Flipkart is back with "Big Billion Sale"

After the failure of much touted ‘Big Billion Day’ in October last, India’s leading e-commerce marketplace Flipkart is gearing up for the next season of “Big Billion Sale”. This is the second edition of the event and will be held from October 13-17.

The event will be an app-only shopping event and will offer exciting offers and discounts across more than 70 product categories for customers.

“Celebrating the start of festive season in India, Big Billion Days will be the ultimate shopping event for customers to shop for gifts and other items for friends and family,” Flipkart said in a release.

“India shops the most during this time of the year. With over 75 per cent of traffic coming via mobile, we expect this app only sale to be the biggest shopping event of the year. Bigger and better as compared to last year, we have worked towards ensuring a seamless shopping experience for our customers,” said Mukesh Bansal, Head of Commerce Platform, Flipkart & Chairman – Myntra.

“We have also ramped up our technology and supply chain support to ensure all our 50 million customers have the best ever mobile shopping experience,” he added.

To cater to the massive customer demand Flipkart has also opened new fulfillment centers across the country to guarantee efficient delivery.

Myntra, which Flipkart acquired in May 2014, will also be a part of the latest edition.

India an easy country to settle in for expats: Survey

India is seen as an easy country to settle in for expatriates, according to a HSBC survey. The survey shows that more than 62 per cent of expats in the country feel at home within the first year as compared to the global average of just 48 per cent.

 One of the major reasons for this, the survey points out, is the support expats receive from their employers.

 “Nearly a third (30 per cent) of expats receive education or day care allowances for their children from their employer. Just under a third (32%) receive family support allowances for cultural or language coaching. In both cases, this level of support for expats is higher in India than any other country surveyed,” it pointed out.

 As per the survey, India features among the top 10 destinations for expats in terms of ‘family aspects of living’ in the adopted country and 58 per cent of them believe the country is getting better as a place to live and work.  One of the biggest challenges for expats in India is integrating into the Indian culture, with almost a quarter (24 per cent) finding it difficult to do so, compared with the global average of 18 per cent.

 In the HSBC ‘Expat Explorer 2015’ survey, India ranked 10th on the family league table, which ranks each country using a score that summarises the expats’ views concerning the family aspects of living in the adopted country.

 “The close-knit family culture in India is very dominant and expats find that countries with such strong family values bring them closer to their own families,” HSBC India Head of Retail Banking and Wealth Management S. Ramakrishnan said.

 Mr. Ramakrishnan further said that “in addition to providing a good environment for children to grow up in, a fulfilling work life and rich culture are some of the other reasons why 58 per cent of expats believe that India is getting better as a place to live and work.”

 Meanwhile, Singapore emerged as the best place overall for expats to enjoy an excellent quality of life, financial wellbeing and improved career prospects. New Zealand was ranked as second best, followed by Sweden and Bahrain in the third and fourth place respectively.

Others in the top 10 include Germany (5th), Canada (6th), Australia (7th), Taiwan (8th), UAE (9th) and Switzerland (10th). India ranked 17th on the country league table considering all parameters like economics, experiences and family.

Business Management Skills

BUSINESS MANAGEMENT SKILLS

To run a successful business you need a diverse range of business management skills. When you start your business it’s likely that your responsibilities will include:

sales and marketing;

accounts;

human resources; and

information technology (IT).

How confident do you feel in your ability to manage them?

It’s a good idea to plan ahead of time how you’re going to manage each area which may include delegating various functions to a business partner, undertaking additional training or contracting a specialist advisor such as a bookkeeper, graphic designer or merchandiser.

Remember that although you need to understand, manage and take responsibility for every aspect of your business, you don’t have to do everything yourself. Some of the key areas you’ll need to think about are outlined below.

Marketing, sales and promotion

Marketing is more than just selling and promoting your business. It's about identifying your customers and working out how to get them to purchase your product or service. Go to Marketing for more information.

Human resources

Human resources is about managing and looking after your staff. If you’re buying an existing business or taking on a franchise you may find that you’ve got employees to manage before you even start your business.

Understanding business financials

The primary objective of any business is to make a profit. Good financial management is essential to ensure your goal is achieved. The first step involves understanding your financial statements which is crucial to running a successful business.

Communication and negotiation skills

Business is all about people regardless of your industry or the product or service you’re offering. On a daily basis you will encounter a range of people including customers, suppliers, employees and business associates. Developing your communication and negotiation skills will be invaluable in a range of situations from negotiating a supplier contract to dealing with a difficult customer.

