Feedough Community Latest Questions

usha69

  1. Unlike traditional auction where buyers bid for the products and services offered by sellers, in reverse auction seller bid price for the products and services they want the buyers to buy. In a reverse auction, sellers seek out buyers which is not a case in a traditional auction. Here sellers try toRead more

    Unlike traditional auction where buyers bid for the products and services offered by sellers, in reverse auction seller bid price for the products and services they want the buyers to buy.
    In a reverse auction, sellers seek out buyers which is not a case in a traditional auction.
    Here sellers try to outbid other sellers by bidding as low as possible for the products and services.
    In a reverse auction the seller gives out information about the products and services that they want the buyers to buy.
    Here are some advantages of reverse auction:
    1. It is time saving
    2. Best price buy for consumers
    3. Comparing products and making decisions is easier for the buyer
    Here is an article to help you on the topic https://www.feedough.com/what-is-a-reverse-auction-how-does-it-work/

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Janny

  1. This answer was edited.

    Hey Janny, to understand this example I'll brief you on what outsourcing is, in simple terms it implies getting resources for your business from outside or to be precise, from a third party. Let's say there's a company in US that wishes its customer services to be handled by outsiders, it could be bRead more

    Hey Janny, to understand this example I’ll brief you on what outsourcing is, in simple terms it implies getting resources for your business from outside or to be precise, from a third party.
    Let’s say there’s a company in US that wishes its customer services to be handled by outsiders, it could be because of the high costs over there or unavailability of labor so they can do it in a relatively low cost by hiring an independently operating call center to handle telephone customer services.

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rayon

  1. Yes Rayon, hostile takeovers are absolutely legal. A hostile takeover is the acquisition of one company by another without approval from the target company's management. They are not really bad unless they are putting a harm to shareholders. They are called hostile because the board of directors, orRead more

    Yes Rayon, hostile takeovers are absolutely legal. A hostile takeover is the acquisition of one company by another without approval from the target company’s management. They are not really bad unless they are putting a harm to shareholders. They are called hostile because the board of directors, or those in control of the company like managers, generally oppose being bought out and typically reject a more formal offer, compelling the other company to follow harsh tactics.

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Pallavi Kamat

  1. Social commerce also referred to as s-commerce has several benefits. They are: 1. You already have a user base on social media platform. You can leverage that for your commerce. 2. Data is the key on social media platforms. You can gauge user preferences from their social media feed and use that datRead more

    Social commerce also referred to as s-commerce has several benefits. They are:
    1. You already have a user base on social media platform. You can leverage that for your commerce.
    2. Data is the key on social media platforms. You can gauge user preferences from their social media feed and use that data for your commerce.
    3. It enables ease of doing business because of the popularity of social media platforms.
    4. Customer engagement can be easily brought about by using the platforms it will also help you in social media marketing.

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Pallavi Kamat

  1. Break Even Point or BEP is a point where there is no net profit or loss. BEP is calculated using the formula given below: BEP (in units) = Fixed Cost / Contribution Margin where Contribution Margin = Sales Price per unit - Variable Cost per unit When your sales exceed the Break Even Point, it then tRead more

    Break Even Point or BEP is a point where there is no net profit or loss.
    BEP is calculated using the formula given below:
    BEP (in units) = Fixed Cost / Contribution Margin
    where Contribution Margin = Sales Price per unit – Variable Cost per unit
    When your sales exceed the Break Even Point, it then that your business starts making profit.
    If your sales is below the Break Even Point, then you are experiencing loss.

