...people want is essential to beginning a successful marketing campaign. After finding a potential niche for a product or service, marketers must conduct research about competitors and similar items currently available on the market. After identifying these factors, an overall plan must be established to launch the good or service. Sales methods, franchising, and partnerships are all aspects of the product launch that must be examined before production can take place. * Establishing a Consumer-Driven Sales Strategy After finding a profitable niche, a unique strategy must be established to market to the intended target audience. This step of the marketing process is essential, as a method must be constructed that not only will be profitable for the company, but also for the consumers. Market segment analysis is often done to break down the population into smaller groups, so the target audience can be found. * Creating Consumer Value The next step of the marketing process is finding a way to create a product that offers consumers value for their money. In this step, the four “P’s" of marketing come into play. The first “P" is the product itself; it needs to be something society wants. Additionally, it must be well made and fill a void present in the market. The next “P" in this step of the marketing process is the price of the good or service. Researchers must...
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...BU 601 – Strategy Aug.23, 2012 – Lecture 1 Article – HBR – How Managers Become Leaders * There must be seven seismic shifts to become effective leaders * Are expected to be good problem solvers, however, it is not enough * Tough to achieve these shifts from an educational point-of-view * The course should provide opportunities for learning how to get comfortable applying strategy What is Strategy? * Most common definition – a unified, comprehensive and integrated plan designed to ensure that basic objectives of the enterprise are met * Textbook definition – a concrete expression of how a business intends to compete and win in the marketplace * Very difficult to operationalize strategies for any on-going problems Why is that industries with the same external factors have varied results? * Michael Porter – Economist – famous for creating framework for analyzing industries * 3 BIG Mistakes companies make * Trying to parse the bits and pieces for unique positioning to achieve a competitive advantage * Company with a unique advantage yet have a competitive disadvantage is Walmart * RIM is another example, due to lack of long-term strategy * How will your proposal build a unique and competitive advantage for your company? Core questions of Strategy: * Firms performing differently? How to achieve competitive advantage? What is strategic management? * Aligning company’s purpose with capabilities and actions ...
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...selling $4000 BBQ’s and Guy Russo believed that if they are going to sell high market priced items then they have to offer the expertise to go with it. Wesfarmers Chief Executive, Richard Goyder, brought Guy Russo into the organisation to make a change within the company. Guy Russo was the managing director for McDonalds and had retired for two years before starting his new opportunity at Kmart. Russo implemented a volumes-driven strategy from which the company had a 24.9 percent earnings growth. Their profits grew to $246 million compared to $75 million back in 2008. Kmart also had a capital increase from 8.3% to 22.5%, under Russo’s management. How does the news item illustrate the topic assigned for your presentation? The topic is based on business-level strategy. The selected article is based on cost advantage which gives the company overall competitive advantage. Guy Russo promotes a volume-driven strategy to emphasis economies of scale. He did this through lowering prices and therefore high volume of products were sold. They worked on the value chain, in particular the supply network. They have affected the process technology and process design. Instead of getting products through three of four different hands they purchased it directly through Asian manufactures in big volumes. These big orders resulted in cost savings which translated in to lower prices. The company refocused their target market on mums and families, as research shows, that they spend more than any other...
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...dramatically over the past decade. Companies are more global and the employee culture is more diverse than ever before. Organizational structures are less bureaucratic more collaborative (Brown, nd). Today’s companies are full of technological distractions that would have been unimaginable to the 20th-century. The goal of a good manager is to achieve excellent results through planning, organizing, leading, and controlling (Jones and George, 2011). Managers are key elements as they are the ones who handle the most difficult company resource; people. An effective manager needs three kinds of skills, conceptual, human, and technical to help the organization perform more efficiently and effectively. All three skills can be learned by developing certain characteristics or personal traits. Traits such as having a clear vision, learning to delegate work, opening communication, spending time in developing skills, providing continuous feedback, rewarding employees, enjoying what you do, educating more, solid organizational skills, employing excellent ethics behavior, and being a great mentor and motivator. Along personal traits a manager needs to understand environmental factors that strongly influence modern organizations that are important to the company’s success. Parallel to these traits and environmental forces management’s approach has changed. Managers started with the scientific management approach now managers use the Market-Based Management Value Driven Management and Constraint...
