Cutting Costs Strategically
February 12, 2025
With the globalization of the world economy starting in the 1970s, continuing through the 1980s and accelerating since the 1990s reaching its zenith in the first decade of the new millennium, there has been a concomitant trend of global corporations expanding their international footprint and operating in multiple countries around the world. This meant that […]
SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. By definition, Strengths (S) and Weaknesses (W) are considered to be internal factors over which you have some measure of control. Also, by definition, Opportunities (O) and Threats (T) are considered to be external factors over which you have essentially no control. SWOT Analysis is […]
Segmentation refers to the process of creating small segments within a broad market to select the right target market for various brands. Market segmentation helps the marketers to devise and implement relevant strategies to promote their products amongst the target market. A market segment consists of individuals who have similar choices, interests and preferences. They […]
With the explosion of scandals pertaining to corporates due to mismanagement and fraud in recent years, the regulators all over the world have been implementing a series of policies aimed at improving corporate governance and ensuring that companies follow ethical and normative rules of business. A part of this initiative has been to goad the […]
Migrating to E Business has become inevitable. All business Organisations have recognised this fact. It has been understood that E Commerce is going to be the sales engine for the future. Understanding and accepting the need to evolve a E Business strategy brings with it more challenges. The first and foremost challenge that the Organisations […]
The previous articles discussed the various aspects of strategy and how businesses can use different strategic options to respond to the multifarious needs of the 21st century business landscape.
An aspect that is of crucial importance is the rise of the millennial generation or those born between 1980 and 1995. As this generation enters the workforce and becomes a consumer segment in itself, businesses have to strategize on ways and means to adapt to this generation. These strategies can involve targeted marketing, workplace adaptation, and other societal aspects of reaching out to the Millennials.
If we take the first aspect, marketing to Millennials can be quite challenging as they have attention spans in the seconds rather than the minutes that earlier generation used to have when viewing advertisements or making up their minds. This means that marketers have to deal with the concept of packing in as much information as possible within the 30-second slot for ads and ensure that the message is conveyed. This also means that marketers have to ensure that their message is not drowned out in the information overload that the Millennials are exposed to.
The second aspect of making changes in the workplace for the Millennials is that they are much more tuned to technology and social media in particular and the expertise that they have with technology means that the organizations have to become high tech themselves if they are to accommodate the Millennials in their midst.
For instance, it is the case that many organizations use technology largely. However, the crucial aspect here is that organizations have to start using social media as well extensively if the workplace is to be challenging to the Millennials.
In other words, the organizations have to move beyond Web 2.0 and mere IT and use tools like virtual reality to ensure that they are able to attract and retain the Millennials.
The third aspect relates to the extremely crucial aspect of societal forces being more amenable to change and that too at a rapid pace. We have seen how the millennial generation is hitting the streets in protest across the world when they are not satisfied with a particular outcome whether it is related to business or politics.
Concentrating on business alone, we find that the Millennials are feeling let down by the lack of job opportunities and the prevailing gloomy economic scenario. Hence, the task before business leaders and CEO’s is to create as many jobs as possible for this generation to ensure that their energies are channelized in a positive manner instead of in a negative manner.
Finally, the Millennials are entering the workforce at a time when a historical shift in the way business operates is happening. Hence, the implications for businesses are that either they leverage the opportunities presented by this fundamental transformation or let go of the chance and waste the opportunity.
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