Tag: Component

  • Critical Thinking Skills PDF Meaning Definition Importance

    Critical Thinking Skills PDF Meaning Definition Importance

    Critical Thinking Skills PDF, their Meaning, Definition, Importance with Examples; What is critical thinking? They refer to the potential to investigate information objectively and make a reasoned judgment. It involves the assessment of assets, consisting of data, statistics, observable phenomena, and research findings. Good vital thinkers can draw reasonable conclusions from a fixed of statistics, strategies for studying and discriminating among beneficial and less beneficial information to remedy troubles or make decisions.

    Here is the article to explain, Critical Thinking Skills PDF, also their Meaning, Definition, and Importance with Examples!

    Critical questioning method making reasoned judgments which are logical and properly-idea-out. It is a way of wondering in which you do not take delivery of all arguments and conclusions you expose to however as a substitute have a mindset related to thinking such arguments and conclusions. It requires looking to look at what proof worries to assist a selected argument or end. People, who use crucial questioning are the ones who say matters including, “How do you know that? Is this end based totally on proof or gut emotions?” and “Are there opportunity opportunities while given new pieces of records?” The following Critical Thinking Skills, Docs PDF, Meaning, Definition, and Importance with Examples below are;

    Meaning and Definition of Critical Thinking Skills;

    People with critical thinking have the consistency of living rationally. He will be able to understand logical connections between ideas. Reasons will rely on instead of emotion. Thinking critically means seeing things from many perspectives in an open-minded way. A critical thinker can understand what happened, use information given to solve problems, besides seeking relevant information which will be able to help him. Also, he can identify, construct and evaluate problems faced. Critical thinking can always use to enhance the process of work and social institutions. Some believe that critical thinking will affect one’s creativity as it depends on rules of logic and rationality, as creativity might require breaking rules. Well, this is not true. Critical thinking is something to do with thinking “out-of-the-box”.

    Critical thinking is the ability to think in an organized and rational manner to understand connections between ideas and/or facts. It helps you decide what to believe in. In other words, it’s “thinking about thinking”—identifying, analyzing, and then fixing flaws in the way we think.

    Critical thinking is an utmost important part of creativity and we often need critical thinking to help us in evaluating and improving our creativity skills. Besides, critical thinking teaches us how to differentiate emotion and reason. No matter how logical we are, when comes to facing problems, we do have emotions and arguments on accepting ideas and solutions. Critical thinking helps us to separate the two, and as a result, we will not easily interfere.

    What is the importance of critical thinking skills?

    With critical thinking skills, one will be able to view and take up as many possibilities as he can. They help people to develop a positive attitude toward learning. If an autistic person feels uncomfortable in the presence of others, the first thing they will be doing is to look for a smaller place in which he will isolate himself from other people. He then will develop a negative attitude about learning in general. With the existence of critical thinking skills, an autistic person will learn how to manage his timetable besides providing materials and activities based on his own needs and interests, ignoring what the others doing.

    Secondly, they help develop problem-solving skills and think critically. If a person is constantly in a state of stress, he will be more inclined of defending himself against perceived threats. When one’s brain is under stress, one cannot be creative anymore in the sense that no new things will absorb into the mind. This is because the mind will shut down the learning capacity and go into ‘classical survival mode’, which is a type of protection to what is still in the mind and ward off the possible new invasion of knowledge. As a result, a better alternative, such as relaxing critical thinking activities, will eventually come to a success.

    What skills help?

    Also, their skills help one to develop independence. Learning is not just about a measure of teaching; it’s a measure of capacity. A person can only learn something if his mind could do so. Students have the chance to think of themselves, to question hypotheses, and to test the alternative hypothesis against known facts. It does not only give students the ability to understand what they have been taught but also to build knowledge without step-by-step guidance. Students will build up their knowledge upon themselves. It is not just about the ability of one’s memorization or lessons’ absorb in a particular time given.

    What are the components or elements of critical thinking?

    Once mastering the use of critical thinking, it is as if like have well mastered many other skills as well. According to my research, there are three important components that we can find from critical thinking: theory, practice, and attitude. The theory is the first main component in critical thinking. To think precisely, definitely we have to follow the rules of concluding.

    Knowledge of theory, which is also known as the basic principles of critical thinking, is one of these rules. If we could deduce the rights and wrongs, it will be a lot better to obtain an answer correctly and this usually means that knowledge has to be learned. Secondly, practice. Well, it will not be enough to only know how to distinguish good and bad. We might know how to swim, but this still needs constant practice to avoid flurrying when we encounter a flood.

    That’s why to be good enough in critical thinking skills means that we have to work hard and apply the principles in our daily life. Attitudes are important in the component of critical thinking too. Knowledge, as well as practice, need in producing good critical thinking. Constant practice will result in improvement only if when one uses the right kind of encouragement and attitude. As to enhance one’s reasoning, he must be good at differentiating the importance of demonstrating reasons for appropriate actions to be made. He must also be willing to involve in debate, making mistakes, and breaking old habits.

    How will you improve critical thinking?

    Recently, critical thinking has become very popular in educational circles. The teaching skill in Malaysia is vogue especially among the content used for higher education. However, it does not inspire students in active learning or critical thinking. Students place in a more passive type of studying compared to the teacher will usually do all the lectures, explaining, and most of the thinking. Critical thinking helps us analyze each selection and choose out of many. We often ask ourselves: what will we do if nothing has divisibility, comparability, and satisfiability? We should understand our purpose and also the intention of which we are going to work.

    So, we should know the alternatives. Work on the research that we should be viewing, criticism can only be done by the standard. Next, learn the logic. Give an example, do study how a case is made, what the things we can do about it, and how the conclusion is working out. We can try learning the critical jargon too. These will in turn help us make our judgment to be more concrete and lead us to which judgment should focus on. Well, don’t be too absolute on anything and yet not be too fearful of criticism. Try avoiding using absolutes such as never and remember to use them only when you have complete trust in something.

    Always ask for others’ opinions because most properly they will offer a new angle of understanding which could change our view. Creative thinking is also a way of improving critical thinking. This exercise can translate into a creative process such as writing. Through practice, we will be able to find the ability to find new ways of challenging ourselves. Many popular games encourage critical thought. Well, games like Sudoku require good focus and critical thinking.

    How will you practice critical thinking in the classroom? Demonstrate a critical thinking example in your own words.

    Well, learning in a pin-drop silence is not a way to support practicing critical thinking that occurs in the classroom. We should do it in a way where thinking and sharing develop along with the class. This kind of practice will in turn approach students without any monotonous moment. This is a type of critical thinking, reasonable and reflective thinking that will lead to sound decisions to be sought. Using the mode of teaching with critical thinking, the class should start with a given topic. Discussions and dialogue can start-up among students, and the lecturer may begin to raise some questions in between, derive the students with different solutions and justify them accordingly.

    I believe that critical thinking is a strategy and deep thinking. It is important not only to know how to use critical thinking in class but also to reflect this area of knowledge as a useful subject. Nowadays, critical thinking helps students to think and develop confidence ultimately. When a lecturer starts to give explanations, critical thinking acts as a process of error detection with reasons. I think critical thinking practices in class are really useful especially when the lecturer seems to be a novice in using questioning, reasoning, and providing thinking times.

    In the Class;

    Also, we can enhance the environment. Critical thinking in class, if facilitated with a physical and intellectual environment, will encourage a spirit of discovery. For example, seats can arrange in a way that students share the ‘stage’ with professors and all can interact with each other. This in turn will help to minimize the passive teaching where many of the students nowadays faced. Visual aids in class can encourage too! Posting signs such as ‘why do I think so?’, ‘is this a fact or opinion?’ or ‘what would happen if?’ will remind students how they should be answering questions. Most importantly, students’ attention will direct to a certain level that it’s periodically to the signs. The signs have the meaning to emphasize the idea of transferring and showing many thinking strategies and skills which apply to different topics and problems.

