Characteristics of a plan
Simple = easy to follow and understand
Practical = realistic to be implemented
severable = divide into units
flexible = allows for changes
Types of planning
Top-down
Bottom-up
Top Down Planning (Advantages and disadvantages)
Managers decide on the mission, objectives and plan, They communicate their decision to employees.
Advantage = management has full control over the plan
Disadvantage = lack of employee involvement, they might be resistant.
7 steps in HR
Planning
Selecting
Orienting
Training
Developing
Managing
Termination
Develop & reward
Create a career path. You want to develop employees because you want to promote them
What is Managing performance
measure & track progress of employees
Traditionally measure for managing performance
quantities (sales, commissions)
Best measure way to measure performance
Mix of quantitative & qualitative (initiative, technical knowledge, decision making)
What is leadership
the process of guiding employees and creating a place for them to excel.
6 - Components of leadership
delegating
motivating
communicating
conflict
change
coaching
what is effective communication
it’s a conversation, a 2-way flow of ideas & opinions
positive outcome from active listening
solve misunderstandings or miscommunication
4 Strategies for managing conflict
communication = resolve misunderstandings
respect = create a safe space to communicate with no judgments
problem solving = interactive strategy that welcomes all solutions
win-win solutions = (best) everyone is happy & contributed to solve the problem
4 reasons employees avoid change
Fear of future = the benefit of the change & get employees involved in planning the change
tradition
past failures = learned from previous mistakes & this time will be successful
lack of time = investing in the future
The coaching process
Assess performance
set goal
evaluate (self)
reward
monitor
Benefits of coaching
Managers Can delegate more tasks to employees
Increases productivity
better communication between employees and leaders.
Why managers fail to coach?
Lack of time
No knowledge about coaching
no need (everyone perform well)
no motivation
Definition of marketing
Plan, promote, price and distribute want satisfying products to target markets to satisfy client & company
Why intangible products such as insurance are viewed as low value?
Because intangible products can’t be seen or touched so customer only see it as a commodity product.
what are customers really buying?
customers are buying a relationship: security, protection, convenience, claims service & knowledge.
5th P for Insurance Marketing Mix
The 4 P’s are: Product, place, price, promotion
5th: People
Why do you want to bundle products?
To ensure that clients don’t have to go to other competitors.
2 Approaches to market segmentation
Top-down approach = start with the mass market and divide it into segments
Bottom-up approach = build the segments based on characteristics stored on DB
What is client profiling
the process of identifying segments to develop products and services that fit those segments and develop tailored messages that communicate to those segments.
