Randy Pausch from Carnegie Mellon university, is one person the world will miss. Professor Randy Pausch (Oct. 23, 1960 – July 25, 2008) gave his last lecture at the university Sept. 18, 2007, before a packed McConomy Auditorium. In his moving presentation, “Really Achieving Your Childhood Dreams,” Pausch talked about his lessons learned and gave advice to students on how to achieve their own career and personal goals.
Most people are aware of Price Elasticity of Demand, even if they don’t know the term. The logic is simple, if you raise the price of your product I won’t buy your product. This is however not the case with some special kinds of products. I will classify these products whose consumption increase in case of price hike into three categories.
Giffen goods: Common examples are food grains and similar essential commodities. When their prices increase it indicates severe shortage. However for the poorer class food is the most essential product and forms the bulk of their monthly expenditure. So, even if such goods are considered inferior in nature, they can’t be substituted and as long as other basic needs are being met, are purchased in even larger quantities as a security against a worse future. These are the kinds of goods which are most important to a certain class of people even if they maybe required by all classes of people.
Veblen goods: These are the goods where all the marketing efforts are directed. They are mostly “fashion” items and can range from pens and goggles to wines and cars. They keyword here is branding. While in the previous example it was the poorer section of the society which contributed to increased consumption, in this case it’s the upper middle class and richer people in the society who lead the increase in consumption. To the richer section these add to the snob-effect and are symbolic of status, while to the upper middle class these are aspirational goods. A higher price leads to exclusivity, while a price-cut would make the possession of these goods look less valuable. Its apt to try and compare the consumers of these goods to be among the achievers and experiencers in the VALS framework.
There is still a third category of goods which are neither inferior nor snobbish, and there might be ample scope for argument but the hike in consumption of these goods is mainly due to the middle class. Consider LPG as an example. In India LPG was not freely available for a long time for domestic purpose, with the increased availability the consumption levels have gone up in the middle class irrespective of price hikes year after year. The reason is not that LPG is price inelastic, rather the logic is, purchase it while you can. Its common knowledge that such a fuel source won’t last forever, but it’s more convenient and hygienic hence as long as it’s affordable, the consumption keeps increasing. Another example is bottled water, although considered price inelastic in many places, where unbottled water is potable to a considerable extent, a Kinley or Bisleri bottle at a lower price will increase suspicions about its purity and lower consumption. The two examples here, LPG and bottled water are somewhat opposed in the sense that LPG is kind of a Giffen good for the middle class (though its neither inferior nor short of alternatives), while bottled water is kind of a Veblen good for the middle class (without the snob effect). Since these do not fit exactly in either of the above two classifications, I have classified them differently.
Competitive management style is the least popular among the many leadership styles. The person who is a competitive style leader is more difficult for most people to work under. This particular style is extremely commanding and demanding. Learn why competitive style is often ineffective from the communications and public speaking expert Tracy Goodwin in this video.
Today, many supply chain managers believe that there are multiple risks involved in a supply chain, and yet are often ill-equipped to handle the same. Many of the risk factors develop from a pressure to enhance productivity, minimize waste, remove supply chain duplication, and improve bottom-line. (more…)
Collaborative management style is all about settling conflict. Today conflict management is becoming very crucial as organizations have grown to mammoth sizes. Learn more about collaborative management style from communications and public speaking expert Tracy Goodwin in this video.
For all the online marketers, Pay Per Click (PPC) can be a really powerful strategy for online marketing, but if you don’t know what you are doing then PPC can drain your money in a day. PPC is one of internet advertising methods on websites that has created quite a stir. For example, Google, Yahoo, Bing, even Facebook, they all have PPC program, using which businessmen can advertise their products or websites, but the cost can be huge depending on how many clicks were clicked on your posted ads. Here are some tips for PPC program that will help you lower your cost for advertising and increase your sales or visits.
- Facebook PPC : Facebook PPC program will be the best to start with for your business. Why? Facebook ad is actually cheaper than other sites like Google, Yahoo, and Bing. Also, it can target ad details to another different level. It’s really easy to use and the result will be faster than others.
- Do Your Homework : You will need to do your homework before you get a good grade in class, right? That means do your research on popular keywords before you actually put them in your ad. There are so much different ways you can do. For me, by using Google Adword, Alexa, and Quantcast are the best ways to find out the popular keyword.
- Capture Page : For most online marketers, the Capture page is the most important page. The Capture page is a webpage that allow people to put in information of themselves and provides several lines to insert contact information. Why do I need to have their contact information? Because 97 percents of visitors that view your site will not come back again. But by creating a capture page, they will leave you information such as email or phone number that you can contact them with. This will increase the visit rate. PPC charge money whenever people click on your ad, so in order to make sure you are fully using PPC, create a capture page for your visitor.
- Details of Your Ad : How convince people to choose your ad over your competitor’s ad? It’s very easy! You need to make your ad different from the others. What I mean by different is give more details of your product’s effect and how to use them. You are not promoting your product, but you are promoting your knowledge of this product. By promoting your knowledge, this will give viewers the sense of trust and they will look further into your product.
