This blog aims at equipping individuals with business and finance tools in simplistic terms. It convers both business finance and personal finance. It also looks at the actions that can help you run a business successfully. It has some juicy flavour in it. It also aims at getting individuals closer to Allah (SWT) Enjoy!
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It is about benchmarking
Hello readers, I will be talking about benchmarking in this article. Benchmarking can be defined as a situation where a company compares its processes and performances to the industry best or best practices of a company or with the best department. Benchmarking can be carried out in different number of ways.
Best in class benchmarking
This is a situation where a company compares the departments within their business with similar departments within the best external company. This will motivate managers to carry out actions that will help their company match the best-in-class performance.
This is a situation whereby a company collects information about direct competitors in order to compare their processes and results with theirs; with an aim to follow the steps of the best practice.
This is a situation where a company compares its present performance with its past performance. This way of benchmarking can make a company feel too comfortable at the expense of its performance since the company will only be comparing its present performance with its past. It best to compare performances with that of competitors.
This is a situation whereby a company compares the performance of one department with another department within the same organisation. A department that performs well in the group can be used as an example of best practice. Thank you for reading this article. Keep checking out my blog regularly.
Hello readers, today I will be writing about buyers behaviour when it comes to purchasing products (goods and services). I hope your week has been good. A buyer is an individual that makes a purchase. That purchase can be influenced by his/her emotions or his/her rational mind.
For your marketing strategy to be successful you have to truly understand the buying behaviour of your customers. Some customers buy goods based on trust and loyalty which falls into the emotional reasons. Thus, you have to build trust between your customers and yourself so they can return back to you. Trust is built when you offer good quality for reasonable prices.
Some products are bought regularly while some products are purchased seasonally. If your products fall into the seasonal category, you should only purchase them to be resold during that season. At times buyers purchase products on behalf of another individual. In that situation, you have to capture the mind of both the buyer and the actual person tha…