In each downturn advertisers wind up in ineffectively outlined waters on the grounds that no two downturns are actually similar. We’ve recognized patterns in buyers behavior and firms procedures that either drive or subvert performance. Organizations need to comprehend the advancing utilization patterns and adjust their procedures according.
During a monetary downfall, buyers set stricter needs and reduce their spending. As deals begin to drop, organizations ordinarily cut expenses, reduce costs, and delay new ventures. Marketing expenditures in areas from communications to research are often slashed across the board—but such indiscriminate cost cutting is a mistake.
Companies that put customer needs under the microscope, take a scalpel rather than a cleaver to the marketing budget, and nimbly adjust strategies, tactics, and product offerings in response to shifting demand are more likely than others to flourish both during and after the downfall/recession.
It’s basic to follow how clients reconsider needs, reallocate funds, switch brands, and redefine value.
Understanding the connection between the economy and promoting can help entrepreneurs assign their advertising assets and react to changes in the recession atmosphere.
Underneath indicated is a network that clarifies the conduct change in the purchasers.
Your strategic opportunities during the downturn will strongly depend on which of the four segments your core customers belong to and how they categorize your products or services.
- Prospects are reasonably good for value-brand essentials sold to slam-on-the-brakes consumers, who will forgo premium brands in favor of lower prices.
- Value brands can also effectively reach out to pained-but-patient consumers who previously bought higher-end brands.
- Value brands have opportunities with postponable products, as well.
- Repair services can market to the pained-but-patient group, who will try to prolong the life of a refrigerator rather than buy a new one.
“Growing Together” is what vendors would like to hear from any of their business partner or customers.
A satisfied vendor is the one who would always standby you and your business in critical situation and considers your success as their success.
Strong backbone makes a body posture look strong and stable. Vendors are the backbone of any business. Vendors are integral part of business and they play a very important role in overall supply chain.
Its quire essential to know how to keep your vendors satisfied –
- Find out what make them happy – which parameters
- Understand the current issues faced by them
- Ask them where you can do better
- Measure perceptual image of your company
- Compare your company’s performance with other companies
Factors that would influence vendor- customer relationship –
- Fair commercial policies
- Integrity in business dealings
- Ethical practices
- Supportive leadership
- Clarity of communication
- Understanding capabilities of the vendors while placing an order
- Assurance of the regularity of the business
- Timely payment
- Support and co-operation as and when needed
- Technological advancement – make vendors upgraded with latest technology to strengthen the overall business process
- Loyalty program – listen to your vendors and rewarding the best performers
- Relationship & trust with vendors
- Professional approach in dealing with vendors
Key questions to know –
- Are vendor’s needs and expectations being met by the organization’s products and/or services?
- Do vendors believe the organization’s claims about current and projected organizational performance?
- Do vendors believe that organizational performance can be sustainable?
- Given their relationship to the organization, what suggestions do vendors have for improvement?
- How do they contribute new product development and understanding customers’ needs?
So if you want your vendors to believe you saying – “Growing Together”, just Stop Quoting and Start Doing!!!
We will help you make this happen! Contact us to know further details
The Indian Council of Medical Research (ICMR) survey revealed that men consume more fat at 34.1 gram per person daily, than women who consume 31.1 gram per day across the seven cities – Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai.
Added fat was high in dishes such as dal fry, rice, stuffed paratha, chuduva, bisi bele bath – a rice-based dish with origins in Karnataka — and puliyodharai also known as tamarind rice. Mutton Birynai has more fat than chicken biryani or cereal-based and non-vegetarian recipes, it found.
According to the study, those who eat deep-fried food consumed more added fat than those who ate boiled and shallow-fried food.
Also, almost all non-vegetarian foods, mostly consumed in urban areas, has high amounts of added fat, the study revealed.
The average intake of added fat in Mumbai and Hyderabad were the lowest at 28.8 gram per person daily and 25.1 gram per person each day respectively.
The average intake of added fat in all the seven metro cities pooled together was 32.6 gram per person each day, which was higher than ICMR-recommended levels at 20g/person/day. Overall, 18 per cent of the total intake of energy was obtained from visible fat, the survey found.
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India is the first country in the world to make corporate social responsibility (CSR) mandatory, following an amendment to the Company Act, 2013 in April 2014. Businesses can invest their profits in areas such as education, poverty, gender equality, and hunger.
CSR is the procedure of assessing an organization’s impact on society and evaluating their responsibilities. Companies now have specific departments and teams that develop specific policies, strategies, and goals for their CSR programs and set separate budgets and “external implementing agencies” to support them.
Why you should assess the impact of your company’s CSR activities?
This is to understand the following
- Does CSR project create an impact?
- How successful has the project been in achieving planned results for the beneficiaries?
- Are there any winning conditions (enabling environment) to ensure sustainability after the project?
- Are outputs delivered in a cost-effective manner, in expected quantity and quality?
- Are the project objectives consistent with beneficiaries’ needs, state and national policies, and with the partner’s vision & mission-aligned to this project?
Benefits of conducting CSR Impact Assessment Study
- Market Search India carries out impact assessment study post conduction of CSR activities to check its effectiveness among beneficiaries.
The study captured information about the satisfaction of beneficiaries in terms of
- The feedback from the target segments helps the company to understand the impact of CSR programs and changes suggested by the beneficiaries to make the activity more effective.
- It also helped to track the performance of the implementing agencies and areas of improvement required.
According to the study, 90% leaders agreed that cognitive diversity is important for management and 93% believe AI will enhance decision making.
A new study by Tata Communications on the impact of artificial intelligence (AI) in the workplace finds that AI will diversify human thinking, rather than replace it. Carried out in collaboration with UC Berkeley professor Ken Goldberg, the study is based on inputs from 120 global business leaders like Tony Blair, Executive Chair of the Institute of Global Change and former UK Prime Minister, who said that “AI will allow us to do what it is that we are uniquely meant to do: focus on high-level thinking, strategy, and paving the way for innovation.”
According to the study, 90% leaders agreed that cognitive diversity is important for management and 93% believe AI will enhance decision making. Three out of four expect AI to create new roles for their employees.
Ken Goldberg, UC Berkeley professor and co-author of the report, said “The prevalent narrative around AI has focussed on a ‘Singularity’ – a hypothetical time when artificial intelligence will surpass humans. But there is a growing interest in ‘Multiplicity’, where AI helps groups of machines and humans collaborate to innovate and solve problems. This survey of leading executives reveals that Multiplicity, the positive and inclusive vision of AI, is gaining traction.”
The study further found that AI could enhance cognitive diversity within groups, which could yield better outputs, while helping employees become more nimble and agile.
Co-author Vinod Kumar, CEO and Managing Director at Tata Communications, said, “AI is now being viewed as a new category of intelligence that can complement existing categories of emotional, social, spatial, and creative intelligence. What is transformational about Multiplicity is that it can enhance cognitive diversity, combining categories of intelligence in new ways to benefit all workers and businesses.”
Source : https://cio.economictimes.indiatimes.com/news/strategy-and-management/ai-will-diversify-human-thinking-not-replace-it-tata-communications-study/65700606