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What is the difference between the institutional and government market?
insitutional markets consists of churches,hospitals,schools that provide goods and services for people. government markets major buyer in business markets. calling for bids.
Who is a person who conducts sales by bidding?
This selling method is called an "auction". The person calling out or announcing the prices (or bids) is called an "auctioneer".
How do you write a letter to supply goods to a company?
When writing a letter to supply goods to a company, start with a formal salutation addressing the recipient. Clearly state the purpose of the letter, including details such as the types and quantities of goods being supplied, pricing, delivery terms, and any other relevant information. Be sure to include contact information in case the recipient has any questions or needs further clarification. Close the letter professionally with a thank you and a signature.
Customer knowledge of service prices?
Consumers have what is known as internal reference prices for services. A reference price is a price point in memory for a good or a service and can consist of the price last paid, the price most frequently paid, or the average of all prices customers have paid for similar offerings.A) Service variability limits knowledge.Eg In life insurance, it is very difficult to get comparable price quotes. Firms can offer an infinite variety of combinations and permutations leading to complex and complicated price structures.( Whole life vs. term), features (different deductibles) variations associated with customers( age, health risk, smoking or non - smoking).Very few insurance companies offer exactly the same features and the same prices. Only expert customers can specify the options across providers and find an accurate comparison base.B) Providers are unwilling to estimate prices.Many providers are unable or unwilling to estimate prices eg in the legal or medical profession. Lawyers (in a trial) and doctors (for an operation) often cannot tell what the services will involve until the delivery is well underway.In B2 B situations companies obtain bids or estimates for complex services such as consulting or construction, but this is typically not undertaken with end consumers. Therefore they often buy without advance knowledge about the final price of the service.C) Individual customer needs vary.(Eg, Type of haircut, length of hair, conditioning treatments). In a hotel (size of room, time of year, type of room availability, AC/non- Ac, individual vs. group rate).Getting braces/ tooth replacements from a dentist or help from a lawyer are highly dependent on customer's idiosyncrasies and hence differences in customer's needs play a strong role in pricing.D) Collection of price information is overwhelmingRarely are price comparisons available for competing services under a single roof (as opposed to consumer goods in a retail shop where prices can be readily compared).Implications for managers• The fact that consumers often possess inaccurate reference prices for services has several important managerial implications.• Promotional pricing (as in couponing or special pricing) may be less meaningful for services for which price anchors typically do not exist. This is probably the reason why price does not feature as frequently in service advertising as it does in product advertising.• Promotional pricing also has the danger of the customer taking the promotional price which he sees in as the anchor price for future reference.• The general absence of accurate reference prices also suggests that advertising actual prices for services that the customer is not used to purchasing, may reduce uncertainty and overcome an inflated price expectation for some services.• Thus a market research firm that quotes USD 10,000 for its market research would be informative to a business customers who only had a vague idea and would be guessing it would cost around USD 100,000.• By featuring price in advertising, the company overcomes the fear of high cost by giving readers a price anchor.
What is PPC advertising?
PPC, or Pay-Per-Click advertising, is a digital marketing model where advertisers pay a fee each time one of their ads is clicked. It’s essentially a way to buy visits to your site rather than earning them organically through SEO. In a PPC campaign, advertisers bid on specific keywords relevant to their business, and their ads appear on search engines or social media platforms whenever users search for those terms. How Does PPC Work? Keyword Research: Advertisers identify the keywords and phrases that potential customers might use to find their products or services. Ad Creation: Compelling ads are crafted to encourage clicks. This includes writing engaging ad copy and designing eye-catching visuals. Bidding: Advertisers set a maximum amount they’re willing to pay for each click on their ad. This is done through platforms like Google Ads or Bing Ads. Landing Pages: Once users click on the ad, they are directed to a specific landing page designed to convert visitors into customers. Monitoring and Optimization: Campaign performance is continuously monitored, and adjustments are made to improve results, such as changing keywords, adjusting bids, or refining ad copy. Benefits of PPC Advertising Immediate Results: Unlike organic marketing efforts, PPC can drive traffic to your site almost instantly. Targeted Audience: You can reach specific demographics based on location, interests, and behaviors. Measurable ROI: With PPC, it's easy to track and measure the effectiveness of your campaigns through various analytics tools. Why Consider PPC Services in Hyderabad? If you're a business in Hyderabad, utilizing PPC services in Hyderabad can significantly enhance your online presence. Local PPC experts understand the regional market dynamics and can tailor campaigns that resonate with local customers. They can help you identify the most effective keywords, create high-converting ads, and manage your budget efficiently to maximize your ROI. In summary, PPC advertising is a powerful tool for businesses looking to increase visibility and drive traffic to their website quickly. By leveraging PPC services in Hyderabad, you can optimize your campaigns for better results and connect with your target audience more effectively.
What is closed bid?
A closed bid is a procurement process where suppliers submit their proposals or bids without knowing the offers made by other competitors. This method promotes confidentiality and can lead to more competitive pricing, as each bidder is unaware of the others' bids. The process typically involves a set deadline for submission, after which the bids are evaluated by the buyer to select the best offer. Closed bidding is often used in government contracts and large projects to ensure fairness and transparency.
Why purchase specification important to a food establishment?
Without specifications, it is not possible to obtain competitive bids for the product.
How can I increase the number of bids on my project to ensure there are more bids than asks?
To increase the number of bids on your project and have more bids than asks, you can promote your project on various platforms, reach out to potential bidders directly, offer competitive terms, and create a sense of urgency or exclusivity to attract more interest.
How do government agencies evaluate competitive bids?
Government agencies also considered service, contractor guarantees, past experience with particular contractors, and options offered by individual bidders when evaluating bids.
Why purchase specifications important to a food establishment's operation?
Without specifications, it is not possible to obtain competitive bids for the product.
What is electronic tendering system?
It is like reverse auction, in which a buyer requests would-be sellers to submit bids; lowest biddder wins.
What exactly is a reverse auction?
In a reverse auction, a buyer puts a contract out for bid. Sellers offer bids on the item, competing to offer the lowest price. The price generally decreases as the auction progresses with sellers competing to offer the lowest bids.
How does the concept of forcing bids impact the strategy and gameplay in a bridge game?
In bridge, forcing bids can influence strategy and gameplay by putting pressure on opponents to make specific bids or plays. This can help shape the overall direction of the game and allow players to better anticipate their opponents' intentions. By using forcing bids strategically, players can gain a competitive advantage and control the flow of the game.
Are publicly held companies required to obtain competitive bids for services?
Public held companies have no legal requirement to obtain competitive bids. However, it is a good common practice to gather competetive bids; and, may therefore be policy and procedure in most companies. Bidding is also a good idea in a public company to give the shareholders a sense of security that the company follows good business practices and not wasting money by awarding over-priced contracts.
Why should you beware of kid-bids or bids by children?
Kid-bids or bids by children could potentially violate the terms and conditions of online auction platforms, often requiring users to be of a certain age to participate. Additionally, children may not fully understand the consequences of placing bids, leading to unintended purchases or liabilities.
What are the rules of a reverse auction?
A reverse auction allows a buyer to put out a request for bids on a contract or service. Those who wish to complete the service then bid for the chance to complete it, and the one with the lowest bid wins it, and is payed that amount by the buyer in exchange for the service.
What happens during a reverse auction?
In a reverse auction sellers are in competition to obtain the buyers business. The name reverse auction is apt because the role of buyers and sellers is reversed and instead of prices escalating, the prices generally go lower as sellers compete for the buyer's business.
