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Yes, but the result is generally based on the amount of effort and resource they invest. Let’s quote an example. Consider a case where you are selling Omega 3 and 6 supplements. You can organize a contest based on your product’s functions which would help you generate higher sales volume and also the respond rate from your customer. Since Omega 3 and 6 are important to the development of brain, you may consider holding an IQ contest.

This tells you about how the brain function is enhanced with the help of these products. The range of cost varies from zero to a few hundreds or thousands of dollars. You can cut the cost drastically by holding an IQ contest online. Emails can also be sent to existing customers after developing a set of IQ questions.

Later, these contestants will have the choice to participate through the website or they simply just reply our email. Your products, vouchers or any other gifts should be rewarded to the winners. This would in turn encourage the customers to spend the given vouchers.

You can choose to stop wwith the above. However, why don’t we go one step further?

On top of the above, for every new contestant or potential new customer that the existing customers bring in, they will be rewarded with 5 or 10 dollar cash voucher. This helps in promoting your company, brand, product and contest to others by encouraging the existing customers. Meanwhile, you may control the usage of cash voucher, such as how many vouchers can be used in a single transaction or what is the expiry date. But, we should avoid imposing too much restriction on them. For example: only 1 voucher can be used in a month and the voucher will be expired in 30 days. This in turn will discourage the customers in searching for new contestants.

Is it right to think that the cash voucher offered is a cost to the company? Yes, we agree on that to a certain extent. However, if we look it at a different perspective then we will think it differently. What would happen if the customer who has the voucher would buy your product or else they would not do so? In this case does this voucher result in profit or high cost to your company?

If the vouchers are offered wisely this would aid you in making profit and not losses to your company. Thus this marketing strategy helps in promoting your products with less expenditure. The new high quality of prospects list (new contestants) obtained can be followed up later.

One of the examples is quoted above Develop your plan first and then start moving on.

Yes, it is true from the sales record of low cost medicines that customer prefer low cost medicines. According to the sales report given by the pharmacy market in United States, low cost medicines are the market leaders. Low cost medicines have captured about 57% pharmacy market in United States. European Unions pharmacy market sales report has declared low cost medicines as the choice of the customers because of world record sales of low cost medicines in the European markets. Low cost medicines hold around 53% share in the European pharmacy market. In Asia, the market for the low cost medicines is very large. Around 60% of the customers in the Asia use low cost medicines. Australia is not far behind and the low cost medicines sale here also is very impressive. In Australia, low cost medicines have captured about 45% of the pharmacy market. Thus, the customers all over the world prefer low cost medicines over the branded drugs.

Low cost medicines are in demand all over the world. Low cost medicines are defined as the drugs, which has the similar properties and effects as their brand-name drugs whose patent is expired. Low cost medicines are crossing all the sales records in the market because of their low prices. Low cost medicines are easily available in the market and they even do not require the prescription depending on the rules in the country in which you are buying them. Low cost medicines has now become world famous with their best quality and lowest prices. Low cost medicines are approved by US Food and Drug Administration. Low cost medicines are now available all over the world with the cheapest price and really had captured the medicine market.

Low cost medicines are identical or bioequivalent to the brand name counterpart with respect pharmacokinetic and pharmacodynamic properties. Aspirin was the first low cost medicines launched by Sterling (a pharmaceutical company in United States) in 1920. Aspirin was a first discovered by the German company, Bayer, in 1899 and was selling it in United States under the brand name. Bayer registered the case against the Sterling for using the same formulation to prepare the drug and selling its inferior quality product under its brand name. Sterling won the case as it showed that it was not using the same formulation, and the generic drug it produced was showing same effects as the brand name drugs. Hence, the generic drug became available in the market for the consumers and the demand started growing.

Low cost medicines are very cheap compared to the original brand name companies. Reasons for the cheap price of the generic drug are as follows:

Cost of production is very less as compared with the original brand name companies. No investment is done for the research on generic drug as the research is already conducted by the brand name manufacturer. Clinical trials are not conducted by the generic drug manufacturer because they are previously conducted by the brand name manufacturer. So, the money is saved. No cost is involved in the advertising and marketing of the generic drug because they get the benefit of the advertising and marketing done by the original drug manufacturer.

