Monthly Archives: November 2017

Asynchronous Communication

Definition of Asynchronous Tools in Communication

In this particular type of communication method, it is not necessary for communicating parties to be simultaneously present for the communication purpose. An online lecture missed by a student, for example can be covered at some other time. Flexibility is the most profitable aspect of asynchronous communication tools. To understand it better, let us take a contrasting example of Instant Messaging (IM), which is a synchronous communication tool. In IM, it is essential for all the parties chatting to be present at the same time. If you’re chatting with your friend on some chat service, it is an essential condition that the other friend needs to be present on the other side and he or she must be replying you, else the communication remains incomplete. So synchronous communication tools work on the basic premise that all communicating parties can be at “different places” but at the “same time”. Some examples of synchronous communication tools are audio conferencing, web conferencing, white boarding and video conferencing. Asynchronous communication tools are exactly the opposite to synchronous tools of communication. One of simplest example of asynchronous mode of communication is an email system. When you send an email to someone, you’re automatically assuming that it can be replied later and not necessarily instantly.

Asynchronous Communication Tools List

Are you wondering which are real life communication methods used that are called asynchronous communication tool? Read on, to know more…

Discussion boards: We all have been on some or the other discussion boards online at some point of time. It is an online community of members for sharing thoughts, ideas, questions, queries and information regarding some topics. It is a great way to make new friends and to know numerous ideas.

Bulletine Boards: You were not present online in a discussion on some topic and now you want to know about what you missed. Well, with bulletine boards, coordinators post the links pertaining to the discussion and you can use the browser to catch up what you have missed. This is certainly one of the biggest advantages of online education.

Blogs: Blogging is a great way to share and receive knowledge, habits and hobbies. People who like your writing, will follow your blog whenever they want. There is no restriction on time.

Website Links: Instead of providing entire content, it is easier to share website links that direct the user to the contents. It makes the task of information sharing easier and simple.

Shared Calendars: To coordinate numerous activities in your college or in your office, you can use shared calendar software available online that can be also used to share information regarding any public events or with a group of friends.

E-Books: Web books are the latest trends online and it is easier to access them irrespective of time constraints. Even if the local library is not open, it is very much possible to access a book online, late midnight or early morning.

Databases: Information storage is a great way to use it for future references whenever required. Databases are perfect examples of storage houses where data can be stored and managed.

Streaming Audio and Videos: As a part of your online education, you can log in to the video link on a website to learn the lessons again or later to revise it further. It has no limitations of time. You can visit the video anywhere, anytime, if you has access to required communication devices such as a PC and the Internet.

Surveys and Polls: Collecting information from a large number of people at the same time is not a feasible task. So surveys and polls help in preparing critical information regarding any important topic. Again the benefit of doing this task in multiple time zones makes it simpler.

E-Mails: As aforementioned, emails are not expected to be replied immediately and you give time to the other party to reply later. It is just like posting a letter in the post office. You don’t get back the reply instantly. You wait for some time.

Social Responsibility and B-Corporations

Social Responsibility
Over the past few decades, social responsibility has become an increasingly important topic of discussion in all aspects of life in the United States. Although nearly everyone has an intuitive idea of what it means to be socially responsible, there is no hard and fast definition of this term. Normally, people try to be socially responsible by doing what they think is the most beneficial to others in a given situation. For an average individual, practicing social responsibility could mean recycling, picking up after your dog, driving a fuel efficient car or taking public transportation whenever possible, or being honest with others. In most cases, the exact definition of social responsibility doesn’t matter too much. In the business world, however, definitions can be more important.
Responsible Business Practices
Social responsibility extends beyond individuals to larger entities like businesses. Social responsibility is becoming more and more important in the business world these days, both because socially responsible actions are the right action and because businesspeople are finding that social responsibility is profitable. In many cases, consumers and investors alike are more likely to support companies who have a reputation for being socially responsible. Thus, large companies who pursue socially responsible courses of action could end up on top in competitive markets. Until recently, however, this has just been one business theory or approach, with little or no legal or organizational grounding.
Traditional Business Designations
In recent years, a few new business structures have come into being in the United States. These new structures are designed to provide an alternative to traditional understandings of business operations. Traditionally, companies have been designated as ‘S corporations’, ‘LLCs’, and a few others, and the legal status of such business entities has been mostly independent of what the businesses actually do. Part of the reason for this is that it’s difficult to define, legally, what is good and what is bad. If certain activities are said to be socially responsible and others are not, trouble could arise when people disagree with these definitions. In 2006, however, the B Lab Company was founded in Pennsylvania to help determine what qualifies as socially responsible business practice.
B-Corporations
The movement begun by B Lab to create a legal definition of corporate social responsibility was followed by the creation of the B-corporation corporate charter format. A company designated as a B-corporation, or Benefit Corporation, is, according to the designation, a business that is legally required to adhere to standards of social responsibility. Although there is still no widely accepted legal definition of social responsibility, the definition and standards created by B Lab are used to evaluate whether business qualify for B-corporation status. The standards, termed the B Ratings System, evaluate several measures of a business’s social and environmental practices, including employment practices.

