Objectives of Marketing Management

Management is the process of getting things done through other people. Following are the five key objectives of marketing management:-

Generate customer base

The responsibility of the marketing manager is to attract new customers and retain old customers for the business enterprise. Thus, to create product awareness among people many promotional activities viz. advertisement, distribution of samples, display of goods, etc. are carried out, which in turn increase sell of goods and services and generate profit for the firm.

Customer Satisfaction

The basic priority of the modern marketing is the satisfaction of the customer (or consumer). Thus, the marketing manager scientifically studies the needs and demands of the customers before offering them any goods or services.  Here, satisfying customers does not simply mean matching products with customers’ needs. It also requires regular supply of goods and services of reasonable quality at fair prices.

Market Share

The purpose of business activity is to increase its market share i.e. the ratio of its sales to the total sales in the economy. For this, companies may adopt all means of sales promotion viz. discounts, sales promotion, gifts, gift coupons, etc. to create awareness of its product in the market.

Profit Maximization

Without earning profit, no firm can survive in the market. Thus, profits are also needed for the growth and diversification of the firm. Hence, for maximization of profit, the marketing manager tries to satisfy the needs and wants of customer and maintains the regular supply of goods and services at fair prices.

Earn goodwill for the business

To build up the public image of the firm, the marketing management provides good quality products to the customers at reasonable rates and thus creates its positive image among the customers. The role of marketing manager is to sustain and raise the goodwill of the business through sales promotion, publicity, advertisement, high quality and reasonable prices of products, convenient distribution outlets, etc. If a firm enjoys goodwill in the market, it would increase the morale of its’ sales-force, which in turn increases profit.

Increases living standard among people

The marketing management attempts to increase the quality of life of the people by providing them better goods and services at reasonable rates. It facilitates production and distribution of a wide variety of goods and services for use by the customer.

Let us delve deeper into the 4 main objectives of sales management

1) Achieving Sales volume

Achieving sales volume is the first objective of Sales. The word “volume” is critical because whenever a product sales start, the market is supposed to be a virgin market. Thus there needs to be optimum penetration so that the product reaches all corners of the region targeted. Ultimately, penetration levels can be decided on the basis of sales volume achieved.

2) Contribution to profit

Sales brings turnover for the company and this turnover results in profits. Naturally, sales has a major contribution to profit and it is categorized as a profit function in several organizations. But there is one more aspect to the contribution of profit by sales.

The objective of sales management is to sell the product at the optimum price. Some companies might target a premium pricing for a product to make it premium in the market. But if the sales team drops the price, then the objectives are not being met and the profit is dropping. This has to be kept in check by seniors as price drops directly affect the margin of the product.

3) Continuous growth

A company cannot remain stagnant. There are salaries to be paid, costs have been incurred and there are shareholders to be answered. So a company cannot survive without continuous growth. If there is no innovation at the product level or at the company level, then the company has to be blamed. But if the products are good, and still the penetration is not happening, then it is the fault of sales manager and sales executives.

It is the job of marketing to take feedback and bring new products in the market. But if the sales team does not provide the appropriate feedback of “Why the product is not selling”, then growth becomes impossible. This is why, more penetration and more growth is in the hand of sales people.

4) Sales Management and financial results

Financial Results are another objective of sales management and are closely related and therefore sales management has financial implications as well.

Sales – Cost of Sales = Gross Profit

Gross Margin – Expenses = Net profit.

Thus the variation in Sales will directly affect the Net profit of a company. Hence maintaining and managing sales is important to keep the product / service / organization financially viable.

The Objectives of sales are therefore decided on the basis of where the organization stands and where it wants to reach. It is a collaborated effort from the top management along with the marketing managers and sales managers to provide with a targeted estimate.

Corporate Governance in India is a set on internal controls, policy and procedures which form the framework of a company’s operations and its dealings with various stakeholders such as customers, management, employees, government and industry bodies. The framework of such policies should be such as to uphold the principles of transparency, integrity, ethics and honesty. Corporate Governance is the soul of an organisation and must be adhered to while indulging in any business practices

It is indeed a proud moment for the Indian corporate sector. Around 12 Indian companies have featured in the Forbes list of the world’s 2,000 best regarded firms. Infosys. TCS, Tata Motors secured the 31st, 35th and 70th ranks, respectively.

Other Indian biggies like Tata Steel, L&T, Grasim, GIC, Mahindra & Mahindra, Asian Paints, SAIL and ITC are some of the other companies who have made it to this prestigious list. HDFC is the only company from the banking and financial sector to have attained a position in this list.

Forbes partnered with Statista, which surveyed 15,000 people from 60 countries regarding their opinion on top 2000 companies across the globe. Companies were evaluated on parameters such as trustworthiness, social conduct, performance of the company’s product or service and the company as an employer.

When bank scams, financial frauds, and cybercrimes become the order of the day, news like these reinstate our belief in the importance of sound Corporate Governance in India.

Why is Corporate Governance so important?

• Risk Mitigation and compliance

There is a direct relationship between governance, risk mitigation and compliance. If a company is governed on the basis of sound principles, it will naturally work efficiently and ensure compliance with every statutory law and guideline. Being on track with the policies and law ensures that the company is braced well for any uncertainty and thus has risk mitigation mechanisms in place. More disciplined a company is in its operations, the better it is placed to face any risk or disruption arising out of political, technological and economic events.

• Enhances shareholder value

While there is no established relation between corporate governance and market value of a company, it does enhance shareholder satisfaction. Corporate Governance in India plays a key role in protecting valuations of a company because the ultimate goal of good governance is to maximise the interest of all stakeholders. The value accumulated by the company over the years can be wiped away by a single unlawful incident, thus internal controls at the right place is mandatory.

• Better image during economic downturns

During the last few months, we have heard many stories of banking frauds and financial malpractices. It is but natural for people to believe that all banks and financial institutions are involved in all these, which is not true. It is only when an organisation can ensure people about their inherent governance practises that people will believe them. Trustworthiness that has been established over ages plays a strong role in upholding the company’s image even during tough situations.

• Improved organisational efficiency

Corporate Governance is an important determinant of industrial competitiveness. Nowadays there are many questions raised on the way a company is governed. Better governance ensures enhanced corporate performance and better economic results. Corporate Governance lays the foundation for behaviour of the company, the utilization of resources, product/service innovation and overall corporate strategies.

• Crucial during mergers & acquisitions

Corporate Governance in India plays a critical role during restructuring events such as mergers and acquisitions. Not only does corporate governance of a company helps to differentiate between good deals from bad ones, but M&A activity by a company with good corporate governance is better received by stakeholders in the market. Another aspect to be mentioned is that mergers and acquisitions also has the power to improve the quality of corporate governance of the organisation.

Corporate Governance in India: The unseen force behind an organisation

A company is not all about just profits, market valuations, P/E multiples and turnovers, there is a lot that goes into building its position and image. Corporate Governance is one such hidden force. After numerous scandals, maligned reputations and economic downturns, companies are now realising that few concrete steps towards better governance could have saved years of their labour.

Most companies chase only monetary gains and take corporate governance for granted. Due to lack of trust on governance, investor sentiments go awry resulting in mass outflow of FII funds, sale by majority shareholders, reduced market value and so on.

Designing the framework of corporate governance in India is no mean task in itself. The requirement and fundamentals vary across sectors, industries as well as nationalities. Profound corporate governance is a must for banks and healthcare in particular.

Other sectors, such as FMCG, IT and Retail need to prioritize good governance, but this may not help them in enhancing their market value. The influence of governance on value also varies. It gains more importance during tough times rather than smooth sailing periods.

Nevertheless, corporate governance in India will continue to be crucial no matter what. The approach must be a perfect balance between excessive stringency and too much flexibility. Only the framework must be holistic and take the interests of all the stakeholders into account.

What Is Performance Management?

Performance management is the process of continuous feedback and communication between managers and their employees to ensure the achievement of the strategic objectives of the organization.

The definition of performance management has evolved since it first appeared as a concept. What was once an annual process is now transitioning to continuous performance management. The goal is to ensure that employees are performing efficiently throughout the year, and in the process, address any issues that may arise along the way that affect employee performance.