Knowledge of business legal issues

Starting a business can be full of legal potholes for the unwary, whether its industry regulation, tax requirements, industrial relations, business structures, negotiating a commercial tenancy lease or contracts with suppliers. There are many legal issues to be aware of, so before you start a business, it’s a good idea to engage a lawyer to advise you in these areas.

Logistics expert

Logistics is about managing the procurement, supply and maintenance of products and operational goods. One of the major concerns for a business owner is stock control and there are many different approaches and programs to stock management.

Before you start your business you should think about how you’ll ensure you have the right amount of stock at the right place and at the right time. Efficiently managing stock is important and will ensure your capital isn’t tied up, and protects production if problems arise in the supply chain.

10 Business Development Techniques to Grow Sales Fast

10 Business Development Techniques to Grow Sales Fast

1. Don't waste your time going after business you don't really want.

We hired a mechanical engineer from West Point this month to help us grow sales. His focus is to help manufacturing engineers in industrial S&P 500 companies understand why Marlin Steel, my company, is better than our competitors. Why? Our clients are not marketing companies, nor are they point of purchase display companies. These folks don't appreciate quality and engineering. Instead, they are looking for the lowest price. Make sure you point your sales and marketing team in the right direction for profitable business.

2. The boss usually decides--not the assistant treasurer (or the intern).

Selling to the right person, the decision maker, is critical. Many times engineering interns will reach out to Marlin Steel for a quote. This is a colossal waste of time for our team, who can see this as a sign of interest and a potential sale. The last thing you want to do is devote sales resources to uninterested buyers. It is imperative, early in the sales cycle, that you discover who calls the shots and don't waste your time with those who aren't likely to buy your products.

3. It's just as easy to get a first-rate piece of business as a second-rate one. (So focus your resources.)

When we do our quarterly analysis of our best clients, we consistently get results that stress how important our white-glove clients are. Our top 80 percent of sales are generated from less than 20 percent of our clients. We have anointed these clients our white-glove clients because they deserve the finest treatment. The bottom 80 percent of our clients generate a paltry mid-teens share of our revenue and even less of our profit. The tiny client aggravation spent to close and nurture these sales is time spent away from your best prospects and most of your profit. Focus on the clients that really matter--the ones that can make your year and stop spinning your wheels with the little guys.

4. You never learn anything when you're talking.

Ask questions of your clients. Listen carefully. If you are talking more than 50 percent of the time, you are talking 10 times too much. Your job is to probe and understand what the prospect's problems are so you can save the day. You will be the preferred vendor in a competitive economy if you are a good listener.

5. The client's objective is more important than yours.

Don't sell what you offer. Sell what the clients needs. By listening carefully to their requirements, you will refine your pitch and your product offering to make sure you are addressing their needs. One of our former salesmen would push stock material handling baskets because it was easy. No creativity needed. He did not make it. Our best salespeople engage the client and understand their challenges and provide solutions that are tailored to each one's requirements.

6. The respect of one person is worth more than an acquaintance with 100 people.

Some salespeople know many people superficially. Their back-slapping antics might make them the life of the party but do they really understand that particular key client? The key client could be a life-changing client. Go the extra mile with your white-glove clients and they will embrace you and shower you with opportunities. You can only have respect if you know them and their business model deeply.

7. When there's business to be found, go out and get it!

The economy is picking up. Your competition is still hunkered down from the recession. Engage now while your rivals are dozing. Proactively meet prospects early in the economic boom that is charging our way.

8. Important people like to deal with other important people. Are you one?

Get active in your business community. Do not be a wallflower. Join associations that dovetail with your best prospects' interests. Volunteer for industry committees and network with this select group of high-value targets. Rise to the top of these organizations to generate deserved prestige in your industry. The orders are bound to flow. People like to buy from winners.

9. There's nothing worse than an unhappy client.

First things first--alleviate the client's pain. Drop everything and fix problems. When a problem happens at Marlin Steel (we are human), the quality error is fixed first before any other standard production. Our clients will not be thrilled with us but they will remember we transparently communicated with them and we resolved the problem quickly.

10. If you get the business, it's up to you to see that it's well-handled.

Once you nail the big clients, give them amazing service. Meet your deadlines. Usher them through the process so they are enchanted with your performance and they will send you repeat business and new opportunities.

