Marketing Mangement
Why incentive compensation is important for people? Why is important?
In the basic psychology of incentives, the rewards are based on your level of performance. The better your performance, the greater the rewards you will receive. In psychology, this is called "fixed-ratio reinforcement," which results in a relatively high and consistent level of performance. However, you need to translate that into the area of marketing management, to find out the effective reinforcers in that area.
Since this is not my area of expertise, I searched Google under the key words "incentive compensation importance marketing management" to get these possible sources:
http://www.drgnyc.com/tips/incentive.html
http://72.14.253.104/search?q=cache:SlsQ_a6s7pcJ:www.cfo.com/media/pdf/Varicent_white%2520paper_final_040607.pdf+incentive+compensation+importance&hl=en&ct=clnk&cd=7&gl=us&client=safari
http://search.bnet.com/search/compensation+and+incentive+and+marketing.html
http://www.amanet.org/books/catalog/0814473245.htm
I hope this helps. Thanks for asking.
Incentive compensation is important for people because it provides a motivating factor to perform better and achieve higher levels of success. When individuals know that they will be rewarded for their performance, they are more likely to put in extra effort, be more productive, and strive to exceed their targets and goals. This can lead to increased productivity, improved sales, higher customer satisfaction, and overall business growth.
To understand more about the importance of incentive compensation in marketing management, you can refer to the following sources:
1. The article titled "The Importance of Incentive Compensation in Marketing" on DRGNYC's website (http://www.drgnyc.com/tips/incentive.html) provides insights into how incentive compensation can drive desired behaviors, promote sales team engagement, and improve overall marketing effectiveness.
2. The white paper titled "Incentive Compensation in Marketing" by Varicent (http://72.14.253.104/search?q=cache:SlsQ_a6s7pcJ:www.cfo.com/media/pdf/Varicent_white%2520paper_final_040607.pdf+incentive+compensation+importance&hl=en&ct=clnk&cd=7&gl=us&client=safari) offers a detailed overview of the importance of incentive compensation in marketing, including its impact on sales force motivation, retention, and overall business performance.
3. BNET's search results (http://search.bnet.com/search/compensation+and+incentive+and+marketing.html) provide a range of articles and resources that discuss the relationship between compensation, incentives, and marketing, offering a deeper understanding of the topic.
4. The book "Incentive Compensation for Marketing Executives" by Donald J. Stiffler (http://www.amanet.org/books/catalog/0814473245.htm) can provide additional insights into the importance of incentive compensation in marketing management, helping you gain a comprehensive understanding of this topic.
By referring to these sources, you can gather more in-depth information about the importance of incentive compensation in marketing management and its impact on individual and organizational performance.