Thus, the low cost of low cost medicines attract more customers and became the first preference of the customers rather than the low cost medicines. Thus taking into the consideration the market demand many pharmaceutical companies had started producing the low cost low cost medicines. Thus, the production and demand of the low cost medicines increased leading to the reduction in the cost of low cost medicines. Thus, low cost medicines became the customer’s preference.

 

The first step to understanding the various causes of low back pain is learning about the normal design (anatomy) of the tissues of this area. Important structures of the low back that can be related to symptoms there include the bony lumbar spine (vertebrae), discs between the vertebrae, ligaments around the spine and discs, spinal cord and nerves, muscles of the low back, internal organs of the pelvis and abdomen, and the skin covering the lumbar area…

 

The low back, or lumbar area, serves a number of important functions for the human body. These functions include structural support, movement, and protection of certain body tissues. 

When we stand, the lower back is functioning to hold most of the weight of the body. When we bend, extend or rotate at the waist, the lower back is involved in the movement. Therefore, injury to the structures important for weight bearing, such as the bony spine, muscles, tendons, and ligaments, often can be detected when the body is standing erect or used in various movements. 

Protecting the soft tissues of the nervous system and spinal cord as well as nearby organs of the pelvis and abdomen is a critical function the lumbar spine and its adjacent muscles…

 

Common causes of low back pain include :-

Strain (acute, chronic) : – A lumbar strain is a stretching injury to the ligaments, tendons, and/or muscles of the low back. The stretching incident results in microscopic tears of varying degrees in these tissues. Lumbar strain is considered one of the most common causes of low back pain…

 

Nerve irritation : – The nerves of the lumbar spine can be irritated by mechanical impingement or disease any where along their paths—from their roots at the spinal cord to the skin surface. These conditions include lumbar disc disease (radiculopathy), bony encroachment, and inflammation of the nerves caused by a viral infection (shingles)…

 

Lumbar radiculopathy : – Lumbar radiculopathy is nerve irritation that is caused by damage to the discs between the vertebrae. Damage to the disc occurs because of degeneration (“wear and tear”) of the outer ring of the disc, traumatic injury, or both..

 

Bony encroachment : – Any condition that results in movement or growth of the vertebrae of the lumbar spine can limit the space (encroachment) for the adjacent spinal cord and nerves. Causes of bony encroachment of the spinal nerves include foraminal narrowing (narrowing of the portal through which the spinal nerve passes from the spinal column, out of the spinal canal to the body), spondylolisthesis (slippage of one vertebra relative to another), and spinal stenosis (compression of the nerve roots or spinal cord by bony spurs or other soft tissues in the spinal canal)..

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Bone and joint conditions : – Bone and joint conditions that lead to low back pain include those existing from birth (congenital), those that result from wear and tear (degenerative) or injury, and those that are from inflammation of the joints (arthritis)..

 

Congenital bone conditions :- Congenital causes (existing from birth) of low back pain include scoliosis and spina bifida. Scoliosis is a sideways (lateral) curvature of the spine that can be caused when one lower extremity is shorter than the other (functional scoliosis) or because of an abnormal design of the spine (structural scoliosis)…

 

Degenerative bone and joint conditions :- As we age, the water and protein content of the body’s cartilage changes. This change results in weaker, thinner, and more fragile cartilage. Because both the discs and the joints that stack the vertebrae (facet joints) are partly composed of cartilage, these areas are subject to wear and tear over time (degenerative changes)…

 

Injury to the bones and joints :-  Fractures (breakage of bone) of the lumbar spine and sacrum bone most commonly affect elderly people with osteoporosis, especially those who have taken long-term cortisone medication…

 

Arthritis :- The spondyloarthropathies are inflammatory types of arthritis that can affect the lower back and sacroiliac joints…

 

Other causes of low back pain include :-

Kidney problems : – Kidney infections, stones, and traumatic bleeding of the kidney (hematoma) are frequently associated with low back pain…

 

Pregnancy : – Pregnancy commonly leads to low back pain by mechanically stressing the lumbar spine (changing the normal lumbar curvature) and by the positioning of the baby inside of the abdomen…

 

Ovary problems : – Ovarian cysts, uterine fibroids, and endometriosis not infrequently cause low back pain. Precise diagnosis can require gynecologic examination and testing…

 

