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In 1914, Russia repeatedly warned the Austro-Hungarian Empire against attacking Serbia. It involves understanding factors which are related to technological advancements, rate at which technology gets obsolete (Example: the operating system in mobile phones), automation, and innovation.The Austro-Hungarian Empire tried to make Serbia a client state in order to form a Christian opposition to the Ottoman Empire, but after the 1903 May Coup, Serbia came under the influence of Russia, which was forming a pan- Eastern Orthodox opposition to the Latin Christianity represented by the Austro-Hungarian empire. As we all know, technology changes very rapidly, and consumers are hungry to adopt new technology. The letter 'T' in PEST analysis stands for technology. It includes study of population growth, age distribution, career attitude, etc. These factors help in gauging the potential size of the market. It includes the study of demographics, as well as the target customers. 'S' stands for social factors that form the macro environment of the organisation. These factors also help in accessing the demand, costing of the product, expansion, and growth. It gauges the economic environment by studying factors in the macro economy such as interest rates, economic growth, exchange rate as well as inflation rate. The letter 'E' in PEST analysis stands for economic factors. It also involves study of tax policy which includes exemptions if any, employment laws, environment laws, etc. It includes government regulations or any defined rules for that particular industry or business. In PEST analysis, 'P' stands for Political environment. Let's study each individual factor of PEST analysis in detail. It is similar to SWOT analysis, which stands for Strength, Weakness, Opportunities, and Threats. PEST analysis helps in making strategic business decisions, planning marketing activities, product development and research. Once these factors are analysed organisations can take better business decisions.ĭescription: PEST Analysis helps organizations take better business decisions and improve efficiency by studying various factors which might influence a business such as political, economic, social, and technology. PEST stands for Political, Economic, Social, and Technological factors. Under the direct channel, a salesperson visits potential customers in an attempt to make them aware about a new product that the company is launching or it may have a new offer which the customers may not get from the open market.ĭefinition: PEST Analysis is a measurement tool which is used to assess markets for a particular product or a business at a given time frame. The job of the salesperson is to make sure that he understands the need of the customers and accordingly shows various products that he keeps under that category. Under the retail channel, a sales person interacts with potential customers who come on their own to enquire about a product. Personal selling can take place through two different channels – through retail and through direct-to-consumer channel.
#CLIENT POLITICS DEFINITION HOW TO#
This is because selling involves personal touch, a salesperson knows better how to pitch a product to the potential customer. The company wants to spread awareness about the product for which it adopts a person-to-person approach. Often companies try to follow this approach with customers to make them aware of a new product. However, getting a customer to buy a product is not the motive behind personal selling every time. The salesperson tries to highlight various features of the product to convince the customer that it will only add value. It is a promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale.ĭescription: Personal selling is a face-to-face selling technique by which a salesperson uses his or her interpersonal skills to persuade a customer in buying a particular product. Definition: Personal selling is also known as face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product.