MANAGING in the

NEW WORLD

A lot of the traditional marketers have been seen to struggle in the ongoing digital age. This is because many of them continue using a relationship- based model. Such companies, especially for those in the medical- technology sphere, can ace the market by the proficient use of business analytics. This will also enable the real- time resetting of price targets, based on the actual inputs. The leadership though needs to ensure that the data warehousing done must be clean, so the resulting insights are closer to accuracy. This dynamic pricing will work best if three related elements work in coherence. The first of them is related to technology, so includes the analytics mentioned, plus the IT infrastructure and systems. Another is the organization structure. And thirdly, it is about the human resources. This includes the mindset, capacity building initiatives, and the staff behaviors.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/what-really-matters-in-b2b-dynamic-pricing

Uploaded Date:15 June 2019

A peculiar observation made across organizations, is that those that excel at sales and in business research, often do not meet the same level of success, when it comes to promoting innovations. A lot of this can be attributed to the fact that big companies expect that shiny new products will sell on their reputation alone. Xerox is a perfect example of such a situation having occurred. Companies now need to work on newer incentive structures, sales processes and corporate training methods to breeze past such obstacles. The solution needs to be executed quickly, because the longer top products fail to sell, more question marks will be raised at the development stage too. Researchers will confound themselves in to asking whether they are doing the right job either. The sales persons for such products need now to act as the change agents. The top management and even the researchers will need to spend more time on face- to- face meetings.

Source:https://hbr.org/ideacast/2018/12/why-its-so-hard-to-sell-new-products?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&referral=00563&deliveryName=DM21039

Uploaded Date:08 June 2019

New product development is one of the trickiest things to manage in the entire gamut of business research and development. Besides research skills, the developers need to have an inkling of customer needs and requirements. There are several metrics available to judge them, but few are reliable. They involve potential trade offs between company stability and future growth. The metrics to be chosen need to make sure that while the focus is on the present, an eye must be kept open for the future. Customer- related metrics too need be developed. Here value to the final consumer matters a lot. The best ideas could also be generated by the suppliers, as they are often a bridge between the customer and the company itself. So, these need to be tapped in to as well. For long- term gain, some short- term pain needs to be tolerated. This is the mantra that all team members need to keep in mind while undergoing product development. Any strict adherence to budgets will rarely stick.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/taking-the-measure-of-product-development?cid=other-eml-alt-mip-mck-oth-1811&hlkid=e8c829a352244bacbb261a40500b07bd&hctky=9953462&hdpid=b6a77b0c-2734-4b11-b5c5-19d996d9411b

Uploaded Date:20 May 2019

A common mistake made by retailers during times of downturn is to slash employment. As staff costs are usually the second largest expense for the industry, this gives financial relief, but only temporary. For the long run, not only must employees be retained, but the right corporate training exercises be provided to them, so they may develop as the true assets of the company. In fact, having real people is where retailers have the biggest advantage in comparison to their online counterparts. A three- step system, must be followed by the retailers to set this trend right. First of all, the data warehousing done needs to be analyzed to see staff turnover and absenteeism. Next up, the staffing levels could be reversed for periods to check for effect. And finally, the results need to be implemented across the organization, all branches.

Source:https://knowledge.wharton.upenn.edu/article/retail-staffing-model/

Uploaded Date:16 May 2019

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