Confidence and Success

Confidence is a funny thing – sometimes it’s difficult to imagine why someone doesn’t feel confident about their ability to handle a situation when we know they could easily do it.

A key issue to understand is that inside all of us there’s a voice which determines how we react to many of life’s situations.  It’s a voice which tells us which things we’re good at and which things we’re likely to fail at.

It’s a voice we generate ourselves based on many years of experience of life. Very often it can be helpful but it can also be a great handicap.

Never underestimate the power of positive thinking.  Every day we hear about human achievements which initially, people probably scoffed at and said ‘You’ll never do it!’  However when someone really believes in their ability to deliver, they often make it.

Most people go through their lives at a level of personal achievement far below what they could really do.  This is mostly because no one has ever taken the time to nurture or encourage them.

The greater the ability someone has to attain their full potential the better the chance they will perform at their highest level and ultimately succeed.

What does success mean?

Different people measure success differently, some people’s views of success are:

  • For many it will be money, power, or material possessions
  • Or perhaps promotion and the enhanced status that comes with it
  • Others will judge their success in life by their ability to influence their surroundings in a much broader sense, for example, improving the environment
  • Others will especially value relationships with their immediate circle of family, friends or colleagues
  • Many people find satisfaction in helping, either materially or spiritually, people less able than themselves, or those who are disadvantaged in some way.
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Obstacles to Effective Organizational Performance

Over the past decade there is an abundance of evidence, which could be produced to say that successful organizations are managed by efficient managers. Success in the long run can be ensured only through effective management. Successful managers foster sustainable growth through their skills, attributes and personal qualities. There is a distinction between common sense and common knowledge. Knowing things is different from doing things. Being able to analyze a case, identify a problem, and suggest a correct solution makes a manager more effective. Out of all the characteristics that make an effective organization, the most important factor is the quality and alignment of the human resources. The main obstacles to effective organizational performance are discussed below.

1. Working Conditions

Ergonomics does matter for job performance. Not only the furniture and fixtures but also the colors of the rooms and the objects with which people work influence people’s attitudes and performance, but the general appearance of the places where people work has its impact as well. In the classic studies by Maslow and Mintz, a “beautiful” room with beige walls, indirect lighting, and pictures and other attractive furnishings was tested against an “average” room (a professor’s office with typical furniture and battleship-gray walls) and an “unattractive” room with only an exposed light bulb and ill-fitting furnishings in much cluttered condition. The first study revealed that work performed by individuals in the beautiful room was much more positive than the work done by participants in the average and the ugly rooms.

2.… Read the rest

The Concept of Outsourcing

In recent decades, outsourcing has emerged as a major trend in human resources all over the world. It has become the practice in where certain job functions are sent outside of a company instead of performing them in house. Day by day, more and more companies are focusing on outsourcing as an easy way to grow as well as reducing overhead and payroll costs.

In the simplest terms outsourcing can be described as farming out of different services to third parties. For example in case of  information technology, outsourcing includes any task such as outsourcing all kinds of management of IT to HP or IBM, or even outsourcing a very easy and small task, such as data storage, data editing, disaster recovery or, and any task in between. No precise definition of outsourcing can be found. The term is often used in an inconsistent way.

Outsourcing is often involved contracting out of business activities to an external provider. Outsourcing is any job, task, process or operation, which could be done by the internal employees of an organisation, but instead of doing so; such companies contract a third party to perform the task. In addition, the tasks which are done by the third party may be done off-site or on-site. In recent years one of the major changes has occurred from the growth of individuals outsourcing as a way to develop a feasible service providing business that can be operated virtually from anywhere in the world using internet and online technologies. Some common areas of this business are marketing services, website creating, analysis and etc.… Read the rest

The Advantages and Disadvantages of Outsourcing

Although the concept of outsourcing has been around for decades, it gained momentum during the 90’s when managers started realizing that in order to stay competitive in the market they needed to transfer non-core functions to external specialists. During the initial years, the cost saving aspect was the most important reason companies chose to outsource, but these days a wide range of benefits act as the driving factor for outsourcing. Therefore, the decision to outsource is not a sole purchasing or financial decision, but often it is based on major strategic issues implying enormous organisational changes.

Advantages of Outsourcing

With the benefits of outsourcing a company will be able to see big increase in its profits, productivity and level of quality, business value, business performance and much more. Some of the advantages of outsourcing are listed below;

  1. Reduction and Control of Cost: Outsourcing helps companies reduce their cost on resource management labour, space, etc. According to Accenture, outsourcing leads to a cost saving of 25% to 30% while outsource partners international estimate the cost savings to reach 50%. Getting an access to high-quality services at cost-effective price is the biggest benefit that you can get while outsourcing. In a company, full time employee requires a number of expenses that are not necessary for outsourced employees, i.e. Full time employees are been paid, even if there is nothing for them to do. In this situation, outsourcing helps the company to pay for the time that is spent completing the job and helps in completing the given project or given work at the right time.
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Sales Planning in Retail Merchandising

Majority of retailers use a form that summarizes the basic budgetary information for a given merchandise grouping during a specified period normally for a period of six months. The retailer must select the control unit for which projections will be made, before making sales estimates. The “control unit” is the merchandising grouping that serves as the basic reporting unit for various types of information namely, past, present and future. The retailer has the choice to estimate future sales for an entire store, for a merchandise division or department, or for an individual product-line or item. The most three acceptable control units can be merchandise groups, merchandise classes and merchandise categories of all these three, experts recommend merchandise categories as the basic control unit as it is generally much easier to aggregate the information than it is to disaggregate information, i.e., breaking down merchandise groups into classes and categories. This attempt increases the accuracy in estimating future sales and to get greater degree of control throughout the entire budgetary process. Sales planning involves two types of estimates namely annual and monthly.

1. Annual Sales Estimates

A thorough examination of retailer’s past sales records is the alpha point for making sales forecasts for each merchandise category-better known as control unit. By plotting the actual sales forecasts for each control unit over the last few years, the retailer can identify part sales patterns and gain some insight into possible future sales trends. This approach to sales estimates is generally referred to as time series forecasting .… Read the rest

Marketing Planning – Strategic Planning in Marketing

Businesses that succeed do so by creating and keeping customers. They do this by providing better value for the customer than the competition. Marketing management constantly have to assess which customers they are trying to reach and how they can design products and services that provide better value (“competitive advantage”). The main problem with this process is that the “environment” in which businesses operate is constantly changing. So a business must adapt to reflect changes in the environment and make decisions about how to change the marketing mix in order to succeed. This process of adapting and decision making is known as marketing planning.

So, marketing planning is a plan involves designing activities relating to marketing objectives and attach with the capability of changing marketing environment. It contains with the issues of product lines, distribution channels, marketing communications and pricing.

Marketing planning process is a fundamental part of Marketing Audit. It is conducted not only at the beginning of the process but also during and after the process completion. Marketing audit not only consider its own plan but also considers internal and external factor that affects marketing planning. Some important tools used by marketing audit are SWOT for internal and external environment where as PEST and Five Forces Analysis which focus only on the external environment.

Where does marketing planning fit in with the overall strategic planning of a business?

Strategic planning which you will cover in your studies of “strategy” is concerned about the overall direction of the business. It is concerned with marketing, of course.… Read the rest