“Most workers perceive their organization’s performance management approach as confusing, subjective, and infrequent,” said Kathi Enderes (vice president, Talent, and Workforce Research Leader) and Matthew Shannon (senior research analyst) at Bersin, Deloitte Consulting LLP, in an exclusive with HR Technologist.

This is the current state of performance management. However, it doesn’t have to be that way. Automation now plays a significant role in performance management, and many of the processes involved can be streamlined so that employee performance can be strategically managed. This is the age of continuous performance management, and here’s everything you need to know about it.

Performance management differs from talent management in that the latter is a set of initiatives taken to engage employees to retain them. Performance management, on the other hand, is an initiative that guides employees towards establishing and achieving their goals in alignment with the organization’s immediate and overarching goals.

Why is performance management important?

1. Performance management supplements the annual performance review. This prepares both employees and managers about what to expect during the annual appraisal. It keeps both the manager and the employee in the loop about ongoing changes to the performance management process, what both can do to streamline it, and how performance overall can be improved.

2. To employees, continuous performance management indicates that managers value them. Employees believe that their managers are interested in their work and care about their goals and any issues they may face in the course of their job. They also become more open to receiving constructive feedback.

The Performance Management Cycle

The performance management process or cycle is a series of five key steps. These steps are imperative, regardless of how often you review employee performance.

1. Planning

This stage entails setting employees’ goals and communicating these goals with them. While these goals should be disclosed in the job description to attract quality candidates, they should be communicated once again when the candidate becomes a new hire. Depending on the performance management process in your organization, you may want to assign a percentage to each of these goals to be able to evaluate their achievement.

2. Monitoring

In this phase, managers are required to monitor the employees’ performance on the goal. This is where continuous performance management comes into the picture. With the right performance management software, you can track your team’s performance in real-time and modify and correct course whenever required.

3. Developing

This phase includes using the data obtained during the monitoring phase to improve the performance of employees. It may require suggesting refresher courses, providing an assignment that helps them improve their knowledge and performance on the job, or altering the course of employee development to enhance performance or sustain excellence.

4. Rating

Each employee’s performance must be rated periodically and then at the time of the performance appraisal. Ratings are essential to identify the state of employee performance and implement changes accordingly. Both peers and managers can provide these ratings for 360-degree feedback.

5. Rewarding

Recognizing and rewarding good performance is essential to the performance management process, as well as an important part of employee engagement. You can do this with a simple thank you, social recognition, or a full-scale employee rewards program that regularly recognizes and rewards excellent performance in the organization.

Function 1 # Bank of Issue:

Central bank now-a-days has the monopoly of note-issue in every country. The currency notes printed and issued by the central bank are declared unlimited legal tender throughout the country.

Central bank has been given exclusive monopoly of note-issue in the interest of uniformity, better control, elasticity, supervision, and simplicity. It will also avoid the possibility of over-issue by individual banks.

The central banks, thus, regulate the currency of country and the total money-supply in the economy. The central bank has to keep gold, silver or other securities against the notes issued. The system of note-issue differs from country to country.

The main objects of the system of currency regulation in general are to see that:

(i) People’s confidence in the currency is maintained,

(ii) Its supply is adjusted to demand in the economy.

Thus, keeping in view the aims of uniformity, elasticity, safety and security, the system of note-issue has been varying from time to time.

Function 2 # Banker, Agent and Adviser to the Government:

Central bank, everywhere, performs the functions of banker, agent and adviser to the government.

As banker to the government, it makes and receives payments on behalf of the government. It advances short-term loans to the government to tide over difficulties.

It floats public loans and manages the public debts on behalf of the government. It keeps the banking accounts and balances of the government after making disbursements and remittances. As an adviser to the government it advises the government on all monetary and economic matters. The central bank also acts as an agent to the government where general exchange control is in force.

Function 3 # Custodian of Cash Reserves:

All commercial banks in a country keep a part of their cash balances as deposits with the central bank, may be on account of convention or legal compulsion. They draw during busy seasons and pay back during slack seasons. Part of these balances is used for clearing purposes. Other member banks look to it for guidance, help and direction in time of need.

It affects centralisation of cash reserves of the member banks. “The centralisation of cash reserves in the central bank is a source of great strength to the banking system of any country. Centralised cash reserves can at least serve as the basis of a large and more elastic credit structure than if the same amount were scattered amongst the individual banks.

It is obvious, when bank reserves are pooled in one institution which is, moreover, charged with the responsibility of safeguarding the national economic interest, such reserves can be employed to the fullest extent possible and in the most effective manner during periods of seasonal strain and in financial crises or general emergencies…the centralisation of cash reserves is conducive to economy in their use and to increased elasticity and liquidity of the banking system and of the credit structure as a whole.”

Function 4 # Custodian of Foreign Balances:

Under the gold standard or when the country is on the gold standard, the management of that standard, with a view to securing stability of exchange rate, is left to the central bank.

After World War I, central banks have been keeping gold and foreign currencies as reserve note-issue and also to meet adverse balance of payment, if any, with other countries. It is the function of the central bank to maintain the exchange rate fixed by the government and manage exchange control and other restrictions imposed by the state. Thus, it becomes a custodian of nation’s reserves of international currency or foreign balances.

Function 5 # Lender of Last Resort:

Central bank is the lender of last resort, for it can give cash to the member banks to strengthen their cash reserves position by rediscounting first class bills in case there is a crisis or panic which develops into ‘run’ on banks or when there is a seasonal strain. Member banks can also take advances on approved short-term securities from the central bank to add to their cash resources at the shortest time.

This facility of turning their assets into cash at short notice is of great use to them and promotes in the banking and credit system economy, elasticity and liquidity.

Thus, the central bank by acting as the lender of the last resort assumes the responsibility of meeting all reasonable demands for accommodation by commercial banks in times of difficulties and strains.

De Kock expresses the opinion that the lending of last resort function of the central bank imparts greater liquidity and elasticity to the entire credit structure of the country. According to Hawtrey, the essential duty of the central bank as the lender of last resort is to make good a shortage of cash among the competitive banks.

Function 6 # Clearing House:

Central bank also acts as a clearing house for the settlement of accounts of commercial banks. A clearing house is an organisation where mutual claims of banks on one another are offset, and a settlement is made by the payment of the difference. Central bank being a bankers’ bank keeps the cash balances of commercial banks and as such it becomes easier for the member banks to adjust or settle their claims against one another through the central bank.

Suppose there are two banks, they draw cheques on each other. Suppose bank A has due to it Rs. 3,000 from bank B and has to pay Rs. 4,000 to B. At the clearing house, mutual claims are offset and bank A pays the balance of Rs. 1,000 to B and the account is settled. Clearing house function of the central bank leads to a good deal of economy in the use of cash and much of labour and inconvenience are avoided.

Function 7 # Controller of Credit:

The control or adjustment of credit of commercial banks by the central bank is accepted as its most important function. Commercial banks create lot of credit which sometimes results in inflation.

The expansion or contraction of currency and credit may be said to be the most important causes of business fluctuations. The need for credit control is obvious. It mainly arises from the fact that money and credit play an important role in determining the level of incomes, output and employment.

According to Dr. De Kock, “the control and adjustment of credit is accepted by most economists and bankers as the main function of a central bank. It is the function which embraces the most important questions of central banking policy and the one through which practically all other functions are united and made to serve a common purpose.”

Thus, the control which the central bank exercises over commercial banks as regards their deposits, is called controller of credit.

Function 8 # Protection of Depositors Interests:

The central bank has to supervise the functioning of commercial banks so as to protect the interest of the depositors and ensure development of banking on sound lines.

The business of banking has, therefore, been recognized as a public service necessitating legislative safeguards to prevent bank failures.

Legislation is enacted to enable the central bank to inspect commercial banks in order to maintain a sound banking system, comprising strong individual units with adequate financial resources operating under proper management in conformity with the banking laws and regulations and public and national interests.

Ansoff’s Matrix is a marketing planning model that helps a business determine its product and market growth strategy.

Ansoff’s product/market growth matrix suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets. The output from the Ansoff product/market matrix is a series of suggested growth strategies which set the direction for the business strategy. These are described below:

Market penetration

Market penetration is the name given to a growth strategy where the business focuses on selling existing products into existing markets.

