Strategic Marketing & Budgeting


A phase in the strategic marketing management process is budgeting. A budget is a formal, quantitative  expression of an organization’s planning and strategy initiatives expressed in financial terms. A well-prepared budget meshes and balances an organization’s financial, production, and marketing resources so that overall organizational goals or objectives are attained.

An organization’s master budget consists of two parts: 1) an operating budget, and 2) a financial budget. The operating budget focuses on an organization’s income statement. Since the operating budget projects future revenue and expenses, it is sometimes referred to as a pro forma income statement or profit plan. The financial budget focuses on the effect that the operating budget and other initiatives (such as capital expenditures) will have on the organization’s cash position.

In addition to the operating and financial budget, many organizations prepare supplemental special budgets, such as an advertising and sales budget, and related reports tied to the master budget. Budgeting is more than an accounting function. It is an essential element of strategic marketing management.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Consumer Sovereignty


Mainstream economics uses some simple starting points; it believes that they are the best possible. First is that agents have more wants than they can attain, so that they feel scarcity; in fact, for practical purposes, wants are assumed to be endless. Second, third and fourth are that agents are self-interested, rational, and the best judges of their own well-being. These four assumptions are indeed usually good starting points, rather than starting by assuming that agents are completely fulfilled, altruistic, irrational, and not well-placed to evaluate their own situation. They are not equally good as finishing points. Sometimes good arguments exist for not accepting them.

An assumption that agents are the best judges of their own well being is less questionable for businesspeople and corporations, given the resources they have for analysis. Debate focuses more on consumers. The phrase consumer sovereignty is sometimes read descriptively, to mean that consumers are sovereign, in that procedures are induced via profit-seeking and competition  to provide what consumers want. Sometimes it is read normatively, to mean that consumers should be sovereign, their wishes should prevail concerning what is good for them. The normative claim can rest on three different bases: that consumers do make good choices; that the alternative stance is worse – to use someone else’s judgments and estimates of what is good for a person and how good it is; or quite differently, that people have the right to make their own choices and mistakes.

Consumers will not make good choices automatically and unconditionally. Our wants are not simple; for example, some are wants to not to have other wants (such as the desire to smoke or a compulsion to gamble). Establishing a mature balance between wants involves skills. Choice is also unlikely to bring satisfaction if taken on the basis of weak information. Markets often do not provide consumers with full and reliable information, for it is hard to exclude people from information and therefore to ensure payment for it, so its market supply is weakened. Instead, in a commerce-dominated society, one of the main types of information that adults get will be images that say the good life is obtained through high consumption of commodities; there is too little counteracting public information.

The issue of consumer sovereignty goes beyond whether choices are good for the chooser. Other people are affected. Some wants may thus be unacceptable, notably wants that bring harm to others, including even wants to harm others. Mainstream economists have unfortunately often taken a don’t-want-to-know approach to ethics in which they confuse acceptance of all wants with a value-neutral stance.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Anima and Animus


Carl Jung wrote about how each woman has a male and a female side, called the anima and animus. As a woman gains more power in business, her male animus increases, which means that her  shift in the internal balance of anima/animus shifts, which leads to a shift in the balance of power between her and a man (with his own internal anima-animus dynamic). This shifting is not only taking place in the interactions between an individual woman and man but also collectively between women and men. On the whole, the dynamics of the relationship between the sexes in the society is being thrown out of whack.

Women must take responsibility for their part in this.

Many women, out of insecurity about their newfound power, as well as, fear of attack for attaining this power and, while women are at it, actual attack for attaining this power, are reaching and overreacting by drawing more and more from their male side for protection. Indeed, there are some women who mistakenly believe that succeeding in business requires imitating men—and even more mistakenly, not nice men.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Motivation and Control


In most organizational settings, goals are used for two purposes. First, they are a useful framework for managing motivation. Managers and employees can set goals for themselves and then work toward these goals. Second, goals are an effective control device. Control is the management activity directed at monitoring how well the organization is performing. Thus, if the organization’s goal is to increase sales by 10 percent, a manager can use individual goals to help attain the overall goal. Further, comparing people’s short-term performances with their goals can be an effective way to monitor the organization’s long-run performance.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Producing a Quality Product


To attain excellence in producing a product of high quality, your organization must:

  • Have a clear understanding of your products, its capabilities and applications.
  • Ensure that all of your employees understand the product, its capabilities and applications.
  • Understand your customers.
  • Understand the requirements of your customers.
  • Have a clear definition of the acceptable quality level of your product.
  • Have a clear understanding of what your customers define as the acceptable quality level of your product.
  • Have an effective means of measuring the quality of your product.
  • Continually solicit your customer’s views and evaluations relative to the quality of your product.
  • Continually communicate to employees the importance of producing a quality product.
  • Continually emphasize to employees that they contribute to product quality in the successful performance of their jobs.
  • Identify and then build upon the operating factors that sustain and contribute to product quality.
  • Utilize techniques that solicit and stimulate employee innovation, ideas and recommendations that improve product quality.
  • Utilize techniques that solicit customer ideas and recommendations to improve product quality.
  • Give serious and timely considerations to employees and customer ideas and recommendations.
  • Utilize effective techniques to test and evaluate  new ideas and recommendations.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Employee Communications


