Any organization in which you find employment will have a variety of managers who have a variety of responsibilities. A typical business will have sales, operations, financial, and other types of managers, each with a different viewpoint on what it takes for the company to succeed. In smaller enterprises a manager may wear several of these hats. In a large corporation managers tend to be more specialized, either as to their duties or their geographic area or product line.
These managers speak different “languages” and sometimes the result can be a virtual Tower of Babel. For an example of this, you might try sometime asking an accountant, a plant supervisor, and an engineer what it costs the company to make a particular product. Having completed this course you should now be able to communicate effectively with a financial manager, and you should also know how to read and interpret financial statements, determining what they’re telling you and what they aren’t. Armed with these skills you now have the ability to ask the right questions to make better decisions both as a manager and as an investor. And you can appreciate why the accountant, the plant supervisor, and the engineer would look at “cost” differently. You needn’t expect them to all agree, so long as you recognize how you need to view the cost of a product.
Whatever profession you choose, if you’re not already tied to one, you’ll need to master its language and those of professions tied to individual departments, as well. These could include production, purchasing, materials management, human resources, sales and marketing, and even corporate legal disciplines. This is the purpose of a general business education such as the one you are pursuing at Ashworth University. (more…)
Consumer confidence (the term used by the Conference Board) and consumer sentiment (the label used by the University of Michigan) are not quite at their all-time lows, but they are very close to them.
This seems a little odd because two of the biggest elements of consumer attitudes, unemployment and inflation, are quite benign.
Unemployment, at 5.5 percent, is a hair below its long-run average (5.6 percent). Inflation (all items) is 4.1 percent, only a little above its long-run average of 3.7 percent.
When I was the account executive on Mr. & Mrs. “T” Cocktail Mixes, the responsibilities of the advertising agency extended beyond creating advertisements. The agency also prepared shelf talkers, table tents, and other point-of-sale items. The client directed us to produce these promotional items because he wanted the product advertising incorporated into all trade and sales promotion materials.
For example, “T” ran print ads in trade magazines targeting the grocery trade and the retail trade. The objectives were to convince grocery buyers to carry the Mr. & Mrs. “T” brand of cocktail mixes. For the retail trade, the objectives were the same: to convince bars and restaurants to buy and sell the “T” line of products. These advertisements utilized the same visual as the consumer ads. This strategy recognized that trade buyers were also consumers, and likely to see the same ads. However, the ads included modified copy, which spoke directly to the trade audience by addressing their needs. The copy detailed the advertising support behind the Mr. & Mrs. “T” line of products. This information was included to encourage purchases by demonstrating a consumer pull strategy. The copy encouraged grocery chains and retail outlets to carry the full line of products to fulfill anticipated consumer demand.
We also developed sales sheets for use by the “T” sales force. The front of the sell sheets featured, once again, a consumer print advertisement. The back of the sell sheet summarized the consumer advertising schedule. The Mr. & Mrs. “T” sales force used the sell sheet on sales calls with brokers and retailers to demonstrate the advertising support behind the brand, and encourage clients to buy the “T” line of cocktail mixes.
Furthermore, the agency developed contests to provide additional incentives to the trade to purchase the line of cocktail mixes. The media planners and the account team negotiated merchandising with the various consumer magazines chosen for the media plan. Southern Living and Sunset magazines were included in the media program in part because of their high reach against the grocery trade. (Research had shown that many purchase decision makers in the grocery store business read these magazines to keep informed of product introductions and consumer products for their stores.) Magazine merchandising supplied by these titles included tickets to college football bowl games. The client used these tickets as incentives for grocery buyers to stock and order more of his product. Through this integrated approach to advertising and promotions, Mr. & Mrs. “T” was in a better position to achieve its marketing goals.
The insights of cultural/media theorist Douglas Rushkoff are always contemporary and often prescient. He was deciphering the social codes of the virtual psyche, lifestyle, and marketplace before such concepts were formally identified by the so-called “machine.” TheMerchants Of Cool is a brilliant analysis of the incorporation of youth pop-culture that Ruskhoff created while working as a correspondent for PBS Frontline. This is a very entertaining documentary. You’ll learn a lot too. Let me know what you think in the comments section.
