‘Consider It Done’
A recently graduated MBA young man goes to an interview of an International firm. During the interview, he was asked on what would be his strategy to boost sales by 30 % while cutting 30 % of the costs. With powerful pitch & confidence, he replied‘Consider it done’. Even tough his heart was trembling on how he would be able to do it.
Just to please the interviewers and to get selected. He very decently exaggerated the possibility of results without realizing actual actions to be put. The term for such behavior is called ‘Strategic Misrepresentation’
Strategic Misrepresentation is primary power house of sales & marketing departments of large companies. Take for example, Fairness cream advertisements are strategic Misrepresentation. An advertisement depicts that having an expensive car makes you powerful person is Strategic Misrepresentation.
How is this related to investment products? Many times investor gets swayed away by obligation under relationship & fancy presentations and also past performance.
‘Consider it done’ marketing representatives claim false promises to achieve their targets & investor tends to believe it due to their obligation or fancy brand name.
- Does investor need to check benefits & costs of similar
- Should investor grill the sales manager with valid questions?
With right kind of Information, Investors can easily understand such Strategic Mispresentation and save themselves.