It was a chocolatey class today and I was quite excited simply because I have a weakness for chocolates.
The brand (Crunch) we were developing a plan for is really not my favorite. However, it was good to know that a good marketing plan can make me choose a brand I am not particularly aligned with.
My takeaway from today's class is that when planning, your marketing mix should speak to your brand repositioning. For instance, if you plan to reposition your brand to attract women, then the promotion should be targeted to women.
The next few weeks of working on a marketing plan will be quite interesting. I look forward to the plans we would all come up with.
Our marketing case solution had us discussing our favourite chocolate bars. As we determined the write marketing mix, created our marketing plan and went through the 4Ps, we all shared our preferred brands and it occurred to me the power of Psychographics.
So demographically, we are in the same class and state. We work and live within the same area (I am speaking about 3 of us that actually shared our faves, Lol). We are in 3 different industries and both of them are married with children. But I began to wonder what made us tick and different. We have different preferred brands but dislike the same set of chocolates at the same time. Does this have to do with our first interaction with each brand? Do we have biases? Is any of them tied to our palates culturally? Are there specific memories tied to each brand? Do we just like these brands because we have family that also liked them when we were younger so that was what we were conditioned to prefer?
It is interesting to see the different characteristics that can make up a customer and the extent to which human characteristics can be grouped to make a desired decision.
It shows just how important knowing your customer is. In as much as the customer is king but not necessarily always right, he still rules sovereign and the product is made for him, not the other way around.
I always suspected Lionel Messi's decision to leave Barca as a plot a divert attention from his disastrous performance and lack of leadership in their historic 2 - 8 European defeat at the hands of Bayern Munich.
In 2016, after a second successive Copa America final defeat to Chile, Messi announced his retirement from international duty. Messi will later reversed his decision after much cajoling. By that time, he had succeeded in diverting attention away from his own failure at the international level.
Next was in 2018 after their dramatic Round of 16 World Cup exit at the hands of France. He also announced his departure from the national team for the rest of the year. That also helped divert attention from Messi's leadership failure to bring success to his national team.
Make no mistake, Lionel Messi is a pure footballing genius, but even geniuses experience an eclipse. What matters is the grit and leadership to push his gutless team to the pinnacle of international football not by stroke of genius alone, but by sheer force of will and irresistible desire to succeed.
Aware that he couldn't extricate himself from his current Barca contract without a legal battle and that no club could afford his €700 million buyout clause, Messi once again evaded responsibility (this time over their 2 - 8 defeat) by starting this recent drama. By the time he announces his staying at Barca for the coming season, the topic is no longer the Bayern defeat but his decision to stay.
A shrewd manipulator both on and off the pitch but obviously no GOAT!
At about noon today on my way to Lekki free trade zone from Ajah on an official task, there was so much traffic from the onset of the journey.
As i was pondering what could have been the major cause for this traffic i saw people hastily walking down carrying valuable items. This made me more curious to know what was before me.
Alas! there it was, parked at the Abraham Adesanya round about where nothing less that 6 military police vans with soldiers around them. You could see their stern faces as they gave instructions to the to the inhabitants of the road side structures being demolished to quickly evacuate their belongings. The operators of bulldozers did not relent at their work, more like it was a first to finish competition among them. The large monster equipment were digging into the structures and ripping them apart into shambles in no time. It was quite unfortunate for those who couldn't remove their valuables in due time because the bulldozers destroyed the valuables together with the structures.
There was alot of wailing, scrambling about and panic by owners of these illegal structures being destroyed and also passer by. Lots of valuable we pushed to the major road in a bid to put them to safety pending when they could be relocated.
In all this panic and sad moments of destruction and confusion i began to wonder. Was it really just for these law enforcement agents to take the actions they did? Shouldn't they have evacuated the inhabitants and their valuables before the destruction? Were these people given enough notice to evacuate the premises prior to the demolition? where would most of them relocate their business to and start from in this hard times.
Was this a just action considering the times we are in?
This is an information system that uses the concept of backward scheduling to push the right material, in the right amount and at the right time into the production process.
The Advantages of the MRP System include;
- Ensures smooth running of the business, avoiding stock out and incidences that will cost the factory to shutdown
- Checks against fraud
- Checks the frequency of material usage
Common definitions in MRP
End Item – finished product (an independently demanded item)
Parent Item – Item produced from one or more children
Components – Raw materials or other items that are part of a larger assembly
For example, a car is the end item, the tyre the parent item and the polymer used to make the tyre, a component.
Bill of Materials – BOM is a list of all the assemblies, components and raw materials required to produce the end item. It is made up of Part Number, Description and Quantity required.
