Ethics of Decision Making
May 24th, 2007 11:40 AM By Staff

The immense pressure of every day business and business practices certainly creates reasonable issues of ethical principals and practices. However, as in any abstract concept it is obvious that beyond most common and agreed metaphysical concepts such as morality and ethical issues, it is in the eye of beholder.

Assuming that most common ethical set of issues such as honesty are agreed upon, the individual actions need to be examined for compatibility and adherence. Alternatively, if a concept such as honesty is the basis of all decision making, it is save to assume that the consequent actions are unlikely to stray. Hence, logically it is viable to suggest that in order to avoid ethical and moral pitfalls, the basis of the decision making should rely on organizational principals which may in turn prevent and discourage unethical outcomes.

At World Consulting Group the nature of humans and the consequences of their actions are the basis of all decision making including those relating to marketing practices. Essentially at World Consulting Group the organizational practices are designed to tolerate individualistic and creative nature of human beings, yet the oversight process as well as peer reviews are designed to discourage immoral and unethical behaviors.

In terms of ethical aspects of marketing at World Consulting Group, specific standard operating procedures to discourage ethical dilemmas and pitfalls include group and individual reviews, third party evaluation of marketing plans and implementations, client feedback, and historical comparison. Each of the above named SOP are designed to avoid the illusion of secrecy as well as enforce the belief that even the slightest hint of dubious theories or practices will be eventually discovered by one of the respective oversight layers.

One may argue that such strict practices limit the creativity of individuals or prevent them from suggesting innovative methods. However, such argument is not only flawed, it addresses the wrong issues. Creativity in terms of suggestions and innovations are not prevented because of their uniqueness, rather than the potential outcome, At World Consulting Group every one of our associates is encouraged to think and express any and all ideas that have the slightest chance of being innovative and successful. However, before such methodology or concepts can be implemented, the examination of the potential outcomes is examined for many factors including profitability, viability as well as morality and ethical issues.

Ultimately, we at World Consulting Group sincerely believe that we have implemented a virtually flawless method of evaluating marketing decisions and methods before issues such as moral and ethical standards are raised.  Yet it is not to say that our methodology is absolutely appropriate for all situations. In some instances, depending on clients needs, geographic location, market saturation, and many other factors, the standards of morality may be different. At World Consulting Group we have a solution for such situation as well which may include utilizing third party expertise to evaluate clients needs that may not be in tune with World Consulting Group fundamental ethical and moral values. If such determination is made first internally and is affirmed by a neutral third party, such clients may experience a rejection of their assignment.

Generally speaking, however, we sincerely believe that ethical issues in marketing as well as general decision making is greatly depended on organizational values, culture and mind set. Every company will have to decided individually what set of rules will apply.
 

Service Marketing and Product Marketing
May 20th, 2007 09:34 AM By Staff

The struggle between quality and marketing of tangible goods verses services has been a part of the marketing process. Though both are covered with the general umbrella of marketing, service marketing and product marketing can have a great deal of differences. The mere fact that the particular goods that are tangible verses non tangible services; creates two entirely different way of marketing by reaping the benefits and advantages.

Yet service marketing nor product marketing are any easier nor is either one in disadvantage. The discovery and emphasis of benefits and advantages of a given marketing product is not depended on its physical existence rather than a skillful exacerbation of obvious as well as hidden benefits. Thus, making both modes and methodology equally a challenging

A successful marketing campaigns dependents on many factors that weigh equally on the outcome. Hence it is vital to avoid assigning too much weight on tangibility of a product or service. The main emphasize in determining a marketing approach should be based on research and experience rather than Meta physical concerns.

Equally it is important to emphasize the marketing methodology based on most widely available and confirmed information which in turn allow discarding concerns about the validity of Meta physical issues.

Ultimately, though a non scientific statement, marketing is much more about a balance of science and art of communication. It is naïve to believe that marketing and its subsets such as product marketing or service marketing is anything else than advanced and creative communication and conversation between a sell and buyer. Marketing certainly entails its fair share of science depended information and action; but it also greatly depends on creativity, main stream attitude and thinking, innovative modes of communication, selection of communication channel, as well as artful use of language, sounds and images. Hence, leading to a fair conclusion that the actual product or service at hand is not and should not be seen as the main concern rather than concentrating on determining the most effective, efficient, and viable methodology to communicate the benefits of the product or services at hand.

Pricing Strategy
May 18th, 2007 08:40 AM By Staff

Pricing Strategy

Generally speaking, pricing strategy is the process of evaluation and the decision to price any given product or services in a manner that would allow the maximum quantity of sales. The pricing strategy can shape based on many factors including objectives to penetrate general or specific market, target particular budgets or geographic segment, pricing based on competition or lack of, as well as inflecting strategic pain on competitors. Nonetheless, the pricing strategy is and should be a part of overall marketing decisionas well as organizational long term goals.