    UKEssays, November 2018. The Importance of Critical Thinking Skills. Retrieved from https://www.ukessays.com/essays/education/what-is-the-importance-of-critical-thinking-skills-education-essay.php?vref=1

    Examples of the Top Critical Thinking Skills;

    1. Analysis: The potential to acquire and procedure information and know-how.
    2. Interpretation: concluding what the means of processed information is.
    3. Inference: assessing whether or not the know-how you’ve got is enough and dependable.
    4. Evaluation: the ability to make decisions based on the available records.
    5. Explanation: speaking your findings and reasoning.
    6. Self-Regulation: the force to continuously monitor and correct your methods of wondering.
    7. Open-Mindedness: taking into account different possibilities and factors of view.
    8. Problem-Solving: the potential to address surprising issues and resolve conflicts.

    The occasions that call for important thinking range from industry to enterprise. Some examples encompass:

    • A triage nurse analyzes the cases to hand and makes a decision on the order by which the sufferers have to be dealt with.
    • A plumber evaluates the materials that would best shape a particular job.
    • An attorney opinions the proof and devises a strategy to win a case or to determine whether or not to settle out of the court docket.
    • A supervisor analyzes consumer comments bureaucracy and uses this data to develop a customer support training consultation for personnel.
    Critical Thinking Skills PDF Meaning Definition Importance Examples Image
    Critical Thinking Skills PDF Meaning Definition Importance Examples; Image by Biljana Jovanovic from Pixabay.
  • What is the Value Net Framework? Definition Use Components

    What is the Value Net Framework? Definition Use Components

    The Value Net Framework, otherwise called the Coopetition Framework is a scientific methodology instrument created by Adam Brandenburger and Gary Nalebuff in 1996, joining system and game hypothesis, to portray and break down the conduct of different players inside a given industry or market. Also, The Value Net Framework is a choice to Porter’s Five Forces framework, broadens the five powers framework broader by looking at the function of reciprocal.

    Here is explain the article about What is the Value Net Framework? Their Definition, Use, and Components.

    The framework’s key though is that collaboration and rivalry coincide. Participation and rivalry are both important and alluring while working together. Collaboration needs to build advantages to all players (center around market development), and rivalry is expected to split the current advantages between these players (center around pieces of the overall industry).

    Definition of Co-opetition or Value Net Framework:

    It is a neologism speaking to the vacillation of rivalry and collaboration in business connections. Also, Co-opetition is part of rivalry and part collaboration. It portrays the way that in the present business climate, most organizations can make more progress in a unique industry than they actually could working alone. In particular, when organizations cooperate, they can make a lot bigger and more significant market than they actually could be working exclusively.

    According to Adam Brandenburger and Barry Nalebuff:

    “Co-opetition recognizes that business relationships have more than one aspect. As a result, it can occasionally sound paradoxical. But this is part of what makes co-opetition such a powerful mindset. It’s optimistic, without being naive. It encourages bold action while helping you to escape the pitfalls. It encourages you to adopt a benevolent attitude towards other players, while at the same time keeping you tough-minded and logical. By showing the way to new opportunities, co-opetition stimulates creativity. By focusing on changing the game, it keeps business forward-looking. Through finding ways to make the pie bigger, it makes business both more profitable and more personally satisfying. By challenging the status quo, co-opetition says things can be done differently – and better.”

    Organizations at that point rival each other to figure out who gets the biggest portion of that market. As well as, Co-opetition takes into account this present reality business circumstance that there can be various champs in the commercial center. Business, in contrast to war, isn’t a victor takes recommendation. Also, The goal is to amplify your degree of profitability – paying little mind to how well or how ineffectively others or different organizations perform.

    Use or Utilizing the Value Net Framework:

    The Value Net Framework portrays the different parts of the players. A similar player can involve more than one job all the while. Planning the Value Net for business is the initial move toward changing the game.

    As per the game hypothesis, the game has five components: players added values, rules, strategies, and extension. To change the round of business, you need to adjust at least one of these five components.

    Players:

    The undeniable first errand is to sort who the pertinent players are and what jobs they play. Regarding molding methodology, an organization should consider whether getting extra players can work for its potential benefit (extra providers to diminish costs, extra reciprocal to expand the value of the item to buyers). Inquiries to pose in this setting are:

    • What are the open doors for collaboration and rivalry in your organization’s associations with clients and providers, contenders, and supplements?
    • Might your organization want to change the cast of players? Specifically, what new players might your organization want to bring into the game?
    • Who stands to pick up if your organization turns into a major part of a game? Who stands to lose?
    Added Value:

    Identify your organization’s additional value from the point of view of every one of the market members. Also, Attempting to raise your additional value or lower the additional values of different players can make you a more significant player. A few different ways to raise your additional value are fitting your item to clients’ necessities, assemble a brand, use assets all the more productively, and so on Then again, making rivalry among your providers, controlling creation to general a lack of your items, utilizing ware parts in your items, and so forth, are some potential approaches to bring down the values of others. Inquiries to pose in this setting are:

    • What is your organization’s additional value?
    • How might you increment your organization’s additional value? Specifically, would you be able to make steadfast clients and providers?
    • What are the additional values of different parts in the game?
    • Is it to your greatest advantage to restrict their additional values?
    Rules:

    Each industry and market has rules and guidelines. Some are composed and authorized by law, some unwritten yet by and large acknowledged practices. An illustration of that could be a “most preferred country” statement where a client demands an agreement with a provider to get the best value that some other client may likewise get. Inquiries to pose in this setting are:

    • Which rules are helping your organization? Which is harming?
    • What new principles might your organization want to have? Specifically, what agreements would you like to keep in touch with your organization’s clients and providers?
    • Does your organization have the ability to make these standards? Does another person have the ability to topple them?
    Strategies:

    Tactics characterize as “moves that players make to shape the impression of different players”. As well as, The round of business play in a field of vulnerability, where every one of the players has a thought (view) of the circumstance and methodologies of different players, at the end of the day is questionable about the truth of those players’ circumstances and procedures. Inquiries to pose in this setting are:

    • How do different players see the game? How do these discernments influence the play of the game?
    • Which discernments might you want to protect? Which insights might you want to change?
    • Do you need the game to be straightforward or misty?
    Extension:

    Scope portrays the limits of the game. Directors ought to continually assess the chance of growing or contracting those limits. Regularly, a market isn’t disengaged yet is connected to different business sectors. A lot of ongoing models have indicated that product, equipment, media, internet business, promoting, and broadcast communications markets are either firmly interlinked, or major parts in certain business sectors have taken purposeful vital moves to supportive of effectively connect them. Inquiries to pose in this setting are:

    • What markets might be connected?
    • How your organization could make value-added from connecting the organization’s items and administrations to that market?
    • How that may influence the discernments and activities of different players?

    Components or Segments of Value Net Framework:

    Any organization (or industry) works in a climate having four primary gatherings that impact the course of any business. These four gatherings are:

    • Clients purchase your organization’s items and administrations, in return for cash.
    • Providers give assets to your organization, in return for getting paid.
    • Contenders offer substitutes (immediate or roundabout) to your organization’s items and administrations. Note that your organization’s rivals contend both on the client-side (offering comparable items and administrations) and on the provider side (purchasing comparable assets).
    • The supplement gives items or administrations that permit a client to get more value out of your items or administrations on the off chance that they purchase both. Once more, there is a comparable dynamic at chip away at the provider side.

    The Value Net Framework is a schematic guide intended to speak to all the major parts in the game and the between conditions among them. Also, Cooperations occur along with two measurements. Along with the vertical measurement are the organization’s clients and providers.

    Other things:

    The vertical measurement (providers organization clients) is the fundamental wellspring of value (or financial excess) creation. Along with the level, measurement is the players with whom the organization cooperates yet doesn’t execute. Also, They are its rivals and correlative.

    Contenders diminish the organization’s additional value alongside the vertical pivot and correlative expands your additional value along with the vertical hub. Brandenburger and Nalebuff express that “supplement is only the identical representation of contenders”. Clients value your item more when there are correlative while they value your item less when there are substitutors.