Market penetration seeks to achieve four main objectives:

• Maintain or increase the market share of current products – this can be achieved by a combination of competitive pricing strategies, advertising, sales promotion and perhaps more resources dedicated to personal selling
• Secure dominance of growth markets
• Restructure a mature market by driving out competitors; this would require a much more aggressive promotional campaign, supported by a pricing strategy designed to make the market unattractive for competitors
• Increase usage by existing customers – for example by introducing loyalty schemes

A market penetration marketing strategy is very much about “business as usual”. The business is focusing on markets and products it knows well. It is likely to have good information on competitors and on customer needs. It is unlikely, therefore, that this strategy will require much investment in new market research.

Market development

Market development is the name given to a growth strategy where the business seeks to sell its existing products into new markets.

There are many possible ways of approaching this strategy, including:

• New geographical markets; for example exporting the product to a new country
• New product dimensions or packaging: for example
• New distribution channels (e.g. moving from selling via retail to selling using e-commerce and mail order)
• Different pricing policies to attract different customers or create new market segments

Market development is a more risky strategy than market penetration because of the targeting of new markets.

Product development

Product development is the name given to a growth strategy where a business aims to introduce new products into existing markets. This strategy may require the development of new competencies and requires the business to develop modified products which can appeal to existing markets.

A strategy of product development is particularly suitable for a business where the product needs to be differentiated in order to remain competitive. A successful product development strategy places the marketing emphasis on:

• Research & development and innovation
• Detailed insights into customer needs (and how they change)
• Being first to market

Diversification

Diversification is the name given to the growth strategy where a business markets new products in new markets.

This is an inherently more risk strategy because the business is moving into markets in which it has little or no experience.

For a business to adopt a diversification strategy, therefore, it must have a clear idea about what it expects to gain from the strategy and an honest assessment of the risks. However, for the right balance between risk and reward, a marketing strategy of diversification can be highly rewarding.

What Is Maslow’s Hierarchy of Needs?

In order to better understand what motivates human beings, Maslow proposed that human needs can be organized into a hierarchy. This hierarchy ranges from more concrete needs such as food and water to abstract concepts such as self-fulfillment. According to Maslow, when a lower need is met, the next need on the hierarchy becomes our focus of attention.

These are the five categories of needs according to Maslow:

Physiological

These refer to basic physical needs like drinking when thirsty or eating when hungry. According to Maslow, some of these needs involve our efforts to meet the body’s need for homeostasis; that is, maintaining consistent levels in different bodily systems (for example, maintaining a body temperature of 98.6°).1

Maslow considered physiological needs to be the most essential of our needs. If someone is lacking in more than one need, they’re likely to try to meet these physiological needs first. For example, if someone is extremely hungry, it’s hard to focus on anything else besides food. Another example of a physiological need would be the need for adequate sleep.

Safety

Once people’s physiological requirements are met, the next need that arises is a safe environment. Our safety needs are apparent even early in childhood, as children have a need for safe and predictable environments and typically react with fear or anxiety when these are not met. Maslow pointed out that in adults living in developed nations, safety needs are more apparent in emergency situations (e.g. war and disasters), but this need can also explain why we tend to prefer the familiar or why we do things like purchase insurance and contribute to a savings account.

Love and Belonging

According to Maslow, the next need in the hierarchy involves feeling loved and accepted. This need includes both romantic relationships as well as ties to friends and family members. It also includes our need to feel that we belong to a social group. Importantly, this need encompasses both feeling loved and feeling love towards others.

Since Maslow’s time, researchers have continued to explore how love and belonging needs impact well-being. For example, having social connections is related to better physical health and, conversely, feeling isolated (i.e. having unmet belonging needs) has negative consequences for health and well-being.2

Esteem

Our esteem needs involve the desire to feel good about ourselves. According to Maslow, esteem needs include two components. The first involves feeling self-confidence and feeling good about oneself. The second component involves feeling valued by others; that is, feeling that our achievements and contributions have been recognized by other people. When people’s esteem needs are met, they feel confident and see their contributions and achievements as valuable and important. However, when their esteem needs are not met, they may experience what psychologist Alfred Adler called “feelings of inferiority.”

Self-Actualization

Self-actualization refers to feeling fulfilled, or feeling that we are living up to our potential. One unique feature of self-actualization is that it looks different for everyone. For one person, self-actualization might involve helping others; for another person, it might involve achievements in an artistic or creative field. Essentially, self-actualization means feeling that we are doing what we believe we are meant to do. According to Maslow, achieving self-actualization is relatively rare, and his examples of famous self-actualized individuals include Abraham Lincoln, Albert Einstein, and Mother Teresa.

How People Progress Through the Hierarchy of Needs

Maslow postulated that there were several prerequisites to meeting these needs. For example, having freedom of speech and freedom of expression or living in a just and fair society aren’t specifically mentioned within the hierarchy of needs, but Maslow believed that having these things makes it easier for people to achieve their needs.

In addition to these needs, Maslow also believed that we have a need to learn new information and to better understand the world around us. This is partially because learning more about our environment helps us meet our other needs; for example, learning more about the world can help us feel safer, and developing a better understanding of a topic one is passionate about can contribute to self-actualization. However, Maslow also believed that this call to understand the world around us is an innate need as well.

Although Maslow presented his needs in a hierarchy, he also acknowledged that meeting each need is not an all-or-nothing phenomenon. Consequently, people don’t need to completely satisfy one need in order for the next need in the hierarchy to emerge. Maslow suggests that, at any given time, most people tend to have each of their needs partly met—and that needs lower on the hierarchy are typically the ones that people have made the most progress towards.

Additionally, Maslow pointed out that one behavior might meet two or more needs. For example, sharing a meal with someone meets the physiological need for food, but it might also meet the need of belonging. Similarly, working as a paid caregiver would provide someone with income (which allows them to pay for food and shelter), but can also provide them a sense of social connection and fulfillment.

Testing Maslow’s Theory

In the time since Maslow published his original paper, his idea that we go through five specific stages hasn’t always been supported by research. In a 2011 study of human needs across cultures, researchers Louis Tay and Ed Diener looked at data from over 60,000 participants in over 120 different countries. They assessed six needs similar to Maslow’s: basic needs (similar to physiological needs), safety, love, pride and respect (similar to esteem needs), mastery, and autonomy. They found that meeting these needs was indeed linked to well-being. In particular, having basic needs met was linked to people’s overall assessment of their lives, and feeling positive emotions was linked to meeting the needs of feeling loved and respected.3

However, although Tay and Diener found support for some of Maslow’s basic needs, the order that people go through these steps seems to be more of a rough guide than a strict rule. For example, people living in poverty might have had trouble meeting their needs for food and safety, but these individuals still sometimes reported feeling loved and supported by the people around them. Meeting the previous needs in the hierarchy wasn’t always a prerequisite for people to meet their love and belonging needs.

Maslow’s Impact on Other Researchers

Maslow’s theory has had a strong influence on other researchers, who have sought to build on his theory. For example, psychologists Carol Ryff and Burton Singer drew on Maslow’s theories when developing their theory of eudaimonic well-being. According to Ryff and Singer, eudaimonic well-being refers to feeling purpose and meaning—which is similar to Maslow’s idea of self-actualization.4

Psychologists Roy Baumeister and Mark Leary built on Maslow’s idea of love and belonging needs. According to Baumeister and Leary, feeling that one belongs is a fundamental need, and they suggest that feeling isolated or left out can have negative consequences for mental and physical health.5

Here are six reasons why investing in social media is a wise business move.

1. Build Awareness

If people don’t know about your business, they can’t become your customers. Social media boosts your visibility among potential customers, letting you reach a wide audience by using a large amount of time and effort. And it’s free to create a business profile on all the major social networks, so you have nothing to lose.

Define what you want to get out of social media to develop a social media strategy. Do you want new customers to discover your services? Do you hope to bring more local shoppers into your stores? By keeping your strategy specific, you can determine which social media channels are the best fit for your business.

2. Communicate Authority

Customers are increasingly savvier and more discerning about which businesses they support. Before making a decision, they’ll do a quick search to browse your website and social media.

Will they find an empty storefront or a rich source of information? Setting up robust profiles that you update frequently with relevant content will build your brand’s authority and make sure you make a positive first impression through social media, showing that your business is trustworthy, knowledgeable, and approachable.

