Global Digital Store – Ebooks and Softwares

Tag: Economic

6 Key Elements of Customer Relationship Marketing

[ad_1]

Customer Relationship Marketing (CRM) is a highly topical and relevant way of thinking about marketing. It is relevant because of the internet, and the impact it has had on the way marketing is carried out by businesses.

In this article, I’d like to look at six of the key conceptual elements which under-pin the CRM approach.

Element 1: Customer Differentiation

As its’ name implies, CRM is a customer centric approach to business. With this approach, a company is aiming to differentiate its’ product or service offering by customer profile. Instead of a more conventional approach, where a company differentiates primarily by its’ products or services.

Element 2: Long Term Emphasis

The aim here is to build a relationship with a customer over a period of time. This approach dove-tails very well with many Inbound Marketing strategies which are used on the internet.

This ongoing relationship has both cost and revenue benefits. On the cost side, it is almost always less expensive to market to an existing customer, than find a new one. The reason is simple; they already trust your organisation.

Element 3: Continuing Transactions

This is in some ways related to element two above. Rather than seeking one-off transactions with customers aim for multiple transactions. This may be in the form of cross-sales, add-on sales etc. Or it may be that you become a preferred supplier for a given niche product or service.

Sometimes, this is an economic necessity, as the cost of getting a first transaction is so high, that only repeat sales make the process worthwhile.

Element 4: Two-Way Communication

A core element in the building up of meaningful customer relationships is their ability to stay in touch with a company. With the advent of social media, email and SMS, this is even easier. This technology allows the communication to become more of a two-way process. And it is the customers who are just as likely to initiate a communication as is the organisation.

This is a great way to get real feedback of people’s wants and needs. And it ties in well with element one above; creating customer centric products and services.

Element 5: Retention Focus

With the CRM approach, a company is focused more on how to retain customers as opposed to simply how to acquire more customers. Aiming for a low customer churn rate is seen as highly desirable, and it is very often a cost effective way of doing business.

This feature again ties in well with the shift in power between buyers and suppliers that the internet has created. Buyers are no longer dependent on supply companies to tell them what’s available. They can go to the internet and do their own research, and share stories with other people who have used a product or service.

Element 6: Share of Values

By aiming to share a value set with their customers, companies can build strong relationships. These strong relationships translate into a clear brand identity, which transcends the ability of organisations to simply buy loyalty with advertising or special offers.

Summary

In summary, CRM is a major shift in marketing practice, from mass marketing to individualized marketing. The focus has shifted from acquiring lots of new customers to retaining and building more business from a smaller base of loyal high-value customers.

[ad_2]

Source by David R Durham

Views: 0

July 21, 2022
Economic Perspective on Entrepreneurship

[ad_1]

The concept of entrepreneurship is multifaceted. There are varied, diverse and somewhat contradictory sets of definitions of the term. As a way out the definitional dilemma, this article aims to explain the economic perspective on entrepreneurship.

The economic perspective rests on certain economic variables which include innovation, risk bearing, and resource mobilization.

Innovation/Creativity In this approach, entrepreneurs are individuals who carry out new combination of productive resources. The key ingredient, the carrying out of new combination (or innovation) distinguishes entrepreneurs from non-entrepreneurs. While new venture creation appears as the most prevalent form of entrepreneurship, there exist other forms. Entrepreneurship also involves the initiation of changes in the form of subsequent expansion in the amount of goods produced, and in existing form or structure of organisational relationships.

In the entrepreneurship literature, some scholars have questioned the use of organization creation as criterion for entrepreneurship. It has been argued that organizations such as political parties, associations and social groups are always created by people who are not “entrepreneurs.” Interesting as it might sound, the terms entrepreneurship and entrepreneur have been adopted by varied scholars to meet the innovation and spirit of the time. This is evidenced by attempts to apply entrepreneurial thinking to contemporary team-oriented workplace strategies. Members of such groups – political parties, associations and social groups – therefore, could be called entrepreneurial teams. Besides, activities inherent in such groups have flourished in recent years, and are increasingly being described as social entrepreneurship.

Risk Taking This is another economic variable upon which the economic perspective revolves. Risk taking distinguishes entrepreneurs from non-entrepreneurs. Generally, entrepreneurs are calculated risk takers. They bear the uncertainty in market dynamics. This notion has its critics and advocates. Entrepreneurs may not necessarily risk her own funds but risk other personal capital such as reputation and the possibility of being more gainfully employed elsewhere.

Resource Mobilization here, entrepreneurship is reflected in alertness to perceived profit opportunities in the economy. This implies the allocation of resources in pursuit of opportunities with the entrepreneur playing the role of an opportunity identifier. This way, entrepreneurs are distinguished by their ability to identify persistent shocks or challenges (of long term opportunities) to the environment, and then to synthesize the information and take decisive actions based upon it.

