...Analysis Introduction Business-to-Business (B2B) marketing is fundamental in how successful a business is by concerning itself with the marketing of goods and services to customers. The nature of the customer, which is another organisation, is the key distinguishing feature between B2B and business-to-consumer (B2C). What should B2B marketing strive to achieve? In its most simple state B2B marketing should do, at the very least, two things. It should reduce the costs of doing business and enhance the relationship between trading companies by being more reliable, more accurate and more adaptable through the exchange of information. In trying to achieve these minimum requirements, if not more, B2B marketers face a variety of problems, these being the ability of identifying the customer, understanding the customer’s needs and creating value for the customer. In order to eliminate these problems four important concepts of B2B marketing can help the marketer. These are identifying customer value, segmentation, establishing and maintaining relationships within a network and the dimension of business ethics. The importance of these concepts can be divided into two main aspects. Firstly, we have the fundamentals of B2B marketing which are customer value and relationships, without these closely intertwined aspects there is no business as a company lacks, in simple terms, associations with customers and suppliers. Secondly, the strategy of an organisation is crucial...
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...there are still unforeseen factors just like the 9/11 attack that helped bring our economy down, what about other factors that cannot be predicted because they are sudden. Overall I do expect to see both an increase and a decrease. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Entrepreneurship plays a very important role. I believe everyone stands to gain. For example, I am thinking of starting my own online boutique. I am creating business for myself however I still will need to create an online site(which is money to the owner of the site I will use) The postal service,(when I have to ship merchandise to the customer) and the wholesale distributor who supplies my goods for profits. 3. When did American business begin to concentrate on customer needs? Why? I believe American business begin to concentrate on customer needs during the “Relationship Era” Americans begin to concentrate on customer’s needs to embrace and also build stronger relationships between them. The relationship era brings about “mutual” trust between brands and people which is a critical component of the...
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...Chapter 1: The Job of the General Manager A fundamental challenge facing general managers today stems from the fact that the external environment in which their organization operates-which includes current customers, potential customers, competitors, technological innovation, government, suppliers, global forces and so on-is changing so rapidly that the firm, with its finite resources and limited organizational capabilities, is hard-pressed to keep up (which it must do because of the rapidly changing environment). The Job of the General Manager The general manager’s job is to create value of the enterprise. You need to recognize emerging opportunities and challenges, prepare a response, and ensure the success of whatever plan of action you decide upon. After establishing a long-term direction and creating the strategy, the general manager must make important decisions such as making drastic reductions in the workforce, develop new technologies/capabilities, face new competitors, develop new distribution channels, establish new customer relationships, and convince employees/investors that it is moving in the right direction. Fundamental Components of the GM’s Job 1. Setting Direction 2. Creating Strategy 3. Implementing Change 4. Assessing Performance 1) Assessing Performance Our assessment of organizational performance is based on two sets of measures: a) operating performance - quantitative measures of financial and market performance ...
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...ENT3003 EXAM 3 REVIEW Chapter 3 Entrepreneurial opportunity * The fundamental difference between an idea and an opportunity is that the entrepreneur extracts value from the idea * 2 fundamental theories on how opportunities happen * Discovery theory – arising from shifts in external factors in the market or industry * Creation theory – that there is no single coherent theory, but a number of assumptions about contexts and behaviors that don’t fall within the realm of discovery theory Creativity * Enables entrepreneurs to differentiate their business * Is the basis for invention * Critical skill for recognizing or creating opportunity Wallas’s four stages of the creative process * Preparation * Incubation * Illumination * Verification Challenges to creativity * 3 Main types of roadblocks * Personal * Problem solving * Environmental * No time for creativity * One of the biggest contributors to this is multitasking * No confidence Developing creative skill * Design an environment to stimulate creativity * Keep a log of ideas * Most business concepts come from existing ideas on which the entrepreneur makes improvements * Take advantage of personal network * Return to childhood Techiniques to generate ideas * Define the problem * Restate the problem * Identify the pros/cons for potential solutions * Develop a decision tree * Brainwriting ...
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...What is Marketing? Fundamentals of Marketing Management Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Dr. P.V. (Sundar) Balakrishnan Simply put: Marketing is the delivery of customer satisfaction at a profit. Managing World-Class Organizations S #1 Balakrishnan The Marketing Objective Activities in the Marketing Process ... “Satisfy the needs of a group of customers better than the competition.” Distinguish from Selling or Advertising: – merely a subset of marketing actions used to satisfy consumer needs. Marketing focuses on the use of all the firm’s controllable influences to satisfy the customer. S #3 Balakrishnan S #2 Balakrishnan Broad Objective of Marketing Identify needs of customers that company can satisfy Design a Product (“bundle of benefits”) that satisfies those needs - better than existing products. Promote / communicate these benefits in order to motivate purchase Price at the right level so that consumers are willing & able to buy the product and the firm’s profit goals are met Make the product available at the right Place so that exchange is facilitated S #4 Balakrishnan Core Marketing Concepts To grow the business by adapting it to changes in the environment : by monitoring Needs, wants, and demands changes in customer needs changes in competition changes in the company’s own skills...