    Understanding this relationship features an insufficiency in current serious practices – just zeroing in on the most proficient method to dispose of one’s rivals. Or maybe associations ought to likewise endeavor to create product supplement which in the drawn-out expands an association’s general value to a client.

    What is the Value Net Framework Definition Use Components Image
    What is the Value Net Framework? Definition Use Components; Image from Pixabay.
  • Different original components of the Supply Chain Essay

    Different original components of the Supply Chain Essay

    The supply chain essay in management is dealing with the progression of how your item is made and all the cycles that change the crude material into the completed item. A supply chain is an organization of producers, providers, merchants, carriers, storerooms, and retailers that perform capacities like acquirement and obtaining of material, handling, and change of the material into the middle of the road and completed unmistakable merchandise, lastly, the actual dissemination of the completed products to transitional or last clients.

    What are the different original components of the Supply Chain Management Essay?

    What should really be possible to deal with the danger in the supply chain essay? Above all else, one must guarantee that there are permeability and arrangement of the worth chain towards a definitive objective of supplying the client. Also, Permeability requires initially a full comprehension of the progression of significant worth along the chain. It requires an away from what great resembles, what achievement is, and how it very well may be estimated, and what can keep that accomplishment from occurring. Associations need, essentially, to distinguish the “bottleneck,” or the frail connections all the while, and make the suitable move. This could be a danger appraisal that weighs up the danger and alleviating activities or explicit goals.

    Fundamental pieces of the business:

    It’s a basic capacity inside assembling and retail since its productivity impacts the achievement of other fundamental pieces of the business:

    Client assistance:

    A perfectly tuned supply chain implies your client gets the request precisely as they expected on-schedule, without fail. Also, they likewise expect open help should they need it after the buy, which your supply chain management can impact.

    Working costs:

    The supply chain must be planned such that bolsters the interest level for the item to abstain from overloading and stock expenses. It’s additionally where you oversee supply costs like crude materials and transportation.

    Monetary management:

    As you accelerate the item stream to your clients, you accelerate your income into the business. If you can get your item to the client in 7 days rather than 20, you can receive them 14 days sooner. Permeability into your supply chain can feature where you can diminish expenses and stand by times, and increment net revenues.

    Top 10 Shipping Containers for Manufacturers in the USA; Here is the list of leading container manufacturers from the United States: Maersk, Hapag-Lloyd, COSCO, American President Lines (APL), Hanjin Shipping America LLC, NYK Line, CMA CGM, Evergreen Marine Corporation, W & K Container Line, and USA Containers.

    Components of supply chain management essay:

    One normal and compelling model is the Supply Chain Operations Reference (SCOR) model; created by the Supply Chain Council to set up accepted procedures for tending to, improving, and imparting necessities successfully. Also, the SCOR broke into six components. Each incorporates a bunch of cycles that add to creation.

    Planning:

    A plan begins with making sure about the subtleties of your activity procedure. First is choosing where you’ll settle in to make your item – either locally or universally; and, whether you make the whole item yourself or buy a few components somewhere else. There are advantages and difficulties with either so this should be done deliberately.

    Planning is basic to control stock and assembling measures. Organizations consistently attempt to coordinate supply with total interest by building up a game-plan utilizing investigation. To obtain what arrange is ‘Source’. To arrange for what is sufficient for creation is ‘Make’ and to achieve critical help levels by conveying on time with cited lead time is ‘Convey’. Moreover, it is fitting to be ready with a watchful eye on interest varieties along the worth chain to keep away from the Bullwhip impact. For example, firms anticipate market requests utilizing logical instruments and plan the necessary crude materials utilizing certain material arranging devices; another example, Material Requirement Planning (in SAP ERP framework).

    Next, choose how you will create and store your item. Will you make them ahead of time and store them to anticipate orders? Or on the other hand, will you make them once the client orders? You could likewise have a bit of the result made ahead of time and complete creation upon request, or offer request customization. You can utilize any blend of these procedures and the strategy for execution estimation is set up before arranging starts.

    Source:

    Sourcing is recognizing merchants who will secure products and enterprises to meet arranged/genuine interest most financially and productively. There are sure forms that providers need to satisfy, in this way guaranteeing the firm to convey quality products to the customer. Sourcing can be of transitory just as durable items. On account of transitory items, it orders to have a base provider’s lead time which will uphold a negligible stock methodology. Then again, on account of durable items, the provider’s cited lead time must be not exactly the quantity of days by when stock arrives at zero, along these lines prompting no misfortune in income.

    The following stage is acquiring your crude materials and any components you plan to rethink. These requirements to occur at the most ideal cost, at the opportune time, in the correct amount. Significantly, all providers are completely reviewed and all agreements are haggled to get the best incentive without relinquishing the quality. Also, Conveyance planning is basic, as well.

    Evaluating provider execution is a constant prerequisite for ideal supply chain management; just as booking installments and guaranteeing import/send out necessities are met.

    Area:

    The area is basic for effective supply chain management. An appropriate area that is advantageous to your assets and materials is ideal. For instance, a carbonated beverage organization that is set up in an area where water is scant could hamper the imperativeness of the business.

    Maker:

    This is the place where collecting, testing, and pressing exercises occur. This stage additionally incorporates building up guidelines for execution estimation, how you’ll store information, your creation offices, and administrative consistency. According to the inclination of the buyer, the firm will play out all exercises identified with the change of crude material to the result. Exercises, for example, amassing, testing, and pressing occurs at these components of Supply Chain Management. Criticism from shoppers makes a Win-Win circumstance for both (producer and end-client) concerning the firm it is improving their creation activities persistently.

    Conveyance:

    Another most significant segment of the supply chain management essay is adding to coordinate/aberrant reconciliation with the customers. It has a critical commitment to flood the brand picture of the firm. Completed merchandise and enterprises, as requested by shoppers, need to meet desires through the organization’s conveyance channels and coordination administrations. To have a consistent conveyance, the firm uses different cargo – street, air, and rail.

    Likewise called coordinations, this segment envelops all the means for preparing client orders, circulating them, and moving them. Warehousing and stock, or paying a specialist co-op to oversee both, additionally remember for this stage. This is likewise where you factor in preliminary and guarantee periods and invoicing once the eventual outcome convey.

    Clients:

    The client frames the focal point of any supply chain. A client enacts the cycles in a supply chain by submitting a request with the retailer. The client request fills by the retailer, either from the current inventories or by putting in a new request with the distributer/maker. Sometimes, a client sidesteps all these supply chain components by connecting with the makers straightforwardly. For instance, on account of the online acquisition of a PC from Dell Computers, the client puts in a request straightforwardly with the producer.

    Retailers/Distributors:

    The retailer goes about as a connection between the client and the merchant/producer. He obliges the requirements of the client by making the items accessible at his store. As a component of this cycle, the retailer places orders with the maker to renew the stocks. In an ordinary supply chain, buy orders start at the retailer’s end, yet now and again where there is a game plan to share; the POS data with makers the producer screens the stock levels and renews it naturally, Wal-Mart has such a course of action with P&G,

    Producers:

    The maker assumes a critical part of choosing the structure of the supply chain. Contingent upon the market circumstance, the maker either utilizes the draw or the push system to create the interest needed for the development of items in the supply chain. The producer at that point plans for a creation plan contingent upon the resultant interest.

    Providers:

    Suppliers encourage the makers, creating measures by guaranteeing the ceaseless supply of crude materials. Also, Makers place orders with providers dependent on estimated client interest. Since it is exceptionally hard to estimate request precisely, producers attempt to incorporate their cycles with those of the providers to be in a superior situation to react to vacillations in client requests. Providers assist producers with diminishing their stock levels by masterminding Just-in-time supplies.

    Returns:

    You’ll require a smooth and simple cycle for clients to restore damaged items. This will likewise incorporate how to deal with “end of life” items when the opportunity arrives for you to suspend making, selling, and supporting certain items. For blemished items, this stage incorporates your organization’s set up guidelines for observing execution, expenses, and stock for the brought item back. This implies:

    • Recognizing the item condition.
    • Approving returns.
    • Planning substitution item shipments, and.
    • Giving discounts.