"third time is a charm"
I don't know about anybody else but it has been about two decades since I saw typewriter text talk more of reading 16 pages of a case in said format. This case was really something special. After two attempted failures to discuss it in class, we finally discussed it in class, third time is a charm . Kool King is an interesting case set in 1979. 41 years after, the rules of enterprise still come into play - M&As and the importance of organisation, within the context of planning and scheduling.
We found what was unique about this case was that, the context in which we found the bottleneck was absolutely different from what we will normally experience (or had experienced previously in OPM).
It was interesting case, difficult to assimilate but easy to read. There were several facts presented to distract you.
It was interesting to see that something as simple as habitual behaviour came in the way of a company's market share. Asides from it being a reminder of culture being able to eat up business strategy, it also goes to show that being able to identify the source of a problem is way more important than just seeing the problem by itself.
It has occurred to me that perhaps it is a good thing that we are dealing with such a complex situation a few days before our ABP exam. It is a gentle reminder that reading calmly with an open mind and carefully dissecting the case within previous experience and no bias (or mental assumptions) can allow the process of case solution give some level of ease.
I have had to make many decisions this period than I think I have ever made in a short period. At some point, it was becoming overwhelming. I remembered that I have gone through a course titled 'Analysis of Business Problems and thought this is the right time to apply lessons learnt. We were given a structure to guide our decision making which includes Defining the problem, evaluating alternatives against set criteria and making a choice among the evaluated alternatives. But how do I apply such structure in making 'less than 5 mins' decisions? There is no time to sit and start working through the structure. Am I to quickly run through the structure in my mind? Won't I be missing something doing it this way? How sure am I that I have defined the problem or opportunity properly? Are my alternatives the right one?
The truth is within such a short time, one has to make the most out of the information available. It's more of understanding and using the thinking process than having the answer. It's more fulfilling to know that you applied the logic correctly even when the final outcome is not the best. Also, it takes applying this structure in lots of decisions to be able to do it in a shorter time. The more I use the structure, the more I get used to it and the easier and faster it gets.
Finally, it's about making the most out of the information you have and constantly practising.
In this time and age , when social distancing is now the new Normal, businesses are having to navigate new ways of connecting with their employees and customers whom they no longer see in person. So, there is no better response to remote working than an effective organizational culture. How do we build an effective organizational culture in a time like this?
Create regular calls: one on one or team calls enable remote workers to feel informed and valued.
Acknowledge employees who act in the way you want , and equally hold accountable employees for bad behaviour.
Listen to your employees: it does pay to focus on their needs and proactively address their concerns.
Regularly communicate your culture goals to employees in clear terms , devoid of ambiguity.
Create social media platforms where your employees can easily communicate and collaborate virtually .
You can create an effective guidance on how your employees can effectively work from home.
Encourage regular reports and feedbacks from employees working from home.
This is a question of dilemma for many businesses across the globe. But, in Nigeria where harsh economic conditions are in a perpetual state , many businesses don't as much as blink an eye over the question before knowing which way to follow.
We do know that every business owes its responsibilities to its owner(s) by a way of profits making or dividend --if the business is a public liability company -- to its employees by a way of wages and other perks , and to the society by a way of corporate social responsibility (CSR) and holding fast to its cultural and ethical standard. A business which deems it fit to renege on its ethical standard for short- run or immediate gains , does so at its own peril. Literature is abound of examples which followed this path before, but, ultimately came to be hurt by their own actions in the long run. However, companies which keep to their ethical standards always come out successful , even in the face of daunting economic challenges. Examples are many.
Through CSR and ethical standards , a business builds up its strong team of employees, creates a positive environment in which the business thrives, and makes the society response to its products positively. Any business which believes in cutting corners is the only way of navigating harsh economic conditions, has not understood the importance of ethics in a business setting. Businesses must realize that the answers to any of their challenges lie within the ambit of their strong, dynamic, and competent team employees, not by cutting corners to make ends meet. So, it pays to maintain your ethical standards , no matter what.
Emotional Intelligence is said to be the ability to understand and manage your emotions in ways that ensure positive communication, empathy, and conflict resolution. This helps in building stronger relationships, influences success at work and enables achieving career and personal goals.
Few takeaways from my revision on Emotional intelligence goes thus:'
Emotional Intelligence has four important domains on which it is defined:
1. Self Perception: This is knowing yourself and what forms your core values and beliefs. This is where your strengths and weaknesses fall in.
2. Self- Management: This is where you regulate your emotions and adapt positively to changes.
3. Social Perception: This is understanding other people's needs and emotions by listening carefully and being sensitive to what energizes them as a group.
4. Social Skills: This is getting along with people, or how you manage people's emotions within a social context. It is also seen as using the understanding of other people's emotions to move them in the desired direction.
The greatest ability in business is said to be getting along with others and influencing their actions.