Impulse Products


Impulse products are products that are bought quickly—as unplanned purchase—because of a strongly felt need. True impulse products are items that the customer hadn’t planned to buy, decides to buy on sight, may have bought the same way many times before, and wants right now.

This buying behavior is important because it affects place—and the whole marketing mix—for impulse products. If the buyer doesn’t see an impulse product at the right time, the sale may be lost. That’s why retailers put impulse products where they’ll be seen and bought—near checkout counters or in other heavy traffic areas of store. Grocery stores sell gum, candy bars, and magazines this way. And life insurance is sold at airports at convenience booths or vending machines.

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.

 

Determining Salary Range


Responsibilities and salary are always related. Once you have drawn up a list of job duties and responsibilities and have written a job description, determining a corresponding salary range should be easy.

Roughly speaking, all jobs can be sorted into three categories:

  1. Nonexempt jobs are those that involve performing prescribed, internal tasks and include little problem solving.
  2. Exempt jobs are those associated with supervising the performance of internal tasks and dealing with problems related to those tasks. These employees do not need to be overpaid overtime for extra hours. A good rule of thumb for determining whether a job is exempt is this: if you miss a day of work and someone else does your work for you during your absence, your job is probably nonexempt. But if you return to work and find your work waiting for you, you’re probably exempt.
  3. Management positions are those involving responsibility for addressing internal and external problems and programs, such as business objectives and challenges.

Avoid the temptation to inflate a job’s title by pasting the management label on a task-based job. People with management skills cost more money in the job market and are harder to hire. Let’s say you decide to speed up your company’s inefficient employee healthcare claims handling process by creating a new position: someone who will collect claim forms and coordinate with your insurance carrier. Don’t lose sight of the fact that you are hiring someone to perform a series of tasks, not to address a management problem. Advertise for a clerk or coordinator, not a manager.

Always establish the correct responsibility level and salary range for every opening you advertise. Doing so will provide consistency throughout your department and maintain internal equity in the structuring and compensation of jobs.

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.

Product Knowledge


You have to be expert before you even start your business. The old saying, “We learn by our mistakes” will not do your business reputation any good if it applies to your lack of expertise. You have to know your products or service inside out. You may love a business for the product lines, but will your customers love the products too? When problems arise with a product, or when a customer asks technical questions, are you knowledgeable enough to resolve these problems and answer their questions competently and confidently?

One way to increase your product knowledge is to contact the manufacturers or local distributor. They are usually happy to send you product information and answer your questions. Some of the questions you should research about your product lines (or service) are these:

  • How long have these products been on the market?
  • Are they seasonal, and when do most sell?
  • How often are these products upgraded or changed?
  • Could you be caught unexpectedly with obsolete inventory?
  • What do the manufacturers’ warranties cover?
  • Are replacement parts readily available?
  • Are the products competitively priced?
  • Are buying trends increasing or decreasing?
  • Are the products high, medium, or low in quality?
  • How do the products compare to the competition?
  • What are groups do these products appeal to?
  • What is the life expectancy of the products?
  • Could the products become obsolete due to changing technology?

After these questions are answered, you may find that the business is not viable after all. The product pricing may be too high compared to the competition, or you may discover that over the previous five years, overall demand for the products is declining due to technological changes and shifts in consumer buying trends. In another five years, the demand could become substantially less. The products may appear high in quality on sight, but you may discover that they are poorly made and not something that you would feel confident selling. Perhaps the manufacturer’s guarantees are inadequate, or replacement parts are priced exorbitantly and hard to secure.

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 Managers: Ask yourself six Questions


Great Managers know that the core of a strong and vibrant workplace can be found in the six questions:

  1. Do I know what is expected of me at work?
  2. Do I have the materials and equipment I need to do my work right?
  3. At work, do I have the opportunity to do what I do best every day?
  4. In the last seven days, have I received recognition or praise for good work?
  5. Does my superior, or someone at work, seem to care about me as a person?
  6. Is there someone at work who encourages my development?

Securing 5’s to these questions is one of your most important responsibilities. And as many managers discover, getting all 5’s from your employees is far from easy. To secure 5’s to all of the questions you have to reconcile responsibilities that, at first sight, appear contradictory. You have to be able to set consistent expectations for all your people yet at the same time treat each person differently. You have to be able to make each person feel as though he is in a role that uses his talents, while simultaneously challenging him to grow. You have to care about each person, praise each person, and, if necessary, terminate a person you have cared about and praised.

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.