Greed


Technically, greed is not one of the seven cardinal (deadly) sins, avarice is. Greed is an excessive desire to get or have, as wealth or power, beyond what one needs or deserves. There is no mechanism , or even rationale, for deciding what  one needs  or deserves  or what is excessive.

Pride is the first of the seven cardinal sins, but we are encouraged to be proud of country, school, family, employer, and other institutions. The issue is not pride but the form that pride takes. This applies to wanting more than one has, what some people call greed. It depends on how the greed affects behavior. Greed is not bad. Immoral and unethical behavior is bad.

Greed means the desire to have more than one has. This trait leads, through the invisible hand, to competition. Greed causes us to want more in a free, competitive society we have to work harder and smarter. This increases human welfare by providing more and better marketing mixes (product, price, distribution, and promotion). It is the marketing mix that satisfies the buyer’s wants and needs. Competition keeps greed in check except when we act immorally. In business competition, unlike sports, there can be more than one winner.

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.

Interacting with People


Direct open communication with others fosters trust, enhances information flow, and builds stronger relationships. Use following guidelines to increase such communication:

  • Let people know in a timely way about information that affects them. Respond as quickly as possible to any questions they may have.
  • Be aware of the messages you send non-verbally. Communicate a positive, open message to people by facing them and making eye contact (or using other culturally appropriate gestures when in other countries or cultures).
  • To help your employees and others develop their skills, convey positive and constructive feedback. Positive feedback lets people know what they are doing correctly and the behavior you appreciate. Constructive feedback informs people of their ineffective behavior and gives them an opportunity to compensate for or improve the behavior.
  • If conflicting or mixed messages come up in conversation, confront the discrepancy and work with the other person to clarify the misunderstanding.
  • When you receive vague messages, define the issues in concrete terms so that all parties are clear about what is being said.
  • When you need to get a point across in a direct, nonaggressive, fashion, simply say what you think and feel without putting the other person down.

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.

Demand for Labor


Once an assessment of the organization’s current human resources situation has been made and the future direction of the organization has been considered, a proposition of future human resource needs can be developed. It will be necessary to perform a year-by-year analysis for every significant job level and type. In effect, the result is a human resource inventory covering specified years into the future. These pro-forma inventories obviously must be comprehensive and therefore complex. Organizations usually require a diverse mix of people. That’s because employees are not perfectly substitutable for one another within an organization.

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.

Market Penetration Strategy


A market penetration strategy is the one that dictates that an organization seek to gain greater dominance in a market in which it already has an offering. This strategy involves attempts to increase present buyers’ usage or consumption rates of the offering, attract buyers of competing offerings, or stimulate product trial among potential customers. The mix of marketing activities include lower prices for the offerings, expanded distribution to provide wider coverage of an existing market, and heavier promotional efforts extolling the unique advantages of an organization’s offering over competing offerings.

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.

Pricing


Whether or not it is so recognized, pricing is one of the most crucial decision functions of a marketing manager. Pricing is an art, a game played for high stakes; for marketing strategists, it is the moment of truth. All of marketing comes to focus in the pricing decision. To a large extent, pricing decisions determine the types of customers and competitors an organization will attract. Likewise, a single pricing error can effectively nullify all other marketing-mix activities. Despite its importance, price rarely serves as the focus of marketing strategy, in part because it is the easiest marketing-mix activity for the competition to imitate.

It can be easily demonstrated that price is a direct determinant of profit (or loss). This fact is apparent from the fundamental relationship.

Profit = total revenue – total cost

Revenue is a direct result of unit price times quantity sold, and costs are indirectly influenced by quantity sold, which in turn is partially dependent on unit price. Hence, price simultaneously influences both revenues and costs.

Despite its importance, pricing remains on of the least understood marketing-mix activities.

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 Promotion Management Process


The Promotion management component of the total marketing communications mix consists of six major tools: personal selling, mass-media advertising, direct mail advertising, sales promotion, point-of-purchase communications, and public relations/publicity. These tools operate in concert with one another to help accomplish various marketing objectives.

The overall promotion management process consists of a logical sequence of decisions that must be made in order to implement effective promotional programs and achieve marketing objectives: situation analysis, marketing objectives, promotion budget, integration and coordination, promotion management program, and evaluation and control.

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.

 

Translating Information into Action


Information must be actionable, if it is to be of value to you. That means it must include a customer profile (most often consisting of demographics and buying behavior—psycho-graphics—that enables you to assign all of your customers to one or another of your defined segments. Unless you’re both ready and able to use the results of all this effort to alter your marketing strategy, your money is probably better spent elsewhere. Segmentation only pays off if you use it to fine tune your marketing program.

If you have computed the lifetime value for each segment, you can now make a very scientific assignment of resources to customer groups. You can be selective in this process. If you choose, focusing on just a few segments—or even one. In fact, that may be a good way to validate your ideas before you institute any large-scale changes in your marketing strategy. The important thing is that you use the information to adapt marketing into a more customer-focused and less product-centered approach.

Often you can finance new marketing initiatives by re-deploying the budgets previously spent in pursuit of unprofitable business, because you can now recognize it for what it is. Screening out can be as important as targeting.

You can then assign an appropriate percentage of your marketing budget to each segment which merits pursuit, echoing the percentage of profits that segment has the potential to generate. Consider members with lower grades within a well-defined, profitable segment as areas of opportunity. You know that companies with a given cluster of needs and buying behaviors can be profitably attracted to your offerings and way of doing business. All that remains is to focus on expanding penetration there.

Put your marketing imagination to work. Because you now understand the priorities of each segment so well, you’ll also know how to determine the most potent messages for each, and the media mix that can best deliver it. In addition, because the economics of each segment are clear, you can develop a plan that matches communications alternatives to allotted budget on a cost-per-contract basis.

As a result, most of your money will be invested where the profit potential for developing loyal customers is the greatest. Whilst this strategy appears to be self-evident, it too seldom happens in real life decision-making, since quantification of potential profitability by market segment is sadly lacking.

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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