Three ways Steve Jobs made meetings insanely productive

American businesses lose an estimated $37 billion a year due to meeting mistakes. 

Steve Jobs made sure Apple wasn't one of those companies. 

Here are three ways the iconic CEO made meetings super productive: 

1. He kept meetings as small as possible 

Jobs kept meetings small.

In his book "Insanely Simple," longtime Jobs collaborator Ken Segall detailed what it was like to work with him. 

In one story, Jobs was about to start a .. 

Read more at:
http://economictimes.indiatimes.com/articleshow/48719708.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Volkswagen set to announce new boss

On the agenda will be choosing a replacement for chief executive Martin Winterkorn, who resigned on Wednesday.

Reports have said that the front-runner for the top job is Porsche chief executive Matthias Mueller.

VW is also expected to dismiss executives tainted by the scandal over the rigging of emissions tests by software in its diesel cars in the US.

Some investors have suggested that appointing a new chief executive only two days after the old one resigned might be rushing things.

Sasja Beslick from Nordea, which is one of Volkswagen's biggest investors, told the BBC: "I think this is just a panic reaction from the board of the company."

But he added that there could be benefits from a quick appointment.

"They really need to reinstate the trust of the markets and one of the potential best ways of doing that is to appoint a new head and try to tie all the bad or irresponsible things to the old one."

It is also being reported that VW may be discussing changes to its corporate structure.

Also on Friday, further details of the brands and locations of the 11 million cars involved in the scandal are due to be set out.

US authorities found that software in a particular diesel engine used by Volkswagen could detect when it was being tested and reduce the emissions produced.

It meant that the emissions in actual driving were considerably higher than those found during testing.

German Transport Minister Alexander Dobrindt has widened the vehicles known to be involved, saying on Friday that the rigging of emissions tests involved light vans and not just cars.

He also said that cars with 2.0 and 1.6 litre diesel engines were involved and that they were also discussing whether 1.2 litre engines were.

He added in a speech in the Bundestag that around 2.8 million vehicles in Germany were affected.

On Thursday, the UK regulator announced that it would be launching its own investigation into emissions testing.

The Vehicle Certification Agency plans to re-run lab tests where necessary and then compare the results with emissions from "real-world" testing conditions.

The European Commission has already agreed a Real Driving Emission (RDE) test procedure, which it will introduce next year, but it has not yet decided what to do if there is a significant different between lab tests and RDE tests.

The VW board is meeting. So what can we expect? A new chief executive for a start, and the name on everyone's lips is that of Matthias Mueller, the Porsche CEO.

There are others in the frame, but Mr Mueller is the clear favourite.

On the other side of the coin, more heads will roll. Four names are being bandied around in the German press and they are all very senior people. Following the resignation of Martin Winterkorn earlier this week, it's looking like a major bloodletting exercise.

And VW tell us we should get more precise details about which brands and models carried the so-called "defeat switch" designed to get cars through emissions tests, while allowing them to spew out illegal levels of pollution.

So yes, it could be quite a day here in Wolfsburg.

Matthias Mueller comes from an engineering background and certainly knows the brands involved, having joined VW-owned Audi in 1977. He was put in charge of all vehicle projects for Volkswagen in 2003.

He is seen as a likely successor because he is popular with the families that control VW. He was already being cited as a likely successor to Mr Winterkorn in April, during the power struggle with then-chairman Ferdinand Piech.

Porsche is owned by Volkswagen, but confusingly, VW itself is controlled by Porsche SE, the holding company, which Mr Mueller is already on the board of.

Another potential successor is Herbert Diess, the current head of the Volkswagen brand.

Mr Diess only joined VW from BMW in July, so will not be tainted by the scandal.

He had a reputation for cost-cutting at BMW, having worked across the group, including a spell at BMW's Mini plant in Oxford.

Given the losses already expected as a result of the emissions scandal, cost-cutting is likely to be a priority.If the board decides to look outside Volkswagen it may consider Elmar Degenhart, chairman and chief executive of the tyremaker Continental.

Being head of a supplier to the car industry means he would be safe even if the investigations sparked by the emissions scandal were to extend to other car companies.

Hans Dieter Potsch, who began his career at BMW, is chief financial officer of both Volkswagen and the controlling Porsche SE.

He was tipped earlier this month to become the new chairman of VW, replacing Ferdinand Piech, although he could not do so until he had been elected onto the supervisory board by shareholders in November.

His reported board-level support for the post suggests he could also be brought in as chief executive.