Look for ways to demonstrate your expertise as a thought leader in your industry—like writing pieces related to your expertise or expanding on your company’s mission. By showing what your business offers and values, you will establish confidence in potential customers.

3. Show Authenticity

Customers aren’t interested in businesses that publish dry, corporate-style social media posts.

Instead, let your brand’s personality shine through in everything you share on social media. What does your brand voice sound like? How does it represent who you are?

Practice getting your tone just right, whether it’s casual and funny or formal and friendly. Be true to who you are, not who you think you should be. Followers want to see real people behind your social profiles. Show them.

4. Encourage Engagement

Social channels evolve, constantly releasing new features, and this rapidly changing environment can be intimidating for some business owners.

But remember: you don’t have to do everything. Play with new ways to connect with your audience, and give yourself permission to learn as you go. One day, you could post a series of Instagram Stories to give customers a behind-the-scenes tour of your office. The next, you could host a quick Q&A session via Facebook Live video streaming. Over time, you’ll get a better idea of your followers’ preferences.

You can create engaging video content for social media with a simple setup—good lighting, a smartphone, and a tripod. Also, do a test run before you go live to make sure your internet connection or hotspot has enough speed to avoid delays and interruptions.

5. Provide Support

Social platforms have successfully broken down barriers between companies and their customers. Now, instead of calling a customer service line, many people turn to Facebook or Twitter to solve problems or find information.

Develop your reputation as a responsive, caring brand by offering support through social channels:

• Create a system for tracking customer comments, questions, and complaints on social media.
• Respond as quickly as possible to questions and concerns.
• Go out of your way to be positive and helpful.
• Listen to criticism and make customers feel heard.
• Know when to resolve public conversations in private messages.

6. Grow Affordably

Marketing costs add up, and not every business can afford huge campaigns. But you can get a lot of value for your dollar with social media advertising. Your business, regardless of size or budget, has an opportunity to grow your audience and reach your objectives through ads on social platforms like Facebook and Instagram.

When building an ad campaign, know who you’re trying to reach and what goal you want to achieve so you don’t waste any of your budget on unhelpful advertising. Avoid overly salesy ads, and opt for content that educates or entertains (or does both at the same time).

1. Coach

A coaching leader is someone who can quickly recognise their team members’ strengths, weaknesses and motivations to help each individual improve. This type of leader often assists team members in setting smart goals and then provides regular feedback with challenging projects to promote growth. They’re skilled in setting clear expectations and creating a positive, motivating environment.

The coach leadership style is one of the most advantageous for employers as well as for the employees they manage. Unfortunately, it’s often also one of the most underutilised styles—largely because it can be more time-intensive than other types of leadership.

Example: A sales manager gathers his team of account executives for a meeting to discuss learnings from the previous quarter. They start the meeting by completing an assessment together of strengths, weaknesses, opportunities and threats regarding the team’s performance. The manager then recognises specific team members for exceptional performance and goes over the goals achieved by the team. Finally, the manager closes the meeting by announcing a contest to start the next quarter in order to motivate the sales people to reach their goals.

2. Visionary

Visionary leaders have a powerful ability to drive progress and usher in periods of change by inspiring employees and earning trust for new ideas. A visionary leader is also able to establish a strong organisational bond. They strive to foster confidence among direct reports and colleagues alike.

This type of leadership is especially helpful for small, fast-growing organisations or larger organisations experiencing transformations or corporate restructuring.

Example: A teacher starts a group at work for colleagues who want to help resolve anxieties and issues students have outside of school. The goal is to help students better focus on and succeed at school. He has developed testing methods so they can find meaningful ways to help students in a quick and efficient way.

3. Servant

Servant leaders live by a people-first mindset and believe that when team members feel personally and professionally fulfilled, they’re more effective and more likely to produce great work regularly. Because of their emphasis on employee satisfaction and collaboration, they tend to achieve higher levels of respect.

A servant leader is an excellent leadership style for organisations of any industry and size but is especially prevalent within nonprofits. These types of leaders are exceptionally skilled in building employee morale and helping people re-engage with their work.

Example: A product manager hosts monthly one-on-one coffee meetings with everyone who has concerns, questions or thoughts about improving or using the product. This time is meant for her to address the needs of and help those who are using the product in any capacity.

4. Autocratic

Also called the authoritarian style of leadership, this type of leader is focused almost entirely on results and efficiency. They often make decisions alone or with a small, trusted group and expect employees to do exactly what they’re asked. It can be helpful to think of these types of leaders as military commanders.

This leadership style can be useful in organisations with strict guidelines or compliance-heavy industries. It can also be beneficial when used with employees who need a great deal of supervision such as those with little to no experience. However, this leadership style can stifle creativity and make employees feel confined.

Example: Before an operation, the surgeon carefully recounts the rules and processes of the operation room with every team member who will be helping during the surgery. She wants to ensure everyone is clear on the expectations and follows each procedure carefully and exactly so the surgery goes as smoothly as possible.

5. Laissez-faire or hands-off

This leadership style is the opposite of the autocratic leadership type focusing mostly on delegating many tasks to team members and providing little to no supervision. Because laissez-faire leaders do not spend their time intensely managing employees, they often have more time to dedicate to other projects.

Managers may adopt this leadership style when all team members are highly experienced, well trained and require little oversight. However, it can also cause a dip in productivity if employees are confused about their leader’s expectations or if some team members need consistent motivation and boundaries to work well.

Example: When welcoming new employees, Keisha explains that her engineers can set and maintain their own work schedules as long as they are tracking towards and hitting goals that they set together as a team. They are also free to learn about and participate in projects that they might be interested in outside their team.

6. Democratic

The democratic leadership style (also called the participative style) is a combination of the autocratic and laissez-faire types of leadership. Democratic leaders ask for input and consider feedback from their team before making a decision. Because team members feel that their voice is heard and their contributions matter, a democratic leadership style is often credited with fostering higher levels of employee engagement and workplace satisfaction.

Because this type of leadership drives discussion and participation, it’s an excellent style for organisations focused on creativity and innovation such as those in the technology industry.

Example: As a store manager, Jack has hired many brilliant and focused team members who he trusts. When deciding on storefronts and floor design, Jack acts only as the final moderator for his team to move forward with their ideas. He is there to answer questions and present possible improvements for his team to consider.

7. Pacesetter

The pacesetting leadership style is one of the most effective for driving fast results. These leaders are primarily focused on performance. They often set high standards and hold their team members accountable for hitting their goals.

While the pacesetting leadership style is motivational and helpful in fast-paced environments where team members need to be energised, it’s not always the best option for team members who need mentorship and feedback.

Example: The leader of a weekly meeting recognised that an hour out of everyone’s schedule, once a week, did not justify the purpose of the meeting. To increase efficiency, she changed the meeting to a 15-minute stand-up with only those she had updates for.

8. Transformational

The transformational leadership style is similar to the coach style in that it focuses on clear communication, goal setting and employee motivation. However, instead of placing majority of the energy into each employee’s individual goals, the transformational leader is driven by a commitment to the organisation’s objectives.

Because these types of leaders spend much of their time on the big picture, this style of leading is best for teams that can handle many delegated tasks without constant supervision.

Example: Reyna is hired to lead a marketing department. The CEO asks her to set new goals and organise teams to reach those objectives. She spends the first months in her new role getting to know the company and the marketing employees. She gains a strong understanding of current trends and organisational strengths. After three months, she has set clear targets for each of the teams that report to her and asked individuals to set goals for themselves that align with those.

9. Transactional

A transactional leader is someone who is laser-focused on performance similar to a pacesetter. Under this leadership style, the manager establishes predetermined incentives usually in the form of monetary reward for success and disciplinary action for failure. Unlike the pacesetter leadership style, transactional leaders are also focused on mentorship, instruction and training to achieve goals and enjoy the rewards.

While this type of leader is great for organisations or teams tasked with hitting specific goals such as sales and revenue, it’s not the best leadership style for driving creativity.

Example: A bank branch manager meets with each member of the team bi-weekly to discuss ways the team can meet and exceed monthly company goals to get their bonus. Each of the top 10 performers in the district receives a monetary reward.