- Budget Range : Lastly, if you want to start PPC marketing, you should be prepared to spend around $1,500 to $2,000 for a good start. How come the budget is so high? For the first two months of PPC marketing, result will not come out as good as everyone wish. That’s because you will need to start picking up your leads and momentum for all the promotion you are doing. It’s like a snowball rolling down the hill. As it picks up speed, it becomes bigger and bigger. That’s the budget you might spend to start PPC, if you know what you doing.
These are great tips for a successful PPC marketing online. I will tell you one thing: learn as much as you possibly can before you start any marketing. That’s because the more you learn, the faster results you will receive. PPC is a great way to earn income faster, but if you don’t understanding the process it is the fastest way to lose all your money.
Values of Asset
In our communities, cities, states, even countries, there are so many valuable assets. Yet, what’s the most valuable asset? If you said it is your your gold or your business or your dog then you’d be wrong! Did anyone ever tell you that life is controlled by your own hand? You are the most important asset in your life. Why? You are the one who is making the money. You are the one who is receiving the goods. You are the one who gets the benefit.
But each person’s value is different. It all depends on who you are; but you can also improve it by doing five things that listed below.
- Work Hard then Pay Well: If you are a manager of a food company, do you want to see your workers work hard or be lazy? The answer will be work hard! Every little action that workers made will change your thought about them.
- Take the Smart Choices : By taking smart choices, you will increase your personal value. The way I mean by smart is the knowing what’s right and wrong and the best deal out of every one that you hear. If you choose the right path to go with then your first step will be greater than others.
- Respect the Others : People will actually grade you from how well you respect the others. Respect has great importance in everyday life. In a long term relationship respect will actually be come trust. Whenever people trust you, your personal value will be increase.
- Care for others : Care for others as you care for your own family. Why do people need to care about the others? That’s the same question as why people care about their own family. Of course, in life you can’t be lonely. Caring will bring you good relationship with families, friends, workers, even your boss.
- Give Before You Try to Get : At work, your final goal is receiving that paycheck by end of every two weeks. But before you can do that, you will need to put your time into the company you’re working at. Nothing will come free or easy, but if you “give before you try to get” things will come soon or later.
Following these simple guidelines will surely create a difference to you personal value and how others percieve it to be.
Dr. Darryl Cross is a professional Clinical Psychologist who talks about how to optimize time management. Today, time means money, and a most valuable resource. A must see for all professionals, who face a time crunch. Check this out.
There are certain factors external to the performance of sports-persons which defines the performance of a country in an international sports meet. According to the study, it is poor social mobility because of poor infrastructure that leads to poor performance at the Olympics. It cites the example of Portugal where improvement in radio communication supposedly improved Olympics performance due to increased social mobility, which allowed the exposure of rural talents to international sports.
Consider this, in the Beijing Olympics the Chinese government had invested around Rs 2030 billion for the event. According to officials about 95% of this amount was spent on infrastructure, energy, transportation and water supply projects. Whereas, Finance Minister P. Chidambaram had allocated Rs.11.12 billion as the total sports budget for 2008-09, with special provision of only Rs.6.24 billion for preparations for the 2010 Commonwealth Games.
Improvement of infrastructure is one area where Governments worldwide have often resorted Public-Private Partnerships. Examples related to such infrastructure development linked to sports are also not rare. In preparation for the 2010 Winter Olympics in Vancouver and Whistler the Government of British Columbia has resorted to PPP. Examples of projects in the region include highway construction projects and the building and operating of health care facilities. The private partner’s tasks are design, construction, finance and operations with minimal involvement by the government. The private entity earns returns through use fees or other revenue-generating or expense recouping features over a period of 25-40 years. Although such projects are very long-term and require heavy investment, the private partner receives a long stream of steady cash-flows and also earns new business opportunities.
Similarly, there are examples of private partners building and operating stadia as part of a PPP project. One notable example is the 90-feet tall Rice & Arlington Sports Dome in St. Paul, Minnesota. Inside Sports, a St. Paul-based company initially formed for building the dome, leases the facility and manages its day-to-day operations. Soon after opening, several softball, soccer, and baseball leagues were formed to play in the new dome. The dome was also used for private lessons, clinics, parties, and batting practice. Thus not only did the private entity earn a steady source of cash-flows, the new structure was a boon to the development of a culture for sports which otherwise would have struggled to develop.
These are but instances of ways that have the scope of improving the current status of how sports are treated in India. Such investment in sports-related infrastructure will imbibe a sport-centric culture, identify new talents and allow them to grow to meet international standards. Although the impact of such investments can’t be realised in the immediate future, but in the long-term this seems to be the most feasible option that is available. Also, PPP seems to be the most secure, fast and cost-effective way of such infrastructure development given the low levels of investment and involvement that the Indian government has traditional shown towards sports.
A simple video, which speaks so much on how even small things can be a source for motivation for employees. Check this out.