Language and Communication Systems


Our lives are filled with language. We use it to describe the world around us, to negotiate our way through the complex situations and relationships of our lives. In addition, the way we use language defines us to the people around us. Language is not just a tool for communication but an intrinsic aspect of our identity. Every communication event is an act of identity. Even though language is so significant in our lives, and we quite easily make use of it hundreds of times every day, most people are not aware of the incredible complexity of all the systems that make up our communication system.

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.

Direct-mail Marketing: Checklist


  • Is there a perceived need for the product or service?
  • Is it practical?
  • Is it unique?
  • Is the price right for your customers or prospects?
  • Is it a good value?
  • Is the markup sufficient to assure a profit?
  • Is the market large enough? Does the product or service have broad appeal?
  • Are there specific smaller segments of your list that have a strong desire for your product or service?
  • Is it new? Will your customers perceive it as being new?
  • Can it be photographed or illustrated interestingly?
  • Are there sufficient unusual selling features to make your copy sizzle?
  • Is it economical to ship? Is it fragile? Old shaped? Heavy? Bulky?
  • Can it be personalized?
  • Are there any legal problems to overcome?
  • Is it safe to use?
  • Is the supplier reputable?
  • Will backup merchandise be available for fast shipment on reorders?
  • Might returns be too huge?
  • Will refurbishing of returned merchandise be practical?
  • Is it, or can it be, packaged attractively?
  • Are usage instructions clear?
  • How does it compare to competitive products or services?
  • Will it have exclusivity?
  • Will it lend itself to repeat business?
  • Is it consumable, so that there will be repeat orders?
  • Is it faddish? Too short-lived?
  • Is it too seasonal for direct mail selling?
  • Can an add-on to the product make it more distinctive and salable?
  • Will the number of stock keeping units – various sizes and colors – create problems?
  • Does it lend itself to multiple pricing?
  • Is it too readily available in stores?
  • Is it like an old, hot item, so that its success is guaranteed?
  • Is it doomed because similar items have failed?
  • Does your mother, wife, brother, husband, sister, or kid like it?
  • Is direct mail the way to go with it?
  • Does it fill an unfilled niche in the marketplace?

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.

 

Objective of a Supply Chain


The objective of every supply chain is to maximize the overall value generated. The value a supply chain generates is the difference between what the final product is worth to the customer and the effort the supply chain expands in filling the customer’s request, for most commercial supply chains, value will be strongly correlated with supply chain profitability, the difference between the revenue generated from the customer and the overall cost across the supply chain. Supply chain profitability  is the total profit to be shared across all supply chain stages. The higher the supply chain profitability, the more successful the supply chain. Supply chain success should be measured in terms of supply chain profitability and not in terms of the profits at an individual stage.

Having defined the success of a supply chain in terms of supply chain profitability, the next logical step is to look for sources of revenue and cost. For any supply chain, there is only one source of revenue: the customer. All flows of information, product, or funds generate cash within the supply chain. Thus, the appropriate management of these flows is a key to supply chain success. Supply chain management involves the management of  flows between and among stages in a supply chain to maximize total supply chain profitability.

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.

 

Converting Needs to Wants


Every consumer must acquire goods and services on a continuing basis to fill certain needs. Everyone must satisfy the fundamental needs for food, clothing, shelter, and transportation by purchasing things or, in some instances, temporarily using rented property and hired or leased transportation. By focusing on the benefits resulting from these goods and services, effective marketing converts needs to wants. A need for clothing may be translated into a desire (or want)  for designer clothes.

As easier-to-use software has enabled millions of nontechnical consumers to operate personal computers and as falling retail make these computers affordable to most households, computers have become fixtures in many offices and homes.

Companies that adopt the marketing concept focus on providing solutions to consumer problems. They promote product benefits rather than features to show the added value that computers will receive from the product.

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.

 

Managing Inventory


Inventory is an area where financial managers can fine-tune the firm’s cash-flow. Inventory sitting on the shelf represents capital that is tied up without earning interest. Furthermore, the firm incurs expenses for shortage and handling, insurance, and taxes. And there is always a risk that the inventory will become obsolete before it can be converted into finished goods and sold.