There’s that store over on the corner. It is one of your favorite stores or you just go there once in a while. But the next time you go by, it’s closed. Not just closed for the day, but closed for good. You feel bad as you liked going in there, but you may not have gone in there that often. You think to yourself if you only knew that they were near that point you could have done something – blogged on them, told your friends or simply went in there more.
For me there were 2 such places, an awesome Vietnamese/fusion restaurant and a coffee shop. Now a jeweler and a check-cashing store stand in each respectively. But what if each owner reached out to its customer base for help, would I have responded? I asked myself as I read about Toscanini’s, an ice cream shop I have visited in Cambridge, MA in a recent issue of Inc. magazine. In this case, getting behind on paying their taxes resulted in the store closing, and after an Internet appeal they were able to raise enough money to reopen.
As I said before, you can’t mess with the numbers. However, they did and paid the price for it, literally. Had they reached out earlier to their customers, how would they have reacted? How would I have reacted? (more…)
While the “experts” continue to debate whether our economy is in a recession, the rest of us working in the real world have already determined that the semantic definition of this crisis is the least of our concerns. In the following podcast interview, Dale Collie, a former corporate executive and elite U.S. Army Ranger shares the lessons he has learned throughout his life on how to cope with the stress caused by difficult circumstances. Although focusing primarily on how the business manager of today can effectively lead, inspire, and provide stability to workers during times of economic hardship; this podcast also offers some “big picture” perspectives that anyone can apply in their personal lives as well. I think you’ll enjoy this podcast. Please share your thoughts in the comments section of this post. I’d also like to thank Bill Conerly for conducting this outstanding interview. Thanks…
Thanks to Joan M. Mas for permission to use this Photo.
I feel it is important to mention that I believe management fads are one of the biggest problems with change programs (and many other programs designed to increase organizational effectiveness, for that matter). Webster defines a fad as “a practice or interest followed for a time with exaggerated zeal.” Something that people get excited about is not necessarily a bad thing in and of itself. Fads typically start because someone has a great idea or identifies a technique that is successful. The fad may not be a new discovery per se; it may simply be something that has always been successful, but someone finally got around to doing research to identify what was at the root of the success.
Since we are talking about leadership, I will use an example of a fad from the leadership field: competencies. If you have worked in the leadership field in the past 10 years, you have probably heard of competencies. I would propose that for a time, competencies were a fad, or something followed with exaggerated zeal. The genesis of competencies was a paper published in 1973 by David McClelland, titled “Testing for Competence Rather Than Intelligence” (you may recall McClelland from his work on motivation discussed in Chapter 8). In this paper, McClelland reviewed several studies that indicated how academic aptitude tests and academic performance did not predict job performance. McClelland had undertaken research to identify competencies, or underlying characteristics of individuals, that did predict job performance.
McClelland used a rigorous process to identify competencies that were context-specific. For example, the competencies that predicted success as a Foreign Service Information Officer were specific to that job and would not necessarily predict success in other jobs.
After publishing his paper, McClelland and his colleagues continued introducing competencies into more organizations. As the competency technique was successfully introduced into more organizations, more people in the business community were eager to adopt competencies such as selection, performance appraisals, and of course, leadership development into their human resource practices. As is always the case when there is a business need, many come forward to fill the need. It was typically consultants and consulting firms who came offering various competency-based solutions. Some of the consultants were actually trained by McClelland or by students of McClelland and continued to identify context-specific competencies in different organizations. However, others developed one-size-fits-all approaches. As competency-based solutions became more popular, the “expertise” of those selling them became more variable. As the expertise of the experts became more varied, the success of the solutions became more variable as well. Therefore, after a time, competencies became a fad of the past that did not deliver all people had hoped.