10. Bureaucratic

Bureaucratic leaders are similar to autocratic leaders in that they expect their team members to follow the rules and procedures precisely as written.

The bureaucratic leadership style focuses on fixed duties within a hierarchy where each employee has a set list of responsibilities and there is little need for collaboration and creativity. This leadership style is most effective in highly regulated industries or departments such as finance, healthcare or government.

Example: Managers at the office of the department of motor vehicles instruct their employees to work within a specific, defined framework. They must take many steps to complete a task with strict order and rules.

Remember, most leaders borrow from a variety of styles to achieve various goals at different times in their career. While you may have excelled in a role using one type of leadership, another position may require a different set of habits to ensure your team is operating most effectively.

By understanding each of these leadership types, and the outcomes they’re designed to achieve, you can select the right leadership style for your current situation.

Necessity of Maintenance Management:

Maintenance activities are related with repair, replacement and service of components or some identifiable group of components in a manufacturing plant so that it may continue to operate at a specified ‘availability’ for a specified period.

Thus maintenance management is associated with the direction and organisation of various resources so as to control the availability and performance of the industrial unit to some specified level.

Thus maintenance management may be treated as a restorative function of production management which is entrusted with the task of keeping equipment/machines and plant services ever available in proper operating condition.

The minimization of machine breakdowns and down time has been the main objective of maintenance but the strategies adopted by maintenance management to achieve this aim have undergone great changes in the past.

Maintenance has been considered just to repair the faulty equipment and put them back in order in minimum possible time.

In view of the utilization of mostly general purpose/conventional machines with low production output, the demands on maintenance function were not very high. But with fast developments in the design, development and mechanisms of control such as electronic, NC and CNC in machine tools the manufacturing scenario has changed a lot.

The stringent control of dimensional tolerances and surface finish of the product have increased the tendency to adopt standardization and interchange-ability of parts/components of machines.

In the current production setups even a minor down time leads to serious production problems both technological as well as economical. All this is due to tough competition in the industrial market. Under the present circumstances effective and objectively designed efforts to update maintenance management has become a necessity.

Importance of Maintenance Management:

Maintenance management is responsible for the smooth and efficient working of the industrial plant and helps in improving the productivity.

It also helps to keep the machines/equipment in their optimum operating conditions. Thus plant maintenance is an important and inevitable service function of an efficient production system.

It also helps in maintaining and improving the operational efficiency of the plant facilities and hence contributes towards revenue by decreasing the operating cost and improving the quality and quantity of the product being manufactured.

As a service function it is related with the incurrence of certain costs. The important component of such costs are — employment of maintenance staff, other minor administrative expenses, investment in maintenance equipment and inventory of repair components/ parts and maintenance materials.

Absence of plant maintenance may lead to frequent machine breakdown and failure of certain productive centres/services which in turn would result in stoppages of production activities, idle man and machine time, dislocation of the subsequent operations, poor quality of production, failure to meet delivery dates of product supply, industrial accidents endangering the life of workers/ operators and allied costs etc.

However, the importance of plant maintenance varies with the type of plant and its production but it plays a prominent role in production management because plant breakdown creates problems such as:

(i) Loss of production.

(ii) Rescheduling of production.

(iii) Materials wastage (due to sudden stoppage of process damages in process materials).

(iv) Need for overtimes,

(v) Need for work subcontracting.

(vi) For maximum manpower utilization workers may need alternative work due to temporary work shortages.

Hence, the absence of planned maintenance service proves costlier. So it should be provided in the light of cost benefit analysis. Since plant maintenance is a service function, it should be provided at the least possible cost but it is very important as discussed above.

Objectives of Maintenance Management:

The purpose of maintenance management is to optimize the performance of productive facilities of an organization by ensuring that these facilities function regularly and efficiently. This can be achieved by preventing the failures or breakdowns if any, as far as possible and by minimizing the production loss due to failures.

The main objectives of maintenance management are as follows:

(1) Minimizing the loss of productive time because of equipment failure to maximize the availability of plant, equipment and machinery for productive utilization through planned maintenance.

(2) To extend the useful life of the plant, machinery and other facilities by minimizing their wear and tear.

(3) Minimizing the loss due to production stoppages.

(4) To ensure operational readiness of all equipment’s needed for emergency purposes at all times such as fire-fighting equipment.

(5) Efficient use of maintenance equipment’s and personnel.

(6) To ensure safety of personnel through regular inspection and maintenance of facilities such as boilers, compressors and material handling equipment etc.

(7) To maximize efficiency and economy in production through optimum utilization of available facilities.

(8) To improve the quality of products and to improve the productivity of the plant.

(9) To minimize the total maintenance cost which may consist of cost of repairs, cost of preventive maintenance and inventory costs associated with spare parts/materials required for maintenance.

(10) To improve reliability, availability and maintainability.

Functions of Maintenance Management:

The important functions of maintenance can be summarized as follows:

(1) To develop maintenance policies, procedures and standards for the plant maintenance system.

(2) To schedule the maintenance work after due consultation with the concerned production departments.

(3) To carry out repairs and rectify or overhaul planned equipment/facilities for achieving the required level of availability and optimum operational efficiency.

(4) To ensure scheduled inspection, lubrication oil checking, and adjustment of plant machinery and equipment.

(5) To document and maintain record of each maintenance activity (i.e., repairs, replacement, overhauls, modifications and lubrication etc.).

(6) To maintain and carry out repairs of buildings, utilities, material handling equipment’s and other service facilities such as electrical installations, sewers, central stores and roadways etc.

(7) To carry out and facilitate periodic inspections of equipment and facilities to know their conditions related to their failure and stoppage of production.

(8) To prepare inventory list of spare parts and materials required for maintenance.

(9) To ensure cost effective maintenance.

(10) To forecast the maintenance expenditure and prepare a budget and to ensure that maintenance expenditure is as per planned budget.

(11) To recruit and train personnel to prepare the maintenance workforce for effective and efficient plant maintenance.

(12) To implement safety standards as required for the use of specific equipment or certain categories of equipment such as boilers, overhead cranes and chemical plants etc.

(13) To develop management information systems, to provide information to top management regarding the maintenance activities.

(14) To monitor the equipment condition at regular intervals.

(15) To ensure proper inventory control of spare parts and other materials required.

In terms of plants operations the functions of maintenance are:

(a) The plant must be available as and when required.

(b) The plant must not breakdown during actual operation state.

(c) The plant must operate in an efficient manner at required level of plant operation.

(d) The down time must not interfere with production runs.

(e) The down time due to breakdown should be a minimum.

To accomplish these conditions there must be complete cooperation and mutual understanding between maintenance and production departments. There must be an effective maintenance policy for planning, controlling and directing all maintenance activities.

The plant maintenance department must be well organized, adequately staffed sufficiently experienced and adequate in number to carry out corrective and timely maintenance with the efforts in minimizing breakdowns.

Planning helps an organization chart a course for the achievement of its goals. The process begins with reviewing the current operations of the organization and identifying what needs to be improved operationally in the upcoming year. From there, planning involves envisioning the results the organization wants to achieve, and determining the steps necessary to arrive at the intended destination – success, whether that is measured in financial terms, or goals that include being the highest-rated organization in customer satisfaction.

Efficient Use of Resources

All organizations, large and small, have limited resources. The planning process provides the information top management needs to make effective decisions about how to allocate the resources in a way that will enable the organization to reach its objectives. Productivity is maximized and resources are not wasted on projects with little chance of success.

Establishing Organizational Goals

Setting goals that challenge everyone in the organization to strive for better performance is one of the key aspects of the planning process. Goals must be aggressive, but realistic. Organizations cannot allow themselves to become too satisfied with how they are currently doing – or they are likely to lose ground to competitors.

The goal setting process can be a wake-up call for managers that have become complacent. The other benefit of goal setting comes when forecast results are compared to actual results. Organizations analyze significant variances from forecast and take action to remedy situations where revenues were lower than plan or expenses higher.

Managing Risk And Uncertainty

Managing risk is essential to an organization’s success. Even the largest corporations cannot control the economic and competitive environment around them. Unforeseen events occur that must be dealt with quickly, before negative financial consequences from these events become severe.