This article has conceptualized entrepreneurship based on resource mobilization, risk taking, and innovation. Beyond the above-mentioned economic variables, entrepreneurship can also be viewed based on a set of personal characteristics, motives and incentives of the actor in the entrepreneurship act. This is the psychological perspective, the subject of a future article. In addition to the psychological perspective, we shall also examine the process and small business perspectives.

[ad_2]

Source by Benjamin C Atuma

Views: 0

July 20, 2022
COVID-19: Media Group Calls For Increased Welfare For Journalists

Journalists

Media/civil society groups have demanded increased welfare of journalists during the outbreak of COVID-19.

The groups also called for special protection and support for journalists covering the outbreak of the virus in Nigeria.

The groups made the demand following a survey to assess the support available to journalists for their safety in covering the COVID-19 pandemic.

Journalists

Nigerian Times

The Wole Soyinka Centre for Investigative Journalism, Enough is Enough, International Press Centre, the International Centre for Investigative Reporting, and Premium Times Centre for Investigative Journalism, commissioned the survey following perceptions that journalists were being exposed to danger in the course of covering the pandemic.

The survey, filed by 463 journalists — correspondents, reporters, editors, freelancers and presenters from 73 print, broadcast and online media across 33 states and the Federal Capital Territory – revealed that there has been a poor attention to the needs, safety and welfare of journalists covering the pandemic.

Drawing from responses from the survey, the media/civil society groups have urged media proprietors to ensure that reporters on the field are adequately insured and financially empowered as they urged media outfits owing salaries to immediately pay their journalists.

They also demanded that media organisations should, “Establish workplace policy and follow the same to equip their journalists with specialised and personal protective equipment including for observation of social distancing while on the field.

“Provide training to journalists on how to crowd source information for their stories without having to necessarily go to the field; and explore technological options for interviews while in-house infrastructure should be put in place to ensure the safety of employees and guests (particularly for broadcast media) in line with the safety advisory of the government and health authorities.”

They also enjoined freelance journalists to take advantage of reporting grants and other opportunities to procure personal protective equipment while covering the pandemic.

Following the outbreak, media outfits are beginning to introduce reduction in salaries, with organisations citing economic importance as reason for the deduction.

Journalism

MEDIA

News

AddThis

:

Original Author

:

SaharaReporters, New York

Disable advertisements

:

Read More
http://saharareporters.com/2020/05/08/covid-19-media-group-calls-increased-welfare-journalists

Views: 0

May 9, 2020
New Zealand is close to wiping out covid-19 – can it return to normal?

New Zealand is on track to eliminate covid-19 altogether, but keeping the virus out for good will be a challenge, and the economic impacts are likely to hurt

Read More
https://www.newscientist.com/article/2242753-new-zealand-is-close-to-wiping-out-covid-19-can-it-return-to-normal/?utm_campaign=RSS%7CNSNS&utm_source=NSNS&utm_medium=RSS&utm_content=home

Views: 0

May 9, 2020
Treasury approves 2.3m new application for BPN, total payout RM1.7bln

KUALA LUMPUR: A total of 2.3 million new applications and appeals for Bantuan Prihatin Nasional (BPN) have been approved, with a cumulative total payout of RM1.7 billion, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz (pix) announced today.

The approval came after the Malaysian Inland Revenue Board (LHDN) completed its review of these new applications and appeals, he said.

“With the approval of these new applications and appeals, the total number of BPN recipients currently stands at 10.6 million, with a cumulative total disbursement of RM11 billion (an increase of RM1 billion on top of the initial allocation of RM10 billion),” he said in a statement today.

Tengku Zafrul said the government hopes the BPN will benefit the Rakyat and ease their burden during this challenging period.

The BPN is one of the government aids under the RM260-billion PRIHATIN Rakyat Economic Stimulus Package.

The MoF opened for new applications and appeals for the BPN between April 1 – 30, 2020. –Bernama

Read More
https://www.thesundaily.my/home/treasury-approves-23m-new-application-for-bpn-total-payout-rm17bln-CL2386510

Views: 0

May 9, 2020
Amcham supports gov’t plan to enforce S17A of the MACC Act 2009

KUALA LUMPUR: The American Malaysian Chamber of Commerce (Amcham) supports the Malaysian Government plan to enforce S17A from June 2020 to bring the level of compliance by Malaysian companies on par with that of the United States and the rest of the developed world.

It said, the Malaysian Government introduced corporate liability for companies committing acts of bribery through Section 17A of the Malaysian Anti Corruption Commission Act 2009, which was in line with the requirements of Article 26 of the United Nations Convention Against Corruption (UNCAC).

