Leadership styles

Leadership styles:

·A democratic leader is subordinate­-centred, i.e. he or she allows partaking of subordinates in the decisions that affect them.

·An autocratic leader is boss-centred and makes decisions without taking advice from others.

·A laissez-faire leader leaves many of the decisions to his or her subordinates.

Differences between public and private sector

Differences between public and private sector

1. The public sector comprises all business enterprises belonging to, managed, and ran by government, for example, water, transportation, radio, television.

2.  The private sector is that component of the economy that is owned by private people, ­individuals or a private business.

 

3.Market forces of demand and supply decide prices and the distribution of resources.

4.  The private sector chooses what goods are produced, how, and for whom through the price system. It is largely in charge of distributing resources. It permits the progress of capital and labour to where they are most cost-effective.

5 Businesses established in the private sector are sole traders, partnerships, public and private liability companies, credit unions, and non-profit organisations.

6  In the private sector profit is the motivating power.

7.The public sector aims to adjust and lay down fair trading principles in the private sector. It aims to look after consumers in opposition to monopoly enterprises and wasteful competition. It makes sure certain goods are provided for consumers, e.g. roads.

Nature and role of a management information system (MIS) its benefits and challenges

Nature and role of a management information system (MIS) its benefits and challenges

Definition: Management Information Systems (MIS) is the name given to the area directed to the integration of computer systems with the goals and purposes of an organisation.

The growth and management of information technology gear helps the workforce in performing any jobs associated with the handling of information. MIS systems are mainly valuable in the spread of business data and the production of reports to be used as apparatus for decision making.

 MIS is an integrated system of information plans intended to improve decision-making efficiency.

1. A good MIS is precise, well-timed, comprehensive, significant both in structure and content and accessible when required.

2. The mechanisms of a MIS are managers, their information requirements, data origins, the data pool, information and decision.
 

3. Benefits of MIS are: it saves time, money and labour; there is improvement in production and marketing practices; it also improves competitiveness and profit margins.

  

Challenges of an MIS system, for example:

(i) There is the cost of setting up and maintaining (establishment, maintenance and security);

(ii) There is the cost of training (human resource development)

(iii) There is also human error causing discrepancies.

Major economic institutions

Major economic institutions include:

(i) Caricom, COB, CAlC, and chambers of commerce and industry.

    Some functions of Caricom are:

-Economic integration through the elimination of customs duties

- Common services and functional collaboration

- The harmonization of foreign policy among members.

Some functions of the COB are:

- To help regional members in harmonization of their progressive programmes

- To organize financial resources for the progress of the region

- To fund projects and programmes contributing to development 

- To motivate and persuade the expansion of capital markets within the region.

Two functions of the CAlC are:

- An information centre about the manufacturing and allocation of Caricom goods

- To help resolve confrontation between businesses from different countries.

Some functions of chambers of commerce are:

 - To help look after the trading interests of members and trade in general

- To embark on settlement of disputes arising out of trade, commerce and industry

- To support and persuade the growth of production operations appropriate to the community in which they survive, and adding to the assistance of the economic wellbeing and advancement of the country

The Significance Of Transportation In Marketing

The significance of Transportation in Marketing

·       Distribution or transportation is the connection between producer and customer. It is the avenue by which the finishing product gets to the intended market.

·      In the local market transportation is required to bring goods to wholesalers, to the retailers who sell to the consumer. Transportation may be by truck, van, etc.

·    Internationally transporta­tion is the main connection when exporting or importing goods.

·         Goods are shipped or flown by airplane or helicopter therefore servicing countries with needed supplies.

·         Transportation is fundamentally significant to busi­ness and trade as supplies must be distributed as speedily and economically as possible from producer to the consumer.

The Large-sized Business (Poem)

The large-sized business (you are not inferior)  

You are not a junior

You are not just lesser

Like a utility company

That provides electricity

Or a large hotel group

Within the business loop

You are not as weak as water

You are not lower

Employing hundreds of people

You are not secondary

You are not subsidiary

Because you are highly structured

With a Managing Director

And a Board of Directors all over

They say all of your tasks

Are not second-class

With functions performed by various departments

You are as strong as a wall

You are not menial

With each department dealing with a particular function

You are not subordinate

You are just great

With each person in your department a specialist

You are not tawdry

You are not shoddy

You are not mediocre

Not always feeling poor

You are not indifferent

Cheapness you don’t represent

                                    By Dwayne Lubin

The Medium Sized Business (Poem)

The medium-sized business  

They say you are average

That is your stage

Intermediate

Just moderate

With 50 employees or more

Like a firm of solicitors

Such as a partnership

Where they share a business relationship

Where there are 2 or more solicitors

Who are the business owners

They share overall responsibility

Management, profits and every duty

In proportion to their individual share

                              By Dwayne Lubin

Techniques and definition of Selling

Techniques of Selling and definition

Definition of selling

To exchange or distribute for money or its comparable

To bid for sale, as for one's production or income

To give up or submit in replacement for a price or reward

·       Selling concept is the thought that consumers will not buy sufficiently unless the firm attempts great selling and promotion endeavors.

·       Selling process is the different steps a salesperson follows when selling. It involves identifying and qualifying, approach, presentation, demonstration, handling objections, closing, and follow-up.