The firm’s goal is to maintain enough inventory to fill orders in a timely fashion at the lowest cost. To achieve this goal, the financial manager tries to determine the economic order quantity or quantity of raw materials that, when ordered regularly, results in the lowest ordering and storage costs. The problem is complicated by the fact that minimizing ordering costs tends  to increase storage costs and vice versa. The best way to cut ordering costs is to place one big order for parts and materials once a year, while the best way to cut storage costs is to order small amounts of inventory frequently. The challenge facing the financial manager is to find a compromise that minimizes total costs.

That is why many businesses today are turning to just-in-time inventory control. Businesses—and even divisions within companies—link up through computers with their customers and suppliers, thereby automatically ordering only as much as is necessary for a given period of time.

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.

Analyzing Current Situation: Checklist


Phase 1: The Environment

  1. What is the state of the economy and are there any trends that could affect the industry, firm, or marketing strategy?
  2. What are current trends in cultural and social values and how do these affect the industry, firm, or marketing strategy?
  3. What are current political values and trends and how do they affect the industry, firm, or marketing strategy?
  4. Is there any current or pending federal, state, or local legislation that could change the industry, firm, or marketing strategy?
  5. Overall, are there any threats or opportunities in the environment that could influence the industry, firm, or marketing strategy?

Phase 2: The Industry

  1. What industry is the firm in?
  2. Which firms are the major competitors in the industry and what is their annual sales, market share, and growth profile?
  3. What strategies have competitors in the industry been using, and what has been their success with them?
  4. What are the relative strengths and weaknesses of competitors in the industry?
  5. Is there a threat of new competitors coming into the industry, and what are the major entry barriers?
  6. Are there any substitute products for the industry, and what are their advantages and disadvantages compared to this industry’s products?
  7. How much bargaining power do suppliers have in this industry, and what is its impact on the firm and industry profits?
  8. How much bargaining power do buyers have in this industry, and what is its impact on the firm and industry profits?

Phase 3: The Firm

  1. What are the objectives of the firm? Are they clearly stated? Attainable?
  2. What are the strengths of the firm? Managed expertise? Financial? Copyrights or patents?
  3. What are the constraints and weaknesses of the firm?
  4. Are there any real or potential sources of dysfunctional conflict in the structure of the firm?
  5. How is the marketing department structured in the firm?

Phase 4: The marketing Strategy

  1. What are the objectives of the marketing strategy? Are they clearly stated? Are they consistent with the objectives of the firm? Is the entire marketing mix structured to meet these objectives?
  2. What marketing concepts are at issue in the current strategy? Is the marketing strategy well planned and laid out? Is the strategy consistent with sound marketing principles? If the strategy takes exception to marketing principles, is there a good reason for it?
  3. To what target market is the strategy directed? Is it well defined? Is the market large enough to be profitably served? Does the market have long-run potential?
  4. What competitive advantage does the marketing strategy offer? If none, what can be done to gain a competitive advantage in the marketplace?
  5. What products are being sold? What is the width, depth, and consistency of the firm’s product lines? Does the firm need new products to fill out its product line? Should any product be deleted? What is the profitability of the various products?
  6. What promotion mix is being used? Is promotion consistent with the products and product images? What could be done to improve the promotion mix?
  7. What channels of distribution are being used? Do they deliver the product at the right time and right place to meet customer needs? Are the channels typical of those used in the industry? Could channels be made more efficient?
  8. What pricing strategies are being used? Hw do prices compare with similar products of other firms? How are prices determined?
  9. Are marketing research and information systematically integrated into the marketing strategy? Is the overall marketing strategy internally consistent?

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.

