Business:
· Activity of the individual or group that are involved distributing goods and services and products.
Profit Motive:
· The desire to make a profit or reward in running a business.
Four Combined Resources to be Organize:
· Materials
· Human
· Financial
· Information
Entrepreneur:
· Are the innovative managers who creates some products and services or suggest a better way of using a existing products and services.
Classification of Business:
Very Small- under 20 employees
Small- 20-99 employees
Medium- 100-499 employees
Large- 500 and up employees
Classification of Business by Ownership:
Sole Propiertorship- owned and usually manage by one person. The oldest type of ownership.
Partnership- association of two or more person’s are the co-owners of the business.
Types of Partnership
-General Partner
- Limited Partner
Corporation- an artificial being created by operation of law with the right of succession.
Types of Corporation
-Public
-Private
-Government Owned
-Quasi Public
-Non-Profit
-Professional
Cooperative- voluntarily business organization by members patrons for the purpose of carrying on a busimess activity that directly benefits its members.
Classification of Business by Division:
Commerce
-refers to the transfer of good and services with the movement of goods.
Industry
-concealed on production
Service
-cater to personal deeds of the public in general in a community.
Business Organization
-any of two or more persons can foll their resources and work together for a common purpose.
To attain their common objective.
Principles of Organization:
-principle of objective
-principle of analysis
-principles of simplicity
-principles of functionalism
-principles of departmentalization
-principles of central of power and responsibilities
-principle of limited span of executive control
Economic System Models
-is set of economic constitutionthat dominates a given economy.
Capitalism
-privately owned funds and property rights are privately invested with the purpose of gain for the individuals owners.
Laissez Faire Theory
-it allows people to do as they choose it allows everything to run its own case group are allowed to make decision.
Free- enterprise Economy
-an era of liberalization allowed foreign goods and services.
Communism
-production and distribution are owned and manage ny the state.
Socialism
-it is the mixture of capitalism and communism.
Management
-The process of working through people to achieve objective by means of effective decision making and efficient allocationof source resources.
Effectiveness -doing whatever need to be done to achieve objectives.
Efficiency- doing something in the best possible way so that there minimal wasted resources.ole
Three Levels of Management
Top Management
-are responsible for long term plans and decisions.
Middle Management
-responsible for the implementation of policies and plans.
- supervises and coordinates of the activities of the first line managers.
First Line Management
-make short term operating decisions.
-directing and supervising the daily activities of non-managerial employee’s.
The Managerial Skills
· Technical Skills- the ability to perform the specific task.
· Conceptual Skills- the ability to think analytically and strategically.
· Interpersonal Skills- the ability to interact and work with other people.
The Managerials Roles
· Interpersonal Roles
ü figure head role-performing symbolic task.
ü Leadership role- role being responsible for the work of subordinates.
ü Liasion role- interacting and working inside and outside the organizations.
· Informational Roles
ü Monitor role- constantly alert and seeking information from various resources.
ü Dissiminator role- constantly transimitting and dissiminating vital information.
ü Spokespersons role- representing and spesker for the unit.
· Decisional Roles
ü Entrepreneur role-involves initiations and encouragement.
ü Disturbance handler- or the problem solver involves resolving conflicts.
ü Negotiator role- working and bargaining with people.
ü Resource Allocation role- set priorities about the use of resources.
Steps in Decision Making:
v Recognizing that thres a problem to solve or an opportunity to seize
v Developing alternative courses of action.
v Evaluating the advantage and disadvantages of each alternatives.
v Selecting the best alternative.
v Implementing the decision
v Followint up to see that the decision was effective.
The Four Principal Functions:
Planning
-setting of goals and deciding how to achieve them.
Types of Plans:
Strategic Plan-focused on the business operation and determination af basic long term objectives and the use of course of actions.
Tactical Plan-a series of technical plans constitute a strategic plan includes what to do, how to do it,and who will do it.
Operating Plan- used to accomplish job responsibilities.
Organizing
-Arranging of task,people and other resources to accomplish work.
Steps in Organizing
§ Evaluate plans and objectives.
§ Identify the various activities.
§ Group similar or related activities.
§ Assign activities with appropriate aithurity.
§ Design a hierarchy of relationship.
Leading
-Motivating, directing ,otherwise influencing people to work hard to achieve organizational goals.
Leadetship Styles:
ü Autocratic Leader
ü Participative Leader
ü Free-rein Leader
Controlling
-monitoring performance, comparing it with goals and taking corrective action as needed.