    It is a post-conveyance client assistance measure that is related to a wide range of brought items back. Also, It otherwise calls ‘Switch Logistics’. It is one of the main components of supply chain management to limit the expected weakening of associations with clients. On the other side, this cycle gives a similar game-plan for the firm towards its providers. The firm returns the bad quality, imperfect, lapsed, or unreasonable crude materials to the providers/merchants.

    Supply chain management includes the utilization of a bunch of ways to deal with coordinating productively the exercises of providers, makers, warehousing suppliers; and, retailers so merchandise delivers and disperse in the correct amounts, to the correct areas, and at the opportune time, to limit framework wide expenses while meeting client support desires.

    Different original components of the Supply Chain Essay Image
    Different original components of the Supply Chain Essay; Image from Pixabay.
  • Business Environment: Definition, Nature, Importance, and Components

    Business Environment: Definition, Nature, Importance, and Components

    Learn Business Environment: Business means human activity directed towards producing or acquiring wealth through buying and selling goods. It can define as “the forces, factors, and institutions with which the businessman has to deal with to achieve its objectives”. Here are articles explain Business Environment with their topics of Meaning, Definition, Nature, Importance, and Components. It is a complex field of commerce and industry in which goods and services are created and distributed in the hope of profit within a framework of laws and regulations.

    What does mean Business Environment? Explain Meaning, Definition, Nature, Importance, and Components.

    Environment scanning can define as a process by which organizations monitor their relevant environment to identify opportunities and threats affecting their business. No company can survive in the market by ignoring the effects of Business Environment. As well as, efficient management analyses the environment and makes changes in organizational policies to integrate its activities with Business Environment.

    The most suitable example to prove the impact of Business Environment is the controversial case of Pepsi and Coke Company. Business Environments provide constraints as well as opportunities for the businessman. For example, the regulation such as the MRTP Act and wealth restriction put constraints on the businessman. On the other hand, the liberalization policies, import relaxation policies bring opportunities for the businessman.

    Definition of Business Environment:

    The word business environment has been defined by various authors as follows,

    According to Wheeler as;

    “The total of all things external to firms and industries that affect the function of the organization is called business environment.”

    According to Arthur M. Weimer as;

    “Business Environment encompasses the -climate’ or set of conditions, economic, social, political or institutional in which business operations are conducted.”

    According to Keith Davis as;

    ‘‘Business environment is the aggregate of all conditions, events, and influences that surround and affect it.”

    Thus the business is an economic activity performed by human connection with the production and exchange of goods and services with a profit motive under the laws and regulations of the country. Based on the above definitions, it is very clear that the business environment is a mixture of complex, dynamic and uncontrollable external factors within which a business is to operate.

    Nature of Business Environment:

    The nature of Business Environment is simply and better explaining by the following approaches;

    1] System Approach:

    In original, business is a system by which it produces goods and services for the satisfaction of wants, by using several inputs, such as, raw material, capital, labor, etc. from the environment.

    2] Social Responsibility Approach:

    In this approach, the business should fulfill its responsibility towards several categories of society such as consumers, stockholders, employees, government, etc.

    3] Creative Approach:

    As per this approach, the business gives shape to the environment by facing the challenges and availing the opportunities in time. Also, the business brings about changes in the society by giving attention to the needs of the people.

    Importance of Business Environment:

    The importance of business environment explains with the help of the following points:

    1] Help to understand internal Environment:

    It is very much important for business enterprises to understand their internal environment, such as business policy, organization structure, etc. In such a case an effective management information system will help to predict the business environment changes.

    2] Help to Understand Economic System:

    The different kinds of economic systems influence the business in different ways. A businessman and business firm need to know about the role of capitalists, socialist and mixed economy.

    3] Help to Understand Economic Policy:

    Economic policy has its importance in the business environment and it has an important place in business. Also, the business environment helps to understand government policies such as export-import policy, price policy; monetary policy, foreign exchange policy, industrial policy, etc. have much effect on business.

    The big plans or strategies and policies in the organization are formed keeping in mind the business environment because the strategies and policies have to execute in the presence of environmental factors. Scanning of environmental factors helps to find out the problems of business and makes a better strategy to resolve them.

    4] Help to Adapt and Adjust with the Rapid Changes:

    In today’s world, changes are taking place very fast and these fluctuations have a great impact on business. So it is important to understand these changes as fast as possible. The business environment helps to scan the problems of the companies and also helps to remove them for future benefits.

    The businessman did changes in their internal environment also to match the external environment. With the help of a scanning environment, the Ambani bros recognized that today’s environment demands quick decision so they shifted from centralization to decentralization.

    5] Help to Understand Market Conditions:

    An enterprise must know the market structure and changes taking place in it. The knowledge about the increase and decrease in demand, supply, monopolistic practices, government participation in business, etc., is necessary for an enterprise.

    Components of Business Environment (Download PDF file):

    Every business firm consists of a set of internal factors and it also confronts a set of external factors. The following components factor you a more clear and comprehensive explanation about the different factors of the internal and external business environment.

    Internal Business Environment:

    Several factors influence the various strategies and decisions within the organization’s boundaries. These factors are known as internal factors and are given below:

    1] Human Resources:

    It involves the planning, acquisition, and development of human resources necessary for organizational success. It points out that people are valuable resources requiring careful attention and nurturing. Progressive and successful organizations treat all employees as valuable human resources. The organization’s strengths and weaknesses also determined by the skill, quality, morale, commitment, and attitudes of the employees. Organizations face difficulties while carrying out modernizations or restructuring process by the resistance of employees. So, the issues related to morale and attitudes should seriously be considered by the management. Moreover, global competitive pressures have made the skillful management of human resources more important than ever. The support from the different levels of employees supports the management in the different decisions and their implementations.

    2] Company Image:

    One company issues shares and debentures to the public to raise money and its instruments oversubscribe while the other company seeks the help of different intermediaries like underwriters to generate finance from the public. This difference underlies the distinction between the images of the two companies. Also, the image of the company matters in certain other decisions as well as forming joint ventures, entering contracts with the other company or launching new products, etc. Therefore, building a company image should also be a major consideration for the managers.

    3] Management Structure:

    Gone are the days when business was carried out by the single entrepreneur or in the formation of partnerships. Now it has reshaped itself into the formation of the company where it is run and controlled by the board of directors who influence almost every decision. Therefore, the composition of the board of directors and nominees of different financial institutions could be very decisive in several critical decisions. The extent of professionalization is also a crucial factor while taking business decisions.

    4] Physical Assets:

    To enjoy economies of scale, a smooth supply of produced materials and efficient production capacity are some of the important factors of business that depend upon the physical assets of an organization. These factors should always keep in mind by the managers because these play a vital role in determining the competitive status of a firm or an organization.

    5] R & D and Technological Capabilities:

    Technology is the application of organized knowledge to help solve problems in our society. The organizations which are using appropriate technologies enjoy a better competitive advantage than that of their competitors. The organizations which do not possess strong Research and Development departments always lag in innovations which seems to be a prerequisite for success in today’s business. Therefore, the R & D and technological capabilities of an organization determine a firm’s ability to innovate and compete.

    6] Marketing Resources:

    The organizations which possess a strong base of marketing resources like talented marketing men, strong brand image, smart salespersons, identifiable products, wider and smooth distribution network and high quality of different services, make effortless inroads in the target market. As well as, the companies which are having so strong basis can enjoy the fruits of brand extension, form extension, and new product introduction, etc. in the market.

    7] Financial Factors:

    The performance of the organization is also affected by certain financial factors like capital structure, financial position, etc. Certain strategies and decisions are determined based on such factors. Also, the ultimate survival of organizations in both the public and private sectors is dictated largely by how proficiently available funds are managed. So, these were some of the factors related to the internal environment of an organization. These factors are generally regarded as controllable factors because the organization commands control over these factors and can modify or alter as per the requirement of the organization.

    Business Environment Definition Nature Importance and Components Image
    Business Environment: Definition, Nature, Importance, and Components. Image from Pixabay.