Tumors : – Low back pain can be caused by tumors, either benign or malignant, that originate in the bone of the spine or pelvis and spinal cord (primary tumors) and those which originate elsewhere and spread to these areas (metastasize)…

 

Uncommon causes of low back pain include :-

Paget’s disease of bone : – Paget’s disease of the bone is a condition of unknown cause in which the bone formation is out of synchrony with normal bone remodeling…

 

Bleeding or infection in the pelvis : – Bleeding in the pelvis is rare without significant trauma and is usually seen in patients who are taking blood-thinning medications, such as warfarin(Coumadin)…

 

Infection of the cartilage and/or bone of the spine : – Infection of the discs (septic discitis) and bone (osteomyelitis) is extremely rare. These conditions lead to localized pain associated with fever…

 

Aneurysm of the aorta : – In the elderly, atherosclerosis can cause weakening of the wall of the large arterial blood vessel (aorta) in the abdomen…

 

Shingles : – Shingles (Herpes zoster) is an acute infection of the nerves that supply sensation to the skin, generally at one or several spinal levels and on one side of the body (right or left)…

 

The treatment very much depends on the precise cause of the low back pain. Moreover, each patient must be individually evaluated and managed in the context of the underlying background health status and activity level…

 

Functions of the low back, or lumbar area, include structural support, movement, and protection of certain body tissues. 

Symptoms in the low back can relate to the bony lumbar spine, discs between the vertebrae, ligaments around the spine and discs, spinal cord and nerves, muscles of the low back, internal organs of the pelvis and abdomen, and the skin covering the lumbar area. 
Treatment of low back pain is directed toward a diagnosed or suspected cause…

 

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Introduction

A company attains a competitive advantage when it outperforms industry rivals in pleasing customer’s needs and preferences.   Companies should select an overall strategic approach when developing its competitive advantage.    There are numerous variations of strategies stemming from five generic approaches.  A low cost provider strategy is one of the five generic competitive approaches developed by Michael Porter.  A low cost provider strategy means appealing to a broad cross section of the market by providing goods or services at the lowest price.

The Idea in a Nutshell

The main idea behind a low cost provider’s competitive advantage is lower overall cost in an effort to bring the cost savings to the customer.  The strategy of being a low cost provider is to under price rivals within the industry to capture a significant amount of market share.  Achieving low overall cost strategy is usually obtained through: improving process operations, tight control of overhead costs, vertical integration, reducing input costs, and capitalizing on economies of scale.   There are countless ways in which an organization can reduce costs and new techniques are always evolving.

The Top Ten Things You Need to Know About a Low Cost Provider Strategy

1.   Flourishing low cost providers are extraordinary at discovering methods to reduce costs associated with the organization.   As a low cost provider your primary goal is to discover as many ways to reduce cost within your organization without sacrificing effectiveness.

2.            In today’s economic environment becoming a low cost provider is a powerful     competitive approach due to the high number of price sensitive buyers.   There will always be price sensitive buyers but in an economic downturn more people will look for a bargain product rather a product with frills.

3.            Your cost advantage must be difficult for rival companies to imitate in order to be extremely effective.  Once your cost advantage is able to be duplicated you no longer maintain a cost advantage.

4.            Low cost providers usually gain purchasing power over suppliers due to their high quantities of output.  As a low cost provider you will more than likely be producing in large quantities due to economies of scale.  This will allow for bulk purchases from suppliers increasing the organizations purchasing power.

5.            Resourcefulness must be expected from all organization personnel to formulate creative and effective ways to keep cost down.  As technology continues to improve, creativity is a key to maintaining or creating an edge over industry rivals.

6.            Evaluation of all cost producing processes is necessary.   By evaluating cost creating activities managers are able to determine which activities need to be revamped or removed from business operations.

7.            Small administrative staffs should be kept in an effort to reduce overhead costs.    Low cost provider should look for cost savings in every department of the organization.

8.            Benchmarking is imperative in order to track industry rival’s costs.  In order to be the low cost provider in your industry you must know what cost’s your rival are incurring.

9.            A low cost leader can make price cuts as a means of keeping new entrants from entering the market.  An overall low cost provider can keep out new competition by lowering prices enough to make the market unattractive for prospective entrants.

10.            Persistently cutting prices could result in lower profits and may not contribute to enough buyer interest.   The lowest price is not always adequate; the product must contain enough attributes to persuade customers to purchase the given product or service.

