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Sales Incentive Plan
An incentive program is a formal scheme used to promote or encourage specific actions or behavior by a specific group of people during a defined period of time. Incentive programs are particularly used in business management to motivate employees and in sales to attract and retain customers. Scientific literature also refers to this concept as pay for performance. Types Consumer Consumer incentive programs are programs targeting the customers of an organization. According to research from 1990, increases in a company's customer retention rate as low as 5% tended to increase profits by 25%-125%. Consumer programs were becoming more widely used as more companies realized that existing customers cost less to reach, cost less to sell to, were less vulnerable to attacks from the competition, and bought more over the long term. Employee Employee incentive programs are programs used to increase overall employee performance. While employees tend to approve of incentive programs, only ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Management
Business administration is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. Overview The administration of a business includes the performance or management of business operations and decision-making, as well as the efficient organization of people and other resources to direct activities towards common goals. In general, "administration" refers to the broader management function, including the associated finance, personnel and MIS services. Administration can refer to the bureaucratic or operational performance of routine office tasks, usually internally oriented and reactive rather than proactive. Administrators, broadly speaking, engage in a common set of functions to meet an organization's goals. Henri Fayol (1841–1925) described these "functions" of the administrator as " the five elements of administration". According to Fayol, the five functions of management are pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loyalty Program
A loyalty program or rewards program is a marketing strategy designed to encourage customers to continue to shop at or use the services of one or more businesses associated with the program. Single-company vs. coalition programs Loyalty programs may be either: * Single-brand programs, which may be for all stores owned by a company, such as Target, or branded stores which may be corporate-owned and franchised to independent business owners, such as McDonalds. *Single-corporation programs, such as the joint Gap Inc. program, work at the stores and digital channels of Gap, Banana Republic, Old Navy, and Athleta, which are all owned by Gap Inc. *Coalition loyalty programs, provide benefits to customers of multiple otherwise-unrelated businesses. Examples include Rakuten Rewards which, in the U.S. offers cashback at more than 3,500 stores and Air Miles which awards points for purchases from multiple merchants in each market it serves (Canada, The Netherlands, Bahrain, Qatar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cashback Website
A cashback website is a type of reward website (often also available on a mobile app) that pays its members a percentage of the money that they spend when they purchase goods and services via its affiliate links. Leading cashback and similar programs providing U.S. consumers with rewards for shopping online with multiple vendors include Capital One Shopping, Ibotta, Rakuten Rewards and PayPal Honey. Customer journey When a customer makes a purchase online, instead of visiting the retailer directly, they may choose to follow a link from a cashback website to generate a monetary reward when buying products or services. The cashback website receives a commission from the retailer that, after the purchase is confirmed, is shared with the customer who made the purchase. Cashback app A cashback app is a mobile application that offers users a percentage of cashback or rewards for making purchases through the app. These apps provide users with savings on various transactions, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Travel Incentive
Travel incentives are a reward subset of an incentive program, recognition program or a loyalty program, which is a business tool designed to change consumer behavior to improve profit, cash flow, employee engagement and customer engagement. It has been described as business travel that is designed to motivate or trigger action, as a reward for these actions from employees or business partners. This fosters loyalty and encourages the best talent for an organisation. When an organization properly designs an incentive program, which includes looking at all departments which will be affected, rather than just the impact to the department that is sponsoring the incentive, the return on investment can be proven. Oxford Economics USA wrote in a 2009 study that incentive travel investments yielded a return of investment of more than $4:$1. And stated that in order to achieve the same effect of incentive travel, an employee’s total base compensation would need to be increased by 8.5%. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incentive
In general, incentives are anything that persuade a person or organization to alter their behavior to produce the desired outcome. The laws of economists and of behavior state that higher incentives amount to greater levels of effort and therefore higher levels of performance. For comparison, a disincentive is something that discourages from certain actions. Divisions An incentive is a powerful tool to influence certain desired behaviors or action often adopted by governments and businesses. Incentives can be broadly broken down into two categories: intrinsic incentives and extrinsic incentives. Overall, both types of incentives can be powerful tools often employ to increase effort and higher performance according to the "law of behavior." Incentives are most studied in the area of personnel economics where economic analysts, such as those who take part in human resources management practices, focus on how firms make employees more motivated, through pay and career concerns, Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incentive Program
