Buy-one-get-one-free deals ( BOGO) are among the most well-used promotional methods. Within business circles, they are often referred to as self-liquidating promotions because they encourage the clearing of stock. Still, rarely do buy-one-get-one-free promotions cost a business anything. They are designed to increase revenue.

BOGO deals work with more than just product-based businesses,they also work for services.

Fitness studios, spas, salons, consultants, and trainers can offer BOGO deals on their classes or trainings as a way of filling their schedules or getting new clients during the slow season. 

BOGO deal will be well worth the investment if it leads to new customers in the long run.

For example, say it costs a business 10 cents to produce a loaf of bread. If that bread is sold for two for $1, that business still makes a profit. In fact, profits soar because more bread is sold.

Formal organization:It is one with a fixed set of rules of intra-organization procedures and structures. As such, it is usually set out in writing, with a language of rules that ostensibly leave little discretion for interpretation.

Top-level management is focused on market positioning through long-range strategic planning.

The highest ranking executives (with titles such as chairman/chairwoman, chief executive officer, managing director, president, executive directors, executive vice-presidents, etc.) responsible for the entire enterprise.

Top management translates the policy (formulated by the board-of-directors) into goals, objectives, and strategies, and projects a shared-vision of the future. It makes decisions that affect everyone in the organization, and is held entirely responsible for the success or failure of the enterprise.

Science teaches us to know while art teaches us to do. In order to be successful, managers have to know and do things effectively and efficiently. This requires a unique combination of both science and art of managing in them. Management follows a systematic method to find the possible solution for a problem. It is true that the science underlying managing is inexact or a soft science at best.

Elements of Art in Management

• Practical Knowledge: Art requires practical knowledge, learning of theory is not sufficient. Art applies theory in the field. Art teaches the practical application of theoretical principles.For example-Learning how sing does not make you a musician; one must know all composition and be able to use them.Similarly, A person may have a degree that says he know what a manager do but if doesn’t know how to apply management knowledge in real life situations he will not be regarded as manager.
• Personal Skill: A manager will not depend on his theoretical knowledge or solution alone. he or she must have some qualities that make him or her unique.
• Creativity: An Artist’s work is not limited to his practical knowledge. He thinks outside the box and creates things extraordinary.Management is also creative in nature like any other art. Management is all about finding a new way to be well different from other.
• Perfection through practice: Every artist becomes better through item and practice. they learn from their mistakes. Similarly, managers become more expert as he spends more time in management thought.
• Goal-Oriented: Art is result oriented. Management works are also goal or result oriented. Management takes steps for the attainment of the goal.

Elements of Science in Managing

Science presupposes the existence of organized knowledge. The essence of science is the application of scientific method to the development of knowledge that proceeds through the stages discussed below:

• Concepts: Scientific approach requires a clear “concepts” of mental images of anything formed by generalization from particulars. Managing has concepts to deal with situations.
• Methods and principles: “Scientific method” involves the determination of facts through observation.This leads to the development of “principles” which have value in predicting what will happen in similar circumstances. Similarly, management requires observation and sets standard or principles according to it.
• Theories: Any branch of science has theories. A ‘theory” is a systematic grouping of interdependent concepts and principles that give a framework to, or ties together, a significant area of knowledge.Management studies over the years developed many proved theories for making management more realistic or scientific.
• Organized knowledge: Science is organized Knowledge. If we compare, management at the present day is a distinct field of organized knowledge. Concepts, methods, principles, theories etc. are now the core of management.
• Practice: The theories of managing are the results of practice, and the role of such theories is to provide a systematic grouping of interdependent concepts and principles that furnish a framework to, or ties together significant pertinent management knowledge.The theories of motivation, leadership, and so on may be cited/mentioned as examples.But it is to be borne in mind that concepts, methods, principles of management are not as rigid as those of the physical sciences. They may undergo revision and change under new sociopolitical and economic circumstances.

Thus we can say management is both science and art.

Control in management means setting standards, measuring actual performance and taking corrective action.

Controlling is one of the managerial functions like planning, organizing, staffing and directing. It is an important function because it helps to check the errors and to take the corrective action so that deviation from standards are minimized and stated goals of the organization are achieved in a desired manner.

A budget is a financial plan for a defined period of time, usually a year. This plan includes approximate costs, revenues during a specific period and reflects future financial conditions.

Here are the basic steps to follow when preparing a budget:

1. Update budget assumptions. Review the assumptions about the company's business environment that were used as the basis for the last budget, and update as necessary.
2. Review bottlenecks. Determine the capacity level of the primary bottleneck that is constraining the company from generating further sales, and define how this will impact any additional company revenue growth.
3. Available funding. Determine the most likely amount of funding that will be available during the budget period, which may limit growth plans.
4. Step costing points. Determine whether any step costs will be incurred during the likely range of business activity in the upcoming budget period, and define the amount of these costs and at what activity levels they will be incurred.
5. Create budget package. Copy forward the basic budgeting instructions from the instruction packet used in the preceding year. Update it by including the year-to-date actual expenses incurred in the current year, and also annualize this information for the full current year. Add a commentary to the packet, stating step costing information, bottlenecks, and expected funding limitations for the upcoming budget year. Issue budget package.
6. Issue the budget package personally, where possible, and answer any questions from recipients. Also state the due date for the first draft of the budget package.
7. Obtain revenue forecast. Obtain the revenue forecast from the sales manager, validate it with the CEO, and then distribute it to the other department managers. They use the revenue information as the basis for developing their own budgets.
8. Obtain department budgets. Obtain the budgets from all departments, check for errors, and compare to the bottleneck, funding, and step costing constraints. Adjust the budgets as necessary.
9. Obtain capital budget requests. Validate all capital budget requests and forward them to the senior management team with comments and recommendations.
10. Update the budget model. Input all budget information into the master budget model.
11. Review the budget. Meet with the senior management team to review the budget. Highlight possible constraint issues, and any limitations caused by funding limitations. Note all comments made by the management team, and forward this information back to the budget originators, with requests to modify their budgets.
12. Process budget iterations. Track outstanding budget change requests, and update the budget model with new iterations as they arrive.
13. Issue the budget. Create a bound version of the budget and distribute it to all authorized recipients. Load the budget.
14. Load the budget information into the financial software, so that you can generate budget versus actual reports.

Coordination is a process to establish harmony among the different activities of an organisation, so that the desired objectives can be achieved.

Coordination Integrates Group Effort: The need for coordination is felt when group effort is needed for the accomplishment of an objective. In short, it can be said that coordination is related to group effort and not individual effort. The question of coordination does not arise, if the job is done by one person only.