Blog - page 60

Market segmentation of target customers

Darryl Bachmeier Mar 14, 2019 Business

You cannot sell your products or services to every single customer. It is just too expensive to try and reach everyone. What you can do is focus on smaller groups of customers who are more likely to buy your products therefore increasing the efficiency of your marketing efforts. One way to do this is by segmenting your customers by age. Grouping the customers by age allows you to identify those customers who are more likely to share common interests, priorities and needs. You must also consider the six Macro Market Environment Influencers as each affects age demographics differently which also causes changes to your marketing decisions. Beyond the control of your organization, the Macro Market Environment Influencers cannot be thought of as separate as they all influence each other. A new trend in one may cause a chain reaction throughout the others. These changes will affect the customer population, pricing...

Managing a team with performance metrics

Darryl Bachmeier Mar 14, 2019 Teams

Managing team performance is essential to ensuring a high performing team. There are several things that a team leader must do to manage performance. A team leader must be knowledgeable about the business, industry and know the strengths and weaknesses of all team members. A team leader must make sure that their team has the right people. It starts with selecting the best talent possible. After selection of talent, it continues by monitoring the performance of individual team members, they will know who the stars are and who the bad apples are. Performance reviews with each team member must be scheduled on a regular basis. A review should allow the team member to discuss their tasks and allow the team leader to offer support or change of the workers tasks. It must be done in a way that shows the team leader is open, honest and fair. It should look...

Leaders vs Managers

Darryl Bachmeier Mar 14, 2019 Leadership

Leadership is simply someone who has one or more individuals who follow them. I think what makes a great leader is that the individuals freely choose to follow the leader while the leader conducts with grace, has the necessary wisdom and is able to create an environment that motivates and encourages teamwork. The differences between a leader and a manager are control and vision. A manager controls through human, physical and financial resources. Managers need to determine what takes priority and then focus their resources on that task or project. Their goal is to keep the “machine” running. We can hope this means as efficiently and safely as possible. A leader has vision to see what opportunities either exist or may be revealed in the future. Leaders are the entrepreneurs who create the business venture, spot competitors weakness and discover new market niches. Both leaders and managers are needed in...

What are the objectives of business intelligence

Darryl Bachmeier Mar 13, 2019 Strategy

It is known as business intelligence or business intelligence, the set of techniques, strategies, and technology that through the measurement and subsequent analysis of data, seeks to improve the task of those responsible for a store and help them achieve their business objectives. The main objectives of business intelligence are: Collect all possible data about the clientele Among these data are: The number of people entering the store at different times of the day. This is done through an advanced person counter. Tour they make inside the premises. Websites that visit from their mobile phones through the free Wi-fi provided by the store. Analyze the data collected A set of numbers is useless if they are not interpreted. Business intelligence technology, in its current state, provides automated solutions for this. This way, among other issues, you can find out which are the most and least crowded days and hours or...

Resistance to change and potential solutions

Darryl Bachmeier Mar 13, 2019 Business

Resistance to change if ignored can quickly slow or make change efforts fail altogether. This paper will first go through a case study from a well-known organization and discuss how they dealt with change in order to survive. Then it will discuss common motivations for change, causes of resistance and provide some solutions to resistance. Motivations for Change Change is about moving from one state to another. History has shown that companies who do not change can fall behind their competition and be wiped out. Sources of change can occur both internally and externally. Motivations include globalization, economic conditions, workforce trends, competition, suppliers, customers, new technologies, legal requirements, and dissatisfaction with the current situation. Causes of Resistance Resistance occurs when employees exhibit behavior that is disruptive to the goals of the change initiative. They may act out and challenge the change. This unwillingness to change is serious to the success...

Public trust in organizations

Darryl Bachmeier Mar 13, 2019 Leadership

Trust is like a living organism. It is grown, requires maintenance and can be destroyed. If our trust in an organization is ever damaged it causes us to lose confidence in the ability and reliability of the organization to perform tasks or produce work either on time or of good quality. Trust must be earned. We do not give organizations our trust without seeing some benefit first. The public trusts that businesses will produce safe goods and services to a certain quality standard. We also have expectations in how the company will act and behave. Organizations must show interest in the wellbeing of the community and environment. Consumers will only purchase goods if they believe the organization has their interests at heart. For example, a food product meets government regulations and is safe to eat. To loose public trust means that the company did something to break the trust in...

Path-Goal versus Situational Leadership

Darryl Bachmeier Mar 13, 2019 Leadership

Path-goal theory focuses on the how the leader can motivate followers. In Path-Goal, the leader adapts their leadership style to the situation. Followers are motivated if they feel they are capable of completing their tasks and if the followers feel the outcome of their works are advantages to them. Path-goal includes contingency theory, as there are three contingences, which are leader style, followers and situation, and the rewards necessary to meet the needs of the followers. Situational leadership suggests that there is rarely a time where one leadership style will work in all situations. People are unique and require different styles of leadership. It depends on the followers to which style of leader can choose. Leadership Styles Path-Goal Path-Goal theory has four types of leadership styles: supportive, directive, achievement-oriented and participative. Directive leadership is one-way communication in that the leader gives instructions and the followers carry them out. Participative leadership...

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