An incentive program is a formal scheme used to promote or encourage specific actions or behavior by a specific group of people during a defined period of time. Incentive programs are particularly used in business management to motivate employees and in sales to attract and retain customers. Scientific literature also refers to this concept as pay for performance. Types Consumer Consumer incentive programs are programs targeting the customers of an organization. According to research from 1990, increases in a company's customer retention rate as low as 5% tended to increase profits by 25%-125%. Consumer programs were becoming more widely used as more companies realized that existing customers cost less to reach, cost less to sell to, were less vulnerable to attacks from the competition, and bought more over the long term. Employee Employee incentive programs are programs used to increase overall employee performance. While employees tend to approve of incentive programs, only ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Loyalty Program
A loyalty program or rewards program is a marketing strategy designed to encourage customers to continue to shop at or use the services of one or more businesses associated with the program. Single-company vs. coalition programs Loyalty programs may be either: * Single-brand programs, which may be for all stores owned by a company, such as Target, or branded stores which may be corporate-owned and franchised to independent business owners, such as McDonalds. *Single-corporation programs, such as the joint Gap Inc. program, work at the stores and digital channels of Gap, Banana Republic, Old Navy, and Athleta, which are all owned by Gap Inc. *Coalition loyalty programs, provide benefits to customers of multiple otherwise-unrelated businesses. Examples include Rakuten Rewards which, in the U.S. offers cashback at more than 3,500 stores and Air Miles which awards points for purchases from multiple merchants in each market it serves (Canada, The Netherlands, Bahrain, Qatar, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Wuppertal
The University of Wuppertal (''Universität Wuppertal'') is a German scientific institution located in Wuppertal in the state of North Rhine-Westphalia, Germany. The university's official name in German is ''Bergische Universität Wuppertal'' or ''BUW'', founded in 1972. Around 2014 to 2015, approximately 20,000 students were enrolled in a wide range of subjects with many interdisciplinary linkages between a total of seven faculties. Organization *Division A: humanities and cultural studies *Division B: Schumpeter School of Business and Economics *Division C: mathematics and natural sciences *Division D: architecture, civil engineering, mechanical engineering, safety *Division E: electrical engineering, information technology, media technology *Division F: design and art *Division G: education and social sciences Campus The main building of the University of Wuppertal is located in the suburb of Elberfeld on the Grifflenberg. The university now has three campuses: * Campus Gri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AirBnB
Airbnb, Inc. ( , an abbreviation of its original name, "Air Bed and Breakfast") is an American company operating an online marketplace for short-and-long-term homestays, experiences and services in various countries and regions. It acts as a broker and charges a commission (remuneration), commission from each booking. Airbnb was founded in 2008 by Brian Chesky, Nathan Blecharczyk, and Joe Gebbia. It is the best-known company for short-term housing rentals. History After moving to San Francisco in October 2007, roommates and former schoolmates Brian Chesky and Joe Gebbia came up with an idea of putting an air mattress in their living room and turning it into a bed and breakfast. In February 2008, Nathan Blecharczyk, Chesky's former roommate, joined as the chief technology officer and the third co-founder of the new venture, which they named "AirBed & Breakfast". They put together a website that offered short-term living quarters and breakfast for those who were unable to bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dropbox
Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, that offers cloud storage, file synchronization, personal cloud, and Client (computing), client software. Dropbox was founded in 2007 by Massachusetts Institute of Technology, MIT students Drew Houston and Arash Ferdowsi as a startup company, with initial funding from Startup accelerator, seed accelerator Y Combinator. Dropbox has Criticism of Dropbox, experienced criticism and generated controversy for issues including security breaches and privacy concerns. Concept Dropbox brings files together in one central place by creating a special folder on the user's computer. The contents of these folders are synchronized to Dropbox's servers and to other computers and devices where the user has installed Dropbox, keeping the same files up-to-date on all devices. Dropbox uses a freemium business model, where users are offered a free account with set storag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Referral Marketing
Referral marketing is a word-of-mouth initiative designed by a company to incentivize existing customers to introduce their family, friends, and contacts to become new customers. Unlike pure word-of-mouth strategies—where customers independently share information without company involvement or ability to track—referral marketing actively incentivizes and rewards existing customers for referring new ones, allowing the company to influence, track, and measure the referral process. The process is distinct from multi-level marketing, in that there is no incentive for the original existing customer to drive or influence the subsequent referrals of the new customer – only the conversion of the initial, primary customer is rewarded. Overview Referral marketing is a tool used by businesses and corporations across various industries to grow and build their customer bases. In the past, referral marketing was purely focused on spreading information through verbal interaction with a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affiliate Marketing
Affiliate marketing is a marketing arrangement in which Affiliate (commerce), affiliates receive a wiktionary:commission, commission for each visit, signup or sale they generate for a merchant. This arrangement allows businesses to Outsourcing, outsource part of the Sales, sales process. It is a form of performance-based marketing where the commission acts as an Economic incentive, incentive for the affiliate; this commission is usually a percentage of the price of the product being sold, but can also be a flat rate per referral. Affiliate marketers may use a variety of methods to generate these sales, including Organic search, organic search engine optimization, paid search engine marketing, e-mail marketing, content marketing, display advertising, organic social media marketing, and more. Though the largest companies run their own affiliate networks (for example Amazon), most merchants join affiliate networks which provide reporting tools and payment processing. History Ori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