Don’t misunderstand this story. It is not an indictment of competencies or of consultants. I have found competencies to be useful in many situations and have worked with many knowledgeable and ethical consultants. (There is, however, an ongoing debate in the literature regarding competencies.) This history of competencies is simply an illustration of the life cycle of a management fad. In many cases, you could replace the word competency with some other technique or concept, such as self-managed teams or total quality management, and the story would be similar. I believe fads often occur because a good idea or valid concept is bastardized over time by those who are eager to jump on the bandwagon, but are not necessarily as familiar with the concept as those who originally demonstrated the success. In addition, the original concept is often too time consuming or costly. As a result, managers attempt to try quicker, easier, and cheaper versions, hoping for the same level of success, but rarely achieving it.
When I read the book Meatball Sundae by Seth Godin, it reminded me of one of his previous books I read, Purple Cow. But was it just the content of the book, or the fact that the book arrived to me several years ago in a milk carton?
The premise of the book Purple Cow, published in 2002, is about being remarkable. Godin’s point is that in an age where we are deluged with images and messages, these have reduced their overall effectiveness, and to get your message out there, your product or service needs to be different or unique in its own way. The first example in the book is driving through farm lands and seeing cow after cow and they all look alike, but a cow that is purple will stand out and be remembered, thus remarkable.
So is remarkable something you put on top of a product or service? Not necessarily. The book gives examples of how L.L. Bean and Sears Craftsman line of tools are remarkable in their unconditional return policy. Ikea is remarkable in how they sell low-cost, assemble-yourself furniture that is extremely stylish. Dr. Bronner’s soap is remarkable in its unique labeling.
My greatest takeaway is that remarkable is not a gimmick. From the above examples, what makes them remarkable are attributes that have lasted for years. Gimmicks may drive sales, but not over the long term. Gimmicks are also not considered sincere.
Another takeaway is that you may already be remarkable. When many entrepreneurs venture out on their own, their catalyst is often they can do what they do better or in a more unique way from where they previously worked. They may not have been able to do it, whatever it is, when they worked for someone else and have the conviction to do it themselves. This was part of my own motivation for starting Dunkirk Systems, LLC.
The book Purple Cow does not over-do it with examples and is an energetic, quick read. If you are venturing out on your own, or taking a strategic look at your business I recommend reading the book as it will definitely inspire you, and you may get some ideas from it as well.
Mike Maddaloni
Founder and President of Dunkirk Systems
Ashworth University Contributing Blogger
*We consider it a great privilege to share the business-tech perspectives of entrepreneur Mike Maddaloni with the Ashworth University Business Community. Mike’s Internet consulting firm, Dunkirk Systems, is based out of Chicago and has steadily built a reputation for providing superior service to their growing list of satisfied clients. Visit The Hot Iron blog to gain additional insights into Mike’s business life. Thanks Mike!
Thanks to Andrea Z for permission to use this Photo.
We all want to be successful in our careers, but we often don’t reach our potential because we lose confidence in our abilities. This is why it’s so important to stay inspired, focused, and motivated. The marketing field is high energy, so you literally can’t afford to get down on yourself. One way to stay on track is to listen to the success stories of others in the marketing field. When I observe the hard work others have put in, I realize that I have to put in just as much or even more work to attain new heights of success. Ok, that was my quick speech. I just want to make sure you continue believing in your dreams. Here is an insightful podcast about Consumer-Centric Marketing. I think we’ve reached the point where this brand of marketing can no longer be simply labeled as a trend. The consumer-centric perspective largely defines the cultural landscape and drives the marketplace. Enjoy the podcast.
I’ve been watching a business turn around. I had not expected it to happen; in fact, I had predicted just the opposite. The previous owner was a friend of mine, and I knew he wasn’t making much money. When he told me he had a buyer, who was purchasing the inventory AND paying some good will, I said, “Try to sign with a straight face; then cash the check as soon a humanly possible.”
The new owner has struck a balance between great customer service and not wasting time. When I have a technical question, he’s happy to take however much time I need. When my question is answered, he’s off to the next issue. That’s actually rare: the people who love talking to customers often never stop talking, and thus never get much done.
The new owner has also set up an Internet marketing site. I thought that was a waste of time–it’s a fairly competitive field. He’s making it work, however. And the higher volume of business he does thanks to the Internet sales helps his overall profit margin. (more…)
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