    External Business Environment:

    Companies operate in the external environment that forces and shape opportunities as well as threats.

    These forces represent “noncontrollable”, which the company must monitor and respond to. SWOT (Strengths, weaknesses, opportunities, and threats) analysis is very much essential for the business policy formulation which one could do only after examination of the external environment. The external business environment consists of macro-environment and micro-environment.

    1] Micro Environment:

    The company’s immediate environment where routine activities affect by certain actors. Suppliers, marketing intermediaries, competitors, customers, and the public operate within this environment. Also, the micro factors don’t need to affect all the firms. Some of the factors may affect a particular firm and do not disturb the other ones. So, it depends on that to what type of industry a firm belongs to. Now let’s discuss in brief some of the micro-environmental factors.

    • Suppliers.
    • Customers.
    • Competitors.
    • Marketing Intermediaries, and.
    • Publics.
    2] Macro Environment:

    With the rapidly changing scenario, the firm must monitor the major forces like demographic, economic, technological, political/legal and social/cultural forces. The business must pay attention to their casual interactions since these factors set the stage for certain opportunities as well as threats. These macro factors are, generally, more uncontrollable than the micro factors. A brief discussion of the important macro-environmental factors give below:

    • Demographic Environment.
    • Economic Environment.
    • Technological Environment.
    • Political or Legal Environment, and.
    • Social-cultural Environment.
  • Enterprise Architecture framework (EA framework) and their Components

    Enterprise Architecture framework (EA framework) and their Components

    An Enterprise Architecture framework (EA framework) provides a collection of best practices, standards, tools, processes, and templates to assist in the creation of the Enterprise Architecture and architectures of various scopes. The Oracle Enterprise Architecture framework (OEA framework) and their Components for better understand. The previous business framework of Enterprise Architecture Components is very helpful for making a new company framework architecture. Also, EA is the process of translating business goals and strategy into practical enterprise change by building, communicating, and optimizing the key requirements, rules, and models that describe the desired state of the enterprise and facilitate its change and evolution.

    Enterprise Architecture framework (EA framework) and with their Components deeply understand.

    There are many Enterprise Architecture frameworks, each with different strengths and weaknesses. Some focus on modeling existing architecture, others focus on finding solutions to business problems. Also, Enterprise Architecture frameworks provide a common terminology and generic concepts that make it easy for stakeholders to communicate without taken into consideration various languages.

    India Enterprise Architecture Framework (PDF) by Dr. Pallab Saha (Chief Architect, The Open Group). As well as, They have been adopted by many organizations government agencies for operational use. Two often-cited architectural frameworks that are commonly considered a founding framework are The Open Group Architectural Framework (TOGAF), and The Zachman Framework.

    Types of Enterprise Architecture framework:

    We codify the basics of enterprise architecture in these four major framework systems. Each of them has strengths and weaknesses. Each of these systems has been in use for over a decade at the least. They each have a long and storied history. As well, each of them takes decades and decades of information structure and put it to use. They are Four Types;

    The Zachman Framework:

    This Framework uses the method of taxonomy to organize a massive variety of documents and materials into categories that suit them. Also, The Zachman Framework goes beyond IT. It offers structural connections into any aspect of an enterprise. The basis of the Framework focuses on six descriptive foci and six-player perspectives. As well as, The foci are data, function, network, people, time, and motivation. The perspectives are planner, owner, designer, builder, subcontractor, and enterprise.

    It is a framework that shows the interconnected relationship within an enterprise. It was published in 1987 by John Zachman. Also, The framework is based on architecture and engineering principles. The framework represents two dimensions, the first dimension concerns the different perspectives of people involved in the architecture process which are: Planner, Owner, Designer, Builder, Subcontractor, and User.

    The second dimension deals with the basic questions: what, how, where, who, when, and why. Also, Zachman’s framework presents a comprehensive view of the actual processes of an enterprise which guides decision making, IT resources, and architecture principles. However, it does not provide an avenue for practical application of the framework as much guidance for planning, implementation, and maintenance of the architecture.

    The interconnective web that these twelve total points create gives you a structure that communicates how best your company can operate. When you understand why each point can connect and relate to each other, you discover a powerful facet of your business. This can help guide proper decisions on your business. Keep in mind that these details are broad, and refining them can only give a more concentrated web of information.

    The Open Group Architectural Framework (TOGAF):

    The Open Group Architectural Framework or TOGAF is one of the most common framework structures in business today. Also, TOGAF accounts for over 80 percent of the entire business framework structure. It contains all the needed pieces for a powerful framework. It has a common vocabulary to use, recommended standards and compliance methods, suggested software and tools, and even a method to define best practices.

    TOGAF was developed based on the Department of Defence’s Technical Architecture Framework for Information Management in 1995. Also, The framework provides rules for governance, designing, developing, and implementing an EA. Its main components are the architecture capability framework, Architecture Development Method (ADM), Architecture Content Framework, and Enterprise Continuum. As well as, The important part of TOGAF is the ADM which specifies the process of developing the architecture. However, it does not provide a set of architectural principles.

    Created and owned by The Open Group, TOGAF is as much an engine as a framework. It holds the steps and keys to creating independent architecture. This method of creation is the Architectural Development Method or ADM. Also, TOGAF is often viewed as more an overarching process. The details and methods contained within TOGAF help guide businesses through any step of business organization.

    Federal Enterprise Architectural Framework:

    Also, The Federal Enterprise Architectural or FEA is one of the newest attempts to create a solid structure for organizations. The US Federal Government developed it in 2006. It helps organize the myriad of different agencies and organizations under its control. Its predecessor, the FEAF (Federal Enterprise Architectural Framework), started in 1996.

    The FEA combines the best of both the Zachman Framework and TOGAF. Also, The FEA has five reference models. They cover business, service, components, technical, and data. These five points combine with a segment model to create a perspective on how best to install enterprise architecture.

    The segment model at its core allows a distinction of any number of organizations and connections. Also, FEA was the foundation for a massive restructuring of a high-end government. As such, the framework is a strong core to follow when building a strong foundation for a future company.

    Gartner Methodology framework:

    The last type, Gartner, differs from the previous three. It does not conform to the structures of frameworks, taxonomy, or models. As well as, Created by the company of the same name, Gartner is a practice that focuses on a constant state of adapting to the environment around you.

    Gartner is one of the leading IT research businesses in the entire world. They contain some of the best minds on the subject of IT. As such, they have a long-running history of smooth communication among all of its experts. Also, Gartner’s focus and strength come from its ability to focus a thousand different moving parts into a singular goal and vision.

    Gartner implements the idea of combining business owners, information specialists, and technology implementors into a single unified entity. Instead of creating webs of framework or a singular process, Gartner relies on a constant recorrection that allows the three core entities to tackle any oncoming problem.

    Components of enterprise architecture framework (EA framework):

    In addition to the three major framework components discussed above.

    1. Description advice: some kind of Architecture Artifacts Map or Viewpoint Library
    2. Process advice: some kind of Architecture Development Method, with supporting guidance.
    3. Organization advice: including an EA Governance Model

    An ideal EA framework should feature:

    • Business value measurement metrics.
    • EA initiative model.
    • EA maturity model, and.
    • Enterprise communication model.

    Most modern EA frameworks (e.g. TOGAF, ASSIMPLER, EAF) include most of the above. Zachman has always focused on architecture description advice.

    Enterprise Architecture frameworks typically include:

    • Common vocabulary, models, and taxonomy.
    • Processes, principles, strategies, and tools.
    • Reference architectures and models.
    • Prescriptive guidance (EA processes, architecture content, implementation roadmap, governance).
    • Catalog of architecture deliverables and artifacts.
    • Enterprise Architecture Content Metamodel, and.
    • Recommended a set of products and configurations (optional).

    Utilizing an Enterprise Architecture framework streamlines the process for creating and maintaining architectures at all levels (e.g. enterprise architectures, functional business segment architectures, cross-cutting technology domain architectures, and solution architectures) and enables an organization to leverage the value of architecture best practices.

