Seminar Papers Essay Example | Topics and Well Written Essays - 250 words

Seminar Papers - Essay Example Its cost effectiveness, leads to employee retention, increased market share, more access to customers and reduced risks. Example, in a fashion market, one requires to keep on updating the product in order to retain the current customers. â€Å"Just in time† is a term used to describe result of a process of manufacturing which finished its work just at the scheduled time. It reduces set up time, lessens storage space needed, assumes an extent of input stability cost and insists on precision. It however leads to time wastage in traffic jams, a supplier can depend too much on one manufacturer (Arjan J, 2009, p.295). Example, in Japan Toyota is vulnerable to this disadvantage, therefore it uses a strong long-term connection with few suppliers and can use its own stuff to assist the suppliers improve their processes. Advertising is simply informing potential customers of the existence of your service or products. It is very effective in that one targets his/her audience and controls the entire advertisement process (Tuten, T. L. A, 2008, p. 55). Advertising in social network provides a platform where a producer can interact with the customers and know their response towards a product. In addition, it enables the marketer to identify any changes in the consumer behavior therefore, making it to be an effective mode of communication with the market. These includes advertising, personal selling, public relations and promotional sales (Twedt & Wolfe 2011, p.8). The main aim of promotion mix includes market positioning, segmenting and targeting. In an example, Coca-Cola Company has been able to manipulate different promotion mixes on different market segments to become one of the best performing multinational company in the world. Lans, T. W., H., Hulsink, H., Baert, and M. Mulder, 2008, Entrepreneurship education and training in the small business context: Insights from