·       Techniques are:

- Direct salesperson to customer technique - ­the person to person approach.

- Personal selling is the oral arrangement with one or more potential customers for the intention of making a sale.

- Sales presentation approach - salesperson performs a presentation to a group.

- Seminar selling approach - a sales team handles an educational seminar.

- Telemarketing approach - salespeople get in touch with customers by phone.

- Price reducing and adjustment techniques: by listening to customers' concerns and com­plaints into and offering helpful after-sales services, salespeople uphold good customer dealings.

- Conference selling approach - salesperson brings resource people from the company to meet a group to educate them.

Consumer Behavior

Consumer Behavior

The consumer market comprises of persons/households who purchase goods/services for personal utilization. They do not make their buying choices in emptiness but are persuaded by cultural, social, personal, and psychological factors.

The buyer decision process entails:

- Identifying a problem or need

- Information seeking  

- He or she then assesses the options found in the information seeking.

- The consumer makes a buying choice.

- He or she then assesses the purchase selection depending on level of fulfillment or disappointment.

-  Personal taste, income, price of similar products, tradition and brand loyalties have persuaded the consumer buying options.

Marketing Activities

Marketing Activities

Marketing comprises of a group of activities including: advertising, branding, distribution, promotion, pricing, and market research.

Advertising – informs about the product to the market throughout the use of media including TV, radio, internet etc …

Branding - is giving a name, mark, character, sign, symbol or design to a product in order to differentiate it from related products.

Distribution - is transporting the product to the market by the use of a set of persons or organizations known as channels.

Market research - highlights the methodical design, collecting, analyzing, and reporting of data and information pertinent to a definite product or marketing state of affair.

Pricing - settle on the amount of money charged for a specific product.

Sales promotion - a set of temporary incentives to persuade purchase or sale of a product or service.

Marketing and Market (definition)

A market consists of real and prospective buyers of a product. As long as buyers and sellers can interact with each other a market exists.

A market leads to the surfacing of commercial dealers and so improves the number of dealings.

Marketing is the human effort aimed at fulfilling needs and wants through the process of trade.

Marketing consists of the set of actions involved in the identification, expectation and fulfillment of wants and needs. It includes: market research, producing, branding, packaging, promoting, and distributing.

The Small Business (The Sole Trader) Poem

The small business (the sole trader)  

You are the sole trader

An individual proprietor

Or you may employ one or two persons

You may be single or solitary

You may be two or four persons only

With the proprietor

Making decisions about the business as a whole

While the other few workers will uphold

                                  By Dwayne Lubin

Economic Systems

Economic systems stay alive to answer the fol­lowing questions:

- What to produce

- How to produce

- For whom to produce

The main systems are traditional, capitalistic, planned and mixed.

Economic systems

- Traditional- a subsistence economy where needs and wants were fundamental  

- Communist -  production is planned and all property is owned by the state.

-    Capitalist -little or no government have power over. Market forces state what is to be produced, how and for whom.

-    Mixed economy—a combination of communist and capitalist economies. Market forces are allowed to function, but government reins and regulates the system.

The Sales And Marketing Office (Poem)

The sales and marketing office (you are sociable)    

Many say you are affable

I say you are hospitable

Because you are the most customer-focused part of the business

Many say you are approachable

I say you are companionable

Because you communicate directly with customers

Many say you are welcoming

I say you are outgoing

When you promote and sell the goods and services produced by the business

We say you are friendly

We say you are neighbourly

Gregarious or convivial

Oh Sales and Marketing offices so sociable

                                     By Dwayne Lubin

The Accounts And Purchasing Office Poems

The accounts office (I will show sincerity)  

I will show much frankness

I will show genuineness

Because it handles the processing

Of all the money that comes into the business

I will show directness

I will show openness

Because it handles all the money

That is spent by the business

I will show trust-worthiness

I will show straight-forwardness

Because it lets the owners know the overall

Expenditure and earning for a profit or loss

So I must show honesty

I must show integrity

In my demeanour

Of candour and honour

The purchasing and stock control office (I have confidence in you)    

There is certainty

All within me

Just about you; stock control office

You are responsible for buying the raw material

These are inputs into the production process

So faith and optimism I view

With hope and credence in you

Because you make sure there is enough material

At the right place at the right time in production

So in you I trust

Positiveness is a must

There is reliance without a doubt

                                 By Dwayne Lubin

Production,Records And Human Resource Poems

The production process (your composition)  

Your land and material inputs

Are part of your formation

Are part of your constitution

Your labour and capital inputs

Are part of your content

Are part of your establishment

The production of your throughput

The goods and services output

Are part of your formulation

Are part of your make up and structural production

The records management office (I want to focus on you)   

I must tell you that

You I want to aim at

Because you look after all documents and records

All those generated by the other offices in the company

You I want to create on

You I want to concentrate on

Because you ensure documents are stored safely

In a logical way and accessible easily

So you I want to fix my attention on

You I want to look at and home in on

To think about you day and night

To put you in the spotlight

The human resources office  

Me you will affect

And without neglect

Since you are responsible for recruiting all staff

You are memorable

Because you are loveable

Since you look after the interest of employees

You look after their welfare

For them you care

With regards to pension plans and healthcare

You influence me

You inspire me

You leave your mark on my anatomy

                                   By Dwayne Lubin