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Tag: Cutting

  • Businesses Pursuing New Product Development

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    With the aftermath of globalization, companies are carefully thinking about the best ways to extend their product and service offering. Thus, product development strategy is critical for their success. Yet, many companies are in defensive mode and merely want to maintain the position in the market place.

    However, staying in a holding position is a definite way for companies to be left behind. Innovative thinking that allows for product/service growth is a too sure way for sustainable success. In today’s discussion, we will explore the importance of product development for the growth of businesses, especially in a competitive market.

    Launching into new product offerings is not easy. According to one market research, approximately 75% of consumer-packaged goods and retail products fail to earn even $7.5 million during their first year. Harvard Business School Professor, Clayton Christensen, who is the world’s foremost authority on disruptive innovation, suggests that the failure rate of new products may actually be as high as 95%. Product failure rates relate to the number of products that are launched commercially but fail.

    Geoffrey A. Moore, the author of Crossing the Chasm, maintains the challenges of product deployment: “… the less successful product is often arguably superior. No content to slink off the stage without some revenge, this sullen and resentful crew casts about among themselves to find a scapegoat, and whom do they light upon? With unfailing consistency and unerring accuracy, all fingers point to-the vice president of marketing. It is marketing’s fault!” Thus, new product development is a risky proposition to senior executives making these critical positions as well as the organization as a whole.

    Businesses that want sustainable growth must develop new product and services often and consistently. Philip Kotler and Kevin Keller, authors of Marketing Management, “In an economy of rapid change, continuous innovation is a necessity. Highly innovative firms are able to identify and quickly seize new market opportunities.”

    In taking any actions on new product development, businesses should think strategically about their product development. Alexander Chernev, the author of Strategic Marketing Management, further argues that managing growth is the most preferred route to profitability compared to just cutting cost.

    He outlines four key issues in managing growth, which include: (a) gaining and defending a market position, (b) managing sales growth, (c) new product development, and (d) product-line management. Chernev maintains, “New products and services are the keys to sustainable growth; they enable companies to gain and sustain their market position by taking advantage of the changes in the market to create superior customer value.”

    With that said, new product development meaning having the ability to take a product or service idea and convert it into a tangible offering that customers want. The following are the steps that more products undergo for market consumption: (a) idea generation, (b) concept development, (c) business analysis, (d) product development, (e) market testing, and (f) business deployment.

    The Ansoff Matrix is a strategic tool for product development, consisting of market penetration, market development, product development, and diversification. In market penetration strategy, organizations seek to grow using its existing product offerings in existing markets. With this strategy in mind, organizations try to increase market share. In a market development strategy, companies try to expand into new markets like new buyers using their existing offerings. In product development strategy, businesses seek to create new products and services targeted at its existing buyers.

    In a diversification strategy, an organization tries to grow its market share by introducing new product offerings while at the same time entering a new market. Diversification is the most-risky approach due to simultaneous making new changes (new product, new market). Kotler and Keller further maintain the difficulty of sustainable product success: “It is increasingly difficult to identify blockbuster products that will transform a market, but continuous innovation can force competitors to play catch-up.” The concept sounds easy. However, it is riddled with problems.

    Without a doubt, many companies know that product development is a risky business. Although many consumers will proudly proclaim the success of many innovative products like Apple and Google, these same buyers are not aware of the numerous product launch failures in this country. In our discussion, I demonstrated the importance of product development for the growth of businesses, especially in a competitive market. Failures often lead to innovation.

    American great inventor, Thomas Edison, had his own share of failures, but learned how to innovate because of them: “I have not failed. I’ve just found 10,000 ways that won’t work.” Likewise, today’s businesses can also achieve success if they understand how to deploy their products and services to the marketplace strategically. Although there is enormous danger in failure, there is also the opportunity of unforeseen growth. Don’t wait until it’s too late.

    © 2017 by DD Green

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    Source by Dr. Daryl D. Green

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  • MLM Business Plan: How Can You Use One To Profit ASAP?

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    Although getting a plan together is a genuine necessity, you’ll be pleased to know it’s actually rather simple to put one together or to make a few changes to your existing plan.

    Many online marketers understand that getting a plan together is a genuine necessity, you’ll be pleased to know it’s actually rather simple to put one together or to make a few changes to your existing plan.