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...Defining Marketing for the 21st Century Chapter Questions Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing management changed? What are the tasks necessary for successful marketing management? Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2 What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-3 What is Marketing Management? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-4 What is Marketed? • Goods • Services • Events • Experiences • Persons Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-5 What is Marketed? • Places • Properties • Organizations • Information • Ideas Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-6 Demand States Negative Nonexistent Latent Declining Irregular Unwholesome Full Overfull Copyright © 2011 Pearson Education, Inc. Publishing as Prentice...
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...Chapter 1: Creating and Capturing Customer Value Marketing: creating value for customers and building strong relationships to capture from customers in return - All about managing profitable customer relationships (satisfying customer needs) Core Customer and Marketplace Concepts 1. Needs wants and demands * Needs: states of felt deprivation * Wants: the form human needs take as shaped by culture and individual personality * Demands: human wants that are backed by buying power 2. Market offerings – products, services, info or experiences offered to satisfy a market need * Marketing myopia: mistake of paying more attention to the products itself than to the benefits and experiences produced by these products (brand experience) 3. Value and satisfaction – must set smart and realistic product expectations for customers 4. Exchanges and relationships – the act of obtaining a desired object from someone by offering something in return 5. Markets – the set of all actual and potential buyers of a product or service Marketing Process 1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity Marketing Management: choosing target markets and building relationships with them ...
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...Most marketing strategists will agree that creating customer value is fundamental to both profit-seeking companies and nonprofit organizations. Indeed, creating superior customer value is a necessary condition for a company securing a niche in a competitive environment, not to mention a leadership position in the market (Day 1990). According to Porter (1980), a company can follow two generic routes to compete in a market: differentiation and low-cost. Day (1990) maintains that both approaches have the same objectiveC to create superior customer value, because "regardless of which of these routes is emphasized, the effort will fail unless significant customer value is created" (Day 1990, p. 163). Day (1990) addresses the issues in analyzing customer value and proposes that it can be expressed in a "value equation": "Customer's Perceived Benefits-Customer's Perceived Costs=Perceived Customer Value" (p. 142). Although Day's approach to customer value is basically sound, some details regarding consumer customers remain unclear. For example, the process by which consumers perceive product benefits is nebulous: Day particularly addresses product valuation by industrial customers in detail, but this is only in principle a part of a much more complex process of product valuation by consumers. Hence a theoretical framework which underlies the consumers' overall product valuation is still missing in the literature. Such a framework should address the issues of how consumers perceive...
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...business 2. Comprehend the relationship between e-business and electronic commerce 3. Understand the fundamental ideas behind customer relationship management 4. Understand the fundamental value proposition and key tenets of knowledge management 5. Identify the opportunities for knowledge management in e-business 6. Understand the fundamental ideas behind knowledge-enabled customer relationship management and its evolution E-Business: Is the conduct of business on the Internet, not only buying and selling but also servicing customers and collaborating with business partners. CRM: Is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. KM: The capabilities by which communities within an organization capture the knowledge that is critical to them, constantly improve it and make it available in the most effective manner to those who need it, so that they can exploit it creatively to add value as a normal part of their work. Death of 4 Ps Building Digital Capital: Knowledge & Relationships. Important Definitions: Customer Acquisition Cost, Channel Strategy, Switching Costs, Lock-In, Segmentation, Customer Profitability, Customer Retention, Response Analysis Fundamentals of Customer Relationships: Lifetime Value of Customers, The Good, Bad, & Ugly The 4 Tenets of CRM CRM Lifecycle: Acquisition, Enhancement & Retention ...
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...Chapter 1 - Defining Marketing for the 21st Century Questions to be answered 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts and new marketing realities? 4. What are the tasks necessary for successful marketing management? Reviewing important marketing concepts, tools, frameworks and issues. The Importance of marketing * Creating demand * Introduce and gain acceptance of new products * Increasing demand creates jobs * Allow firms to more engage in socially responsible activities The scope of marketing Marketing is about identifying and meeting human and social needs. 1. Meeting needs profitably Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. We see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Important part of Marketing (Peter Drucker) The aim of marketing is to know and understand the customer so well that the product of service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available. What is marketed Marketers market 10 main types of entities: * Goods...
