Concept Testing


Concept testing is part of the prescreening process, preparing a management team to do the full screening of the idea just before beginning serious technical work. The elementary purpose of a concept test is to identify the very poor concept so it can be eliminated. If music lovers, for example, cannot conceive of a compact disc that will last forever and thus reject it out of hand, the concept is probably a poor one.

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.

Advertisements

Misrepresentation


The basic idea of misrepresentation is that one of the parties to a contract created in the mind of the other party a mistaken impression about an important fact about the subject of the contract. Acting in reliance upon this mistaken belief, the victimized party entered into a contract he or she would not otherwise have entered if the full truth had been known. The elements of misrepresentation are ordinarily given as misrepresentation of material fact justifiably relied upon to the detriment of (causing harm to) the person  relying.

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.

Foreign Exchange


An international marketer needs to transact financial transfers across nation lines in order to close deals. The financial transfers from one country to another are made through the medium of foreign exchange.

Foreign exchange is the monetary mechanism by which transactions involving two or more currencies take place. Transacting foreign exchange deals presents two problems. First, each country has its own methods and procedures for effecting foreign exchanges—usually developed by its central bank. The transactions themselves take place through the banking system. Thus, both the methods and procedures of the central bank and commercial banking constraints must be thoroughly understood and followed to compete a foreign exchange transaction.

The second problem involves the fluctuation of  the rates of exchange. Fluctuations in exchange rates are based on the supply and demand of different currencies. The rate of exchange between two countries can fluctuate from day to day. This produces a great deal of uncertainty since a business person cannot know the exact value of foreign obligations and claims.

To appreciate fully the complexities of foreign exchange, a few terms must be understood. Their understanding also will provide a historical perspective on the making of payments across national boundaries. The terms are gold standard, gold exchange standard, gold bullion standard, inconvertible currencies, and hard and soft currencies.

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.

The Adoption Process


The adoption process consists of the mental stages an individual goes through in accepting and becoming a repeat purchaser of an innovation. Marketing communicators play a role in accelerating the rate of new product adoption and thereby increasing the probability of product success. As firms have become more sophisticated marketers, the rate of adoption in consumer markets has increased.

Although consumers are accepting new products more readily than ever, there is still a high percentage of failure in the introduction of new products. Understanding the factors that facilitate or impede successful adoption is crucial to a full appreciation of the role of marketing communications and promotion management in modern marketing.

The adoption process consists of five stages: 1) knowledge, 2) persuasion, 3) decision, 4) implementation, and 5) confirmation. Each stage is necessary precondition to a subsequent stage. Various conditions and characteristics act to increase or retard the innovation-decision process. Among the broad groups of variables that influence the various stages are prior conditions (e.g., the consumer’s previous consumption practices), characteristics of the decision-making unit (e.g., socio-economic characteristics), and perceived characteristics of the innovation (e.g., relative advantages).

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.

 

Corporate Disclosures


Giving stockholders more and better company information is one of the best ways to safeguard their interests. The theory behind the move for greater disclosure of company information is that a stockholder, as an investor, should be as fully informed as possible to make sound investments. By law, stockholders have a right to know about the affairs of the corporation in which they hold ownership shares. Those who attend annual meetings learn about past performance and future goals through speeches made by corporate officers and documents such as the company’s annual report. Those who do not attend meetings must depend primarily on annual reports issued by the company and the opinions of independent financial analysts.

Historically, management has tended to provide stockholders with minimum information. But companies now disclose more about their affairs, in spite of the complicated nature of some information. Stockholders therefore can learn about sales and earnings, assets, capital expenditures and depreciation by line of business, and details of foreign operations.

Corporations also are required to disclose detailed information about directors, how they are chosen, their compensation, conflicts of interest, and their reasons for resigning in policy disputes with 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.

 

Attitude and Customer Liaison


Attitude is not always easy to understand, train or instill. It is generally defined as a positive, enthusiastic and helpful attitude – somebody that seems more alive and dead, it means somebody who seems to enjoy what they do or enjoys dealing with customers, not just somebody who happens to do this as a job to earn a living. Even though this may be true, a good customer service experience is one where the customer service person pretends if nothing else, that they enjoy their job – they like doing what they do and they are pleased to see the customer. If the customer representative can do this, the customer will pretend to enjoy buying from them and pretend enough that they will probably come back.

One of the most important aspects of attitude is when the customer is dissatisfied. The customer will then seem to view life through a telephoto lens and every detail or every aspect of the interaction will come under scrutiny. Therefore, the attitude must be to look at a glass of water as half full, instead of half empty.

One of the most important and outward expression of attitude is the verbal and non-verbal behavior that people use at critical times. Simple expressions, such as: ‘I can do that’ or ‘There’s nothing I can do’ or ‘That’s our company policy’ or ‘I only work here’ or ‘You’ve come through to wrong extension,’ only frustrate the customer. Some of these factors, of course, may not be because of anything the person can do; however, it is their attitude that will often create more of an annoyance with the customer than the policy itself. A simple solution to this is that whenever somebody has to be told they can’t do something, within the same sentence they have to know what they can do or may do.

The attitude that will work, if you can instill it, is that every single customer is your most important customer. Instead of seeing a customer for the transaction value that they spend at that time or for the nature of their enquiry, see the customer as a million dollar customer, somebody who has access to large revenue, either through their direct spending or indirectly through referrals and repeat business.

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.

Full Warranty


A full warranty means:

  1. The warrantor will fix or replace any defective product, including removal and reinstallation if necessary, free of charge.
  2. It is not limited in time (say, to one or two years).
  3. It does not either exclude or limit payment for consequential damages unless the exclusion or limitation is printed conspicuously on the face of the written warranty.
  4. If the product cannot be repaired or has not been repaired after a reasonable number of efforts to repair it, the consumer may choose between a refund and a replacement.
  5. The warrantor cannot impose duties on the consumer except reasonable duties (the warranty cannot require the consumer to ship a piano to the factory) or a duty not to modify the product.
  6. The warrantor is not required to fulfill the warranty terms if the problem was caused by damage to the product through unreasonable use.

A full warranty does not have to cover the whole product. It may cover only part of the product, such as the picture tube of a television set. Also, anyone who owns the product during the warranty period may invoke or use the warranty.

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.

Previous Older Entries Next Newer Entries