    Although it is easy to create an MLM business plan when you know what your goals are, creating a profitable one is a different story altogether. To create these type of plans to actually turn a profit in your business, the main focus needs to be on how effective your marketing strategy is when it comes to generating commissions and sign ups in your downline.

    There are two main ways in which you can advertise online to turn a profit:

    1) Free marketing: social networking or content marketing are king here, basically any user generated content or anywhere in which you can interact one on one with another person within your circle of friends (or associates).

    This is a fun way to incorporate marketing into your MLM business plan, but it can be time consuming and without a large amount of people following your content, you have no real leverage and therefore no immediate profit.

    2) Paid marketing: this is an obvious one, but basically anywhere you pay to post an advert. For online marketing, adverts on other people’s blogs or sending solo ads to other marketer’s email lists are the most cost effective although there are more popular paid marketing methods such as Facebook advertising.

    These get immediate and targeted traffic, but without the proper education on paid methods you will certainly break the bank before you profit. With this option, you must also understand that this is an investment and there are times when you may even lose money, especially if you promote your offer to the wrong target market.

    Finally, you must analyse what you’re spending in your business. Is the product, service or event you’re about to invest in something that can be monetised, for example what will you learn in the training you purchase that will cover the cost of your investment? Or can you become an affiliate for what you’ve just purchased and sell copies of it to earn commissions?

    In conclusion, when you’re piecing together your MLM business plan you’re going to need to take a common sense approach. Forget cutting corners to save money, make sure the focus is on providing value to your potential customers in your marketing efforts whilst making your advertising cost effective.

    Lastly, ensure that the amount of advertising you will be implementing reflect on your goals e.g. number of sales a month so that you stay consistent with both your goals and marketing to avoid getting overwhelmed in your business, especially if you’re new to the MLM industry. Now that you have a basic understanding on how to profit quickly with an effective MLM business plan, what are you going to incorporate into your plan?

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    Source by Seb Brantigan

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  • Customer Service Tips – How to Handle Irate Customers

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    Are you ready to learn how to keep every guest happy? It starts with making sure that your managers are thoroughly trained in every position within your restaurant. They need to know all the jobs, so they can step in if someone calls off sick, or if sales are higher than expected.

    The manager needs to be highly trained in excellent customer service. This type of service is called “wow” service because your customers will say “Wow!” about their experience at your restaurant.

    One way to easily accomplish that “wow” experience is simply by telling your managers that every time they are in direct contact with any guest, that they are smiling, being friendly and attentive to the guests. If a famous person was coming to your restaurant, how would you treat that person? Every guest should be receive that same VIP treatment.

    In case of a dissatisfied, angry, or irate customers, we recommend applying the GLAD technique. This will dramatically decrease customer related matters, and lead to customer recovery.

    What is the GLAD Technique?

    1. Go to the guest
    2. Listen carefully to the guest
    3. Apologize to the guest
    4. Do what it takes to solve the problem

    When approaching the upset customer, always shows genuine concern. It is important to listen to the guest without cutting them off. Make sure that you take the time to fully understand their concerns. Remain calm. Responding to anger in a calm manner may help reduce the person’s anxiety. Don’t be fake, be real.

    Always apologize to the guest, even if the customer is wrong. Even when you are certain the person is wrong, go with the mindset that the person is right. Never offer excuses as to why the problem occurred, but offer solutions instead.

    Solutions will vary depending on the complaint and the circumstances. Offer a solution and ask if this will meet the customer’s needs. Go above and beyond. Remember, one angry customer leads to other lost customers. Keep in mind that for each customer you lose, you will lose 11 customers within the next few weeks. That number will compound because those 11 people will also repeat what they heard from the first customer. Ultimately you could be losing hundreds of customers because of one dissatisfied customer. If the matter is serious, you could even lose your restaurant’s reputation, and the restaurant could end up being shut down.

    Every customer that leaves your restaurant tells family, friends and co-workers about the experience at your restaurant. If the experience was mediocre they won’t say anything, but if it was very good experience at your restaurant they will tell others. If it was a negative experience and they walked out dissatisfied, then the reputation of your restaurant will be impacted. Negative feedback from your customers could mean the end of your business. Don’t underestimate the power of the word-of-mouth effect. Word-of-mouth will work with you or against you depending on the guest’s experience.

    Do you really want to lose business because of customer complaints? Teaching effective customer service techniques to your managers and staff should be at the top of your to-do list.

