Strategic management

All posts tagged Strategic management

Summer Break and the Reality of Abundance

Published June 7, 2016 by Mayrbear's Lair

summer-break

A Mindful Moment

This week we are launching a new Mindful Moment summer break series. We begin by taking a closer look at the reality of abundance. World renown author and alternative medicine pioneer, Dr. Deepak Chopra postulates, that in order to experience the reality of abundance in our lives, we can begin by taking time to witness examples of abundance within and all around us. He suggests that by creating a list and referring to it throughout our day, that within no time, we will start to see the myriad of riches the universe presents in every moment, and begin to experience true abundance consciousness (Chopra, 2014).

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That’s it for now. In the meantime, for today’s summer break mindful moment exercise, let’s remember to observe the abundance that surrounds us.

Until next time …

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“Abundance is a state of mind in which you believe you are intrinsically creative. You recognize that the universe is abundant, and that you are an expression of the universe.”
Dr. David Simon

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Lippincott Room at Princeton University Press

For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

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References:

Chopra, D. D. (2014). The reality of abundance. Retrieved June 4, 2016, from choprameditationcenter: https://chopracentermeditation.com/experience/index/3

Summer Vacation

Published June 2, 2016 by Mayrbear's Lair

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The thing I love most about going on vacation is that I get to leave behind any kind of schedule. My entire life is scheduled from morning to night, and when I’m on vacation, there is no schedule. – Kelly Clarkson

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Business Tools for Fathers Day

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Summer Break

Published May 31, 2016 by Mayrbear's Lair

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We are on summer break and will return with new posts in the fall. Until then … keep working on your organizational and leadership skills!

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Laughter is an instant vacation. – Milton Berle

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grad and dad gifts

For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

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New Technologies and Social Change (Conclusion)

Published May 26, 2016 by Mayrbear's Lair

consumer-electronics

In today’s post, we continue our discussion on how new technical systems can assist in stimulating a business. When I began my career in the music industry, a new technical system was introduced to us at Capitol Records. At that time, the support staff which included paralegals and administrative assistants, were introduced to an upgraded technology. Prior to this change, traditional electronic typewriters were the standard issue at the time. However, for those of us in Business Affairs and the Legal Department, due to the enormous size of the contractual documents we produced, those plug-in typewriters were replaced with word processing machines. This change was made so that more information could  be stored to manage the large legal documents we produced. Most staff members affected, like me, became excited at the prospect of the new technology and welcomed the change. The new system allowed staff members to produce and save lengthy document templates in an electronic format. In addition, errors and corrections could be made on a terminal monitor, rather than relying on a flawed auto-correct button and ribbons the typewriters provided that involved a more primitive white out method. The new technology meant that mistakes could be corrected on a terminal screen alleviating the need to print a document before it was complete thereby saving time and production costs. Up until that point, large documents were typed out manually. Corrections were generated on documents that sometimes left unattractive blemishes and marks from the white-out methods employed.

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Other staff members were fearful and not as eager to embrace the new technology as it meant they were required to learn and train on a new system. This was frightening to many of the old timers who were reluctant to change. The more enthusiastic personnel who were not technology challenged, however, embraced the material change and welcomed the opportunity to learn a new organizational procedure. Once the learning curve phase was complete staff members were transformed into motivated individuals whose enthusiasm helped them become more effective and productive in the workplace.

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For all those who shy away from change, Howard Means (2001) reminds us that before the internet there was Arpanet. Word processors can be traced back through laptops and desktops to the 30 ton ENLAC (electronic numerical integrator and computer). Cars were preceded by steam powered tricycles and trains by wind propelled land ships (p. 17).  Digital technologies are an important tool in today’s world. As the economy continues to evolve, businesses will and should seek innovative solutions to enhance and develop their organizations.

Well that’s it for this week. We will be off for a while to enjoy the summer break. In the meantime, keep working on your self-management skills and stay safe!

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Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without talking about the other.

Bill Gates

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Accelerated Learning Ebooks Aug 2015

For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

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References:

Means, H. (2001). Money and power: The history of business (p. 17). New York, NY: John Wiley and Sons, Inc.

