Good Pricing Decisions


Pricing decisions draw on many areas of marketing expertise. It requires a comprehensive understanding of the forces that shape the market, including competitive  interactions, technology and consumer psychology. Sometimes these forces interact and are likely to put downward pressure on prices, such as substitutes, technological advances, price-driven competition, customer experience, and changes in internal focus, such as sales forecasts. Customer makes it difficult to raise prices, as repeat customers’ ability to perceive incremental value of a company’s product or service diminishes over time, especially as substitute or competitive products emerge. Increased internal expectations in the form of expected sales increases or new budgets can send prices on a downward spiral. Customer price sensitivity may also serve  to keep prices in check, especially in the presence of available competitive substitutes or among a company’s marginal customers.

Even in a deflationary economy, there are opportunities for keeping prices from dropping or even for raising prices. However, customers must perceive that these enhancements deliver a genuine, meaningful benefit, or they will continue to seek lower cost alternatives.

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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Expert Power


There are several ways managers use expert power. They can promote an image of expertise by subtly making others aware of their education, experience, and accomplishments. To maintain credibility, a leader should not pretend to know things that he or she does not know. A leader whose pretentions are exposed will rapidly lose expert power. A confident and decisive leader demonstrates a firm grasp of situations and takes charge when circumstances dictate. To enhance their expert power, managers should also keep themselves informed about developments related to tasks, valuable to the organization, and relevant to their expertise.

A leader who recognizes employee concerns works to understand the underlying nature of these issues and takes appropriate steps to reassure subordinates. To avoid threatening subordinates’ self-esteem, a leader with expert power should be careful not to flaunt expertise or behave like a know-it-all.

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.

Preparing a Resume


All job applicants need to have information circulating that reflects positively on their strengths. That information needs to be sent to prospective employers in a format that is understandable and consistent with the organization’s hiring practices. In most instances, this is done through the resume.

No matter who you are or where you are in your career, you need a current resume. Your resume is typically the only information source that a recruiter will use in determining whether to grant you an interview. Therefore, your resume must be a sales tool; it must give key information that supports your candidacy, highlights your strengths, and differentiates you from other job applicants.

It is important to pinpoint a few key themes regarding resumes that may seem like common sense but are frequently ignored. If you are making a paper copy of your resume, it must be printed on a quality printer. The style of font should be easy to read—Courier or Times New Roman. Avoid any style that may be hard on the eyes, such as a script or italic font. A recruiter who must review 100 or more resumes a day is not going to look favorably at difficult to read resumes. Use an easy to read font and make the recruiter’s job easier.

It is also important to note that many companies today are using computer scanners to make the first pass through resumes. They scan each resume for specific information like key job elements, experience, work history, education, or technical expertise.

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.

Human Capital


The economic growth, employment levels and the availability of a skilled workforce are inter-related. Economic growth creates employment, but economic growth partly depends on skilled human resources – a country’s human capital. The concept encompasses investment in the skills of the labor force, including education and vocational training to develop specific skills.

Personal and national success are increasingly correlated with the possession of skills. Skilled individuals can command a premium salary in periods of high economic activity. Worldwide, unemployed levels remain high, while organizations have difficulty filling vacancies which require specific expertise. A shortage of skilled people can act as a limiting factor on individual organizations and on the economy as a whole. Small firms are also vulnerable because their owners do not possess basic marketing and finance skills. It is in the interest of any country to maximize its human resources by investing in the skills of its workforce, its human capital. Human capital is one component of a country’s overall competitiveness.

The most successful developing countries are investing heavily in the education and technical skills of their population. Skills requirement are particularly critical at the managerial level.

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.

 

Designing Strategies


Corporate strategy shows how a complex organization achieves its mission, while the business strategy shows how each business within the corporation contributes to the corporate strategy. These strategies typically include decisions about shared values and beliefs; industries to work in; amount of diversification; businesses to start, acquire, close or sell; type of products to make; organizational structure; relations with customers, suppliers, shareholders and other stakeholders; geographical locations, and targets for long-term profitability, productivity, market share, etc.

Consider three factors while designing strategies:

  1. The mission, which gives the overall aims and context for other decisions.
  2. The business environment, which includes all factors that affect an organization but which it cannot control, such as:
    1. Customers—their expectations and attitudes;
    2. Market—size, location, and stability;
    3. Competitors—the number, ease of entry to the market, their strengths;
    4. Technology—currently available and likely developments;
    5. Shareholders—their objectives, returns on investment, profit levels;
    6. Other stakeholders—their objectives and amount of support;
    7. Legal restraints—trade restrictions, liability and employment laws;
    8. Political, economic and social conditions—including stability, rate of growth, inflation, etc.

The business environment is similar for all competing organizations, so to be successful you need a distinctive competence.

  1. The distinctive competence, which includes the factors that set your organization apart from the competitors. If you can design new products very quickly, innovation is a part of your distinctive competence. A distinctive competence comes from your organization’s assets, which include:
    1. Customers—their demands, loyalty;
    2. Employees—skills, expertise, loyalty;
    3. Finances—capital, debt, cash flow;
    4. Products—quality, reputation, innovations;
    5. Facilities—capacity, age, value;
    6. Technology—currently used, planned;
    7. Suppliers—reliability, service;
    8. Marketing—experience, reputation;
    9. Resources—patents, ownership.

The strategic plans show how the organization can achieve the mission.

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.

Designing Strategies


Corporate strategy shows how a complex organization achieves its mission, while the business strategy shows how each business within the corporation contributes to the corporate strategy. These strategies typically include decisions about shared values and beliefs; industries to work in; amount of diversification; businesses to start, acquire, close or sell; type of products to make; organizational structure; relations with customers, suppliers, shareholders and other stakeholders; geographical locations, and targets for long-term profitability, productivity, market share, etc.

Consider three factors while designing strategies:

  1. The mission, which gives the overall aims and context for other decisions.
  2. The business environment, which includes all factors that affect an organization but which it cannot control, such as:
    1. Customers—their expectations and attitudes;
    2. Market—size, location, and stability;
    3. Competitors—the number, ease of entry to the market, their strengths;
    4. Technology—currently available and likely developments;
    5. Shareholders—their objectives, returns on investment, profit levels;
    6. Other stakeholders—their objectives and amount of support;
    7. Legal restraints—trade restrictions, liability and employment laws;
    8. Political, economic and social conditions—including stability, rate of growth, inflation, etc.

The business environment is similar for all competing organizations, so to be successful you need a distinctive competence.

  1. The distinctive competence, which includes the factors that set your organization apart from the competitors. If you can design new products very quickly, innovation is a part of your distinctive competence. A distinctive competence comes from your organization’s assets, which include:
    1. Customers—their demands, loyalty;
    2. Employees—skills, expertise, loyalty;
    3. Finances—capital, debt, cash flow;
    4. Products—quality, reputation, innovations;
    5. Facilities—capacity, age, value;
    6. Technology—currently used, planned;
    7. Suppliers—reliability, service;
    8. Marketing—experience, reputation;
    9. Resources—patents, ownership.

The strategic plans show how the organization can achieve the mission.

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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