Non Price Competition


In spite of the emphasis placed on price in microeconomic theory, marketers often compete on product attributes other than price. You may have noted that price differences between products such as gasoline, men’s haircuts, candy bars, and even major products such as compact cars and private colleges are often small, if there is any price difference at all. Very rarely will you see price used as a major promotional appeal on television. Instead, marketers tend to stress product images and consumer benefits such as comfort, style, convenience, and durability.

Many organizations promote the services that accompany basic products rather than price. The idea is to make a relatively homogeneous product better by offering more service. Quite often the reason marketers emphasize non-price is because prices are so easy to match. Few competitors can match the image of a friendly, responsive, consumer-oriented company.

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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Business Goals


Business goals or objectives convert the organization’s mission into tangible actions and results that are to be achieved, often within a specific time frame. Goals or objectives divide into three major categories: production, financial, and marketing. Production goals or objectives apply to the use of manufacturing and service capacity and to product and service quality. Financial goals or objectives focus on return on investment, return on sales, profit, cash flow, and shareholder wealth. Marketing goals or objectives emphasize marketing share, marketing productivity, sales volume, profit, customer satisfaction, and customer value creation. When production, financial, and marketing goals or objectives are combined, they represent a  composite picture of organizational purpose within a specific time frame, accordingly, they must complement one another.

Goal and objective setting should be problem-centered and future-oriented. Because goals or objectives represent statements of what the organizations wishes to achieve in a specific time frame, they implicitly rise from an understanding of the current situation. Therefore, managers need an appraisal of operations or a situation analysis to determine reasons for the gap between what was or is expected and what has happened or will happen. If performance has met expectations, the question arises as to future directions. If performance has not met expectations, managers must diagnose the reasons for this difference and enact a remedial program.

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.

Strategic Management


Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives. It comprises nine critical tasks:

  1. Formulate the company’s mission, including broad statements about its purpose, philosophy, and goals.
  2. Conduct an analysis that reflects the company’s internal conditions and capabilities.
  3. Assess the company’s external environment, including both the competitive and the general contextual factors.
  4. Analyze the company’s options by matching its resources with the external environment.
  5. Identify the most desirable options by evaluating each option in light of the company’s mission.
  6. Select a set of long-term objectives and grand strategies that will achieve the most desirable options.
  7. Develop annual objectives and short-term strategies that are compatible with the selected set of long-term objectives and grand strategies.
  8. Implement the strategic choices by means of budgeted resource allocations in which the matching of tasks, people, structures, technologies, and reward systems is emphasized.
  9. Evaluate the success of the strategic process as an input for future decision-making.

As these nine tasks indicate, strategic management involves the planning, directing, organizing, and controlling of a company’s strategy-related decisions and actions.

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.

Leading


Implementation involves leading people to use their abilities and skills most effectively and efficiently to achieve organizational objectives. Without direction, people tend to do their work according to their personal view of what tasks should be done, how, and in what order. They may approach their work as they have in the past or emphasize those tasks that they most enjoy—regardless of the corporation’s priorities. This can create real problems, particularly if the company is operating internationally and must adjust to customs and traditions in other countries. This direction may take the form of management leadership, communicated norms of behavior from the corporate culture, or agreements among workers in autonomous work groups. It may also be accomplished more formally through action planning or through programs such as management by objectives and total quality 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.

Information-based Management


Successful organizations have sophisticated communications equipment that will make it possible to adapt quickly to ever changing wants and needs. It is impossible to overemphasize the importance of information management in today’s organizations. Today 35 percent of all personal computers sold are laptop models that are more powerful than most business computers. Now these portable computers are being linked fax machines and cellular phones to send messages to anyone, anywhere, any time. Successful organizations emphasize the need for managing information flows between businesses and their employees, businesses and their customers, and so on.

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.

Positive Discipline


Positive discipline attempts to integrate the disciplinary process with the performance management system. When problems arise, rather than promptly responding with a written verbal warning (punitive), positive discipline attempts to get the employee back on track by helping to convince the individual to abide by company performance standards. That is, in using positive discipline, attempts are made to reinforce the good work behaviors of the employee, while simultaneously emphasizing to the employee the problems created by the undesirable 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.

Great Advertising Precedes Great Research


It’s not difficult to turn up a marketing pro who will tell you that the three most important things to do to market anything successfully are to test, test, and test. That is a pretty good advice. But it is unrealistic for those with resource poverty, who cannot shell out big bucks for sophisticated research.

The big secret is that you need not shell out any money to learn about your market. If you know what to look for and where to find it, you can obtain critical information for nary a cent. Here below are some of the things you might want to find out:

  • What should you market – your goods, your services, or both?
  • Should your marketing feature some sort of price advantage?
  • Should you emphasize yourself, your quality offerings, your selection, your service, or merely the existence of your business?
  • Should you take on your competition or ignore all competitors?
  • Exactly who are your competitors?
  • Who are your best prospects?
  • What income groups do they represent?
  • What motivates them to buy?
  • Where do the live?
  • What do they read or watch or listen to in the way of media?

The right answers to these questions can prove invaluable to a marketing effort. The wrong answers, or no answers, can prove disastrous. Do what you must to get the right answers. In most cases, great advertising is preceded by great research.

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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