Tutor profile: Ritu S.
Define sales promotion?
Sales promotion refers to a traditional element of marketing communication. it is used to increase the sales of a product by offering incentives, gifts, and schemes provided to customers at the time of purchase. An organization can provide various offers for promoting a good or service. These offers include coupons, vouchers, prizes ,gifts ,discount, and free products samples. Sales promotion not only encourages customers to buy a product or service but also triggers repeated buying. Finally, it helps organizations to make customers loyal towards their products or services.
What is the difference between monopoly and monopolistic competition?
Monopoly market is created for a product which is offered by a single seller where there is no competition. In monopoly there is only single seller and due to monopoly of single player, products its demand and supply and price are controlled by the seller , entry as well as exit in monopoly market is difficult . Here the seller is the price maker, demand and supply depends on the seller although it may not be too biased on the seller side due to nature of commodity . whereas, in monopolistic competition there are few sellers and few buyers, more than one but only a small number in the market . As there are only few sellers minimal competition exists, although not good enough for controlling the demographics , due to small competition there is some control from the buyers front. Demand and supply in monopolistic competition can be controlled, buyers here may have a small controlling power on the price of such products.
Explain briefly discipline and scalar chain as principle of general management?
Discipline implies that an establishment must follow the rules and regulations and make sure that the compliance to set some stipulated policies and rules. Discipline certainly requires some good supervisions at all the levels with clear and unbiased agreements and judicious application of penalties. Scalar chain refers to a defined established pathway of authority and communication in order of highest to the lowest.
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