Marketing is everything that you do to reach and persuade prospects।
The sales process is everything that you do to close the sale and get a signed agreement or contract.
Sunday, November 23, 2008
Developing a Marketing Mix
Everything in marketing revolves around four areas of principal concern, namely, product, price, place and promotion. These "four Ps" are known as the marketing mix. The marketing mix is a framework that marketers use to conceive, organise and execute a marketing strategy. Every P must be aligned to satisfy the needs of the target market. If not, products - even companies - can fail.
- Product: What should a firm produce or provide to satisfy consumer needs?
- Place: Where should the offering be available to consumers?
- Price: How much will customers be willing to pay to satisfy those needs?
- Promotion: How should a firm communicate with consumers?
Tuesday, October 21, 2008
ISO 8583 - Electronic Data Interchange Protocol for financial service
What is Electronic Transactions?
In modern world we are heavily dependent on electronic transaction, we frequently swap
the credit cards at merchant location, we do ATM transaction and Internet transaction, we
use Petrol Cards at petrol bunks etc. Every time you do an electronic transaction, the data
traverse from one system to another. But are we aware of, in which format data goes from
one system (Ex. Card Terminal at shopping mall) to other (Ex. Bank as card issuer)? Is
there any standard followed while sending these data?
In electronic world any data interchange which takes place across the systems does
require some standard to be followed. These standards do provide standard data
interchange formats to allow integration, exchange and interoperability of various
systems. There are many such standard existing and the various organizations are
working towards making these standard more generic and adaptable. In Healthcare
industry HL7, DICOM (Digital Imaging and Communications in Medicine) are the
protocols implemented by the system, similarly in financial world there are the standards
(protocols) ISO8583, ISO7816 etc, for the various kind of data interchange.
Understanding ISO 8583
ISO (International Organization for Standardization) is a worldwide federation of
national standards bodies. ISO 8583 International Standard is designed as an interface
specification enabling message to be exchanged between systems adopting a variety of
application (Financial transaction cards, related media and operations) specifications. It is a protocol for conducting highly structured inter-organization exchanges, such as for
money transaction, making purchases, initiating loan request etc. ISO 8583 standard
specifies a common interface by financial transactions card originated messages may be
interchanged between Acquirers and Issuers. Standard can be further extended to support
the transaction taking place between POS (Point of Sale Terminals) and Merchant
Acquirer. ISO 8583 specifies message structure, format and content, data element and
values of data elements. Application specification may remain at private level
(implementer) and the method (message) by which settlement takes place is not within
the scope of ISO. The designer of such applications have complete freedom of design
within the overall constraint that message shall be convertible to this interface format in
order that international interchange may take place.
ISO 8583 Message Structure
The structure of a terminal/host ISO message consists of three major parts; the header,
application data, and the trailer. The header and trailer envelop the application data and
are used for routing and message integrity. The application data consist of ISO message
including MTI, BIT MAP and ISO Data Element.
ISO 8583 Implementation:
To implement ISO 8583 message at the host or terminal there are various commercial as
well as freeware software available. jPOS Framework is free-ware
software (www.sourceforge.net & http://www.jpos.org/). Uses of Message Mapper software is are very simple and Message transformations are configured via a point-and-click windows interface and it enables many complex transformations to be set up without the need for any programming.
The standard can be purchased from ISO directly or in some cases from your country's standardization organization.
Hope this does help the readers.
regards
Shyam
In modern world we are heavily dependent on electronic transaction, we frequently swap
the credit cards at merchant location, we do ATM transaction and Internet transaction, we
use Petrol Cards at petrol bunks etc. Every time you do an electronic transaction, the data
traverse from one system to another. But are we aware of, in which format data goes from
one system (Ex. Card Terminal at shopping mall) to other (Ex. Bank as card issuer)? Is
there any standard followed while sending these data?
In electronic world any data interchange which takes place across the systems does
require some standard to be followed. These standards do provide standard data
interchange formats to allow integration, exchange and interoperability of various
systems. There are many such standard existing and the various organizations are
working towards making these standard more generic and adaptable. In Healthcare
industry HL7, DICOM (Digital Imaging and Communications in Medicine) are the
protocols implemented by the system, similarly in financial world there are the standards
(protocols) ISO8583, ISO7816 etc, for the various kind of data interchange.
Understanding ISO 8583
ISO (International Organization for Standardization) is a worldwide federation of
national standards bodies. ISO 8583 International Standard is designed as an interface
specification enabling message to be exchanged between systems adopting a variety of
application (Financial transaction cards, related media and operations) specifications. It is a protocol for conducting highly structured inter-organization exchanges, such as for
money transaction, making purchases, initiating loan request etc. ISO 8583 standard
specifies a common interface by financial transactions card originated messages may be
interchanged between Acquirers and Issuers. Standard can be further extended to support
the transaction taking place between POS (Point of Sale Terminals) and Merchant
Acquirer. ISO 8583 specifies message structure, format and content, data element and
values of data elements. Application specification may remain at private level
(implementer) and the method (message) by which settlement takes place is not within
the scope of ISO. The designer of such applications have complete freedom of design
within the overall constraint that message shall be convertible to this interface format in
order that international interchange may take place.
ISO 8583 Message Structure
The structure of a terminal/host ISO message consists of three major parts; the header,
application data, and the trailer. The header and trailer envelop the application data and
are used for routing and message integrity. The application data consist of ISO message
including MTI, BIT MAP and ISO Data Element.
ISO 8583 Implementation:
To implement ISO 8583 message at the host or terminal there are various commercial as
well as freeware software available. jPOS Framework is free-ware
software (www.sourceforge.net & http://www.jpos.org/). Uses of Message Mapper software is are very simple and Message transformations are configured via a point-and-click windows interface and it enables many complex transformations to be set up without the need for any programming.
The standard can be purchased from ISO directly or in some cases from your country's standardization organization.
Hope this does help the readers.
regards
Shyam
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