    Several EA frameworks exist in the industry intending to address the basic challenge of assessing, aligning, and organizing business objectives with technical requirements and strategies. Examples include the Zachman Enterprise Framework, The Open Group Architecture Framework (TOGAF), OMB Federal Enterprise Architecture (FEA), and The Gartner Methodology (formerly the Meta Framework).

    Each framework possesses different strengths and weaknesses, which makes it difficult to find anyone existing framework that is ideal for all situations.

    Enterprise Architecture framework (EA framework) and their Components
    Enterprise Architecture framework (EA framework) and their Components; Photo #Pixabay.

    Components of Enterprise Architecture (EA):

    Enterprise Architecture is all about the elements that make up an enterprise and how these elements inter-relate. Also, Enterprise Architecture frameworks contain a list of recommended standards and compliant products for designing information systems in terms of a set of building blocks and how these building blocks relate together. It supports the integration of the business, system, and technology architectures while aligning business and IT strategy.

    The four architectural disciplines based on a hierarchical, multi-level systems theory approach that is commonly accepted as subsets of the overall enterprise architecture:

    1. Business Architecture: it represents the fundamental structure of an organization from the business strategy viewpoint such as goal systems, governance, key business process, and organization.
    2. Application Architecture: it represents the fundamental structure of an enterprise that provides a blueprint of the individual application system to be deployed, their interaction with the core business process.
    3. Data (Information) Architecture: it represents the fundamental structure of the logical and physical data assets of the organization and its data management resources.
    4. Technology Architecture: it represents the fundamental structure of an enterprise that describes the hardware platforms and software infrastructure that support the applications.

    Often used to denote the compound set of applications, information, and technology architectures are IT architecture. Also, IT architecture is defined as the organizing logic for data, applications, and infrastructure, captured in a set of policies, relationships, and technical choices to achieve desired business and technical standardization and integration. Thus, representing the business and IT structure of an enterprise is EA.

  • What does Artificial Intelligence (AI) mean? PPT with Components of Robot

    What does Artificial Intelligence (AI) mean? PPT with Components of Robot

    How does artificial intelligence work? Artificial intelligence is a branch of computer science that aims to create intelligent machines. What does AI or Artificial Intelligence mean? PPT with Components of Robot; It has become an essential part of the technology industry. Article of Artificial intelligence (AI) is the ability of a computer program or a machine to think and learn. The theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.

    Artificial Intelligence: Meaning, Definition, Components with PPT Example.

    AI or artificial intelligence a modern approach; As well as, refers to software technologies that make a robot or computer act and think like a human. Some software engineers say that it is only artificial intelligence if it performs as well or better than a human. In this context, when we talk about performance, we mean human computational accuracy, speed, and capacity.

    What is Artificial intelligence? It is a theory and development of computer systems that can perform tasks that normally require human intelligence. As well as, Speech recognition, decision-making, visual perception; for example, are features of human intelligence that AI may possess. Translation between languages is another feature.

    Meaning and Definition of Artificial Intelligence:

    An ideal (perfect) intelligent machine is a flexible agent that perceives its environment and takes actions to maximize its chance of success at some goal or objective. As machines become increasingly capable, mental facilities once thought to require intelligence are removed from the definition.

    For example, optical character recognition is no longer perceived as an exemplar of “artificial intelligence”: it is just a routine technology. At present we use the term AI for successfully understanding human speech, competing at a high level in strategic game systems, self-driving cars, and interpreting complex data. Some people also consider AI a danger to humanity if it continues to progress at its current pace.

    The following definition of AI:

    First, definition;

    “Artificial Intelligence, or AI, is the ability of a computer to act like a human being. It has several applications, including software simulations and robotics.”

    Second, definition;

    “However, artificial intelligence is most commonly used in video games, where the computer is made to act as another player.”

    AI, the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings. Also, the term frequently applies to the project of developing systems endowed with the intellectual processes characteristic of humans; such as the ability to reason, discover meaning, generalize, or learn from experience.

    One thing we know, John McCarthy came up with the name “Artificial Intelligence” in 1955. Since the development of the digital computer in the 1940s, it has been demonstrated that computers can program to carry out very complex tasks; for example, discovering proofs for mathematical theorems or playing chess—with great proficiency. Still, despite continuing advances in computer processing speed and memory capacity; there are as yet no programs that can match human flexibility over wider domains or in tasks requiring much everyday knowledge.

    On the other hand, some programs have attained the performance levels of human experts and professionals in performing certain specific tasks; so that AI in this limited sense finds in applications as diverse as medical diagnosis, computer search engines, and voice or handwriting recognition.

    Here is the PPT slide explain What is Artificial Intelligence?

    What are the Components of the Robot?

    Robot: A machine resembling a human being and able to replicate certain human movements and functions automatically. Also, a robot is a machine designed to execute one or more tasks automatically with speed and precision.

    Some of the important components of Robot are as follows:

    • Manipulator.
    • Controller.
    • Sensors.
    • End-effector, and.
    • Locomotion Device.

    Now, explain;

    1] Manipulator:

    Just like the human arm, the robot consists of what call a manipulator having several joints and links.

    2] Controller:

    The digital computer (both the hardware and the software) acts as a controller to the robot. Also, the controller functions in a manner analogous to the human brain. With the help of this controller, the robot can carry out the assigned tasks. As well as, the controller directs and controls the movement of the Manipulator and the end-effector. In other words, the controller controls the robot.

    3] Sensors:

    Without the data supplied by the sense organs, the brain would be incapable of intelligence. In other words, the controller (the computer) of the robot cannot do any meaningful task, if the robot is not with a component analogous to the sense organs of the human body.

    Thus, the fifth and most important component of the robot is the set of sensors. Sensors are nothing but measuring instruments that measure quantities such as position, velocity, force, torque, proximity, temperature, etc.

    4] End-effector:

    The base of the manipulator is fixed to the base support and at its other free end, the End-effector attaches. As well as, the end-effector expects to perform tasks normally performed by the palm and finger arrangements of the human arm.

    5] Locomotion Device:

    In the case of Human Beings, the power for the movement of the arm, the palm, and fingers provide by muscles. For the robot, the power for the movement (locomotion) is provided by the motors. Also, the motors used for providing locomotion in robots are of three types depending on the source of energy: Electric, Hydraulic, or Pneumatic.

    What does Artificial Intelligence (AI) mean PPT with Components of Robot
    What does Artificial Intelligence (AI) mean? PPT with Components of Robot, #Pixabay.

    What is Knowledge? without knowledge, Artificial Intelligence maybe calls Zero.

    By Peter Drucker, The truly revolutionary impact of the Information Revolution is not artificial intelligence, information, or the effect of computers and data processing on decision-making, policymaking, or strategy. Also, the key to continued growth and leadership in the New Economy is not the electronics of computers but the cognitive skills of the “knowledge workers”.

    Knowledge may record in the individual brain or stored in the organizational process, products, facilities, systems, and documents. Knowledge is the capacity to act. It is the product of learning, related to human activity, and is more than just a piece of information.

    Knowledge assets are the knowledge regarding markets, products, technologies, and organizations, that a business owns or needs to own and which enable its business process to generate profits. What does Employees Stock Option mean? with Motivating Employees.

    Reference:
    1. britannica.com/technology/artificial-intelligence
    2. wikipedia.org/wiki/Artificial_intelligence
    3. marketbusinessnews.com/financial-glossary/artificial-intelligence/
    4. yourarticlelibrary.com/robots/robots-5-important-components-of-robots/5692
    5. slideshare.net/EdurekaIN/what-is-artificial-intelligence-artificial-intelligence-tutorial-for-beginners-edureka/13-Copyright_2017_edureka_andor_its
  • Integrated Marketing Communications (IMC): Definition, Components, and its Process

    Integrated Marketing Communications (IMC): Definition, Components, and its Process

    What is IMC? Integrated Marketing Communications (IMC) is a marketing concept of the 1990s. It will be necessary for survival in the 21st century. It ensures that all forms of communication and messages are carefully linked together. The topic of this article: IMC Meaning, Definition, Components, and its Process. At its most basic level, Integrated Marketing Communications, or IMC, as we’ll call it, means integrating all the promotional tools, so that they work together in harmony. Read and share it in English!