Planning encourages the development of “what-if” scenarios, where managers attempt to envision possible risk factors and develop contingency plans to deal with them. The pace of change in business is rapid, and organizations must be able to rapidly adjust their strategies to these changing conditions.

Team Building and Cooperation

Planning promotes team building and a spirit of cooperation. When the plan is completed and communicated to members of the organization, everyone knows what their responsibilities are, and how other areas of the organization need their assistance and expertise in order to complete assigned tasks. They see how their work contributes to the success of the organization as a whole and can take pride in their contributions.

Potential conflict can be reduced when top management solicits department or division managers’ input during the goal setting process. Individuals are less likely to resent budgetary targets when they had a say in their creation.

Creating Competitive Advantages

Planning helps organizations get a realistic view of their current strengths and weaknesses relative to major competitors. The management team sees areas where competitors may be vulnerable and then crafts marketing strategies to take advantage of these weaknesses. Observing competitors’ actions can also help organizations identify opportunities they may have overlooked, such as emerging international markets or opportunities to market products to completely different customer groups.

Everything you need to know about the importance of human resource planning. Human resource planning is very important as it helps in determining the future human resource needs of the organization.

The effectiveness of human resource planning process decides the adequacy of available manpower in the organization. An unsuccessful human resource planning leads to either shortage or surplus of workforce in the organization and brings serious disaster.

Importance of Human Resource Planning – Key to Managerial Functions, Efficient Utilization, Motivation, Better Industrial Relations and Higher Productivity

We are acquainted with the objectives, approaches, forecasting, and techniques of HR planning. Obviously the importance of HR planning is manifold. It serves as a key to managerial functions, efficient utiliza­tion of men, identifying and motivating them, promoting industrial relations, and boosting productivity.

i. Key to Managerial Functions:

Planning, organizing, leading, directing, and controlling (POLDC) are the five managerial functions that need HR for their execution. Human resources help in the accomplishment of all these managerial activities effectively and efficiently. Therefore, staffing becomes a key to all managerial functions.

ii. Efficient Utilization:

With the emergence of the concept of the global village, handling HR efficiently has become an impor­tant function in the industry. Large organizations need huge HR to execute their job effectively. As such, the staffing function has emerged as a critical organization process.

iii. Motivation:

Irrespective of their levels, organizational citizens need motivation. The staffing function, in addition to putting the right men on the right job, also comprises various motivational programmes. It is essential to launch financial and non-financial motivational schemes, including incentive plans. Therefore, all types of incentive plans become an integral part of staffing function to satisfy both intrinsic and extrinsic motivation.

iv. Better Industrial Relations:

Stability, smooth running, and growth of a concern depend on the quality of interpersonal relations; especially on the relation between the management and unions. Members from the unions and asso­ciations form a collective bargaining forum. A strong relation between them helps taking decisions collectively. Furthermore, human relations can become even stronger through effective control, clear communication, and effective supervision and leadership.

v. Higher Productivity:

Productivity levels increase with the efficient utilization of resources in the best possible manner. Productivity is enhanced by minimizing wastage of time, money, efforts, and energies. Alternatively, cost reduction, value engineering, method study and work measurement, and other techniques help to enhance productivity. Human resource and its related activities/systems such as performance appraisal, / training and development, remuneration, further settle on productivity.

It is, therefore, suitable on the part of the organization to opt for HR Planning to prevent any unnecessary hurdles in its workforce needs. An HR Consulting Firm can provide the organization with a comprehensive HR assessment and planning to meet its future requirements in the most cost-effective and timely manner.

---

1. Performance Feedback

Most employees are very interested in knowing how well they are doing at present and how they can do better in a future. They want this information to improve their performance in order to get promotions and merit pay. Proper performance feedback can improve the employee’s future performance. It also gives him satisfaction and motivation.

2. Employee Training and Development Decisions

Performance Appraisal information is used to find out whether an employee requires additional training and development. Deficiencies in performance may be due to inadequate knowledge or skills. For e.g. A professor may improve his efficiency by attending workshops or seminars about his subject. Performance appraisal helps a manager to find out whether he needs additional training for improving his current job performance. Similarly, if the performance appraisal results show that he can perform well in a higher position, then he is given training for the higher level position.

3. Validation of Selection Process

Performance appraisal is a means of validating both internal (promotions and transfers) and external (hiring new employees from outside) sources. Organisations spend a lot of time and money for recruiting and selecting employees. Various tools used in the selection process are application blanks, interviews, psychological tests, etc. These tools are used to predict (guess) the candidate’s performance on the job. A proper performance appraisal finds out the validity of the various selection tools and so the company can follow suitable steps for selecting employees in future.

4. Promotions

Performance appraisal is a way of finding out which employee should be given a promotion. Past appraisals, together with other background data, will enable management to select proper persons for promotion.

5. Transfers

Performance appraisal is also useful for taking transfer decisions. Transfers often involve changes in job responsibilities, and it is important to find out the employees who can take these responsibilities. Such identification of employees who can be transferred is possible through the performance appraisal.

6. Layoff Decisions

Performance appraisal is a good way of taking layoff decisions. Employees may be asked to lay off, if the need arises. The weakest performers are the first to be laid off. If there is no performance appraisal, then there are chances that the best men in the department may be laid off.

7. Compensation Decisions

Performance appraisal can be used to compensate the employees by increasing their pay and other incentives. This is truer in the case of managerial jobs and also in the case of employees in non-unionized organisations. The better performances are rewarded with merit pay.

8. Human Resource Planning (HRP)

The appraisal process helps in human resource planning(HRP). Accurate and current appraisal data regarding certain employees helps the management in talking decisions for future employment. Without the knowledge of who is capable of being promoted, demoted, transferred, laid off or terminated, management cannot make employment plans for the future.

9. Career Development

Performance appraisal also enables managers to coach and counsel employees in their career development.

The Importance of HRM must be viewed through of overall strategic goals for the organization instead of a standalone tint that takes a unit based or a micro approach. The idea here is to adopt a holistic perspective towards HRM that ensures that there are no piecemeal strategies and the HRM policy enmeshes itself fully with those of the organizational goals.HRM becomes significant for business organization due to the following reasons.

Importance  of HRM are:

1. Objective :-

HRM helps a company to achieve its objective from time to time by creating a positive attitude among workers. Reducing wastage and making maximum use of resources etc.

2. Facilitates professional growth :-

Due to proper HR policies employees are trained well and this makes them ready for future promotions. Their talent can be utilized not only in the company in which they are currently working but also in other companies which the employees may join in the future.

3. Better relations between union and management :-

Healthy HRM practices can help the organization to maintain co-ordinal relationship with the unions. Union members start realizing that the company is also interested in the workers and will not go against them therefore chances of going on strike are greatly reduced.

4. Helps an individual to work in a team/group :-

Effective HR practices teach individuals team work and adjustment. The individuals are now very comfortable while working in team thus team work improves.

5. Identifies person for the future :-

Since employees are constantly trained, they are ready to meet the job requirements. The company is also able to identify potential employees who can be promoted in the future for the top level jobs. Thus one of the advantages of HRM is preparing people for the future.

6. Allocating the jobs to the right person :-

If proper recruitment and selection methods are followed, the company will be able to select the right people for the right job. When this happens the number of people leaving the job will reduce as the will be satisfied with their job leading to decrease in labor turnover.

7. Improves the economy :

Effective HR practices lead to higher profits and better performance by companies due to this the company achieves a chance to enter into new business and start new ventured thus industrial development increases and the economy improves.

Benefits or importance of market segmentation can be better explained by below stated points:

1. More Precise Definition of the Market:

Segmentation improves company’s understanding of why consumers do or do not buy certain products. Marketer can have very clear understanding of his consumers. He knows adequately about the market. He can formulate and implement marketing plan more successfully.

2. Maximum Customer Satisfaction:

Marketer can cater needs of customers more effectively. Market segmentation is relevant to the modern marketing practices. It ensures both maximum satisfaction to consumers and maximum sales to the company. Maximum consumer satisfaction is the master key to solve any problem. Marketer can cater needs of customers more effectively. Customers can have products as per their needs; they can get better products or services at lower costs.

3. Effective Marketing Strategy:

Market segmentation provides an opportunity to understand needs and wants of different segments of the market. This can help in formulating marketing mix/programme more meaningfully. Company can gain a maximum market response.

