approach is the homogeneity of the segment in terms of consumer behavior. â€Å"The process by which managers make decisions about segmentation in the international consumer market† (Craft, 2004) is therefore an important part of the strategy of segmentation. Segmentation can be made along geographic, demographic, economic, technological or cultural lines. Multinational and global market challenges in any segment must be faced with strategic planning considerations. We shall discuss these in relation to segmentation based on cultural differences and analyze product branding, advertising and promotion for different cultural segments with rationale and examples. A segmentation system based on culture divides consumers according to their customs and traditions, language, beliefs, values, religion, and so on. Subcultures can also be a consideration for further precise segmentation. These aims affect strategic planning considerations involving â€Å"market demographics, sales channels, operational implementation, and adaptable approaches to niche markets currently being served or targeted.† (Bauman, 2002) Planning enables the decision makers to see greater opportunities arising out of the non-traditional core markets. It also makes them evaluate their core competencies, skill sets, product development, competitive advantages, and so on. This then also has implications â€Å"for functional tasks such as the sales planning and advertising† (Dix, 2002) and product branding. Product branding in China presents a

Non-Financial Rewards Dissertation Example | Topics and Well Written Essays - 1000 words

Non-Financial Rewards - Dissertation Example Moreover, free pension entitlement or private medical care can also be considered as the non financial rewards. Research Question What is the impact of non-financial reward on employee satisfaction? Literature Review The non financial rewards are cost effective for the organizations. According to Armstrong (2010), non financial rewards focus on the reorganization, achievement, autonomy, influence, personal growth and responsibility needs of the employees (Armstrong, 2010, p. 47). There are two types of non financial rewards namely tangible non financial rewards and intangible non financial rewards. Intangible non financial rewards are referred as the relational rewards. Work life balance, quality of work life fall in the intangible non financial rewards category. On the other hand the tangible non financial rewards are referred as the non cash rewards. These non cash rewards support several recognition programmes. Low valued matters or objects like flowers and chocolates are consider ed as the tangible non financial rewards. Several vouchers and substantial value offers like holiday package are also considered as the tangible non financial rewards. ... This scheme helps an organization to increase performance outcomes. It can be seen that several global organizations implemented this specific recognition schemes in order to increase their business efficiency. Generally larger organizations use this recognition schemes as it is both time and cost effective. These recognitions can come in both non tangible and tangible forms. According to Perkins and White (2010), an effective employee recognition programme should be prevalent, visible, spontaneous, personal and memorable (Perkins and White, 2011, p.72). The organizations implement these recognition schemes in order to achieve several organizational objectives. It motivates the employees to provide effective work performance. It creates a positive organizational work environment. The organization can maintain their ethics and morale through these recognition schemes. Moreover, these recognition schemes encourage the employee loyalty and support several cultural changes. According to Lewis (2006), involvement policies, thank you prizes, communication strategies, imaginative job designs and effective performance appraisal are majorly considered as the non financial reward (Lewis, 2006, p.107). According to Armstrong (2007), achievement, influence, personal growth, recognition and responsibility are the key objectives of non financial rewards (Armstrong, 2007, p.69). Employee recognition programme is a key aspect in employee motivation process. It is important for the management of the organization to link it properly and strategically to the organizational objectives and goals. It will help to increase the motivation of employees and business output of the organization.