Most of the organizations are finding it hard to be successful. The reasons are minor but most organizations ignore the minor issues and hence they cannot reach to the top level. There are 9 simple P’s to follow if an organization wants to be the best in terms of product and human capital.
Planning & Research
Before starting an organization or launching a new product proper planning and market research is important for its success. Organization should always focus on introducing new product or service which can add value to the life of people and in this way the chances of its failure can be minimized.
For any organization product is the most important thing. If product isn’t impressive or catchy for the people then people won’t be interested in buying the product. So every organization should first concentrate on its product. If it’s a new one in the market then they should introduce it with proper research and customer feedback and if already same kind of product is available then they should check the existing product and should introduce the product which should be better than existing one.
Important factor after the development of the product is the price and it plays an important role in making a product successful. The price of the product should be such that target market can easily afford it and moreover it should be at par with competitors.
Another important factor for the success of a product or service is the placement. If people don’t have easy access to the product or service then they will not buy it regardless of the fact how cheaper or excellent it is. For this organization should make sure that product is available at all closest and important locations.
Another important factor is promoting the product or service. For this purpose all kind of Medias should be used i.e. print, electronic. Promotion should be done by keeping in mind the target audience. If product is more suitable for young people then promoting in TV or Radio can be a good idea and if it belongs to business sector then news paper should be used for promotion.
Polish your People
Most of the Organizations take care of above mentioned but what they don’t bother much is the human capital. To get to the top human capital is the most important element as they are the ones behind all the processes and ideas. It should be made sure that they should be capable and sound in performing their work and they should have complete know how of what to do and when to do. For enhancing their skills trainings should be conducted continuously and timely.
Performance & Reward
To keep employees motivated and loyal to the company performance of the employees should be properly monitored and those who are performing best should be rewarded as soon as possible. Rewards need not to be tangible and they can be intangible like giving best performer card to someone who has performed well. Organization should also take care of the fact that rewards should be such that have some value for employees. E.g. if an employee hasn’t taken an off since long then rewarding him with off day will make him more happy than some kind of bonus. And those who are not performing at optimum level should be given proper coaching and guidance to improve the performance.
Promotion & Retention
Employees who have worked excellently throughout the year should be moved to next level based on their performance and as per promotion criteria as it will boost their morale up and they will work with more loyalty as they will feel that organization do care about them. Retaining the best work force is important for organization’s success.
Most of the private organizations do have a proper career path and compensation plan but what they lack is a pension plan. A pension plan can give employees a better sense of security for their life after retirement. So organizations should develop some pension plans so that employees feel more comfortable to work and can give their maximum energy and commitment to work. As the much organization will invest in an employee they will surely get in return more than that.
Note: The 4P’s (Product, Price, Placement, Promotion) have been taken from marketing mix or 4P’s of marketing.