4. Essence of Modern Marketing:

Market segmentation strategy fits with modern marketing philosophy. If the marketer wants to satisfy his valued consumers, market segmentation is the only option. It is an essential condition for the successful modern marketing practice.

5. Improved Profitability:

On the basis of the study on needs of specific group of buyers, the products are manufactured. Company can attract distinct groups of buyers and can increase sales. An increased sale has positive impact on its profitability.

6. Optimum Use of Productive Resources:

Market segmentation leads to effective use of the valuable resources. Resources are allocated and used exactly as per market needs, avoiding mismatching between what marketer offers and what the market needs. So, valuable resources like man, money, material, space, technology, time, etc., can be utilized more effectively.

7. Benefit of Specialization:

It is easy to direct marketing efforts more clearly and specifically. Company designs its marketing programme for different products and for various groups of buyers. Specialization in production and marketing can offer a lot of benefits to the company.

8. High Competitiveness:

As a result of market segmentation, a company can treat its consumers more effectively than competitors. It improves competitive strength of the company. Company can respond strongly to the competitor; can prevent the entry of competitors; or can defeat competitors. Company can create and maintain the loyal consumers for long period of time.

9. Collection of Valuable Information:

Market segmentation process elicits a lot of valuable information for the company. Such information is instrumental for marketing research, product development, and evaluation of marketing activities. It is also useful for measuring effectiveness of sales and distribution facilities.

10. Identifying Market opportunity:

Market segmentation helps establish close relations with specific groups of buyers. Close relations facilitate a continuous interaction between consumers and company. Consumers inform the company regarding changes in their needs, wants, and habits on a continuous basis or whenever asked. Thus, it is easy for a marketer to project the future trends. He can identify opportunities to be available currently or in the near future, and can plan accordingly.

11. Benefits to Society and Nation:

Market segmentation, if taken objectively, can contribute to social welfare and national development. Basically, it is a consumer-oriented philosophy, and it results into a win-win-win approach, that is, company, society, and nation, all three, are benefited.

This can improve overall economic system by manufacturing the right products of the right quantity and quality for the right groups of consumers, made available continuously at the right price and place by the right distribution channel.

12. Benefits to Small Scale Industrial Units:

We know that small-scale industrial units can function on a limited scale of operation. They can have only the limited manufacturing and marketing capacity. Industries working on a small- scale basis can take advantages of market segmentation. By concentrating on special demand of specific group of a limited number of consumers, they can afford products and get profitable market easily. They can compete with the large industrial units, too.

The heart of any business success lies in its marketing techniques. The most perspective of your business depends on successful marketing. Marketing management simplifies the activities and functions which are involved in the distribution of goods and services. According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives.”

In short word, marketing management is a process by which a product or service is introduced and promoted to potential customers. The process covers advertising, public relations, promotions, and sales. It represents the “road map” to accomplish greater results, such as sales growth, brand recognition, higher market percolation, and much more.

The Importance of Marketing Management in Business

Marketing management has obtained importance to meet thriving competition and the need for developed strategies of distribution to reduce cost and to increase profits. Marketing is very beneficial for the transfer, exchange, and movement of goods. Marketing management today is the most important function in a commercial and business enterprise. The following factors will help you to understand why marketing management is important in this competitive world:

 Introduce new products

For a business to succeed, the product or service it provides must be known to potential buyers. If your business is unknown to the potential customers and you don’t have any kind of relation with your customers then marketing techniques can help you to create brand awareness for your service or product.

In simpler terms, Marketing Management is important for any business, because:

• Understand the customer needs
• Improving the product and/or service to satisfy customer needs
• Expand the technique to reach potential customers
• Provide the right tools at the right time
• Saves company time and money by focusing the resources

Boost your Sale

Adam Smith has remarked that “nothing happens in our country until somebody sells something”. Marketing is the kingpin that sets the economy revolving. The marketing concept is about matching a company’s capabilities with customer wants. Once your product, service or company gets on the place that you expected, it increases your chances that consumers will make a sale. And more important is that marketing strategies also help to reduce the cost of sales and distribution.

Increase Company Reputation

The major marketing activities are buying, selling, financing, transport, warehousing, risk bearing, and build company reputation. The success of a company often rests on a solid reputation. The company’s image is very important! It is the soul of the business. And only marketing strategies can help any company to build a strong reputation by identifying the best opportunities worth pursuing as well as the threats to be avoided.

Source of New Ideas

The concept of marketing is a dynamic concept. Marketing differentiates a company from competition by recognizing the distinctive benefits and the supporting elements. Marketing also nourishes an environment in the marketplace for healthy completion. Marketing as a document of measurement gives scope for understanding this new demand pattern and improves the effectiveness of the Marketing message to customers and partners.

In short word, marketing management works for translating the company vision, mission, and objectives, into effective Marketing initiatives. What do you think about the importance of Marketing Management in business? Do you want to add something more? Let us know your feedback.

E-commerce stores, online payments services and affiliate marketing websites have one thing in common: they all use e-business practices to generate revenue and attract customers. Even though the terms “e-business” and “e-commerce” are often used interchangeably, they’re not one and the same.

E-business refers to any business conducted online using the internet and related digital technologies. E-commerce involves buying and selling products or services on the internet.

Importance of E-Commerce in business

Think of “e-business” as an umbrella term that encompasses e-commerce, e-sales, e-banking, e-learning and online communication. It was first used by IBM in 1996. Today, it plays a key role in the way companies do business, shaping the global economy.

Reduced Business Costs

One of the primary benefits of e-business is its ability to cut costs. This technology eliminates the need to have a physical presence, such as a brick-and-mortar store or an office. Companies no longer have to rent a space and pay for utilities unless they want to.

For example, if you provide PR and marketing services, it’s not necessary to rent an office. You can run your business remotely and reach customers worldwide. Sure, you can expand your operations, rent a space and hire staff but that’s optional. You could just as well hire a remote team and do everything online. The choice is up to you.

Additionally, e-business strategies like social media and online advertising involve lower costs than traditional marketing which allows startups and small companies to reach their target audience and compete against big industry names without spending a fortune. Furthermore, technologies such as AI and machine learning can help reduce your operational costs and increase your productivity.

More Efficient Marketing

Over 93 percent of online experiences begin with a search engine. Today, most customers look for information about products and services on the internet. By implementing the best e-business practices, you can reach a wider audience and increase customer engagement.

Modern technologies, such as programmatic marketing, use smart data for more precise targeting which allows you to define your ideal buyer persona and display relevant ads accurately. You’ll no longer spend your marketing budget on banners and digital ads that customers will either block or ignore altogether.

Centralized Data

The latest e-business functions enable companies to store massive amounts of data and keep it secure. Cloud hosting, for example, allows you to take customer data, videos, contracts, employee records and other information away from the office to a virtual storage location which means you’ll no longer have to rely on USB drives or paper documents. Plus, you can access these files on the go, regardless of your location.

Improved Inventory Control

In today’s digital era, organizations can automate the inventory of goods, process orders and accept payments without handwork. Modern e-business practices allow e-commerce stores, logistics centers and other product-based companies to gather information faster and have better control over their goods.

Automated inventory management tools can free up your time and eliminate human error resulting in lower operational costs and improved efficiency. You can focus on the core aspects of your business without having to worry about the small things.

Superior Customer Experience

Customer Relationship Management (CRM) software allows for more efficient communication with your prospects and clients. With these e-business solutions, companies can maximize upselling and cross-selling, get better insights into their audience and improve customer experience.

If a customer contacts your team, they will be able to retrieve key data related to past purchases and buying preferences within minutes. Furthermore, CRM software automates everyday tasks, such as data entry, sales tracking and reporting.

Higher Revenue

The latest e-business strategies can translate into higher revenue for your business. They can not only reduce costs but also enhance communication within your organization. Data-driven marketing, CRM software, content management tools and other technologies contribute to your business growth.

By integrating these solutions into your daily activities, you’ll get more done in less time. All of your employees, suppliers, customers and processes will be interconnected. Your departments can share valuable information in real time so they can achieve the desired result, whether it’s closing a sale or increasing marketing reach which can lead to higher productivity and performance, increased customer satisfaction and efficient transactions.