To attain excellence in employee communications, the organization must utilize communication techniques that:

  • Communicate the organization’s objectives, goals, priorities and values to all employees.
  • Ensure that supervisors clearly define the tasks and responsibilities of each of their employees.
  • Ensure that supervisors give employees timely evaluation of their job performance.
  • Communicate the organization’s expectation of quality to all employees.
  • Ensure that policies and practices are clearly communicated and understood by all employees.
  • Stimulate frequent face-to-face discussions between managers and their employees.
  • Inform all employees of the organization’s accomplishments, achievements and other important issues related to the work environment.
  • Involve employees in the department of organization policy and procedures.
  • Encourage employees to express their ideas and recommendations to improve the operation of the organization.
  • Provide timely feedback to employees regarding the organization’s consideration of their ideas and recommendations.
  • Solicit information from employees relative to their career goals and aspirations.
  • Provide employees with information they can use to make personal career decisions.
  • Inform employees of job openings within the organization.
  • Encourage employees to voice their problems and concerns.
  • Give timely consideration and response to employee problems and concerns.
  • Continually monitor what information employees want to receive.
  • Regularly measure the effectiveness of communication techniques.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Factors Impacting Customer Loyalty


Many factors will affect the relationship between you and your customers. Following are some of the most common:

  • Adaptiveness: Taking measures to adapt your own personality style to that of your customers in order to communicate with and serve them effectively.
  • Communication: Getting and giving information, listening, writing and speaking effectively, and dealing with emotional situations.
  • Decisiveness: Being able and willing to make a decision and take necessary actions to fulfill customer needs.
  • Enthusiasm: Attaining and maintaining level of excitement about your customers, product, service, organization, and job that says, “I am happy to help you.”
  • Ethics: Establishing and maintaining high level, social, and moral standards in all interactions with customers.
  • Initiative; Acting on issues that relate to your job or customer service without having to receive instructions from others.
  • Knowledge: Taking time to learn about policies, procedures, resources, products, services, and other information that can help in providing total customer satisfaction.
  • Perceptiveness: Recognizing the need to play close attention to verbal and nonverbal clues, cultural factors, and the feelings or concerns of others.
  • Planning: Taking the time to logically think about customer needs and develop strategies for satisfying them before customer interactions occur.
  • Problem solving: Gathering and analyzing information in order to help resolve a variety of customer concerns or satisfy needs.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Learn the Language


If you are going to spend a year or more in a country—definitely, absolutely, do your utmost to learn the language. It will make a tremendous difference to your state of mind. Ability to understand the local language seems to play a major role in adjustment to culture shock and personal success in a foreign world.

It is not clear why speaking the language makes such a big difference, but it does. Obviously it makes getting around a lot easier. In hundreds of moments of struggling to get something done, from shopping to household repairs to getting directions, just knowing some of the language removes huge portions of aggravation and helps you gain a sense of safety and self-assurance. When people around you are babbling away in a foreign language, you become vaguely insecure and feel isolated. Knowing the language gives you a sense of mastery in situations where you may feel vulnerable.

The more process of learning the language gets you more in tune with the culture, and breaks the ice, putting you in the right frame of mind to adjust. In some places, speaking a second language is important to enhance your image as a well-bred, educated person—you may be somewhat better off if the language you learn is not the language spoken in the country.

The frequent traveler should think about learning languages too, of course, depending on the amount of travel and bilingualism of the business community. Speaking a language fluently can permit you to attain levels of relationship and business advantage unattainably by someone who doesn’t.

Fluency in the language will allow the traveler into otherwise exclusive realms of local business. The process of negotiation often depends on behind-the-scenes information flow.

Learning the language is no substitute for learning the culture and appropriate behavior. People who are fluent in a language but not sensitive to the culture can make worse mistakes, perhaps because the local experts more of them. And there are dangers in speaking a language if you are not competent in it. Not knowing the nuances of words or being careless with intonations, you might say things you don’t mean. In most languages, some common words have extremely vulgar meanings if pronounced incorrectly. Or you may hear unintended meanings.

If you don’t speak the language well, it is best to reveal that you have made the effort to learn—but then rely on English or an interpreter. Experts advise that is generally best to speak the language for socializing and daily activities, but not when transacting business. As a rule of thumb, if you are not fluent and your foreign counterpart does not speak fluent English, always transact business with an interpreter. Traders who meet frequently with foreigners say that while English is the business language around the world, buyers are far more comfortable talking in their native language, and even if they can speak English, it is often better to have an interpreter. They don’t have to struggle so hard, and it puts them at ease.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

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