The buying process is not as simple as it looks. You do not just go to the shop or showroom and pick any product and pay for it. The entire process is much more complex and can be divided into six stages starting need recognition and ending at after consumption disposal. The process begins when you have felt a need. It can be shorter in case of low involvement products where you do not have to consider several things. Such needs are ordinary and you make such purchases quite frequently. There not much thought is required before picking a simple product like milk or bread fro the shelf. However, if you are going to buy a home or a car, there is a lot of homework to be done before the purchase is made. These six stages in the process of purchase decision making are:
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In the 21st century, organizations are like large teams whose performance is based upon the smaller teams constituting them. From marketing to finance and operations, there are several teams working together to achieve the organizational objectives. Organizational processes and functions have become highly complicated. With the rise of Information technology, tasks and projects have become more complex requiring group's efforts to be completed. Teamwork means the entire group makes efforts in synchronization to achieve the end result.
The importance of teamwork is high for several reasons. The first reason is that it increases efficiency. Teams are more efficient than individual workers. If three people work individually they would not be able to accomplish as much as they can while working as a team. People bring different types of skills and knowledge to the team. When they work together, they contribute to various aspects of the project and act to fulfill each other's deficiencies. Now, an individual cannot be expected to be efficient at everything or have all kinds of skills. When there is a team there are several minds invested in the same project. How much these minds will be able to accomplish together depends on the level of teamwork. If the level of teamwork is good, people will be more comfortable working together and their contribution to the project will be higher. If the level of collaboration is good, it will automatically remove several hurdles that reduce the pace of work. Another important reason that focus must be on teamwork is that it reduces the workload on each individual. Different people are equipped with diverse skill sets and knowledge. Together they are able to better shoulder work pressure and deal with any challenges. A person who is left to work alone would feel higher work pressure and exhaustion. Being a team person on the other hand, helps at performing in heavy pressure situations. Its is why organizations should create an environment of teamwork. Higher level of teamwork means better collaboration, better communication and better flow of ideas. Overall, this is going to result in higher performance and productivity at the organizational level. Reduced workload also improves employee morale and job satisfaction. Moreover, if level of cooperation is high and people are willing to lend support to each other, it will automatically lead to better performance. Most organizations are now encouraging diversity. The reason is that people from diverse backgrounds bring diverse skills, knowledge and experiences. It also denotes a richer human resource base. Management must use team based incentives so that people feel encouraged to work together as teams. Apart from it other mechanisms including feedback and performance management system can be used to encourage and increase the level of teamwork inside the organization. Teamwork is always healthy for an organization and particularly in the 21st century when nothing can be accomplished without the efforts of an entire team it is more than compulsory. Whether in big or small companies, a high turnover rate can be a big problem. The reason is that it affects the HR costs, driving them high and hurts the bottom line. Many times HR managers are at a loss over how to control it because they are mostly unable to find evident reasons that are causing a high turnover. Reducing the turnover rate provides some obvious benefits and the biggest one among them are reduced HR costs. There are some important areas where the managers must direct their focus to reduce the turnover rate.
Having the right recruitment strategy: Trouble starts from the beginning if you hire the wrong people. So get your recruitment strategy right to hire only the people that fit with your organizational culture. Salaries and benefits: research the industry trends and compare your salaries and benefits with others to find out how you can improve your compensation and benefit plans. Be creative with the benefits you provide to your employees. Engage your employees. Appreciate their contribution whenever you find a chance. Employees that feel their work is not being appreciated are more likely to leave the company early. Provide flexible working schedules that suit your employees' needs. Create a culture of collaboration. Several times the roots of the evil lie in the culture. Apart from culture focus on creating a positive environment to make employees feel secure and satisfied with their jobs. Frame the right HR policies. Ensure no discrimination at the workplace. Manage your employees performance through training and feedback. All these tips can help you create a better work environment, increase employee satisfaction and retain them for longer. Strengths:
- One main strength of the retail industry is its large size globally. Globally a very large number of small and big businesses are a part of the retail industry. The number of e-retail businesses has also expanded in the recent years. - The retail industry is financially strong. Globally it is expected to generate $28 trillions by 2020. In 2015, it generated total sales of $20.8 trillion. - Globally, the retail industry is also one of the largest employers. In US alone more than 29 million people are directly employed by the retail industry. Weaknesses: - For most of the retail brands HR management has been problematic. Amazon and Walmart have continued to deal with HR issues. Every year so many legal cases are filed against Walmart. Amazon also troubles the staff by its cruel performance measures - The competition in the retail industry has increased. Proliferation of technology has made entry of new brands easier. Therefore existing brands are under constant pressure related to pricing. More price competition leads to weaker margins. Opportunities: - Growth in the digital technology means that the retail brands can take their customer experience to the next level. - Brands can also use AI and CI to better predict trends and to provide customers with better products and services. - Improved economic conditions have led to higher consumer spending. Threats: - The level of competition is rising. In US apart from the big and small US based brands several Non US brands have entered or are planning to enter the market. This will means major competitive pressure on the incumbent brands. - Demographic patterns have changed and that has affected consumer buying behavior too. The millenials want convenience with excellent customer service and low prices. Unless brands can respond to the changing trends they will not stay ahead in the race. - Economic uncertainty is also a major threat to the brands and combined with the regulatory pressures it translates into a big threat for the retail brands. |
AuthorAbhijeet Pratap Archives
October 2021
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