Monthly Archives: October 2019

Why Customer Experience Management Education is Important

Customer experience: When selling takes a back-seat
Traditionally, the focus of marketing efforts has been on selling. However, the concept of customer experience, which was introduced by Pine and Gilmore in the Harvard Business Review, proves that successful business influences users through engagement and genuine experiences that add value to the users.

What exactly is customer experience?
It is defined as “the sum total of the interactions that a customer has with a company’s products, people and processes”.

Thus, users who have perceived a positive interaction with a particular brand are not only more likely to spend more, but are likely to share their experience with other users. Thereby, a satisfied user becomes an advocate for that brand in addition to having a longer lifetime value to the firm.

Brands are aware of the high cost of new customer acquisition, thus it makes sense to convert an existing customer to a loyal one. Loyalty towards a brand is determined by the quality of a company’s interaction with its customers and how well it satisfies their needs.

What are the benefits of improving customer experience?
Helps you score over competition rivals: At a time, when there is not much of a differentiators between competing products and services, a great customer experience could be the factor that converts an occasional user into a loyal consumer.

For eg: Despite spending less than $10 million on advertising from 1987 to 1998, Starbucks managed to open an additional 2000 stores to accommodate their increasing patrons.

Increased customer loyalty: A great experience will ensure that customers will stay loyal to the brand and promote it within their social circles.

Reduce operation costs and increase revenue: Today, a number of businesses have realized that service is the new sales. By improving the customer experience, a company can reduce the costs of customer service as well as up-sell and cross-sell their new product offerings and upgrades.

How will an understanding of customer experience benefit a manager?
Today, the ability of a company to survive and be competitive depends on the quality of its customer experiences. Today, the internet has brought customers and brands much closer. It is easier for brands to get feedback from their users and understand their point of view.

Courses in Human Resource Management Will Help You to Be the People’s Person!

The sudden rise in the number of courses in human resource management has proven that inevitably this is one of the most sought after and popular courses in management education. Most top B schools in India mandatorily include a course in hr management since students opting for this particular field are quite high in number.

A qualified human resource personnel is in much demand since most MNC’s, big organization with numerous employees and offices working with different departments need responsible individuals, who can control high caliber workers and professionals. Even small to medium sized companies are on the lookout for youths who have obtained degrees from top B schools India pertaining to a course in hr management.

The day to day management of innumerable employees; looking after their grievances, managing day to day complex affairs all fall under the job responsibilities of a qualified HR personnel. A course in human resource management is also a very lucrative and rewarding career option with the opportunity to reach the top managerial position in a short time. This field also brings with it an attractive pay package including perks, benefits etc. This course is more suitable for individuals with the characteristic of communicating with the masses and the ability to mix with different sorts of people. India is a viable destination where courses in hr management is concerned, since there are various reputed institutes of management education who teach students to be perfect with labor laws and other such needs. Most top B schools in India teach students the art of taking employees in confidence, the patience to listen to their grievances, handling untoward incidents and the confidence to handle adverse situations. Without such qualities it will be simply impossible for a person in the HR field to stay on the job and move ahead.

Management education in India has reached a tremendous height with various renowned business schools offering the best curriculum, state-of-the-art infrastructure, all modern amenities like Wi-Fi, ac labs, excellent collection of books and other study materials for the benefit of their students. Usually most top B schools India conduct campus interviews where top notch companies, both local and international, come over and absorb the students there itself. This is a big advantage for management students pursuing courses in HR management in India.

This job involves immense responsibility, patience and a clear mind to develop as well as implement strategies that is beneficial both for the organization as well as for its employees. It involves a step-by-step plan of action to develop and define the corporate mission and objectives. It is very important to understand that being successful in HR depends on communication and inter-personal skills and the ability to understand strategies, the value of organizational goals and the tactful decisions that can satisfy employees as well benefit the organization.

Changing Trend in Management Education

The entire society and humane life both have changed considerably since that a few years back. Information Technology has increased the pace of development and we have developed hundreds time more in last few years than we had in hundreds of years earlier. Everything has changed tremendously including morals, ethics and significance. So is true for education patterns and traditions. Here is what management education in India lacks most and what needs to be done to develop successful global entrepreneurs.

Earlier students were forced to concentrate and mug up what was written academic books and were forced to take exam on that knowledge only. Anything done on personal observations, skills and knowledge was out of curriculum and worth not considering for awarding ranks. They system was certainly flawed and deterred natural development of children and marred their ideation abilities. Consequently people were living within limited scope and had no access to the things, views, knowledge, and realities beyond their orbit.