Rupert Stadler heads up VW's Audi brand, and is the third of the big brand-bosses in the frame to potentially be the next overall chief executive.

Being in charge of Audi also puts him in control of Ducati, Lamborghini and a chunk of Bayern Munich football club.

Before the emissions scandal he was being tipped as a possible replacement for Hans Dieter Potsch as chief financial officer.

He is unusual among the frontrunners because he comes from a finance background instead of engineering.

7 ideas to improve profit and control in your manufacturing business

Manage the incoming workload

One of the single greatest improvements I have seen manufacturers make to their delivery performance (and hence reduce unnecessary overtime) is to manage the capacity of their business. Involve relevant people in the business and take time to understanding the capacity of your business and the effect new orders have on it so that you can 'throttle' your activities properly. Finding a way to do this in your business is essential.

Create effective routines

A business system is a series of processes linked together. Some processes deal with purchasing, some with sales and others with production itself. Each process brings with it the need for consistency and discipline. Creating the habits to run these processes like clockwork isn't always the easiest thing to do. Designing routines that your business can adhere to makes this much easier and really reduces the level of fire-fighting on ad-hoc issues. Make these routines visible and easy to perform to get the maximum benefit for your business.

Hold a 'Sunrise' meeting

To put your effective routines into practice why not piggy back it onto a start of day team meeting? Such meetings are referred to as 'Sunrise' meetings (as they should happen near to the start of the day / shift). A very short meeting, five to ten minutes, using a standardised agenda can help focus your team which in turn can improve their productivity. This type of meeting also helps to identify problems which you, as the manager, can deal with so that your team can concentrate on doing their jobs to the best of their ability.

Use process KPIs

Many business KPIs (Key Performance Indicators) are output measures - they tell you what has already happened. Process KPIs tell you what is happening. They tell you about how things are going during the process, when you still have time to do something about the end result. Tying this kind of information into your Sunrise meeting is a great way to bolster the right kinds of behaviours and achieve your business objectives.

Ensure your MRPII system is configured correctly

Most factories use some kind of MRPII (Manufacturing Resources Planning) system to help them plan the work through the business. Properly configured MRPII systems can really help to minimise stock levels, reduce administration and deliver your products on time. Configured badly your MRPII system will leave you fighting the suggestions it makes, producing the wrong quantities and delivering late. Take the time out to check the basics; lead times, replenishment rules, routings and work centre capacities.

Adopt a simple CI approach

Most CI (Continuous Improvement) efforts stop before they become continuous. It takes time to get the hang of generating ideas, testing them and then implementing them before you see significant change in your business. If you recognise this then choose an idea generation method you like and tag this kind of activity onto an existing meeting. Once a week is a good time to meet to create new ideas, provide feedback and congratulate yourselves on the results.

Manage change proactively

Rarely does an improvement idea work perfectly first time. If you find yourself scratching your head then remember PDCA (Plan, Do, Check, Act). Look at the results, find the insights you need and then plan another attempt. Keep going until you hit the result you want, even if you have to change course slightly. Don't let a great improvement opportunity slip away from you.

Ways to Improve Your Business

1. Help Your Customers

“Focus on helping people, and the business will follow. If you are providing added value to your customers and helping them out, it will inevitably provide cash to finance your growth.” ~ Dan Price, Gravity Payments

2. Use Zapier

“I look at operations in four parts: Strategy, people, tools and processes. Chances are, your company can improve in at least one of these areas. Zapier has saved me a ton of money and made us more efficient by automating certain tasks in my company. It is like the glue that connects all of the different business tools that I use to create one effective system. Save time. Save money. Use Zapier.” ~Lawrence Watkins, Great Black Speakers

3. Open a Line of Credit

“Banks are lending! Establish a relationship with your bank and open a line of credit. It can do wonders for your purchasing power, and the rates being offered now are some of the lowest they’ve ever been. ” ~ Evrim Oralkan, Travertine Mart

4. Automate Marketing

“For a cheaper but still very effective solution, take a look at Infusionsoft. We have many clients who use it to automate following up with customers. ” ~ Adam Root,Hiplogiq

5. Take It to the Cloud

“By moving everything you can to cloud-based systems (CRM, project management, accounting, etc.), you can easily scale up as you need more. Use contractors to optimize specific processes rather than hiring new employees.” ~ Mary Ellen Slayter, Reputation Capital