    Introduction of Integrated Marketing Communications (IMC) Explanations!

    The advent of integration is causing marketers to take a fresh look at all the components of marketing, specifically the unique dimension that public relations bring to the marketing mix. Public relations people, in turn, are seizing the opportunity that integration offers them to make a difference where it counts most to their companies and clients – on the bottom line.

    IMC is the culmination of the shift that began in the post – World War II period, from selling what the companies make to making what the consumers want. IMC focused on what to know about products and services, not what the marketers want to tell them in order to sell them.

    Meaning and Definition of Integrated Marketing Communications (IMC):

    It is essential for organizations to promote their brands well among the end-users not only to outshine competitors but also to survive in the long run. Brand promotion increases awareness of products and services and eventually increases their sales, yielding high profits, and revenue for the organization.

    Integrated Marketing Communication defined as the coordination and integration of all marketing communication tools, avenues, and sources within a company into a seamless program that maximizes the impact on customers and other end-users at a minimal cost.

    This integration affects all firm business-to-business, marketing channels, customer-focused, and internally directed communications. It is a management concept that is designed so that all the marketing communication which consists of advertising, sales promotion, public relation, and direct marketing work together as a unified force rather than each of those marketing communication work in isolation.

    Besides, it acts as an aggressive marketing plan because it sets and tracks marketing strategy that captures and uses the extensive amount of customer information. It also ensures that all forms of communication and messages carefully linked together to achieve a specific objective.

    Definitions of Integrated Marketing Communications (IMC):

    The American Association of Advertising Agencies (AAAA), defines it as:

    “A concept of marketing communication planning that recognizes the added value of a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines, e.g. general advertising, direct response, sales promotion and public relations – and combines these disciplines to provide clarity, consistency and maximum communication impact.”

    The Northwestern University’s Medill School of Journalism defines IMC as,

    “The process of managing all sources of information about a product/service to which a customer or prospect is exposed which behaviorally moves the customer toward the sale and maintains customer loyalty.”

    According to Kotler and Armstrong, Integrated Marketing Communications (IMC) is a concept in which a:

    “Company carefully integrates and coordinates its many communication channels—mass media advertising, personal selling, sales promotion, public relations, direct marketing, packaging, and others—to deliver a clear, consistent, and compelling message about the organization and its products.”

    Integrated Marketing Communication according to Schultz and Kitchen,

    “Is a strategic business process used to plan, develop, execute, and evaluate co-ordinated measurable, persuasive brand communication programs over time with consumers, customers, prospects and other targeted, relevant external and internal audience.”

    Tom Duncan defined IMC as,

    “A process for managing the customer relationships that drive brand value. More specifically, it is a cross-functional process for creating and nourishing profitable relationships with customers and other stakeholders by strategically controlling or influencing all messages sent to these groups and encouraging data-driven, purposeful dialogue with them.”

    In short, Integrated Marketing Communications (IMC) is:

    “Joint planning, execution, and coordination of all areas of marketing communication and also understanding the consumer and what the consumer actually responds to.”

    The Components of Integrated Marketing Communication:

    Let us go through various components of Integrated Marketing Communication:

    The Foundation:

    As the name suggests, the foundation stage involves a detailed analysis of both the product as well as the target market. It is essential for marketers to understand the brand, its offerings, and end-users. You need to know the needs, attitudes, and expectations of the target customers. Keep a close watch on competitor’s activities.

    Corporate Culture:

    The features of products and services ought to be in line with the work culture of the organization. Every organization has a vision and it’s important for the marketers to keep in mind the same before designing products and services. Let us understand it with the help of an example. Organization A’s vision is to promote a green and clean world. Naturally, its products need to be eco-friendly and biodegradable, in line with the vision of the organization.

    Brand Focus:

    Brand Focus represents the corporate identity of the brand.

    Consumer Experience:

    Marketers need to focus on consumer experience which refers to what the customers feel about the product. Also, a consumer is likely to pick up a product that has good packaging and looks attractive. Products need to meet and exceed customer expectations.

    Communication Tools:

    Communication tools include various modes of promoting a particular brand such as advertising, direct selling, promoting through social media such as Facebook, Twitter, Orkut, and so on (Note: Orkut is no longer use it).

    Promotional Tools:

    Brands are promoted through various promotional tools such as trade promotions, personal selling, and so on. Organizations need to strengthen their relationship with customers and external clients.

    Integration Tools:

    Organizations need to keep a regular track of customer feedback and reviews. You need to have specific software like customer relationship management (CRM) which helps in measuring the effectiveness of various integrated marketing communications tools.

    Integrated marketing communication enables all aspects of the marketing mix to work together in harmony to promote a particular product or service effectively among end-users.

    Integrated Marketing Communications (IMC) Definition Components and its Process
    Integrated Marketing Communications (IMC): Definition, Components, and its Process!

    IMC (Integrated Marketing Communications) Process:

    The following process below are;

    Identify target audience:

    The promotional process must start by identifying the target audience by using segmentation; which is defining buying preferences and characteristics of buyers and dividing them into segments. Also, the goal of identifying target audiences is to design promotional strategies that can meet customer expectations more accurately.

    Thus, IMC which integrating and coordinating all types of marketing promotional tools; that maximize the satisfaction of buyers will be very useful to the firm’s promotional strategies. This is because IMC can help the company by providing customer databases to sellers; and, marketers to identify information about the buyers precisely and accurately.

    Determine the communication objectives:

    In the second stage, the company needs to develop a clear objective and the goals of promotional strategies. As well as, the objectives of promotional strategies include creating products and services awareness in the buyers’ minds; developing competitive advantages against competitors; creating brand equity of buyers, retaining current buyers, and changing buyers’ behaviors.

    Meanwhile, Integrated Marketing Communication (IMC) develops different types of promotional tools; which have contained different functions to achieve the communication objectives of the promotional strategies effectively and efficiently.

    Design messages:

    An effective message will get the attention of buyers and maintain their interest in the messages about their brand of products. Therefore, the promotional team of a firm should implement IMC when designing the messages delivered to each segment in order for the messages to deliver effectively.

    Although a tailored message for each target segment designed by using several promotional tools in the IMC process; but, the messages of promotions must have the same meaning and theme. This is because each of the promotional tools must use to achieve the same communication objectives and goals within the firm.

    Implementation of a promotional strategy:

    Promotional channels can divide into two categories, which consist of personal communication and non-personal communication channels. So when incorporated IMC into the promotional strategy, it needs to select and implement the right marketing channels and methods.

    No single channel can dominate in all aspects; which means that the channels need to adjust based on the market’s needs and changes from time to time. This has proven that IMC which integrating and coordinating all types of marketing promotional channels can be very useful; when it comes to the implementation of the promotional strategy process.

    Collecting feedback:

    Finally, the firms will carry out some surveys in order to get some feedback from; the target audience as the final step in the IMC process. For example, the firm will ask how effectively the message was delivered to the target audience; such as how many times the audience saw the advertisement, or can the audience remember; what the message marketers are going to inform and etc.

    Based on that, the firm will conduct a report about the behavior resulting from the message, such as how many of the target audiences buy the product or visit the store after they saw the advertisement. This information could be very important to the firm promotional strategies as; it could directly affect the volume of sales, profits, and indirectly reflect; the success of the promotional strategies that had been implemented. Hence, all this information can get from the customer database to create more accurate and reliable feedback.

    References:

    • mbaknol.com/marketing-management/introduction-to-integrated-marketing-communications-imc/
    • managementstudyguide.com/integrated-marketing-communications.htm
  • Performance Management Systems (PMS)

    Performance Management Systems (PMS)

    A Performance Management System (PMS) is a structured approach designed to enhance organizational performance by aligning employee goals with company objectives, fostering continuous feedback, and promoting accountability. Discover its types, stages, key components, benefits, and challenges to implement an effective PMS that drives growth and employee satisfaction.