“As a reflection of Malaysia’s commitment to the UNCAC, Section 17A is to come into effect next month, given the concern about the seriousness of problems and threats posed by corruption to the stability and security of society, the undermining of institutions and values of democracy, and the jeopardizing of sustainable development of the economy.

“These prohibitions reflect the provisions of the US Foreign Corrupt Practices Act 1977 and are the terms on which all US companies conduct business,“ said Amcham in a statement.

It pointed out that there should not be any delay or suspension in the implementation of such key legislation, especially in these times of economic turmoil when businesses and consumers need certainty, especially to ensure that prices are not inflated due to corrupt acts or lax enforcement of the law. — Bernama

Read More
https://www.thesundaily.my/local/amcham-supports-gov-t-plan-to-enforce-s17a-of-the-macc-act-2009-FL2386430

Views: 0

May 9, 2020
The ‘Great Fall’ and the road to recovery

The economic effects unleashed by the COVID-19 pandemic defy conventional labels. Here’s how we’ll move forward.

Read More
https://investornews.vanguard/the-great-fall-and-the-road-to-recovery/

Views: 0

May 9, 2020
Why global recovery may not look like China’s

China may be as much as a year ahead of most developed nations in economic normalization after the pandemic.

Read More
https://investornews.vanguard/why-global-recovery-may-not-look-like-chinas/

Views: 0

May 9, 2020
WHO and European Investment Bank strengthen efforts to combat COVID-19 and build resilient health systems to face future pandemics
- WHO and the European Investment Bank enhance cooperation to support countries in addressing the health impact of COVID-19
- The first phase will address urgent needs and strengthen primary health care in ten African countries
- Enhanced WHO-EIB partnership will scale up financing to assure the chain of essential supplies, including personal protective equipment, diagnostics and clinical management
- New initiative will accelerate investment in health preparedness and primary health care with a focus on health work force, infrastructure, and water, sanitation and hygiene
- The initiative involves measures to address the growing threat of antimicrobial resistance
The World Health Organization and the European Investment Bank will boost cooperation to strengthen public health, supply of essential equipment, training and hygiene investment in countries most vulnerable to the COVID-19 pandemic.

The new partnership between the United Nations health agency and the world’s largest international public bank, announced at WHO headquarters in Geneva earlier today, will help increase resilience to reduce the health and social impact of future health emergencies.

“Combining the public health experience of the World Health Organization and the financial expertise of the European Investment Bank will contribute to a more effective response to COVID-19 and other pressing health challenges,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General.

“WHO looks forward to strengthening cooperation with the EIB to improve access to essential supplies including medical equipment and training, and deliver better water, sanitation and hygiene where most needed. New initiatives to improve primary health care in Africa and support the EU Malaria Fund hint at the potential impact of our new partnership,” Dr Tedros concluded.

“The world is facing unprecedented health, social and economic shocks from COVID-19. The European Investment Bank is pleased to join forces with the World Health Organization as a key part of Team Europe’s efforts to address the global impact of the COVID-19 pandemic. The EU Bank’s new partnership with the WHO will help communities most at risk by scaling up local medical and public health efforts and better protect people around the world from future pandemics. This new cooperation will enable us to combat malaria, address anti-microbial resistance and enhance public health in Africa more effectively,” said Werner Hoyer, President of the European Investment Bank.

Improving local public health efforts to tackle coronavirus

The WHO and the EIB will increase cooperation to help governments in low- and middle-income countries to finance and secure access to essential medical supplies and protective equipment through central procurement.

Building resilient health systems in vulnerable countries across Africa

The WHO and the EIB will reinforce cooperation to support immediate COVID-19 needs and jointly develop targeted financing to enhance health investment and build resilient health systems and primary health care to address public health emergencies as well as accelerate progress towards Universal Health Coverage.

The partnership will benefit from the EIB’s planned 1.4 billion EUR response to address the health, social and economic impact of COVID-19 in Africa.

This will address immediate needs in the health sector and provide both technical assistance and support for medium-term investment in specialist health infrastructure.

The collaboration envisages rapid identification and fast-track approval of financing for health care, medical equipment and supplies.

The first phase of the collaboration will see public health investment in ten African countries.

Long-term collaboration to overcome market failures in global health

The agreement signed today establishes a close collaboration to overcome market failure and stimulate investments in global health, accelerating progress towards Universal Health Coverage. Increased cooperation between the WHO and the EIB will strengthen the resilience of national public health systems and enhance preparedness of vulnerable countries against future pandemics, thanks to investments in primary care infrastructure, health workers and improved water, sanitation and hygiene.