6. Build Strategic Partnerships

“A company is only as small as it projects itself to be. By developing strategic relationships and outsourcing non-core competences to industry partners, small companies can maximize efficiency and create value. Play off your partners’ expertise and offer services that are unique. Clients don’t need to know you are running your operations from a coffee shop as long as you deliver the goods.” ~Elliot Fabri, EcoCraft Homes

7. Look to Sales

“In order to grow with limited resources, particularly financial resources, you’ll want to look to sales. New and larger sales will provide for live operational experiences, which help you scale business processes.” ~ Andrew Fayad, eLearning Mind

8. Leverage 1099 Subcontractors

“Leveraging 1099 subcontractors gives you the ability to scale quickly while reducing your fixed operating costs. They’ll cost you more in the short-term, but you can adjust resourcing levels very quickly to adapt to increasing customer demands.” ~ Chris Cancialosi, GothamCulture

9. Have Customers Pay Early

“Growing a business with limited resources is the battle almost all startups must endure. As we are going through the same issue, we have focused our efforts on getting our customers to pay early, often up front. It puts money in the bank and fuels the company for more growth. ” ~ Alex Chamberlain, EZFingerPrints

10. Automate Tasks

“When your team is small, it’s critical that every repeatable task is being optimized. Something as simple as a checklist helps your employees think through operations, so they can quickly and confidently make decisions without going to their bosses for assistance. Inexpensive project management software, like Basecamp, can also help automate many of your team’s tasks and eliminate repetition.” ~ Brittany Hodak, ZinePak

11. Invest in Customer Service

“If you can’t deal with customer service and sales inquiries personally as they come up, using support software, like Zendesk, is the next best and cheapest thing you can do. Good customer service is really a mindset, and it doesn’t cost much. ” ~ Jim Belosic, Pancakes Laboratories/ShortStack

12. Focus on Now

“The fastest way to waste your two most precious resources (time and money) is to build and plan your operations around what you might need once you grow a lot. Focus on what pains you have right now, whether it is a critical hire or a missing feature that customers are demanding. Save money and optimize for today’s problems. Don’t worry about what problems the future might bring.” ~ Anthony Nicalo, Dónde

Market Sizing

Market Sizing

Imagine that you've just spent three years building a fantastic business – your product is great, your website is cutting edge, your people are well-trained and enthusiastic, and your customers love what you do.

The problem is that you're running at a loss – there simply aren't enough customers in the market to support the business.

This is a heartbreaking, and very common, position to be in. It's why many professional entrepreneurs and investors conduct "market sizing" exercises before they invest in a new business, as part of the business planning  that they do.

In this article, we'll look at how you can analyze your market size, and how you can use this data to make informed strategic decisions.

What is Market Sizing?

The "market size" is made up of the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate.

It's important to calculate and understand market size for several reasons.

The Marketing Mix

What is marketing?

The definition that many marketers learn as they start out in the industry is:

Putting the right product in the right place, at the right price, at the right time.

It's simple! You just need to create a product that a particular group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. Then you've got it made!

There's a lot of truth in this idea. However, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time.

But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel-economy in a country where fuel is very cheap; or publishing a textbook after the start of the new school year, or selling an item at a price that's too high – or too low – to attract the people you're targeting.

The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistakes.

Understanding the Tool

The marketing mix and the 4Ps of marketing are often used as synonyms for each other. In fact, they are not necessarily the same thing.

"Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.

The 4Ps are:

• Product (or Service).
• Place.
• Price.
• Promotion.

A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements:

Product/Service

• What does the customer want from the product /service? What needs does it satisfy?
• What features does it have to meet these needs?
  • Are there any features you've missed out?
  • Are you including costly features that the customer won't actually use?
• How and where will the customer use it?
• What does it look like? How will customers experience it?
• What size(s), color(s), and so on, should it be?
• What is it to be called?
• How is it branded?
• How is it differentiated versus your competitors?
• What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).

Place

• Where do buyers look for your product or service?
• If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?
• How can you access the right distribution channels?
• Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies?
• What do your competitors  do, and how can you learn from that and/or differentiate?

Price

• What is the value of the product or service to the buyer?
• Are there established price points  for products or services in this area?
• Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
• What discounts should be offered to trade customers, or to other specificsegments  of your market?
• How will your price compare with your competitors?

Promotion

• Where and when can you get across your marketing messages to your target market?
• Will you reach your audience by advertising online, in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
• When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
• How do your competitors do their promotions? And how does that influence your choice of promotional activity?