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...strategy (encouraging intermediaries to buy the product) or a pull strategy (where the role of the sales force may be limited to supporting retailers and providing after-sales service). What are the main roles of the sales force? Kotler describes six main activities of a sales force: (1) Prospecting - trying to find new customers (2) Communicating - with existing and potential customers about the product range (3) Selling - contact with the customer, answering questions and trying to close the sale (4) Servicing - providing support and service to the customer in the period up to delivery and also post-sale (5) Information gathering - obtaining information about the market to feedback into the marketing planning process (6) Allocating - in times of product shortage, the sales force may have the power to decide how available stocks are allocated What are the advantages of using personal selling as a means of promotion? • Personal selling is a face-to-face activity; customers therefore obtain a relatively high degree of personal attention • The sales message can be customised to meet the needs of the customer • The two-way nature of the sales process allows the sales team to respond directly and promptly to customer questions and concerns • Personal selling is a good way of getting across large amounts of technical or other complex product information • The face-to-face sales meeting gives the sales...
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...Grading Rubric, n.d., p. 2) 3. “Aligning incentives among networked partners to have a reason to stay connected” (FLA Grading Rubric, n.d., p. 2) 4. “Managing the strategic network and controlling its operations” (FLA Grading Rubric, n.d., p. 2) These areas should help catapult your company to the status of a fortune 500 company. We would be known worldwide as one of the companies in America that has what it takes to not only compete in a global market, but be sustainable in a global market. “Fortune magazine takes into account the businesses' growth, as measured by stock earnings and investment returns, assets, revenue and profit when compiling the list.” (Tran, n.d., para. 3) Strategic Outsourcing If order to businesses to remain competitive, they must walk a fine line between costs and quality. Outsourcing plays an intricate part in this process. First off what is outsourcing? “Outsourcing has evolved beyond being viewed as a purely tactical exercise to reduce costs and increase operational efficiencies.” (Singhal, n.d., para. 1) SCF plans on utilizing strategic outsourcing to “adapt flexibly to business change, improve quality and productivity, respond quickly to competition, and penetrate new markets”. (Singhal, n.d., p. 1) This service can encompass anything from “Application Development and Maintenance (ADM) to business process outsourcing to setting up turnkey IT centers on a BOT model (Build-Operate-Transfer), to business re-engineering”. (Singhal, n.d., p. 1) Outsourcing...
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...m, dfdewhcfqid cvugdvd vefvbfv dcvd v f dfvThe Capabilities of Market-Driven Organizations George S. Day, 1993 [93-123] View/Order Item >> Comments from members >> Understanding Market Orientation Considerable progress has been made in identifying market-driven organizations, understanding what they do, and measuring the bottom-line consequences. The next challenge is to better understand how this organizational orientation can be achieved and sustained. The emerging capabilities approach to strategic management offers a rich array of ways to design change programs that will enhance a market orientation. This approach seeks the sources of defensible competitive positions in the distinctive, difficult-to-imitate capabilities the organization has developed. Capabilities are complex bundles of skills and knowledge, exercised through organizational processes, that ensure the superior coordination of functional activities and enable the organization to continuously learn and improve. Examples of defining processes include such typical business activities as order fulfillment, new product development, and service delivery. Capabilities of Market-Driven Organizations Capabilities are embedded in the business's "outside-in" processes, which guide the creation and delivery of value in the organization. Two capabilities stand out as essential ingredients of a market orientation: Market Sensing. This capability enables the business to learn about customers, competitors...
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...Marketing Strategy Notes for Cravens/Piercy Book Chapters 1-5 Chapter 1- Market Driven Strategy Know the what and why on all of these: Market driven Strategy = the market and the customers that form the market should be the starting point in business strategy formulation. See page 3. What does this mean for the auto business, a restaurant, a college or university, what would they do? Related topics foundational for a market driven strategy: Marketing Concept or Orientation – says that the key to success in business is to identify and satisfy needs and wants of the buyer. The customer is king. This contrast to the production orientation/concept which focuses on how to make the product at low cost, and the selling concept/orientation which focuses on promoting what you want to sell. In the production and selling orientations the company makes what it wants to make and tries to get the consumer to buy it. With the marketing orientation the company first figures out what people want to buy, then makes it, and then tells them about it. Market Oriented/ Market Orientation – see page 4. Means: Customer is focal point of company’s total operations Customer Focus Cross Functional Coordination Competitor Intelligence Result – superior performance Creating Value – must deliver benefits in excess of costs (value), the greater the excess the better. (Auto and college as examples) Note that we can’t do all things for all people: ...