The Video Lounge

http://www.youtube.com/watch?v=Cdq6KgNSkQM

The video shows how a low cost provider strategy can go awry when a company cuts too many product or service attributes in an effort to reduce cost.  The airline has sacrificed service in order to reduce cost and has produced a negative reputation for itself.

My Take

There are many price conscious buyers in the market, making a low cost provider strategy a very viable one in today’s economic situation.  There will always be consumers who will shop for the lowest priced items.  The biggest challenges with a low cost strategy is staying on top of fierce competition and creating innovative ideas to reduce costs, as well as not sacrificing too many product attributes in an effort to reduce costs.

References

Malburg, C. (2000). COMPETING ON COSTS. Industry Week/IW, 249(17), 31.                             Retrieved from Business Source Complete database.

Thompson Jr., A. A., Strickland III, A.J., & Gamble, J.E. (2010). Crafting and executing               strategy: The quest for competitive advantage. New York, NY.                         McGraw  Hill/Irwin.

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Contact Info: To contact the author of “Top Ten Management on Overall Low Cost Provider,” please email Andrew J. Massey at andrew.massey87@gmail.com.

Biography

David C. Wyld (dwyld.kwu@gmail.com) is the Robert Maurin Professor of Management at Southeastern Louisiana University in Hammond, Louisiana. He is a management consultant, researcher/writer, and executive educator. His blog, Wyld About Business, can be viewed at http://wyld-business.blogspot.com/. He also serves as the Director of the Reverse Auction Research Center (http://reverseauctionresearch.blogspot.com/), a hub of research and news in the expanding world of competitive bidding. Dr. Wyld also maintains compilations of works he has helped his students to turn into editorially-reviewed publications at the following sites:

Management Concepts (http://toptenmanagement.blogspot.com/)

Book Reviews (http://wyld-about-books.blogspot.com/) and

Travel and International Foods (http://wyld-about-food.blogspot.com/).                

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Guidelines for Finding a Hearing Aid Online
We are happy to recommend how to discover the most excellent quality, low-cost hearing aids and noise amplifiers in the world. We have really sourced the very best specifications for the lowest prices. For the most part, hearing aids will look very alike, but very few will have very high specifications and if they do, they are likely to be much more costly. Hearing-Aids-Costs.com buy hearing aids in very large amounts and offer excellent quality hearing aids for a very reasonable price. They promote a range of In The Ear, Behind The Ear and also Rechargeable Hearing Aids.

Binaural Amplification is best:
We have two ears for a reason. With natural hearing from both ears, we can hear sounds more clearly and hear speech more clearly. With typical binaural hearing we also have a better sense of balance and our sense of direction is better. It is normal to go through hearing loss in both ears. Our hearing is usually inferior in one ear than the other. As a consequence, people frequently let one ear go and put a hearing amplifier in their best ear. This is in reality quite harmful for you. Hearing with only one ear, can be quite disorientating as it is more complex for your brain to understand and sort out the sounds you are hearing.

If you wear two hearing aids, you will have the sense of hearing more clearly and will have a better sense of stability and direction. This technique is great for hearing sounds and pin-pointing where the sound is coming from. By wearing two hearing aids, you can also turn the volumes lower, reducing the risk of sound distortion in the ear, which can bring about audible damage and fatigue. It is better for listening to music, tv, outside noises etc.

We strongly recommend you have 2 hearing aids. If your hearing difficulty is more critical, we recommend you try one HA18 Gas Channel behind the ear Hearing Aid. If this model works well for you, we suggest you have a second one for the other ear. The effects of Binaural Amplification will usually be really noticeable.

If for any reason, your product arrives faulty, you have a full 30 days to return it for a full refund.

Refunds and Returns

All orders come with a 30 day money back guarantee. If the reason for return is because the product has a fault they will offer you a refund or send you a substitute as soon as possible. Due to hygiene reasons they can not offer a refund for orders that do not have a fault. Refunds will be made as soon as possible after returned goods are received and checked by them. In all cases please e-mail us before returning an item. You will be issued with a returns number which must be clearly marked on the outside of the package. This will help in the processing of your returned package and avoid any unnecessary delays.

Enquire about Medical Attention
If this is your first hearing aid, we strongly propose you seek practiced medical opinion.

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