At World Consulting Group the concept of prestige pricing is utilized. According to the theory of prestige pricing, the goods and services that are either unique or virtually without competition maybe priced at a premium price.  At World Consulting Group we do not believe that we do not have significant competition but we sincerely believe that our services are very unique. Hence deploying the prestige pricing has always been our philosophy.

Some of the reasoning beyond our selection of this particular methodology includes: our rapid response time of four hours or less, continuous education of our associates, broad knowledge of our client industries, availability of executive decision makers to all our clients, pay per performance, no long term contracts, as well as our undisputed track record in vertical as well as horizontal markets are certainly major factors in our decision to use such methodology.

Equally, it is important to point out to potential fall outs of such strategy. The basic assumptions and cultural understandings of price conscious shopper is certainly the most visible argument. Yet it is not the greatest burden; even those price conscious shoppers and decision makers are virtually always those that are reasonable and open to slight increase in cost once they are confronted with comparison of competitors and their respective results.

Ultimately, such strategy may illustrate a rather difficult initial path, yet the efforts and respective impacts are well worth it. However, buyer be aware: not all prestige pricing is based on such extensive time tested practices. It is wise to examine why a particular organization is justified to implement such methodology. 

Purchasing and purchasing decision making
May 16th, 2007 08:21 AM By Staff

Purchasing and purchasing decision making.

Generally speaking, purchasing illustrates a rather delicate balance of determining needs, finding the proper solution as well as evaluating the internal and external organizational impact. The Five stage model theorizes that five predetermined steps occur or should occur during this process which includes problem recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. The underlying assumption is that by understanding those steps, marketers acquire a better insight of purchasers and end users which in turn may assist in devising a more effective marketing campaign.

At World Consulting Group the process is slightly more customized to fit the organizational philosophy and mission. The most significant customization of five stage model at World Consulting Group is the determination of any given problem. At World Consulting Group this process is an on going standard operating procedure in which needs are determined and examined by all stakeholders on a weekly basis. The main difference is that instead of awaiting problems, World Consulting Group associates anticipate and predict potential needs before it becomes a problem. The team suggestions are reviewed by all decision makers on a weekly basis and undergo a collective reexamination on a monthly basis.

The other steps including information search, evaluation of alternatives, purchase decision and post purchase behavior occur similarly in a collective manner. The philosophy beyond such collective action is twofold: first and foremost, encouraging all out internal feedback in combination with incentive based suggestions, comparison and analysis allows for the greatest possible collection of information sets that ultimately allows for a neutral and purely economic and efficiency based decision making.

The second important reason is illustration of neutrality and integrity. In the management consulting industry, many third party vendors attempt to influence the decision making and recommendations of individual management consultants in order to have a better chance of getting new business. Hence, at World Consulting Group we do not have any preferred vendors that are recommended based on their incentives for World Consulting Group as an organization or individual team members. Each project is evaluated, re-evaluated, compared and contrasted until the most viable recommendations are compiled. There are no preferential treatments for any vendor. Such actions are simply devised to benefit our clients by not only assuring them of our neutrality, but also of the integrity of World Consulting Group and its subsequence reports and recommendations.

Ultimately, though the theoretical basis of the Five Stage Model is established and philosophically sound, each organization has to modify it for their own use based on industry, individual organizational setup and dynamics, as well as potential requirements for particular end users.

Integrated Marketing
May 13th, 2007 09:34 AM By Staff

Integrated Marketing

Marketing as in any other business related action has to be a part of the organizational goals. Essentially the term integrated marketing refers to synchronization efforts that would allow for harmonious and organized approach to overall organizational short term and long term goals.

Many businesses establish individualized approaches and methodology to ensure harmonious yet effective and efficient efforts based on specific organizational needs and particular industry requirement. Essentially it is obvious that no two businesses are alike, hence speaking of integrated marketing can and should be done in a more theoretical and philosophical fashion.

There are certainly many benefits in integrated marketing that may include cross organizational compatibility, internal involvement of participating units and personnel, cost saving factors, the ability to foresee and predict potential conflicts, as well as advanced creative input. Equally, there may be disadvantages to integrated marketing that may include factors such as increase in time and cost in preparation stages, internal organizational infighting and power struggle, as well as decrease in organizational adaptability.

Generally speaking, it is vital to understand that an abstract concept such as synchronized overall efforts is substantially more difficult to translate into actual real world concept. The mere fact that overall organizational effectiveness greatly depends on flawed and imperfect organizational units that depend on human beings for maximized output and performances, begs the question of the viability of such concepts.

However, it is also important to be aware of competing concepts such as maximum possible effectiveness. In terms of integrated marketing, the expectations and the goals should essentially concentrate on humanly possible and viable synchronization rather than absolute efficiency and effectiveness. Hence, the goal should be to allow for overall integration without limiting employee creativity, performance, positive moral, group dynamics and most importantly limiting the dynamic group interaction among employees, supervisors, as well as management.