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...Marketing Strategy Notes for Cravens/Piercy Book Chapters 1-5 Chapter 1- Market Driven Strategy Know the what and why on all of these: Market driven Strategy = the market and the customers that form the market should be the starting point in business strategy formulation. See page 3. What does this mean for the auto business, a restaurant, a college or university, what would they do? Related topics foundational for a market driven strategy: Marketing Concept or Orientation – says that the key to success in business is to identify and satisfy needs and wants of the buyer. The customer is king. This contrast to the production orientation/concept which focuses on how to make the product at low cost, and the selling concept/orientation which focuses on promoting what you want to sell. In the production and selling orientations the company makes what it wants to make and tries to get the consumer to buy it. With the marketing orientation the company first figures out what people want to buy, then makes it, and then tells them about it. Market Oriented/ Market Orientation – see page 4. Means: Customer is focal point of company’s total operations Customer Focus Cross Functional Coordination Competitor Intelligence Result – superior performance Creating Value – must deliver benefits in excess of costs (value), the greater the excess the better. (Auto and college as examples) Note that we can’t do all things for all people: ...
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...Consumer Psychology and Marketing Communications Article Analysis Colleen B. Hughes PSY/322 February 9, 2015 Donald Crabtree Consumer Psychology and Marketing Communications Article Analysis Consumers are the key to marketing communications for your products and services. Using psychology to understand the consumer behaviors, attitudes, and purchasing patterns. Getting your message to the consumer is done by communication. However, what is consumer psychology and how do they affect the market communication. Consumer psychology has a direct relationship with marketing communication message and will compare two articles to discover the relationship. Before you understand the relationship you need to define consumer psychology. The consumer is a person or thing that consumes and economically the definition is a person or organizations that use a commodity or service. (Dictionary, 2015). Psychology defined as the behavioral and cognitive characteristics of a specific individual, group, activity, or circumstance. (Dictionary, 2015). Another definition is the scientific study of mental processes and behavior. (Dictionary, 2015). Consumer Psychology is both of the definitions put together. The definition is the study of how consumers relate to the products they buy and services they use. Marketers use psychology to understand the consumer needs, motivation, attitude, and actions. (Mihart, 2012). Professional Marketer increase with better measurements and deeper understanding...
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...Features of Private Payer and Consumer - Driven Health Plans Mary Davis HCR 230 September 20, 2015 Charlene Carpenter Features of Private Payer and Consumer - Driven Health Plans When it comes to health insurance plans there are many different private payers that include preferred provider organizations (PPO), health maintenance organizations (HMO), group health maintenance organizations, independent practice association (IPA), point of service (POS), Indemnity, and consumer-driven health plan (CDHP). And consumer-driven type accounts are health reimbursement accounts (HRA), and flexible savings accounts (FSA) (Valerius, Bayes, Newby, & Blochowiak, 2014). Preferred Provider Organization PPO is one of three main types of managed-care plans. It is a fee-for service plan that contracts with medical care providers who provide services for discounted fees to enrollees. If these providers have contracted with the plans they are paid more, but if they have not contracted with the plans they are covered at a lesser payment rate ("The Private Health Insurance Market", 2015). Payment of a premium and sometimes copay for visits are required for PPOs. Primary care physicians are not required to oversee patient’s care for a PPO and referrals to specialist are not required. The premium and copay for a PPO plan is much higher compared to an HMO or POS plan. There are many in-network generalists and specialists for members to choose from. Generally, higher copays, and or increased...