Why Small Businesses are Important to the Economy?

Did you know? The Bank of America was initially established as a small business and has grown to its glorious position as a corporate giant. There are an estimated 29.2 million small business enterprises in America. As inconspicuous as they may seem, small-scale businesses are vital to bring innovation and drive competition in an economy. They increase national GDP (gross domestic product). Clients now have more trust in small-sized businesses than they do in larger companies. These businesses have successfully developed a sense of trust and security in people around them. Irrespective of the fact that they do not generate turnovers in millions, small-sized businesses provide sustainability to the economy. They are easy to manage, very flexible and easily adapt to economic changes.
Creating More Employment

Although a small business may typically employ fewer than five hundred people, they help generate employment opportunities. While multinational corporates focus on recruiting people with laudable educational qualifications, small enterprises hire people even with most unimpressive resumes along with providing training and development. In the American economy, such businesses have alone provided employment to almost half of those engaged in the private sector. If you were to compare the total number of people employed by all small business firms as compared to big businesses, you will observe that percentage of employment generated by small companies or businesses is higher. This is evident in the fact that annually, small-sized businesses have generated more than 60% of total new employment opportunities in the U.S. economy in the last ten years. Also, these jobs are created at a faster pace too, because many small enterprises are more inclined towards increasing their work force, while big corporates concentrate on wealth generation through higher investments. During periods of lay-offs prevailing in the entire economy, the number of small-business start-ups will go up even though big corporates will downsize. The banks will fund these new businesses and stimulate the velocity of money.
Small Businesses are the Backbone of Our Economy

The oft-repeated statement “small businesses are the backbone of our economy” stands true in modern-day economies. Although many such businesses in the economy may depend on outsourcing by larger companies, if they did not exist, so wouldn’t the big businesses. While, small-sized businesses create more products and services, they also help circulate money in the economy quickly. They are also more enthusiastic and willing to create strong customer relationships and reliability amongst the employees. They work at the micro-level of economics and create a base for the macro-economic stage through the multiplier effect. They cater not only to households directly but also aid multinationals with their products and services. However, many huge clients are now turning to small enterprises to contract financially significant projects fascinated with the friendly and reliable work environment. Also, the scope for growth of innovation for an employee is much higher when employed by a small business, evident statistically that they generate 13 times more patents per employee than any large patenting enterprise.

Target Marketing Strategy to Watch Your Business Grow

Marketing is an important function that plays a vital role in the running of the business. If the product is not marketed in the right manner and fails to reach the end customer, the business will fail. This is why, marketing strategies play crucial roles. While marketing a product, the company has to decide a target market. Target market is nothing but that specific set of audience to whom the product manufactured is meant to cater to. Target market is more like dividing the vast sea of customers into smaller segments and using the 4Ps of marketing (Product, Price, Place and Promotion) on this segment effectively to achieve maximum sales and profits. Target marketing strategy helps tap that subset of the customer population that are most likely to purchase and use the product.

How to Identify a Target Market
The whole concept of target marketing stems down from the fact that we cannot please everybody! Target market, unlike mass marketing does not dole out a single product to the entire market. Instead it marks out a specific range of people to whom the product must be effectively marketed to. As a marketing professional one needs to identify the target market correctly and tap as much profit as possible. To identify the target market one will have to look at the product being manufactured and sold. Ask a few questions:

▲What does this product do?
▲ Who is it helpful to?
▲ Which regions of the world will accept this product?

How to Divide the Market into Segments
To target a particular sector, the entire market has to be first divided based on different criteria. This can be done in the following ways:

Demographic Segmentation: This segment involves categorization of customers based on factors such as age, income, family size, gender, education, nationality, race, etc.

Geographical Segmentation: As we already read above, segmentation based on the region is important while dealing with specific products like desert coolers, fur coats, blankets, snow boots, raincoats, etc., the climatic conditions will determine one’s target area.

Behavioral Segmentation: This form of segmentation clubs factors like brand loyalty and value of quality. For example, several IT companies market their products specifically to customers loyal to their products. Then again, certain companies target their high scale products to people who cherish, value and are ready to shell out extra cash for valuable pieces.

Psychographic Segmentation: This type of categorization involves clubbing of people’s interests, lifestyles and personalities.

Technographic Segmentation:This type of segmentation differentiates people based on technology they use. With technology becoming such an ingrained part of our lives, technographic segmentation becomes all the more important.

These five types of segmentation are only the broader approach to slicing a market into segments. Even when you consider demographically, within it, one will again have to segment the market. Most marketers use a combination of these kinds of segmentation to narrow down on the most effective target market.