    What are the Performance Management Systems?

    A Performance Management System (PMS) is a strategic framework designed to enhance organizational performance by managing employee productivity. It aligns individual goals with company objectives, encourages continuous feedback, fosters employee development, and establishes accountability, ultimately driving growth and satisfaction within the organization.

    Definition

    A Performance Management System (PMS) is a systematic and strategic approach aimed at improving organizational performance through effectively managing employee performance.

    This expansive framework provides structure and methodology by which organizations can align their objectives with employee goals, ensuring that everyone is working towards a common purpose.

    PMS not only focuses on evaluating employee productivity but also encompasses continuous development and support to achieve optimal performance.

    Purpose

    The primary purpose of a performance management system is multifaceted. It serves to ensure that the activities of employees and teams are aligned with the strategic objectives of the organization. By promoting consistency in performance expectations, PMS helps to enhance communication between managers and employees.

    This alignment encourages employee growth and development, ultimately leading to improved job satisfaction and motivation. additionally, a well-structured PMS fosters a culture of accountability, where individuals take ownership of their roles and contributions to the organization’s success, while also providing a clear avenue for feedback and performance correction.

    Types

    1. Traditional Performance Management: This type often centers around annual reviews, where managers assess employee performance based on preset criteria or past performance. These reviews may be infrequent and retrospective, offering limited opportunities for timely feedback and adjustment.
    2. Continuous Performance Management: In contrast to the traditional model, continuous performance management emphasizes ongoing feedback, frequent check-ins, and real-time discussions regarding performance. This approach allows for immediate identification of areas needing improvement and fosters a proactive performance culture.
    3. 360-Degree Feedback: This comprehensive type of PMS involves collecting performance feedback from multiple sources, including peers, direct reports, managers, and sometimes even customers. This holistic view provides a broader perspective on the employee’s performance and behaviors, encouraging a more rounded approach to development.
    4. Management by Objectives (MBO): This method consists of setting specific, quantifiable objectives for employees to achieve within a designated timeframe. Progress towards these objectives is typically monitored through regular meetings, allowing for adjustments as needed and ensuring employees stay on track toward achieving their goals.

    Stages

    1. Planning: The first stage involves setting clear performance expectations and establishing measurable goals. This stage is critical because it lays the foundation for what is expected and helps employees understand their contributions to the overall business strategy.
    2. Monitoring: In this stage, performance is regularly observed and assessed against the established goals. Continuous monitoring aids in identifying trends and addressing any issues proactively, rather than waiting until a formal review.
    3. Reviewing: This stage includes formal evaluations where both managers and employees discuss performance outcomes. These discussions should be constructive and aimed at identifying successes, areas for improvement, and potential development opportunities.
    4. Developing: The final stage focuses on personal and professional growth. Based on feedback and review discussions, development plans are created, highlighting training needs or resources that can help employees enhance their skills or overcome challenges.

    Implementation

    Implementing a Performance Management System requires careful planning and execution. Key steps can include:

    • Defining Clear Objectives: Establishing performance metrics that are closely aligned with the broader business goals ensures that all employees are focused on contributing to the organization’s success.
    • Training and Development: Equipping managers and employees with the skills needed to engage in effective performance management is vital. Training programs should cover communication techniques, feedback methods, and how to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals.
    • Communication: Establishing transparent communication channels is essential for discussing performance expectations. Employees should feel comfortable approaching their managers with questions or concerns regarding their performance.
    • Technology Integration: Utilizing software tools for performance tracking and evaluation can streamline the process and make it easier to collect data, conduct assessments, and monitor progress over time.

    Components

    A functional Performance Management System typically includes several key components:

    1. Goal Setting: Effective goal-setting practices ensure that employees have clarity on their objectives. Combining individual, team, and company-level goals creates a cohesive focus.
    2. Performance Appraisals: Regular assessments enable managers to evaluate employee performance formally. These should be constructive and objective to ensure fairness and accuracy in evaluations.
    3. Feedback Mechanisms: Structured feedback processes encourage managers to provide timely and specific feedback to employees. This can include both positive reinforcement and constructive criticism aimed at fostering improvement.
    4. Development Programs: Initiatives aimed at skill enhancement are integral to a PMS. These programs can include mentorship opportunities, training sessions, and professional development workshops tailored to employee needs.

    Benefits

    A well-implemented performance management system offers numerous benefits:

    • Enhanced Clarity: By providing clear performance expectations, employees can better understand their responsibilities and how their work fits into the organization’s goals.
    • Improved Employee Engagement: Involving employees in their performance discussions boosts their commitment to their roles, fostering a more motivated workforce.
    • Increased Accountability: With defined performance metrics, employees are more likely to take responsibility for their contributions, enhancing overall organizational accountability.
    • Data-Driven Decisions: An effective PMS enables the collection and analysis of performance data, facilitating informed decision-making regarding promotions, training needs, and strategic adjustments.

    Disadvantages

    Despite the advantages, there are also notable disadvantages in implementing a performance management system:

    • Time-Consuming: Managing and maintaining an effective PMS can require significant time and resources, potentially diverting attention from other critical operational tasks.
    • Possible Bias: Evaluation processes may inadvertently introduce bias, whether from personal relationships, subjective evaluations, or unclear performance criteria, leading to perceived or real unfairness.
    • Stressful for Employees: Formal evaluations can create anxiety, making employees feel under pressure during review periods. This stress may negatively impact performance rather than enhance it.
    • Resistance to Change: Employees may resist new systems or methods, particularly if they are accustomed to traditional evaluation processes. This reluctance can hinder the successful implementation of a PMS, making buy-in from all levels of the organization crucial.

    Frequently Asked Questions (FAQs)

    1. What is a Performance Management System (PMS)?

    A Performance Management System (PMS) is a structured approach that organizations use to improve employee performance and align individual goals with the overall objectives of the company. It encompasses goal setting, monitoring, feedback, and development.

    2. Why is Performance Management important?

    Performance management is crucial because it helps ensure that employees are meeting organizational goals, encourages communication, fosters accountability, and supports employee development, which can lead to increased job satisfaction and productivity.

    3. What are the different types of Performance Management Systems?

    1. Traditional Performance Management: Focuses on annual reviews based on preset criteria and past performance.
    2. Continuous Performance Management: Emphasizes ongoing feedback and real-time performance discussions.
    3. 360-Degree Feedback: Collects input from multiple sources, providing a comprehensive view of an employee’s performance.
    4. Management by Objectives (MBO): Involves setting specific, measurable objectives for employees.

    4. What are the stages of Performance Management?

    1. Planning: Setting clear expectations and measurable goals.
    2. Monitoring: Regularly assessing performance against goals.
    3. Reviewing: Conducting formal evaluations and discussions about performance.
    4. Developing: Creating development plans based on feedback and reviews.

    5. What are the key components of a Performance Management System?

    1. Goal Setting: Establishing clear objectives for employees.
    2. Performance Appraisals: Regular evaluations of employee performance.
    3. Feedback Mechanisms: Structured processes for providing timely feedback.
    4. Development Programs: Opportunities for skill enhancement and professional growth.

    6. What are the benefits of implementing a PMS?

    • Enhanced Clarity: Clear expectations help employees understand their roles.
    • Improved Employee Engagement: Involving employees in performance discussions motivates them.
    • Increased Accountability: Defined metrics encourage responsibility for contributions.
    • Data-Driven Decisions: Enables informed choices regarding promotions and training needs.

    7. What are the disadvantages of Performance Management Systems?

    • Time-Consuming: Maintaining an effective PMS can require significant resources.
    • Possible Bias: Evaluations may introduce subjective bias leading to perceived unfairness.
    • Stressful for Employees: Formal reviews can create anxiety and pressure.
    • Resistance to Change: Employees may resist new systems, impacting implementation success.

    8. How can organizations successfully implement a PMS?

    Organizations can ensure successful implementation by defining clear objectives, providing training, maintaining transparent communication, and integrating technology for performance tracking.