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Maitya

  1. Hi maitya, its really easy to calculate the churn rate. Let me walk you through it. So at first you need to determine the number of customers that you lost last quarter and then divide that by the number of customers that you started with last quarter. After that just calculate your result in the foRead more

    Hi maitya, its really easy to calculate the churn rate. Let me walk you through it. So at first you need to determine the number of customers that you lost last quarter and then divide that by the number of customers that you started with last quarter. After that just calculate your result in the form of percentage. the resulted percentage is your churn rate. For example, let’s say a company that started last quarter with 100 customers and lost five over the period of the quarter would have a churn rate of 5%.
    As you can see in the above example, we calculated churn rate as a percentage of customers lost, but there’s more than one way to calculate churn. You can do that in a no. of ways like the number of customers, the value of recurring business lost, the percent of recurring value lost.
    Monitoring churn is the first step in understanding how good you are at retaining customers and identifying what actions might result in a higher retention rate.

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usha69

  1. Some distinguishing factors between a marketer and a marketeer are listed below: 1. A marketer is a person responsible for creating an involvement chain between customer and the product or service offered by the company. Activities may include maintaining stock, creating awareness about the product,Read more

    Some distinguishing factors between a marketer and a marketeer are listed below:
    1. A marketer is a person responsible for creating an involvement chain between customer and the product or service offered by the company. Activities may include maintaining stock, creating awareness about the product, etc. On the whole a marketer is somebody who is responsible for everything related to marketing.
    Marketeer is somebody who is focused on each customer and tries to build a one on one relationship between the brand and the customer.
    2. A marketer works on strategies to expand market and also come up with product offerings to be able to cater to the market.
    Whereas a marketeer makes optimum use of customer’s time and tries to influence their decision to buy the product.
    3. Maketer’s approach is holistic whereas marketeer’s approach is individualistic.
    Here is an article to help you more on this topic: https://www.feedough.com/what-is-a-marketer/

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Prachi

  1. Simply put design thinking is a way of solving problems creatively. It is a human centric approach. Design thinking has 5 phases where every phase can be repeated if the results are not obtained. Since phases can be repeated, design thinking becomes an interative process. The 5 phases are as followsRead more

    Simply put design thinking is a way of solving problems creatively. It is a human centric approach.
    Design thinking has 5 phases where every phase can be repeated if the results are not obtained. Since phases can be repeated, design thinking becomes an interative process.
    The 5 phases are as follows:
    1. Empathise: Since design thinking is a human centric approach, empathising with users becomes a very important phase. In this phase you conduct interviews with the users to understand their requirements and pain points.
    2. Define: Once you are done with the empathis phase you will know the problem faced by users which need a solution. This is the phase where you define your problem statement to start working for a solution.
    3. Ideate: In this phase you come up with ideas that would help solve the problem. Ideation can be done in groups or individually. It is usually done by brain dumping which is a form of brain storming. Here quantity of ideas matter.
    4. Prototype: From the generated ideas, you check feasibility and try to come up with small workable models of your proposed solution.
    5. Test: The prototype is then given to the testers to get their feedback and the cycle continues till a solution is finalized.

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Janny

  1. Employees thrive when the total work environment offered that includes rewards and career stability, supports them in attaining their goals and dreams. The best employees for your organization share your company's vision and values. Selecting the right people in the first place through behavior-baseRead more

    Employees thrive when the total work environment offered that includes rewards and career stability, supports them in attaining their goals and dreams. The best employees for your organization share your company’s vision and values. Selecting the right people in the first place through behavior-based testing and competency screening and at the same time, not to neglect to hire people with the innate talent, ability, and smarts to work is the very beginning step to reduce employee turnover. Offering an attractive, competitive, comprehensive benefits package with components such as life insurance, disability insurance and flexible hours i.e. enable employees to balance work and life, can give you a little guarantee that the employees will be happy and safe for your company. Providing many training opportunities for people to share their knowledge via training sessions, cross-training, career progression., presentations, mentoring others and team assignments is another way to ensure them that they are at best place. Career and personal growth is the only measurement of their staying up for long and not looking for any other jobs. Improve performance management by overhauling reviews, and watch employee trust and satisfaction grow. Lastly, find ways to cultivate and nurture respect in your workplace and it will pay off in higher retention.

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