Identifying Company Weaknesses and Resource Deficiencies


A weakness is something a company lacks or does poorly or a condition that puts it at a disadvantage. A company’s internal weaknesses can relate to a) deficiencies in competitively important skills or expertise, b) a lack of competitively important physical, human, organizational, or intangible assets, or c) missing or weak competitive capabilities in key areas. Internal weaknesses are thus shortcomings in a company’s compliment of resources. A weakness may or may not make a company competitively vulnerable, depending on how much the weakness matters in the market place and whether it can be overcome by the resources and strengths in the company’s possession.

Sizing up a company’s resource capabilities and deficiencies is akin to constructing a strategic balance sheet where resource strengths represent competitive assets and resource weaknesses represent competitive liabilities. Obviously, the ideal condition is for the company’s strengths/competitive assets to outweigh its weaknesses/competitive liabilities by an ample margin—50-50 balance is definitely not the desired condition.

Once managers identify a company’s resource strengths and weaknesses, the two compilations need to be carefully evaluated for their competitive and strategy-making implications. Some strengths are more competitively important than others because they matter more in forming a powerful strategy, in contributing to a strong market position, and in determining profitability. Likewise, some weaknesses can prove fatal if not remedied, while others are inconsequential, easily corrected, or offset by company strengths. A company’s resource weaknesses suggest a need to review its resource base: What existing resource deficiencies need to be remedied? Does the company have important resource gaps that need to be filled? What needs to be done to augment the company’s future resource base?

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.

Ideal-Candidate Profile


You don’t have the time or the resources to evaluate every applicant who strolls in. to guide your work, you should develop a profile of your “ideal” candidate. You may never find your ideal, but you will establish a basic framework that outlines the person you are looking for.

Developing an ideal candidate profile is similar to viewing a lineup of suspects after you’ve witnessed a bank robbery. The individual you pick out may not be the actual bank robber, but chances are the real criminal is strongly similar. Often, a lineup helps police establish the silhouette or basic framework of the person being sought. The police is clear even if the details are not. Likewise, your ideal candidate profile will give you a sharper idea of what you are really looking for, so that you can increase your odds of finding him or her.

Use the following outline to develop of profile of your ideal candidate:

  1. Must have, or have done, or be able to do:
    • Experience: type and years
    • Industry: type, or specific companies, and years
    • Skills or talents
    • Education
  1. Should have, or have done, or be able to do:
    • Experience: type and years
    • Industry: type, or specific companies, and years
    • Education
  1. Would be nice to have, or have done, or be able to do:
    • Experience: type and years
    • Industry: type, or specific companies, and years
    • Skills or talents
    • Education

Be specific when you draft your outline. If you want someone with strong follow-up skills, say so. If you want an assertive person who can handle high stress, say so. To create a good match between job and candidate, you need to define the person as closely as you define the job.

Keep your company culture in mind, too. If your company is team-oriented and flexible, you want a candidate who is comfortable with teamwork—and not everyone is. If your department is highly structured, you want someone who works well in a structured situation. Describe the qualities that your company values so that you can find compatible candidates.

Just remember that defining the candidate is a lot like shopping for groceries: the more you toss into your shopping cart, the more you’ll pay. The cost of filling a job is influenced by two factors: how long it takes to find the candidate, and the supply of qualified candidates. The greater the number of must have items on your list, the longer it’s going to take to find that person. The greater the experience, skills, or education requirements, the smaller the supply of candidates and the larger the compensation package required to hire the person.

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.

Adapting to Change


Competency models provide a tool for determining exactly what skills are required to meet the different needs of the present and probable needs of the future. For example, general agents of a life insurance company are responsible for managing the overall operation of the agency. With increased competition the focus shifted to strategic marketing, territory development and building leadership teams. The company was concerned that the people it was selecting to fill the agent’s role might not be able to meet the challenges of the changing business environment. By using a competency model to determine what behaviors the general agents were now required to perform, the company realized that the job was very different from what it had been five years earlier. Consequently, the company could begin to adjust in selection criteria to reflect the changing demands of the role. It could also ascertain the training needs of the current general agents by identifying their skill gaps and deciding which of those gaps ought to be addressed immediately to ensure high 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, Line of Sight

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