Month: October 2010

Marketers Role In Reducing Distortion, Retention & Selective Attention

Distortion, retention & selective attention are some of the criteria due to which buying behavior is affected. Consumers depending on these criteria perceive wrong and false statements about the product or service that result in affected buying behavior. An important element due to which marketers can make their products unique, interesting and attractive so that consumers can easily get attracted to it is to deliver best quality at best time by best ways. This simple way can reduce distortion, retention & selective attention because consumers will get the best information at the best time. In marketing, information related to product or service plays a key role. If the information is provided at right time and by using right ways, then a consumer will never be distorted and he/she will pick the product or service depending on their need and demand. At this point, marketers are also required to redesign their product cycle in order to make it beneficial for the consumers. One important area in order to reduce any misconception is to deliver the information related to product or service efficiently. Producing product by effective & efficient quality can reduce the impact of distortion, retention & selective attention too. If marketers are delivering right information about the product then consumers will definitely buy the product if it is according to their need and demand. Consumer behavior is purely dependant...

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Team Building

The basis of any team entirely depends on the structure of the team. Team building involves managers to prepare a guideline according to which every member is required to work. Ensuring effectiveness, mutual understanding, collaboration and ensuring that the members will work at their best in order to reach their desired goal are some of the main elements that should be highlighted while working in a team. It is the foremost responsibility of the team leader to ensure all these factors and work along. Team building is no doubt a challenging task that can only be accomplished if you are smart when working as a team. The efforts required for building a team starts from the very first day and last till the end. Team leaders should keep these below mentioned things in mind and should try to avoid them if they want their team to be innovative and effective. Ignoring the Main Aim Team leaders while considering on all the other factors sometime do ignore the main elements. They should try to first focus on the main goal & vision. Assessing Strengths & Weaknesses Try to first find out what are your team’s strengths & weaknesses. Sometime it do happen that team leaders focus on every single aspect and ignore their own strengths and weaknesses. Focus on Short Term Planning & Strategies Focusing on short term planning &...

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Effectiveness of Teams

Highly organized and effective organizations are made not born. The touch of effectiveness is added by the motivation and dedication of team members, supervisors and the leaders. In order to have a well organized and stabled team, motivation, hard work, dedication and enthusiasm is required which is only possible when people working in a team mutually co-operate with each other and put their effort to generate potential outcomes. For any organization, effectiveness is the mandatory tool that should be there in order to have an effective result. Some main characteristics that should be there in any team are mentioned below: 1. Clear vision 2. Responsibilities should be properly defined to every individual 3. The expectation level should be well defined and maintained 4. Resources should be equally utilized 5. Respect for individual and team members should be there 6. Necessary and proper feedback should be taken from every member 7. Should try to manage and work in a productive and proper way 8. Goals should be achieved by following proper and effective strategies [adsense1]In order to have an effective team, leaders are responsible to build or maintain an area where team members equally co-ordinate with each other, respect everyone in an appropriate manner and should try to give as much as they can in order to make their team the best one. Effectiveness of teams automatically leads towards betterment...

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Capitalism – Merits and Demerits

Capitalism is the most common and modern social system, widely acceptable by advance economies.  This system advocates for the principle of individual rights. The basic philosophy behind is “economic liberalism.” This School of thought believes that there should be less intervention of government in economic affairs. General demand and supply forces are controlled privately, and government role is to protect the legal rights of people. In this economic system all the means of productions are owned and controlled by private people.  There is a free market where people have the liberty to invest their capital to earn profit.  Statistics show that this is the most successful system as compare to any other system, especially if we compare it with communism. The economic growth is manifold as well as the per capita income, which leads to a better living standard for general public. Democracy and capitalism go together and share the basic philosophy. It has the democratic essence that every individual have right to achieve the maximum economic and social position.  These also are proven true where these systems are implemented. Generally there are four types of capitalism exist Market-let, Corporate, Social-democratic and state-led. Merits of Capitalism  [adsense1]Economic Growth: Rapid and consistent economic growth is the proven out come of this Capitalism. As there is less government intervention so many evil like corruption, nepotism, poor management did not hurt the...

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Merits and Demerits of Socialism

Socialism is a social and economic system refers to common ownership over the mean of production of state. It is believed that socialism is a system evolved against the injustices of industrial era. Marxist and non-Marxist both agreed that socialism is reaction of capitalism. The foundation of this system can be found way back in history it is also discussed in famous book “Republic” by Plato. The philosophy is equal rights for everyone. Socialism is a broader term and covers general phenomena of social system. Different economists and leaders have altered it as per needs and requirements of the state. Socialism existed in different types some time with some religious support and some time as a common social and economic system. Communism, Marxism-Leninism, Stalinism and Maoism are some examples of revolutionary and left side government part socialism.  Christian and Islamic socialisms are examples of religious socialism. China, Cuba, North Korea, and Vietnam are examples of current socialist states with some modifications.  Advantages of Socialism Socialism’s advantages are related to overall well being of community and easy to understand for general public. Historically we have seen where the countries are deprived or governed by the intruders, after liberty they adopt the socialist infrastructure for their country, examples of French and British colonies can be studied for more details.  Full employment level is another merit of socialism. All the means of...

