FINANCIAL CRISIS

"Financial crisis", the hot word of today. It is a word which has gripped all of us and our lives as well. A word which has changed our way of living, thinking and doing things. Every aspect of our life of which we were so sure, has been challenged by this one word or an event, as I may call it. It has hampered our dreams, broken our spirits.
A year back everything was so beautiful and our lives was full of optimism that the future was taken for granted. Everyone had bright hopes and dreams were built, only to be shattered by financial crisis.
How come all our lives became dependent, to such a large extent on non living thing rather than a living thing?????? How come we humans who are at the highest level of creation and the most advanced species become so vulnerable that we are unable to come up with solutions. Have we become puppets in the hands of things which just don’t have any physical existence? Have we made ourselves dependent on the things we created ourselves, so much so that these things dictate the way we should live our lives???????? The answers for all these questions are quite an easy one and we all are well aware of it.
Money was only an instrument which was created with the aim of making trade easier and in turn making our lives comfortable. Over the years we have placed so much value on the importance of owning money that, we forgot the very reason for its existence. Is it we who make money important and not the other way round. We have become so engulfed in being superior to each other (which the way all species behave) that we have placed money as an index to measure our superiority.
The only question that we need to ask is, “Is this really what makes us superior or is it a false identity that we have created for ourselves?”
The present is in front of us all. It is going to be our decisions and steps which we will take, that will govern our future. It is time that we place money at its right place, where it truly deserves to be in order to live a life of peace and harmony.

CUSTOMERS

Customers are the essence of an organization. All the plans, strategies, movements which a company makes are in the direction of gaining and impressing its customers. It is the customer’s needs and preferences which dictates the way in which an organization has to formulate its policies and activities.
So why are customers so important? Customers are important as they are the one who are responsible for the functioning of an organization. They are the sole reason for the profits an organization makes and any organization would want to increase it revenues. Also in today’s fast moving world, thanks to the enormous development in technology, customers are more aware and have a variety of choices, which makes them the kings.
In the present scenario it is important for the organization to relate itself to the customers in an effective way. It is crucial to make the customers feel that they are a part of the organization. A company has to know its customers very well and this should be to that extent tat they know more about the customers than the customers know about themselves. Only if a customer feels that the company is delivering its services or products in tune with its needs as well as it is profitable for them, then only will the customer be ready to become a part of the company.
Gaining customer trust and loyalty forms the basis of any plan which has to be undertaken by the company. How it relates and provides benefits to the customers and how the customers perceive this benefit is also very important.
Therefore building the right perception and strategy to develop a positive relationship with the customer is a priority. Companies need to touch the customers in a sensitive manner making them feel that the company cares about its customers and serving it, is its primary aim.
In order to develop a good relationship with the customer, a company needs to do an in-depth research of the consumer psychology and also their needs, tastes and preferences. Then it has to understand the forces which govern their behaviour and control their tastes and emotions. Tapping of these factors will provide the company with an added advantage. By careful monitoring and using it to their advantage, a company can build a strong bond with its customers. Also formulation of its policies should be in tune with these factors. Implementation also plays a crucial role, as it is here the customers come across the company’s policies and take decision. In this the first time contact which the customer makes with the product and services of the company is a governing feature. A perception is formed about the organization, which sticks with the customer for a long time. Also the world has become a small space and information and consumer views travel faster than light. Due to this the company has to be very good in its perception building and be doubly sure of improving its first time contact services.
Reliability, validity and grievances management of the customer also plays a very important role. A company has to seriously tackle all the three issues and aim at maximizing the former two and minimizing the latter. Customer rates a company on its reliability and validity and there it is very important as it helps in the development of trust and forms the base of the relationship. Grievances handling also plays an important role as it gives a feedback to the company and at the same time helps in improving itself. It also helps in increasing knowledge about the consumer preference and thinking about the company.
Customers are the reason for existence of a company. The very existence of the company depends on the steps taken by it to build itself i.e. the steps taken to develop a strong bond with the customers.

BRAND

BRAND

Brand is the name which communicates the quality and identity of an organization. It is very important aspect and forms an integral part of the company. Marketers need to constantly improve the image and the perception of the audience and consumers about the brand and make it in tune with their needs and desires. Also brand should deliver more than just the needs of the consumers. It needs to give the consumers more than what they expect and also should be able to meet up to their expectation. A brand is a mirror image of the company and therefore forms a very important and significant part of the strategic planning of the company.
Formulation of the plan as to how to develop a brand and position itself is very important. It has to be done in accordance to the needs, wants and preferences of the consumers. Also it has to be done in accordance to what the company actually has in its vision and mission. Combining these two i.e. the company’s objectives and the consumer’s needs is very crucial for a marketer and has to be done with a lot of in-depth research and analysis. Data collection and research of the market as well as the consumer’s needs becomes very important tools. All the plans are to be based on this and therefore its critical analysis and interpretation becomes a prerequisite. Also understanding of company’s goals and its objectives helps in better formulation of plan so as to establish a brand successfully in the minds of the consumers.
Competitors also play a very important role. What they offer to the consumers and how they deliver it, is an important aspect which has to be understood. Also how efficiently they are able to meet consumer’s expectations and who are their target consumers is crucial information. A marketer has to build his strategy on this and develop and build the brand in such a way that it meets points of parity which is offered by the competitor and yet they are able to offer the consumer something new which will attract them to the brand and also help in their retention.
A marketer also has to carefully study the market and take crucial decision as to who their target consumers will be and how will they position themselves in their minds. It’s a very important aspect as capturing the mind and heart of the audience and consumers is what the target of the brand is. A brand is developed to serve only one purpose and that is to build itself in the minds and heart of the consumers, so that they are attached to it emotionally and start linking themselves to the brand.
Developing such a brand is a challenge for a marketer, but never the less it’s a challenge which if well understood and strategied can offer a lot of advantage to the company and help it is getting more customers and also increase consumer loyalty towards the organization.
A brand has to be developed keeping in mind certain aspects, in order to it to serve its function effectively and efficiently. First is that it should be able to communicate to it consumers what the brand actually stands for and how it will be advantageous for the consumers to be associated wit it. Secondly, brand retention plays a crucial role. It’s important for the target audience to remember the brand. For this, the brand has to communicated in a way tat will help in its being imprinted in the minds of the audience as well as the consumers. Advertising, creating and using brand elements ( such as well known personalities) , etc helps in achieving this goal. Thirdly, the brand should serve the actual purpose for which it is created and developed. It should be in sync with the goals which the marketer has set and also with the strategy which had been developed.
Lastly, checking and feedback forms an important aspect. Audience’s reaction and acceptance of the brand has to be understood and analysed. Also how to make the brand more stronger and more advantageous for the consumers in order to increase their involvement and commitment is very crucial.
Brand is the representation of the company or the organization and is therefore a very delicate and yet the most powerful tool, which if properly developed, build and maintained can benefit the company to large extent and help it in its attainment of its mission along with its vision.