Revisit your marketing mix over time. A successful marketing strategy requires you to revisit and adjust over time. As a product grows in market share and popularity, the place and promotion strategies you use should change to keep up with demand. Your potential buyers might change as might the profile of your product. The elements of the marketing mix are not static. They are meant to be adjusted and refined over time. Revisited regularly over the course of a product’s lifestyle and your marketing plan will most likely evolve.
1.1 BUSINESS ORGANIZATION AND STRUCTURE Businesses need structure in order to function and grow. Without structure, there’s very little clarity and focus; nobody knows whom to report to and responsibilities are passed around like a hot potato.
Structure is the reason why we refer to businesses as “organizations.” There’s an organized flow of leadership and authority in which every individual is supposed to have a clear idea of what they do, whom they supervise, and whom they ultimately report to.
If your business doesn’t have a formal organizational structure, you’re asking for trouble. However, the good news is that it’s simpler than ever to create organizational charts that can be shared and viewed for enhanced clarity throughout the company. But before you do so, you need to carefully analyze your business and consider where you stand.
An organization is a social unit of individuals that is designed and managed to achieve collective goals. As such organizations are open systems that are greatly affected by the environment they operate in. Every organization has its own typical management structure that defines and governs the relationships between the various employees, the tasks that they perform, and the roles, responsibilities and authority provided to carry out different tasks.
Organizational structure defines the manner in which the roles, power, authority, and responsibilities are assigned and governed, and depicts how information flows between the different levels of hierarchy in an organization.
The structure an organization designs depends greatly on its objectives and the strategy it adopts in achieving those objectives.
An organizational chart is the visual representation of this vertical structure. It is therefore very important for an organization to take utmost care while creating the organizational structure. The structure should clearly determine the reporting relationships and the flow of authority as this will support good communication – resulting in efficient and effective work process flow.