Future cooperation will strengthen the EIB’s 5.2 billion EUR global response to COVID-19 outside the European Union.

Scaling up investment to tackle antimicrobial resistance

The two organisations will also cooperate in an initiative to address investment barriers hindering development of new antimicrobial treatment and related diagnostics. Antimicrobial resistance is amongst the most significant global health threats.

The WHO and the EIB are working on a new financing initiative to support development of novel antimicrobials and address the estimated 1 billion EUR needed to provide medium-term solutions to antimicrobial resistance. Other crucial partners have been invited to join this discussion.

Improving the effectiveness of malaria treatment

Under the new agreement the EIB and WHO will support development of the EU Malaria Fund, a new 250 million EUR public-private initiative intended to address market failures holding back more effective malaria treatment.

Strengthening EIB support for healthcare, life science and COVID-19 investment

In recent years the European Investment Bank has provided more than 2 billion EUR annually for health care and life science investment.

In the context of the COVID-19 pandemic, the EIB is currently assessing over 20 projects in the field of vaccine development, diagnostic and treatment, leading to potential investments in the 700 million EUR range. The EIB will also take part in the EU’s rolling pledging effort for the coronavirus global response that is taking place on May 4th.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The World Health Organization provides global leadership in public health within the United Nations system. Founded in 1948, WHO works with 194 Member States, across six regions and from more than 150 offices, to promote health, keep the world safe and serve the vulnerable. Our goal for 2019-2023 is to ensure that a billion more people have universal health coverage, to protect a billion more people from health emergencies, and provide a further billion people with better health and wellbeing. For updates on COVID-19 and public health advice to protect yourself from coronavirus, visit www.who.int and follow WHO on Twitter, Facebook, Instagram, LinkedIn, TikTok, Pinterest, Snapchat, YouTube

WHO’s information site on the COVID-19 pandemic

Read More
https://www.who.int/news-room/detail/01-05-2020-who-and-european-investment-bank-strengthen-efforts-to-combat-covid-19-and-build-resilient-health-systems-to-face-future-pandemics

Views: 0
May 9, 2020
New FAQs address healthcare workers questions on breastfeeding and COVID-19

Mothers and healthcare workers who support them have many questions and concerns about whether it is safe for mothers with confirmed or suspected COVID-19 to be close to and breastfeed their babies during the pandemic.

To address their questions, WHO has released a list of Frequently asked questions: Breastfeeding and COVID-19. The FAQ complements the WHO interim guidance: Clinical management of severe acute respiratory infection when COVID-19 is suspected and draws upon other WHO recommendations on infant and young child feeding.

The FAQs aim to provide information to healthcare workers supporting mothers and families in maternity services and community settings, and communicate how the interim guidance should be implemented. Additionally, the FAQs provide information about the protective effects of breastfeeding and skin-to-skin contact, and the harmful effects of inappropriate use of infant formula milk.

Accompanying the FAQs is a decision tree which provides step-by-step guidance to health workers on how to support mothers with confirmed or suspected COVID-19 to breastfeed. It provides advice on what to do if mothers are not well enough to breastfeed, as well as appropriate hygiene measures for mothers, including wearing a medical mask if available, to reduce the possibility of the COVID-19 virus being spread to her infant.

Benefits of breastfeeding outweigh potential risks

The COVID-19 virus has not been detected in the breastmilk of any mother with confirmed and suspected COVID-19 and there is no evidence so far that the virus is transmitted through breastfeeding. Researchers continue to test breastmilk from mothers with the infection.

WHO recommends that all mothers with confirmed or suspected COVID-19 continue to have skin-to-skin contact and to breastfeed. In all socio-economic settings, breastfeeding improves survival and provides lifelong health and development advantages to newborns and infants. Breastfeeding also reduces the risk of breast and ovarian cancer for the mother. Skin-to-skin contact, including kangaroo mother care, reduces neonatal mortality, especially for low birth weight newborns.

While infants and children can contract COVID-19, they are at low risk of infection. The few confirmed cases of COVID-19 in young children to date have experienced only mild or asymptomatic illness.

WHO’s recommendations on the care and feeding of infants whose mothers have confirmed or suspected COVID-19 aim to improve the immediate and lifelong survival, health and development of their newborns and infants. These recommendations consider the likelihood and potential risks of COVID-19 in infants and also the risks of serious illness and death when infants are not breastfed or when infant formula milk are used inappropriately.

WHO’s Q&A on breastfeeding and COVID-19 also provides additional infection prevention advice to mothers with confirmed or suspected COVID-19.

Read More
https://www.who.int/news-room/detail/28-04-2020-new-faqs-address-healthcare-workers-questions-on-breastfeeding-and-covid-19

Views: 0

May 9, 2020