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Correction of Balance of Payments

Correction of Balance of Payment is a long term objective. Economies need strong and consistent steps to handle deficit Balance of Payment. BOP comprises of current account, capital account, unilateral transfer account, official reserve transaction account. These individual factors can be corrected by their consisting elements, as current account consists of transactions of tangible goods. This is also called balance of trade and to bring it at equilibrium level productivity has to be improved. Apart of these micro aspects there are three vital monetary tools or methods to control these imbalances and correction of balance of payment. There are three mechanism used with some degree of mixture in most situations.  Exchange rate of currency, adjustment of prices within the country with its demand level and rules based adjustment. Exchange Rate Adjustment Exchange rate of local currency against other international currencies is very important and sensitive issue. When it comes to across border dealing the significance is increased many fold. The imports will be cheaper if the value of currency increases and the export prices of local product will be increased, which makes local products expensive in global market, this mechanism will corrects the surplus balance of payment. Contrary the devaluation of currency has adverse affect and imports decreases while export will increase as the products prices become more competitive. Exchange rate determined by the government by considering different influential...

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Types of Teams

The rate of teamwork is now growing day by day in most of the organizations. Now people do prefer to work in teams in order to generate effective outcomes. In fact, by working in teams innovative and unique results do arises which tend to be fruitful for our organizations. There are various types of teams. It can be vertical, horizontal, goal oriented etc. Self directed Work Teams These teams operate without managers. It actually gives employees the sense of leadership. In this type of teams, employees work based on their own ideas which directly delivers to the internal or external customers. Functional Teams It involves the correspondence and working of all the members from the vertical hierarchy. Managers, supervisors and seniors are involved in this. They all brainstorm, express their ideas, share feelings and then move towards the well oriented outcomes Cross Functional Teams [adsense1]In this type of team, specialist from various areas do share their thoughts and ideas and then generate the best outcomes. All the types of teams are tending to generate best outcomes. The motive of these teams is to make an organization the well effective one. The main aim is only to make an organization well stabled one. Teams are formed to make a workplace effective, synergetic and innovative. When people work in team, they automatically share their ideas, do brainstorming and in the end...

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Principles of Taxation or Cannons of Taxation

An obligation on people and businesses of a country by the government is called taxation. Since ancient times, governments have been collecting revenues form their population in different forms. It was necessary in order to meet the different expenditures which the governments had to incur.  The nature and the extent of expenditures incurred by the governments have undergone a lot of changes in the modern world. New sources of collecting the necessary amounts have also been found. For Example, now a state has to spend a lot of money on its defense requirements. Development expenditures and expenditures on general public services have also increased manifold. New sources of receiving the necessary amounts have also emerged. For Example, now a country can receive some resources form another country or an international organization either as loans or as aids. However, collecting the amounts form its own population still remains as a major and popular source. Every country tries to develop its internal resources, because different types of problems are associated with the amounts received from external sources. A government tries to generate internal revenue from different sources. The stability of any state and its economic structure is strongly correlated with the shape and framework of its taxation system.  Whenever there is a discussion of cannon of taxation the principles described in the Adam Smith’s book “Wealth and Nations” will be discussed....

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Teamwork Defined

In today’s workplaces, where the motive is to gain the competitive edge and to obtain the best potential outcomes, the trend of teamwork is enhancing and flourishing day by day. The organization where work is based on individual characteristics is now not motivated as compare to the work that is accomplished by working in a team. Theorists and management expertise suggested that the core elements of an effective organization are capabilities of teamwork. Thus, the concept of teamwork is enhancing day by day and organizations are now focusing on the capability of teamwork, sense of co-operation co-ordination. Now most of the organizations are trying to focus on this teamwork area. Teamwork is an essential element in order to generate efficient outcomes. By working in teams, you can generate outcomes based on various factors. When people brainstorm, share ideas, express their feelings and in the result come up with unique outcomes, that particular organization do flourish and generate effective outcomes. This is important and one should try to follow this innovative concept in order to make their organization an effective one. Employees when work together, their criteria or working together are characterized in three essential ways: 1. Team 2. Mobs 3. Groups These ways are important when you are working as a group. The elements that should be present in these areas are: 1. Co-ordination 2. Respect for individual 3....

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