Retailing


Retailing implies activities involved in the sale of goods and services to the consumers for their personal, family and household use. That’s about marketing activities designed to provide satisfaction to the final consumer and profitability maintain these customers through a program of continuous quality improvement. The scope of retailing, therefore, is defined as activities aimed at satisfying the final consumer profitability. This win-win situation is achieved through different activities the retailers provide both to the consumers as well as the manufacturers.

While the basic objective of retailing would remain the same in all countries, the retail environment in developed countries would be vastly different, and hence not conducive to adopting similar marketing practices.

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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Entrepreneur


Most businesses start as a dream in somebody’s mind. An entrepreneur is a person with an idea. He or she also is someone with the energy and drive to turn that idea into a business. An entrepreneur needs these characteristics because in a young firm he or she must often do everything at once—manufacture the product, sell it, find enough money to keep going, and manage few employees.

The entrepreneur must be willing to take great risks, too, for most new businesses fail within a year. The odds against success are stiff, partly because many business ideas simply are not very good. After all, whoever wanted to buy paper dresses or quadraphonic sound. Factors that create special risks for new businesses are those over which entrepreneurs have little control. Also, technology has become highly complex and many new products—a filter to remove the salt from sea water, for example, require many years and teams of scientists and engineers to develop. Then, too, a vast array of government regulations creates additional burdens of time, energy, and expenses for owners of new businesses.

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 Stewardship Principle


Many of today’s corporate executives see themselves as stewards, or trustees, who act in the general public’s interest. Although their companies are privately owned and they try to make profits for the stakeholders, business leaders who follow stewardship principle believe they have an obligation to see that everyone—particularly those in need—benefits from the company’s actions. According to this view, corporate managers have been placed in a position of public trust. They control vast resources whose use can affect people in fundamental ways. Because they exercise this kind of crucial influence, they incur a responsibility to use those resources in ways that are good not just for the stockholders alone but for society in general. In this way, they have become stewards, or trustees, for society. As such they are expected to act with a special degree of social responsibility in making business decisions.

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.

Tacit Knowledge, Explicit Knowledge


One way to describe tacit knowledge is in terms of intuition. Tacit knowledge is personal, intuitive knowledge, whereas explicit knowledge is the kind of knowledge that can be learned from a book. There is a vast difference between book learning—explicit knowledge—and experience-based learning—tacit knowledge.

Intuition is defined in Webster’s New World Dictionary as “the immediate knowing of something without the conscious use of reasoning.” There are times when we know something to be true but we do not know why or how we arrived at the understanding. One form of intuition arises because we know something so well and so thoroughly that we do not have to reason things out again but we immediately know it. This is tacit knowledge, as opposed to explicit knowledge, which is “formal and systematic.” Tacit knowledge is “deeply rooted in an individual’s action and experience.” It is intuitive and subjective whereas explicit knowledge is scientific and objective.

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.

 

Just About Money


Strictly defined, money is anything generally accepted in exchange for goods and services. To be used as a medium of exchange, money must be acceptable, divisible, portable, stable in value, durable, and difficult to counterfeit.

Acceptability: To be effective, money must be readily acceptable for the purchase of goods and services and for the settlement of debts. Acceptability is probably the most important characteristic of money: If people do not trust the value of money, businesses will not accept it as a payment for goods and services, and consumers will have to find some other means of paying for their purchases.

Divisibility: Given the widespread use of quarters, dimes, nickels, and pennies in the United States, it is no surprise that the principle of divisibility is an important one. With barter, the lack of divisibility often makes otherwise preferable trades impossible, as would be an attempt to trade a steer for a loaf of bread. For money to serve effectively as a measure of value, all items must be valued in terms of comparable units—dimes, for a piece of bubble gum, quarters for laundry machines, and dollars (or dollars and coins) for everything else.

Portability: Clearly, for money to function as a medium of exchange, it must be easily moved from one location to the next. Large colored rocks could be used as money, but you couldn’t carry them around in your wallet. Paper currency and metal coins, on the other hand, are capable of transferring vast purchasing power into small, easily carried bundles.

Stability: Money must be stable and maintain its declared face value. The principle of stability allows people who wish to postpone purchases and save their money to do so without fear that it will decline in value. Money declines its value during periods of inflation, when economic conditions cause prices to rise. Thus, the same amount of money buys fewer and fewer goods and services.

Durability: Money must be durable. The crisp new dollar bills you trade at the music store for the hottest new CD will make their way all around town for about 18 months before being replaced. Were the value of an old, faded bill to fall to line with the deterioration of its appearance, the principles of stability and universal acceptability would fail. Although metal coins, due to their much longer useful life, would appear to be an ideal form of money, paper currency is far more portable than metal because of its light weight. Today, coins are used primarily to provide divisibility.

Difficulty to Counterfeit: To remain stable and enjoy universal acceptance, it almost goes without saying that money must be very difficult to counterfeit—that is, to duplicate illegally. Every country takes steps to make counterfeiting difficult. Most use multicolored money, and many use specially watermarked papers that are virtually impossible to duplicate.

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.

Technical Expertise


Managers need technical expertise, the specialized knowledge and training needed to perform jobs that are related to their area of management. Accounting managers need to be able to perform accounting jobs, and production managers need to be able to perform production jobs. Although a production manager may not actually perform a job, he or she needs technical expertise to train employees, answer questions, provide guidance, and solve problems. Technical skills are most needed by first-line managers and least critical to top-level managers.

Today, most organizations rely on computers to perform routine data processing, simplify complex calculations, organize and maintain vast amounts of information, and help managers make sound decisions. For this reason, many managers have found computer expertise to be a valuable skill. For the manager of the 21st century, such expertise will be critical.

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.

Guerrilla Marketing


Guerrilla mrketing is the type of all-out marketing necessary for entrepreneurial success. It is virtually unknown to the large corporations. And thank heavens it is. After all, the large corporations have the benefit of big bucks. You don’t. so you’ve got to rely on guerrilla marketing.

 Your size is an ally when it comes to marketing. If you are a small company, a new venture, or a single individual, you can utilize the tactics of guerrilla marketing to their fullest. You’ve got the ability to be fast on your feet, to employ a vast array of marketing tools, to gain access to the biggest marketing brains and get them at bargain-basement prices. Now you may not need to use every weapon in your potential marketing arsenal, but you’re sure going to need some of them. So you’d best know how to use tham all.

 It may be that you will require no advertising at all. But you will require marketing. It may be that word of mouth is so favorable, and spreads so rapidly, that your venture can reap a fortune just because of it. If so, you can be sure that the word of mouth was motivated by effective marketing in the first place.

 In fact, a strong word of mouth campaign is part of marketing, and so are business cards, stationery, matchbooks, the clothes you wear. And certainly your location is important in marketing. Every component that helps you sell what you are selling is part of the marketing process. No detail is insignificant to be included. The more you realize that the better your marketing will be. Its not about sales, its about profits—the dear old bottom line.

 That’s the good news. Here’s the bad: One of these days, you’re going to be an entrepreneur no longer. If you successfully put into practice the principles of guerrila marketing, you’ll become fat and rich and famous and will no longer have the lean, hungry mentality of the entrepreneur.

 Once you’re reached that stage, you wll have to resort to the textbook forms of marketing, for you’ll be too encumbered with employees, traditions, paperwork, management levels, and necessary bureaucracy to be flexible enough for gurella marketing.

 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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