You work hard so that you can have a beautiful house , car and all the luxuries in life. But what if you have a wonderful idea and an urge to do something big?? Start a business!!
With the increased competition, the management of businesses has acquired strategic dimensions. All professionals working towards the growth of business must possess sound knowledge of strategic management. Business policies must be developed on the basis of the product sold and customer requirements.
A company’s strategy should consist of a combination of competitive moves and business approaches that managers should employ to please customers, compete successfully and achieve organizational objectives. Implementation of techniques like Total Quality Management, Six Sigma sets a benchmark for the organisation.
The businessman must be ready to face problems and keep a watchful eye on the cost. Managerial processes like forming a strategic vision, crafting a strategy, implementing and executing the strategy and then initiating corrective adjustments are vital.
The company’s strategic vision should specify about the technology used and the type of company it wants to create. The company’s mission should spell ‘who we are and what we do’. The objectives of a company are like yardsticks in tracking the performance of the organization.
When a company has reached a certain level and is successful, but is in need of funds to scale up, venture capitalists come and invest which makes it easier for the company to progress, thereby enabling it to see brighter days ahead.
As Mahatma Gandhi had stressed that the customer is the most important person, here are some ways to get people’s attention towards your product –
1)For your business to stand apart , the main emphasis should be on the presentation of the product. For instance, in food business, if the stall is clean and the food is fresh and hygienic, then the customer won’t mind paying a rupee extra for your product.
2) You give the customer what he wants and he will come back to you. Prompt after sales services and redressal of customer complaints especially in case of durable goods like T.V, Computer etc enhances customer satisfaction.
3) Being creative with eco-friendly products like fuel efficient cars, compact air conditioners etc. sends out a message that your company ensures welfare of the society.
4) Attractive discounts and educating customers about the proper usage of the product enhances brand image and builds brand loyalty.
5)Effective advertisement strategies such as setting up of webpages for one to one interaction with customers sends out a signal that the customer’s requirements are a priority everytime.
Remember, never get complacent. Ten times the customer gets a good meal but for the eleventh time if he is dissatisfied then he shall forget the first ten meals. That’s human nature.
So never let down your guard, never compromise!!
-GAUTAM IYER, Mulund College Of Commerce
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