    Teach your managers to be proactive in preventing customer related matters. Manager presence in the dining room is a wonderful path to reduce customer complaints. The manager should spend at least 80% of his/her time in the dining room, and only 10% in the manager’s office.

    The manager also needs to physically approach each customer’s table to ensure that WOW guest service is in effect. The manager also needs to learn how to detect negative body language and how to express positive body language.

    How do customers show their dissatisfaction with their body language?

    • When you are in direct eye-to-eye contact, you can witness the anger in the customer’s eyes.

    • Seeing untouched food, especially when everybody at the table ate their food, except the one customer who barely touched his or her food.

    • The manager asks the customer, “So how was your meal and service tonight?” The customer replies, “It’s okay”. If the customer was fully satisfied with both the service and the meal they may say it was “terrific” or “great,” not just “okay.”

    • When you look at a guest and you get an uncomfortable “gut” feeling, act on that feeling.

    • You see a customer looking around as though they want someone to help them. You may even see them glaring at a server speaking with other customers.

    What is your body language saying?

    • Always use direct eye contact when talking to your guests. Never look away while you are talking to your guest. Looking away gives the impression that you are not interested in what the other person has to say.

    • Never cross your arms when talking to guests, this could be interpreted as shutting them out or anger.

    • Never roll your eyes, as this is very disrespectful and it appears that you are belittling their concerns.

    • Constantly listen to the guest even if they are angry. It may help to allow the person to vent their anger. Always acknowledge their feelings.

    • Ask the customer what would improve the visit to your restaurant.

    What do you do with Moody Customers?

    This is your opportunity to turn around the customer’s mood from a bad to good. Make certain that you are on top of things and pay attention to details. If you have any concerns about their experience, you may even offer the table a free appetizer or dessert. It may seem like you are losing money by “giving away” food or “discounting” their meals; however, you will lose more money from each lost customer than you will for that one food item or meal. If you successfully turn things around, then you may create repeat business. Kindness and consideration of their needs will often overcome their anger.

    A wise person said, “How you handle positive feedback is important, but it is more important to know how to handle negative feedback.” Make sure you tell the customers that you appreciate the fact that they took the time to tell you about their experience. Don’t make excuses, instead find solutions. Don’t disagree with the customer, even if you know the guest is wrong.

    If you don’t learn from your mistakes, you are doomed to repeat them again and again.

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    Source by Donna Schim

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  • Self-Healing Cutting Mats – How to Cut Them to Size

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    A self-healing cutting mat (or rhino cutting mat as they are also known) is an extremely useful tool for any professional in the signage industry, as well as for printers, designers, dressmakers and many other craftspeople. They provide a large cutting surface that is safe for a rotary cutter and can be used again and again without leaving score marks. They can be purchased in standard sizes from medium to super-size and often are available in custom sizes to fit a particular production table or counter.

    However there are times when you need to cut your rhino mat to size. Perhaps you’ve moved it from a larger table to a smaller one, perhaps custom sizes weren’t available or were more expensive? So what is the best way of trimming a self-healing cutting mat to size?

    Clean cut

    If you want to keep mess to a minimum, scoring is the answer. Score it a long a straight edge, apply bending pressure and then score again. It will cut through quickly and cleanly this way.

    Quick and messy

    A circular saw will do the job in no time if you don’t mind clearing up the mess! Make sure you have your industrial vacuum cleaner handy.

    Curved edges, irregular shapes

    If your production space has curved edges or an irregular shape, try cutting the mat in place to fit the shape with a router. Clamp the mat in place and use a flush trim bit, running it all the way round the table. This is also quick and easy, if a little messy.

    Once you have your rhino cutting mat trimmed to exactly the right size your production table will be all set up for cutting, trimming and all those other tasks. If you have some reasonably sized off-cuts don’t throw them away. They can be used to make mini cutting mats for smaller jobs, or portable cutting mats for when you are out and about and need to do some last minute trimming alterations. Even a small A4 size piece is handy, so trim the off cuts into usable pieces and keep them for future use.

    Of course many places that supply self-healing cutting mats will cut them to custom sizes for no extra charge, so do check first when buying a new one. You could easily save yourself the trouble of cutting yours to size and have it delivered already a perfect fit for your table.

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    Source by Jo Connelly

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