With the advent of Information Technology, and most importantly Internet has changed the whole picture and has redefined the meanings and standards both. Today, students are encouraged to realize their own potential of achieving success in the field they may feel inclined to. The world is open at your disposals and only sky is the limit. Results are obvious, even young students are doing wonders in the world.

The same change has been introduced in professional level of education, like management studies. Students are provided internship and practical exposure of the situation, but to a limited extent only. Therefore they are still unable to emerge fully confident even after completion of their degrees and diploma programs. In fact, the things should have been upside down.

These professional courses should be more on real life industrial exposures and less on literature. The reason is the speed by which the world is changing. Teaching from the books written years before would not be inducing a practical approach and realistic behaviour in students. They need to be made aware about the current business scenarios with direct exposure to industrial affairs.

There are some institutes which have identified this deficiency of the existing management courses and, in order to make its students more competitive in global environment, has introduced Academia Industrial Interface in its curriculum, wherein the institute involves industry into education process of its students. They invite representatives of leading industries and share their real life experiences and current and emerging requirements from new age employees and professionals. The institute provides extended opportunities to its students to work in organizations on internship for a longer period than usual. The concept has clicked and more and more of its students are achieving success in jobs and businesses both.

Mantra for Managers

What do organizations look for in a prospective employee with special reference to fresh MBA graduates? The two key assets that an organization looks for is the potential of the individual and ability to pursue his goals in all situations. Every organization expects its team of fresh recruitees to grow into top quality Managers and therefore it is very important to evaluate the potential of the fresh graduate.

It is also equally important that the fresher has the capability to pursue the goals of the organization and be able to focus and dedicate towards achieving these objectives. These are some of the basic requirements and will be coupled with other needs of the organization specific skill-sets.

The normal progression of career in a corporate sector involves moving from a functional or technical skill-specific role to a more managerial role. Of course there are exceptions to this specifically with respect to pure domain specific or technical research oriented roles but by and large most of the associates go through this cycle. As one moves up the ladder, the expectation from the associate changes and he/she is expected to play more soft-skills oriented roles. What this comes down to is that for moving up the chain the soft-skills become a key ingredient.

Few of the soft skills that a manager of today must have to succeed in the Business World are expectation management and perception management.

Expectation Management: The ground rules of any relationship are defined in the way that reciprocal expectations are managed. This is as true for Business as for personal life. If the expectations are not clearly defined, it could lead to differences in perceived outcomes which could lead to an unmanageable circumstance. A good manager is able to set up mutually-agreed expectations with respect to his superiors, colleagues and subordinates.

Perception Management: We see things as we are made to see them. It is not only important to do things right but also ensure that it is understood right.

One of the key ingredients of the Global Manager is the ability to have a Global view.

1) Avoid Assumptions: It is pretty interesting to go through the statistics and research over the impact of environment on the individual. Anyone who has traveled will vouch for this. The association of differences in the way people in different geographies have different impressions of variety of subjects, is amazing. This is a factor of the culture, the environment, the economy and host of other things. Several large corporations have misread the minds of people in entering a market. It is very important to use the data, research or more than that understand the ethos of any particular culture/geography before making an assumption. The mantra therefore is to avoid making assumptions.

2) The ability to see the large picture: One of the challenges that a Global manager faces today is surfeit of information. This information comes from various sources, some in the form of quantitative data while a lot of it is qualitative. It is the attempt of every executive to get data in forms that will enable one-to-one comparison. But that may not be the case always. The ability to comprehend all this data and make good sense out of it is what makes a Global Manager successful.

3) From a Resource Management standpoint it is very important to respect differences. In a Global society there is no right or wrong; these are just different shades of grey. The capacity of a Manager to absorb these differences will let him stand tall over his peers.

The real battle is with respect to what is the purpose of Management education. Is it to empower the students to become better Managers or to provide them with skills that will help them perform better in their context in the corporate world? Although these are not loggerheads with each other but still have a bearing on the direction, which the Management education takes as it tries to align with respect to Industry. So the general idea should be that the corporate should help in curriculum building by way of emphasizing focus on leading-edge area while letting the Management education achieve its larger purpose. The lecture from Industry experts is really welcome with a view to bring in greater practicality into education.