Branding
May 07th, 2007 07:48 AM By Staff

Branding strategy and it potential benefits are certainly a vital part of overall customer acquisition and customer retention which eventually leads to overall profitability and viability of a give company. The selection of branding methods via audio visual tools or more innovative ways such as utilization of internet resources illustrate a certain degree of judgment and competency on the part of responsible decision makers.

In essence a branding strategy will rely on advanced methodology in research and information processing to determine market segments and target groups which in turn may assist in increasing the return on investment as well as overall profitability and long term goal achievements. Yet there is a certain degree in uncertainty that is accompanied in achieving the greatest effectiveness and efficiency.

The differentiation in successful and relative failure in planning and executing a branding strategy will depend on many factors including the product and services, past brand performance, public relations issues, technological and venue selections, as well as actual product performance. In the current age of globalization and information high way, it is virtually impossible to cap the spread of global or local negative consumer feedbacks that may have a great impact on overall branding strategy. Hence, it is a safe assumption to suggest that branding efforts have to be certainly accompanied by rigorous public relations and accompanying subset of potential damage control.

Additionally, there are considerable amount of competitor actions that may have negative impact on the outcome of a branding strategy which could include actions such as negative campaigns, flogs, guerilla efforts such as Google Bombing, as well as spread of unfounded rumors. Hence, bring a new found significance to bundle marketing and branding strategies to public relations efforts.

Essentially, a branding strategy is no different than differentiating a particular product from similar competitors; yet a branding strategy may have unintended consequences that have to be considered and properly prepared for by means of public relations as well image damage control to avoid long term negative consequences to overall efforts, effectiveness and efficiency as well as overall profitability.

Branding Strategy
May 06th, 2007 10:38 AM By Staff

Branding strategy refers to particular set of pre planed road map to achieve a significant, suitable and memorable differentiation between a particular product and services in contrast to similar market competitor .

Essentially, a branding strategy relies on market research and market segmentation in order to optimize a pre formulated message by means of audio and visual tools to achieve brand memory.

At World Consulting Group a branding strategy is formulated for all internal and external products by utilizing the most up to date research and available information as well as our internal knowledge and expertise. Most branding strategies start with a two track approach: internal and external data and information. At World Consulting Group we don’t leave anything to chance. We double up on everything to minimize potential pitfalls.

The best example is World Consulting Group own marketing efforts online: though just like any other business we take advantage of online tools such as Search Engine Optimization, Organic Search Result Pages, Pay Per Click we have found that some other actions are rather self defeating. For instance, most search engines base their page rank or organic results based on link popularity; however, based on practical experiences we have found that such approach may have negative unintended consequences such as assisting our competition to get higher search engine rankings. It is not to say that such unintended consequences negate the entire link popularity approach; but it enables us to choose a cautious approach to avoid enabling or even benefiting our competitors.

The next step in our online branding efforts take a rather simple direction: we take the steps to allow our associates to visit relevant web pages such as discussion forums, blogs and other forums that allow exchanges of ideas and provide our knowledge and experiences freely which usually results in attracting certain amount of organic traffic from relevant and targeted potential clients. Yet even such careful approach may come with unintended consequences such as civil liabilities, stealth competitor actions, as well as eliminating the opportunity to profit from our expertise.

The third step in our branding strategy is certainly in our follow up procedures which entails passive and active actions. Any potential follow up including by electronic means is only done by clients or potential clients; resulting in a passive yet responsive approach. It is not to say that our staffs at World Consulting Group do not follow up with prospective clients, rather than simply eliminating the out dated car sales mentality.  Such actions usually allow prospective clients to understand that World Consulting Group is not attempting to sell or artificially convince anyone of anything, rather than helping in solving existing issues.

The third step in our branding efforts is rather unique. Any and all potential clients are strongly advised and even assisted in comparing World Consulting Group to comparable competitors in terms of price, track record, customer service and client feedbacks. This particular aspect is one that we take great pride in; there is nothing more powerful in terms of branding to allow a direct comparison of products and services.

The fourth and final step is the enforcement of our brand which occurs by means of survey and feedback of existing clients. At World Consulting Group we ask and even offer very attractive incentives to our clients to provide us with direct, honest and unbiased feedback at every level including product proposals, presentation, implementation follow ups. We also encourage our clients to initiate such feed back from every internal level including front line employees, supervisors, as well as mid level and executive management. 

Ultimately, World Consulting Group seeks to present and maintain an honest, practical and professional relationship with our clients that are based on mutual respect and professionalism. Though one may argue that some of the approaches at World Consulting Group may be too labor intensive or too costly, we certainly believe that success on any and all projects depends on proper preparation, investment and willingness in effective communication and participation of all stakeholders and parties.