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...Exam Name: Exam Type: Exam Code: Oracle Database: SQL Fundamentals Oracle 1Z0-051 Total Questions 114 Question: 1 Which statement is true regarding the INTERSECT operator? A. It ignores NULL values. B. Reversing the order of the intersected tables alters the result. C. The names of columns in all SELECT statements must be identical. D. The number of columns and data types must be identical for all SELECT statements in the query. Answer: D Question: 2 Which three statements are true regarding the data types in Oracle Database 0g/11g? (Choose three.) A. Only one LONG column can be used per table. B. A TIMESTAMP data type column stores only time values with fractional seconds. C. The BLOB data type column is used to store binary data in an operating system file. D. The minimum column width that can be specified for a VARCHAR2 data type column is one. E. The value for a CHAR data type column is blank-padded to the maximum defined column width. Answer: A, D, E Question: 3 Examine the structure of the PROGRAMS table: Name Null? Type ---------- ------------- --------------PROG_ID NOT NULL NUMBER(3) PROG_COST NUMBER(8,2) START_DATE NOT NULL DATE END_DATE DATE Which two SQL statements would execute successfully? (Choose two.) A. SELECT NVL(ADD_MONTHS(END_DATE,1),SYSDATE) FROM programs; B. SELECT TO_DATE(NVL(SYSDATE-END_DATE,SYSDATE)) FROM programs; C. SELECT NVL(MONTHS_BETWEEN(start_date,end_date),'Ongoing') FROM programs; D. SELECT NVL(TO_CHAR(MONTHS_BETWEEN(start_date,end_date))...
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...firm aims to develop and market unique products for different customer segments A firm differentiates itself from its competitors “when it provides something unique that is valuable to buyers beyond simply offering a low price.” Every firm has opportunities for differentiating its offering to customers, although the range of differentiation opportunities depends on the characteristics of the product. An automobile or a restaurant offers greater potential for differentiation than standardized products such as cement, wheat, or computer memory chips. These latter products are called “commodities” precisely because they lack physical differentiation. Yet, even commodity products can be differentiated in ways that create customer value: “Anything can be turned into a value-added product or service for a well-defined or newly created market,” Analyzing differentiation requires looking at both the firm (the supply side) and its customers (the demand side). While supply-side analysis identifies the firm’s potential to create uniqueness, the critical issue is whether such differentiation creates value for customers, and whether the value created exceeds the cost of the differentiation. By understanding what customers want, how they choose, and what motivates them, we can identify opportunities for profitable differentiation. Differentiation strategies are not about pursuing uniqueness for the sake of being different. Differentiation is about understanding customers and how our product can meet their needs....
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...Competing needs - Creating an empowered environment within a changing landscape. Introduction After the US banking collapse and subsequent Global Financial Crisis of 2007-2008, the banking industry in Australia was in shock. The very stability and security of the industry was under threat and it’s morality under question. Globally, banking had lost credibility and it’s position on the pedestal of stability and tradition. The very nature of banking was called into question, and the financial environment changed rapidly. Within Australia, the banking sector underwent a rapid transformation, as banks scrabbled to re-define themselves in wake of the global financial crisis. The speed of response to the changing market and subsequent internal innovation required to re-imagine a different way of banking and being in the community and sector required nothing less than a metamorphosis of the way of being. The question then became ‘How do you re-invent a large, mature bank and equip it for the current, significant change, and also prepare it for future change that you can’t see or imagine?’ How do you transform your business and people to thrive in the new world of change, and how do you do it when not only the public but the staff are cynical of quick fixes? By looking at the journey the bank has taken, you can understand the evolutionary journey the bank has taken, and is still taking to bring a different type of leadership to life. Methodology of inquiry Initially, my focus...
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...1) ‘HP Way ‘is a set of primary values that define how workforce and the company are to perform. These values have become the foundation of the “HP Way”. It is an objective-oriented philosophy, where each constituency can share the same principles and work toward a common goal. The primary values of the HP Way are trust and respect for individuals; high level of achievement and contribution; conducting business with uncompromising integrity; common objectives through teamwork; innovation and flexibility. The company’s founder put focus not only on to make creative products but also to create supportive corporate culture. The Company has many personnel policies and internal structures which support these values and each policy complement and support each other. The activities of HP employees are guided by a comprehensive system of management by objectives (MBO). The greatest advantage of MBO is that objectives are goals, not specific tasks handed out by management. Goals can be achieved in multiple ways and it is expected from employees to find their own best ways to meet these goals. Job autonomy encourages creativity in the workplace and increase the sense of accountability to employees. From the beginning HP instituted participative management style to foster teamwork, trust, openness and cooperation. Teamwork is practiced within divisions between R & D, manufacturing, marketing, and finance. Through participative decision-making HP is...
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...Rajarajeshwarinagar, Bengaluru-98 | Global competition has forced many organizations to satisfy the ever-growing demands of the customers. It's a well known fact that no business can exist without customers. Organizations need to retain existing customers while targeting non-customers as well. In today's business environment firms strategic priorities is to examine their business practices and to evaluate how to meet the challenges in facing competition in domestic and international market. Quality improvement has become a pervasive element of business strategy, allowing some companies to respond to increasing competitive pressures.Competitive strategy is concerned with how a company can gain a competitive advantage through a distinctive way of competingTotal Quality Management (TQM) is a structured system for meeting and exceeding customer needs and expectations by creating organization-wide participation in the planning and implementation of breakthrough and continuous improvement processes. It integrates with the business plan of the organization and can positively influence customer satisfaction and market share growth.Total quality management is a management system for a customer focused organization that involves all employees in continual improvement of all aspects of the organizationTop management crafts its strategy and operations around customer needs and develops a culture with high employee participation engaging all divisions, departments and levels of the organization...
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