New Technologies and Social changes

Published May 24, 2016 by Mayrbear's Lair

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This week my research work centers on how new technologies and material changes transform businesses’ expectations and the kind of changes they stimulate. For instance, in today’s economy, globalization helped changed the markets and business environment dramatically in how organizations operate. New countries, governments, leadership, and markets emerged which helped create a global economy that stimulates both opportunities as well as conflict. The dismantlement of the Berlin Wall for example, which once again unified East and West Germany, was one example of a social change that transformed the region. In addition, the European Union’s goal was to create a cohesive economic culture. This also helped change the face of global markets which helped entrepreneurs sprout in places like the Balkans, Russia, and Siberia. These social changes helped shift the face of the former Soviet Union.

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Information technology in the meantime, helped redefine traditional business models by altering work performance, production costs, and how information is used and managed. The methodologies of how organizations collect, store, manipulate, utilize and transmit information helped lower costs while increasing the value and quality of services and products. Information technology is after all, the heart of e-commerce strategies and organizations (Cummings & Worley, 2008).

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As a result, managerial innovation responded to globalization and information technology by accelerating their impact on institutions. New networks, strategic alliances and virtual corporations, for instance, provide new ways of manufacturing goods and delivering services. Companies and individuals that implement new initiatives, are in a better position to address preliminary conditions, including initial ideas, investments and control systems. In his book, The Origin and Evolution of New Businesses, Amar Bhide (2000) purports that the following differences in conditions can affect:

  1. The nature of opportunities pursued;
  2. The degree to which dependence relies on former analysis and planning rather than adapting to unforeseen situations;
  3. The strategies to secure customers, employees, credit, supplies and other inputs; and
  4. The factors that differentiate the successful initiatives from the unsuccessful ones (p. 196)

Most individuals, however, eager to start a new enterprise, typically face inadequate conditions due to  reasons like, the lack of innovative ideas, experience and/or credentials for that matter. Plus, they tend to experience significant capital constraints. On Thursday, we will conclude our research on the role new technical systems play to assist in stimulating commerce and how it affects global and social change.

Well, that’s it for today! Until next time … keep building your leadership and management skills!

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You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.

Buckminster Fuller

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Accelerated Learning Ebooks Aug 2015 3

For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

 Mayr’s Author’s Page

References:

Bhide, A. (2000). The origin and evolution of new businesses (p. 196). New York, NY: Oxford University Press.

Cummings, T., & Worley, C. (2008). Organizational development and change (9th ed.). Mason, OH: South-Western Cengage Learning.

 

THEMED MESSAGES

Published May 19, 2016 by Mayrbear's Lair

Marketing Message

A marketer’s goal is to get a powerful message out to their target audience.  Kennedy (2011) suggests the best ads are built with the most persuasive, compelling, intriguing, fascinating message possible. To construct a super powered marketing message advertisers must assess everything and everyone they are up against that are presenting similar messages because their intent is to deliver a message that outmaneuvers all others and puts them in a category of uniqueness (Kennedy, 2011).  The strategy that helps marketers achieve these outcomes is doing their homework to come up with a unique selling proposition (USP) justifying their message against the competition. Incorporating a USP into the message theme of an advertising campaign will help the brand stand out above the others and is more likely to remain a fixture in the memories of consumers.

The person draws attention of clients

Before marketers can start to build a tactical business case for content marketing they have to begin with the concept of innovation.  Baack and Clow (2012) explain that message themes are developed into a campaign to transmit key ideas in marketing strategies. The use of recurring themes helps make the brand stand out more and is more effective at remaining in consumer memories. The message can incorporate different kinds of strategies that target (a) cognitive, (b) affective, or (c) conative responses to make their ads more appealing (Baack & Clow, 2012). For example, back in the 1990s, the Taster’s Choice Coffee Company created a series of ads that became both popular and memorable (Commercial, 1991). The ad conveyed a simple recurring theme in their message that conveyed that life seemed much better sharing a cup of Taster’s Choice coffee with someone special.

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The recurring theme that communicated their message was constructed in the form of a series of short dramatic scenes like a mini soap opera. Each time the couple would appear in different circumstances while viewers watched their relationship develop. The action was centered around the theme of a man a woman sharing a cup of coffee. Each time viewers tuned in to a new ad, they would witness the unique circumstances which brought them together, eager to see how the relationship progressed. This advertising strategy was innovative at the time and the ad campaign became a phenomenon in the history of television commercials. The strategy was met with great success because the target audience was focused on people hooked to popular soap opera style shows then, like Dallas and All My Children. Consumers anxiously anticipated the next commercial to find out the plot development between the couple featured in the ads. Not only did sales boom, the Taster’s Choice brand became a part of pop culture during that time as millions of viewers eagerly awaited each new episode to watch the couple’s blossoming relationship unfold. It was considered one of the most effective marketing campaigns on television at that era because of the emotional chord it struck with viewers. The soap opera message theme that delivered their message in that campaign was the bait that kept luring viewers, putting Taster’s Choice in the memories of many for a long time. I still remember them!