Such overall approach, in our opinion, is at hart of branding by encouraging our clients to find us online, receive unbiased and even more importantly free advise, decide if they like what they are receiving, compare us to all viable competitors as well as understand the value and professionalism that they will receive and is expected from them; will ultimately lead to branding and enforcement of our brand.

Five Levels Model
May 03rd, 2007 09:26 AM By Staff

The Five level model refers to a set of necessary steps by end users that eventually leads to purchase of particular services and products. Those five steps include problem recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. 

The steps are clearly self explanatory, however, the impact of each step maybe different on each business depending on products and their respective life cycle, availability and deliverability, demand, seasonal impact and many other factors. Essentially, those five stages are virtually dependent and different to each business based on the individual nature of their products and services.

At World Consulting Group were most of the deliverables are services, the five levels model illustrates a particular dilemma. The most significant factor in management consulting as well as at World Consulting Group is the first step of problem recognition. Every and each client has or will have determined that there are organizational issues that can be improved on. It is not necessarily an admission of failure nor is it an illustration or reflection of lack of internal competency. It is simply a recognition of the opportunity to leap ahead and achieve greater effectiveness and efficiency. Once this becomes obvious and the respective clients recognize that problems are not necessarily a reflection on them or their personnel, it is much simpler to move forward.

The next two steps are rather less of an issue at World Consulting Group. The evolution of electronic communication and information age has certainly eased issues relating to information search and evaluation of alternatives. At World Consulting Group we do what we preach; utilizing the World Wide Web to reach and communicate with customer is in our opinion the only true and meaningful way. Hence, at World Consulting Group we emphasize our efforts to populate and increase our online presence which in turn will allow our potential clients to find and compare us to our competitors.

Further, at World Consulting Group we strictly avoid any kind of traditional sales pitch or sales presentation. After the initial contact with potential clients, which entails mostly online presentations of our capabilities and track record, World Consulting Group staff responses to solicited questions followed by a one time follow up on potential outstanding issues. Otherwise, the decision is left entirely to clients. Here at World Consulting Group we do not believe in traditional sales pitch such as deployed by our competitors. We don’t think that our clients require us to sell them something rather than help them resolve the issues that are already recognized as potential points of improvement.  It is not to say that during our relationship with our clients, we won’t point to additional point of improvement, but we do not try to sell anything.

The last points including purchase decision and post purchase behavior are also treated uniquely at World Consulting Group. Once our clients are ready to select us as their preferred management consulting service provider, they only meet with senior company managers that can negotiate and have decision making powers. There is never a need to have a second meeting or communicate back and for to reach consensus. The post purchase behavior is also treated uniquely. The clients top management personnel have direct access to senior management consultant at World Consulting Group without the need to go through several layers of mid management or front line employees. Essentially, the response time to any inquiry has never exceeded a four hour threshold.  

Ultimately, this proven method that has served World Consulting Groupvery well is not only unique but it is also one of the rather important factors in client and business acquisition and retention. Being part of the solution from the start to end enables our clients to achieve greater success that in turns allows them to deploy World Consulting Group services in more sectors and divisions which eventually leads to an in dept and interlined business relationship.

Brand and Branding
May 02nd, 2007 08:34 AM By Staff

Brand or branding refers to a conscious or subconscious recognition of a particular product or services which is geared toward one objection; mainly differentiation among product and services. In it is most basic form; a brand is designed to attribute unique set of features that enable end users to relate to the product. The process of achieving this underlying association is branding.

Brand and or branding can occur by many means including audio / visual tools such as commercials and jingles, word of mouth i.e. viral marketing, as well as integration of celebrity personalities into the marketing mix. The key concept in brand and branding efforts is finding a particular memorable way to reinforce the name and the unique benefits of the particular product or services.

There are certainly many benefits to brand or brand recognition; including emotional reaction based on past or current experiences, recognition of particular benefits or drawbacks, association with products in terms of overall integration into personal life, perception of value and importance, as well as potential conscious or subconscious attachment to the brand.

In essence the use of brand and branding procedures is geared toward establishing and maintaining a relationship that lasts over an indefinite time period which may in turn create consumer loyalty, reduce marketing and advertising costs, increase revenue and market shares, as well as enable and ease the introduction of new generations of products.

However, brand memory may also have its negative aspects; including the possibilities of negative public relation and its impact on the brand. Hence, it is important to closely monitor and adjust strategies to avoid unconstructive impact on individual brands. 

Ultimately, brand recognition and branding depend greatly on factors such as individual products and services, the ability to find the proper balance in differentiating from similar products, the avoidance of negative product memory, as well as geographical issues such as cultural, social, economic and public relations issues. Brand or branding alone are not necessarily a prescription to success; the product or services have naturally be able to live up to the message in order to maximize the impact of a brand.