7. Business etiquette in different countries.
There are different opinions about what is polite or impolite. Different cultures express politeness in different ways. Even in the same country, there may be different views about what are good manners or bad manners. But the same rules apply everywhere. Politeness is about showing respect for others. It means thinking about other people’s feelings. In formal situations, we follow standard rules for politeness. In business, we are usually polite when we make new contracts, meet customers or people from other companies. Politeness is often linked to status. We are usually more polite to people above us in the organizational hierarchy. In today’s working environment, most managers show respect for their workers. They might say, “We really need to send the report as soon as possible. Could you please do it today?” If you consider other people’s feelings, they are usually more willing to work hard, to help and to cooperate. Different business etiquette:
Brazilians stand very close and use physical contact during conversations. In Brazil, closeness inspires trust, and trust inspires long-term relationships. Canadians tend to be extremely punctual and meetings are well-organized and adhere to time schedules. So, you must be on time. In Chine give yourself a Chinese. It’s considered a sign of respect and commitment. Also, you should bring a small gift from your hometown or country to business meetings. Chinese businesspeople appreciate presents. Indians are very polite. Avoid use of the word “no” during business discussions; it’s considered rude. Opt for terms such as “we’ll see,” “I will try,” or “possibly.” Don’t order beef if attending a business meal in India. Cows are considered sacred Indian culture. So, knowledge of business etiquette in different countries is very important for successful negotiations.
8. Pricing strategy.
Price is important to everyone. Companies spend a lot of time deciding how to set price. But they often don’t choose the best method of pricing their products. This can have a huge impact on profitability. A study of 2,400 companies showed what happened when they followed one of three strategies. The first strategy was to reduce costs by one per cent. The second was to increase the volume of sales by one per cent. And the third was to increase all their prices by one per cent. The companies who reduce their costs improved profitability by 2.3 per cent. The companies who increased their volume of sales also had an increase in profitability – of 3.3 per cent. But the companies who increased their prices saw the biggest increase, with profits increased by as much as 11 per cent. So how should companies set price for a product? One method is a simple “cost-plus” strategy. You calculate what it costs to produce an item and then you add the profit margin you’d like to have. And that’s your price. Another method is to find your customers are ready to spend on that product. Then you set the price to match. And a third way is to look at the competition. You see what your competitors are asking for the same kind of product and you set your price at about the same, or lower if you want to be competitive. Pricing is really difficult to get right and companies have to think carefully about the different factors. For example, ask: Who are your target customers and is price important for them? A second questions is: What kind of product or service are you selling? Because if it’s a quality product or a special service that no one else can sales. Pricing should be part of your plan. You shouldn’t develop a product and they say: “OK, now let’s think of a price”.
9. Importance of brands strategy.
Brand strategy goes way beyond just a logo or graphic element. When you think about your brand, you really want to think about your entire customer...
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