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...project will teach me about the stock market. | B | I want to learn the accounting aspect of a company and how to run a profitable business | Because I want to own my own business one day and I think this will help. | C | Learn the way to run a business successfully | Because I want to be a business owner one day | D | | | 2.1 - Fundamental Information Set For Your Company | | Question | Source | Answer | | A | What is the official company name? | NYSE | Advanced Auto Parts, INC | B | What is Company headquarters address? | NYSE | 5008 Airport Road ROANOKE, VA 24012 | C | What is the Executive Office telephone number? | NYSE | 540-362-4911 | D | What is the Investor Relations telephone number? | Company Website | 540-561-6444 | E | What is the official company website? | NYSE | http://www.AdvanceAutoParts.com | F | What is the fiscal year ending date? | Company Website | 10/22/2012 | G | State of incorporation | Company Website | Delaware | H | What government agency, other than the SEC, has a significant impact on your Company? | | N/A | I | What is the trading symbol for your Company’s common stock? | NYSE | AAP | J | Which stock exchange lists the common stock for your Company? | NYSE | NYSE Technologies Global Market Data | K | What is the name of the stock transfer agent for your Company? | Company Website | BNY Mellon Shareowner Services | L | What is the Par Value for the common shares of your Company? | Company Website | 0.0001 par value | M | What...
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...Emerging Markets Perspectives - CEO Insights Emerging Markets Perspectives - CEO Insights 1 Convergence & Differentiation What is success in a connected world?* Methodology This report was developed to provide a unique perspective from which to view the successes of companies based in emerging markets. While there are many reports providing valuable insights on how multinationals can expand into emerging markets, very few take a systematic approach towards looking at how emerging-market companies have not only fended off developed-world multinationals, but also found their own ways to expand into foreign markets. In addition to drawing on the insights of PricewaterhouseCoopers partners and associates from every market, we relied on two additional sources: 1. The 11th Annual PwC Global CEO Survey: The authoritative analysis of CEO views on business opportunities and risks of operating in an increasingly connected world. PricewaterhouseCoopers has published the survey for more than a decade, reaching out to more than 1,100 chief executive officers worldwide. The 11th Annual Global CEO Survey was launched in January 2008 at the World Economic Forum’s annual meeting in Davos. The survey data were re-analysed for this report at the country level as well as by contrasting insights from developed versus emerging markets. For the purposes of this report, we define “developed nations” to include 19 economies, including the United States and Canada, 15 in Western Europe, Japan...
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...function in implementing strategic decisions. We will take the viewpoint of the general manager and the senior marketing executive to address the issues of: ➢ Formulating segmentation and focus strategies ➢ Understanding, attracting and keeping valuable customers ➢ Positioning the business to achieve an advantage over competitors ➢ Identifying and exploiting growth opportunities ➢ Allocating resources across businesses and segments ➢ Managing the channels for gaining access to the served markets, and ➢ Aligning the organization to changing market requirements. The course will use a mix of cases, lecture/discussion, outside speakers, and group projects. This material will be integrated throughout the course with four over-riding themes. First, that successful market strategies deliver superior customer value; second, that successful implementation of these strategies requires a high level of market orientation – a market-driven firm has superior skills in understanding, attracting, and keeping customers; third, that the internet...
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...mention marketing, most undoubtedly your minds would all go to selling and advertising, but in truth’ are just a minute aspect of the marketing process. Modern marketing has progressed from the old view of “telling and selling” to satisfying customer needs. Thus, in defining marketing you would have to view it as a seven stage process: 1. Understanding the market needs and wants of interest through research 2. Based on the relative size and needs of the market, select certain segments of the market that are of the most interest to you and your organization (Market Segmentation) 3. Thoroughly describe these segments based on their individual needs 4. Create a product or service that will meet the specific needs identified 5. Communicate the concept of the product or service to the targeted customer in a way that makes sense to the customer, this is where promotional techniques come into play in hence advertising 6. Deliver the product or service to the targeted customer in a way that will be convenient to the customer 7. Get feedback from the customer about how your product or service could be improved to meet the customer’s needs even better. The purpose of this seven stage process is to create “value” for customers. When we use the term value, we mean the benefits buyers receive that meet their needs. In other words, value is what the customer gets by purchasing and consuming a company’s offering. So, although the offering is created by the company, the value is determined by the...
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