Types of Control:
§ Free-action Control
§ Steering Control
§ Screening Control
§ Post-action Control
Management Theories:
· Robert Owen
· Charles Babbage
· Henry Towne
· Frederick Winslow
· Gilbreths
· Henry Gantt
· Max Weber
· Henry Fayol
· Chester Barnard
· Mary Follet
· Abraham Maslow
· Douglas McGegor
Marketing
-this is a social and managerial processs by which individual and group obtain on what they need and want rhrough creating exchanging of products and value of others.
· The ultimate goal of marketing is to match the companies products and services to the people who need and want them.
Needs
-state of felt and deprivation.
Want
-the form taken by human needs as shaped by culture and individual personality.
Demand
-Human want and nessds that are backed by buying power.
Products
- Anything can be offred to a market for attention acquisition used or consumption thay may satisfied the need of the people.
Services
- Any activity or benefit that one party to the other party that are intangible services.
Customer Value
- The difference between the value and the customers gains,from owning and using a product and the cost obtaining the product.
Customer Satisfaction
- The extent to which a product persive performance matches the buyers expectations.
Total Quality Management
- Programs design to constantly improve the quality of products services and marketing processes.
Exchange
Exchange
- The act obataining the dsire object from someone by offering something in return.
Transaction
- A trade between two parties that are involved atleast two thingd of values,agreed upon condition,a time of agreement, and a place of agreement.
The Core Marketing Concept:
| Needs and Wants Demands |
| Marketing offers products, services, and experiences
|
| Exchange transactions and relationships |
| Markets
|
| Values and satisfactions |
Marketing Management
-is described as carrying out task to achieve desired changes with targets markets.
Five Alternatives Concept:
The Production Concept- one of the oldest type of philosophies that guide the sellers.
Two Types of Situations:
§ When the demands for a products exceeds the suplly, management should look for ways to increase production.
§ When the products costs is too high improve productivity is needed to bring it down.
Product Concept
- the idea that consumers will favor products that ofer the most quality performance and features and that the organization should therefore devotes its energy to making continuous products improvements.
The Selling Concept
- the idea that consumers will not buy enough of the organization’s products unless the organizations undertakes and large scale selling promotion effort.
The Marketing Concept
That holds that achieving organizational goals depends on determining the need and wants of targets markets and delivering the desired satisfaction more effectively and efficiency.
The Societal Marketing Concept
Types Of Markets:
Consumer Markets
-an individuals or household that purchase goods and services for their own use.
Industrial Markets
-consists of firms and institutions that buy goods and services to use performing operations.
International markets
-buyers of goods and services from other countries.
Target Market
- Specific group of customers.
Market Characteristics:
· Population Patterns
· Age Groups
· Income Level
· Regional Differences
Marketing Process:
| Situations Analysis |
| Marketing Strategy |
| Marketing Mix Strategy |
| Implementation/ Control |
5C Analysis:
· Collaborators
· Company
· Customers
· Competitors
· Climate
PEST Analysis
-Political,economic, societal and technological factors.
SWET Analysis
-strength, weaknesses, oppurtunities,threats.
Marketing Strategy
Market Segmentation- dividing a market into distinct groups of buyers on the basis of needs characteristics or behavior who might require separate products.
Market targeting- the process of evaluating market segments attractiveness and selecting one or more segments tp enter.
Market Positioning- arranging for a product to occupy a clear,distinctive and desirable palce relative to competing products in the minds of target customers.
The Three Level of Product:
Core Product – is not the tangible, physical product. The core product is the benefit of the products that makes it valuable to us.
Actual product- is the tangible, physical product . We can get some use of it.
Augmented Product-is the non-physical product part of the product. It usually Consist of lots of added value, for which we may or nmay not pay a premium.
Product Life Cycle:
Introduction: Heavy use of advertising, public relations for awareness, sales promotion for trial.
Growth: Advertising, public relations, branding and brand marketing, personal selling and promotion.
Maturity: Advertising decreases, sales promotion, personal selling, reminder and persuasion.
Decline; advertising and public relations decrease, limited sales.
Price:
Examples of pricing decisions to be made:
-Pricing strategy
-Suggested retail price
-Volume discounts and wholesale pricing
-Cash and early payments discounts
-seasonal pricing
-Price flexibility
-Price Discrimination
Pricing Strategy:
Premium Pricing
-use a high price where there is uniqueness about the product or service.
Penetration Pricing
-the price charged for products and services is s et artificially low in orde to gain market share.
Economy Pricing
-this is a no frills low price.
Price Skimming
-charge a high price because they have substantial competitive advantage.
Place:
Distributin channels:
-Market coverage
-Specific channels members
-Inventory management
-Warehousing
-Distribution centers
-Order processing
-Transportation
-Reverse Logistics
Promotion:
Marketing Decisions:
-Promotion strategy
-Advertising
-personal selling and sales force
-Sales promotion
-Public relations and publicity
-Marketing communications budge
No comments:
Post a Comment