Establishing a profile on Wikipedia can be a boon for companies, but managers must forge ties with the site’s contributors rather than relying on typical marketing strategies.
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- Although personal relationships among coworkers are usually viewed as positive, excessive socialization can lead to a decline in team performance.
- Being honest about the expenses that go into developing and distributing a product can increase sales and enhance a firm’s bond with consumers.
- Firms that make an effort to be responsible are rewarded more than those that seek only to make money.
- The loss in stock value and trading volume for companies targeted by phishing scams proves that firms have plenty to lose from these high-tech attacks.
- A chief executive with a diverse background usually brings innovation and new ideas to a company, but the shake-up doesn’t necessarily pay off.
- While compensating managers generously might induce more of them to stay, paying anyone too much can upset the balance of the executive suite.
- Potentially harmful rumors can start because employees feel inadequately informed, and they can spread when companies fail to keep their promises to their workers.
- Vacations taken by CEOs provide an unlikely, but highly reliable, way to approximate a firm’s corporate activity and anticipate its stock returns.
- To stay ahead of political and social upheaval, multinational firms should consider elevating external affairs to the same level as other top management spheres.
- Companies that winningly reposition their brands tend to do so by anticipating market trends and overcoming or minimizing common challenges.
- Despite lawyers’ conventional wisdom, becoming a household name can actually be a brilliant marketing strategy.
- Young firms seeking outside funding can attract investors by acknowledging they have room for improvement, while also playing up their strengths.
- Your own employees may pose a bigger IT hazard than outside threats.
- By selling a mix of novel and existing items, retailers can optimize their profits; to do so, however, managers must use their salespeople in the right way.
- Advertisers are eager to take advantage of mobile channels, but they must carefully position their products to get consumers’ attention.
- For service companies seeking to lure customers away from their rivals, success lies in keeping it simple.
- To keep growing amid volatility, companies should remain adaptable in their approach to supply chain management.
- By structuring CEOs’ contracts to focus on the long-term health of their company, newly public firms can encourage an emphasis on innovation.
- Executives who take more chances may prove to be a better long-term bet than those who play it safe.
- Bad economic conditions don’t necessarily mean a death sentence for small companies. They can employ multiple strategies to keep growing.
- If you want to keep your co-workers happy, you should resist the temptation to look at your mobile during meetings.
- Marketers probably don’t want consumers to watch commercials while they eat.
- Companies must find a balance between the luxuries customers will pay for and the necessities they expect.
- Employees who feel their managers listen to their complaints are more likely to use social media to benefit their company than to air their grievances.
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