Well, that’s a wrap for this week! Thanks for tuning in! Until next time … keep working on your management skills!

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There is probably a perverse pride in my administration … that we were going to do the right thing, even if short-term it was unpopular. And I think anybody who’s occupied this office has to remember that success is determined by an intersection in policy and politics and that you can’t be neglecting of marketing and P.R. and public opinion.

Barack Obama

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Ethics and Breaching Audio book Ad

For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

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References:

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

1991 Taster’s Choice Coffee Commercial (1991). [Motion Picture]. USA.

Kennedy, D. (2011). The ultimate marketing plan: Target your audience (Fourth ed.). Avon, MA, USA: Amazon Digital Services, Inc.

Managing Customer Relationships

Published May 17, 2016 by Mayrbear's Lair

 

Customer-Relationship-Management-Software-CRM

Customer Relationship Management (CRM) is a strategic approach that marketers implement to manage customer interactions in an organized fashion. Buttle and Maklan (2009) describe CRM as a disciplined practice developed in organizational management to build and maintain profitable consumer relationships. CRM programs manage all aspects of interaction a consumer has with a company, which includes prospecting, sales, and service (Buttle & Maklan, 2009). In short, CRM methodologies are designed to provide insight in company/client relationships to help improve them. One way of doing this is showing appreciation to clients and making them feel valued. For example, a mortgage and loan broker will send out a thank you gift to a borrower that just closed on a loan to help show appreciation for their business. This maneuver is effective in building a relationship with the client that can help encourage repeat business and new referrals. Customers that feel special and have a positive experience with an organization tend to remain loyal to the brand.

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There are many steps involved in the planning and implementation of an effective CRM program. Baack and Clow (2012) explain that the objective of relationship marketing is to understand how consumers behave and what they want. By establishing direct communication through methods that include (a) surveys, (b) gifts, (c) promotions, and (d) service lines, companies can establish more personal relationships with their clientele through this interaction and the data they collect (Baack & Clow, 2012). Corporate advertisers implement various methods of CRM strategies, all of them however, begin with strong database and information collection systems. Up to date databases help identify and segment a target audience. Database systems that record consumer interaction including: (a) details about their sales experience, (b) personal interests, (c) family interests, and (d) other relevant data to help identify personal habits and behavior, are used to build intimate relationships with clients to make them feel special so that in turn they will offer their loyalty. The data gathered also reveals other significant data such as how many times they make purchases, visit stores, websites and other social media outlets. All of this information is assessed to help marketers determine whether to rekindle old inactive relationships or release them to make room for other more substantial leads.

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The experience a consumer has with a company will determine whether that brand becomes a favorite or is abandoned. Kumar and Reinartz (2012) purport that strategic CRM approaches have become more popular in recent years because the field has changed for many reasons, including advances in marketplace technology. CRM programs provide insights into past, current, and future trends that continue to influence consumer behavior. In addition, CRM strategies help develop better relationships with existing profitable consumers, locate and entice new ones that will be profitable, and implement effective strategies to maintain them while terminating relationships that cause profit loss (Kumar & Reinartz, 2012). The concept of customer value is critical to CRM programs. For example, I made an online purchase with the Jockey Company and to entice me as a first time consumer, they offered a twenty dollar discount to try one of their new innovative and custom designed products. The custom design factor made it a more personal experience. As a result of the positive experience, I gave them permission to send email alerts on other special values and sales items. Furthermore, every time I visit their website to view new offers, I am personally welcomed. Plus, my payment information is already stored for quick checkout. The experience with the Jockey Corporation was fun, personal and unique. From my perspective, doing business with the Jockey brand was more pleasant because of the effective CRM strategies they incorporated. It was the personal touch that made me feel valued as a consumer and in doing so, they earned my loyalty.

Well, that’s it for today! Until next time … keep working on your management skills!

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The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.

Peter Drucker

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Accelerated Learning Ebooks Aug 2015 2

For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

 Mayr’s Author’s Page

References:

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

Buttle, F., & Maklan, S. (2009). Customer relationship management. Burlington, MA: Elsevier Ltd.

Kumar, V., & Reinartz, W. (2012). Customer relationship management (second ed.). Atlanta: Springer-Verlag Berlin Heidelberg.