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Showing posts from December, 2023

A Guide to Merchandise Planning Process- Making Your Business Profitable!

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There are several ways that a seller needs to follow to maximize profits and get more sales. One such evergreen measure is the merchandise planning process that includes selecting, managing, and displaying products in such a way that it brings the maximum turnover and increases brand visibility.  This activity generally meets the customer's demands by making the correct item available in quantity and price.  Several activities make a seller lose potential customers and increase the overall costs. This includes buying the merchandise in an unplanned quantity or not calculating the transportation or storage cost of it. Making a wrong purchase decision can also lead to a loss of valuable capital. Thus, merchandise planning is essential to keep the business running at the lowest cost and with high-profit margins.  The Merchandising Planning Process - Planning your Merchandise the Right Way! Different industries have different demands and planning processes depending on various factors

Steps to Achieve the Know Your Customer Compliance

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Effective KYC involves knowing your customers'customers' identities, financial activities, and the risks they pose.  Do you know your customers?  At least, that's how it should be. If you are a financial institution (FI) that promotes money laundering or terrorist financing, you may be subject to fines, penalties, and defamation. Most importantly, KYC is a key practice that protects organizations from fraud and losses resulting from illicit funds and transactions. "KYC" refers to the steps a financial institution (or company) takes to: customer identification Understand the nature of your business (The main purpose is to ensure that the client's source of funds is legitimate.) To monitor the activities of our customers, we assess the money laundering risk associated with these customers. Creating and implementing an effective KYC program requires the following elements: 1) Customer Identification Program (CIP) How do you know if someone is who they say they a

BTL Activities Ideas you must try!

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Marketing trends are ever-changing; modern tech and digitization have evolved how we market products/services. ATL activities have lost their hold as the prime measures to reach potential audiences. BTL activities have taken the lead in the modern-day brand promotion scene with marketing gurus preferring to move towards experiential marketing solutions. Engaging consumers through brand activation. The modern consumer is more discerning due to the increased availability and options. They are unlikely to be duped by phony promises and 'irresistible' sales. They are becoming increasingly demanding and want authentic experiences beyond the media noise. Brand activation is an appropriate term in today's marketing industry. It is a particular on-the-ground activity that aids a brand in developing a trustworthy rapport with its target market. More than just creating a sell-buy relationship is involved. Instead, it aims to forge an emotional connection with the customer and allow