So, E-Commerce has become an integral part of today’s business.

A successful business is not only composed of business strategies but also exceptional leadership. A great leader acts as the catalyst that makes all the other things work together. A business that has all the fundamental things which are needed to operate a business but lacks a good leader will not be able to retain its positioning the market. A leaderless organization is an army without general, a school without teacher and a family without parents. There are following nitty-gritty reasons why good leadership is needed by the business:

• REASON # 1 (Leadership and business objective)

A good leadership is required to help define why to the audience. A leader explains the employees the purpose of the business and conveys the objective of the business to them. A purpose eradicates their confusion and tells them what their purpose is. A great leader is the one who is humble, strong and decisive. This helps people to work well together that foster positive vibe in the entire organization. It defines employees the purpose of the business in the market. A leader gives is our “why” and the reason that we are doing what we do.

• REASON # 2 (Leadership and organization culture)

There are companies that have amazing branding and goodwill in the market but their internal structure depicts a completely opposite picture. The internal structure is the culture of the organization.  The culture of the organization is what increases the employee retention rate. The key players in forming a great organizational culture are the upper management people because they have the authority to create a culture. A culture that appreciates, supports and motivates employee participation increases employee retention rate. A good leadership creates a better work world which increases the productivity and overall efficiency of the business.

• REASON # 3 (Leadership and vision)

Leadership provides the sense of purpose to the business. A leader looks forward and sees where the business is headed. It helps us to avert from the catastrophe before it happens. It is essential to realize the need for the business and guide them during the rocky times. It provides the employee with the strategic direction ensuring that all the company employees and department are headed in the same direction. If the company has good leadership the obstacles will seem insignificant. A good leader preserves vision. It taps the vision into the sentiments of the employees.

• REASON # 4 (Leadership and risk management)

The environment in which the company is operating is always changing. The element of risk is present all the time. To handle the risk and make the employee aware of the circumstances that appear with the risk a good leadership is crucial. A good leader trains the employees for the future and current risk management. Keeping workforce prepared will help them gain strategic vision which will indirectly add extensive value to the business.

• REASON # 5 (Leadership and skill refinement)

A good leadership helps employees to refine their skills. It helps employees realize their potential talent and polished their skills. It provides the opportunity to practice those skills and enhance them. It shows them the skills that they need to attain a place they inspire to get. This creates equal success for employee and the company.

• REASON # 6 (Leadership and values)

A good leader creates value for the organization in the employees. It focuses employee attention on the values of the organization; it syncs the values within the team so that they are being implemented. The attitude of the leader to the values is modeled by the team. These values create a better workplace for the employees. A great leader starts to live with the values and get employees to follow and believe in the values you do. This helps employees to feel connected to the organization. A famous quote from First Lady Eleanor Roosevelt states that the greatest leaders of all time are the ones who inspire others to have confidence in them rather than just in other leaders.

• Reason # 7 (Leadership and integrity)

Every business needs a good leadership because he fosters integrity in the organization. Every executive agrees that the core of integrity is truthfulness. When leader practices integrity in the organization, he portrays a message for the employee that when you do the right thing they have nothing to be guilty about. A leader demonstrates to tell truth to the people in each situation because it makes a business a success. The real sign of leadership is how fair one can be when others are been unfair. It makes the business successful because the people out there can rely on you and this is because of the magic of integrity.

It doesn’t matter which industry you operate in, a good leadership helps your employees in determining where to move with a vision.

Internet has unlocked the door of endless opportunities for businesses. Social networks have become an effective way to approach new clients. It can be a good platform where you can accelerate your business by acquiring new clients and interacting with your old customers. You can increase your business visibility which in turn can boost up your business. All this can be done with the help of Digital Marketing.Traditional marketing includes advertising and promotion of products and services on print media like pamphlets, posters, commercial ads on radio and television, hoardings, bill boards and other expensive ways. At that time, social media or internet were not utilized for promotion.  Traditional marketing had the restricted scope and customer reach. But after the invention of digital marketing, there are multiple online channels through which you can promote your business If a business is going digital, only then it can survive in today’s world.

The importance of Digital marketing has grown over the years because With the growth of the Internet, more people are spending their time online. Over 6 Million use the Internet across the globe. It’s become an integral part of everyday life to conduct searches, check social media, and purchase products online.Your customers are online, which highlights the importance of digital marketing. They’re browsing the web looking for your products or services. If they can’t find them because you don’t have an online presence, you risk losing those leads to your competitors.To drive the best results for your business, you need to build your online presence. You will reach more leads that want your products or services. Second reason is that one can target their target market or audience.The ability to target your audience better is one of the most obvious reasons why digital marketing is important.Imagine being able to market directly to people who have an interest in your products or services. With digital marketing, you have the capability to directly reach leads interested in your business. You don’t have to hope that people will see your traditional marketing efforts and contact your business.With digital marketing, you can target your audience more precisely than traditional methods. You can input important information about your audience and use that information to shape your digital marketing campaigns. It makes it easy for you to reach the right people. Another reason is that you can monitor your campaigns and optimize them for better results, The importance of digital marketing is that you can easily track and your Campaigns. When you invest time and money into your campaigns, you want to know that they are working. Digital marketing makes it easy for you to track your campaigns, which allows you to adapt and drive better results.When you use traditional methods, it’s challenging to know the results of your campaign. If you run a TV ad, you may have to ask every person that comes into the store about what brought them to your business. It would be a very time-consuming effort that could annoy people who visit your business.With digital marketing, you don’t need to worry about bothering your audience. Every campaign you run is trackable. You can easily keep an watch on campaigns Return on Investments and other indicators to see if it is driving valuable results for your business.You can see metrics such as impressions, clicks, likes, shares, comments, conversions, and more. The type of metrics will depend upon the medium and what you want to measure. You can easily set up your tracking system to monitor specific metrics for your campaigns.When you can track your campaign’s performance, it’s easier to fix it and adapt to changes.

So It’s clear. Businesses in the modern economy need digital marketing to compete. Online is where the customers are these days . It’s where they prefer that you reach them. Online is the place where action takes place in today’s world.

In last 10 years or so improvement in technologies allowed technology-enabled talent platforms to accelerate the digital HR disruption to create a new age where people can have control over the way they work and finding a balance between work and home.

As things were falling into place , Covid-19 came and started affecting all spheres of human life, disrupting human routine, lifestyle, businesses and the global economy. The overall economic impact of the outbreak will be felt over the years in business operations around the world.

But in the middle of the crisis one aspect that stood out of was the ability of HR functions that holds all ends together fix gaps quickly to ensure smooth running of their businesses. There are several vital important roles that HR managers will have to play in post Covid era to ensure smooth running of business operations.

The important role that HR managers has to play is to look after Physical health and well being of employees because constant staying at home will take its toll on mental health. With a potential increase in mental health issues, there is an increasing need for its importance and how companies can provide solutions, employment benefits, incentives to help its employees. Secondly HR Mangers need to look after its employees and get them used to various technologies that are being used to ensure work from home. Learning to use a new system, communication software or a tool can get challenging, and it worsens when one can’t get immediate support in person, this is where HR managers need to play a crucial role to ensure smooth transitioning. Next Important role is to look after Issues related to jobs and work continuity, this is very crucial area that every HR managers needs to look after since there is already layoffs , termination , pay cuts of employees across business sectors, the managers needs to chalk out a plan in consultation with the management and decide on a clear cut policy especially related to the employees who has been currently laid off. Lastly, HR Managers need to look after the various career opportunities that will arise once things stable, the situation has forced organizations to shift the fundamentals of jobs and the way they’re designed, thus creating more career opportunities. When the economy comes back after this Covid-19, there will be great requirements for employees and that the employees can catch up quickly, act, and put motivation behind efforts that make things happen for organizations. Whether internal or external or gig work , the organizations people will be needing people for their organization.

HR managers can innovate with work schedules and assignments by allowing flexible scheduling parameters and being creative in how the work gets done in post covid era. HR managers should Allow or expand flex-time opportunities for the majority of positions. HR managers should also be considerate about the salaries of the employees in the post covid era , where there will be more cut throat competition.

The Post Covid era will leave plethora of Challenges and opportunities for business organizations and HR managers will play a crucial role in this regard.