...1-There are several market research steps that can be done to extract the proper data. According to our textbook on page 37-40 we can use the six-step marketing research process. Our first step would be to describe the problem and research the objectives. The problem is that the hotel has a challenge of keeping an average occupancy of 80%. I researched online with the help of Expedia and search for top three popular three star hotels, which are Riverside Hotel, Marriot Beach Place Towers and Best Western Plus Oceanside Inn. It’s always great to look at what your competitors are doing and enhance the way your business. After reviewing the comments and searching their website I notice a few highlights. The Riverside Hotel has their location as an advantage. The hotel is located in Las Olas Blvd, which has restaurant, shops and nightlife. The Marriot Beach Place Towers has full-equipped kitchen and direct access to the beach. The Best Western has great reviews about their breakfast buffet. Based those review from the competitor I would then conduct surveys with current, past and future guest. During this process I would create a marking blitz and form partnership with media company to host events. I would also book advertising with companies like Groupon Getaways to attract new guest. This research plan can reveal areas of opportunity for enhancement with-in the hotel or the way they operate day-to-day business. Based on the information collected we can analyze the useful data and...
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...MKT640 – A Managerial Approach to Marketing Abstract There are several different aspects that come into play when launching a new product. Assessing the need, market and potential competition are just a few of the obstacles that must be addressed to successfully launch a new product and have success with that launch. There are many steps to this process and this paper will speak to those steps. Unit 2 Individual Project Introduction When attempting to launch a new product, much research must be done to determine if there is a target audience for the product being launched. It must also be determined if there is a need for the product. Lastly, research should be done to determine if a similar product is already on the market. Maslow’s Theory of Need and its Application to Marketing Maslow’s theory of need basically states that human beings have five levels of need. In order for someone to move to the next level, the previous level must be met in some form. The five levels of need are as follows: physiological, safety and security, social and belongingness, ego, status, and self-esteem, and finally self-actualization needs (Berl, Williamson & Powell, 1984). Basically, the theory states that if a person is starving, that is their primary need at that time. Until that need is met, they are not concerned with safety or any of the other levels. Once that need is met, in that they have a steady food source, then the person will move to the next level and...
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...630-1502b-02: Applied Managerial Marketing Colorado Technical University The two pricing strategies that M&M need to take in consideration are Penetration Pricing and skimming strategy. Our book for this class outlines four strategies that are essentially used in the business, which are skimming, economy, penetration, and premium pricing strategies (Definition of Pricing, 2015). Organizations may diversify the four mentioned strategies, or may include even more strategies that are found through researching, such as the high and low strategy, marginal cost pricing, and market oriented pricing. Price may maximize revenue and profits, or may backup existing market from new competitors (Definition of Pricing, 2015). However, for this assignment I’ve chosen the before mentioned strategies, penetration & skimming as I’ve compared and analyzed M&M’s benefits in comparison to the cost associated with gaining them. Penetration pricing is set preciously short in order to gain market share swiftly. After a new service is launched, there is an understanding that prices increase after the period of promotion and also after there are achievements of market share objectives (Definition of Pricing, 2015). With penetration pricing, there is a goal of customers’ attraction from setting prices low. Skimming strategy’s idea is to recuperate maximum money upon services attract more competition that will decrease profits for the organization (Applied Managerial). Skimming is basically...
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...MULTIPLE CHOICE ANSWERS: 1. MARKETING CHANNELS 2. WHOLESALERS 3. ADVERTISING AGENCY 4. PUSH STRATEGY 5. PULL STRATEGY 6. ADVERTISING 7. SALES PROMOTION 8. CONTEST FOR SALES REPS 9. EVENTS EXPERIENCES 10. PUBLIC RELATIONS AND PUBLICITY 11. TELEVISION 12. PUFFERY 13. GOOD LOCAL MARKET COVERAGE 14. POOR REPRODUCTION QUALITY 15. HIGH COSTS 16. DIRECT 17. DIRECTMAILS PERMIT RAGET MARKET SELECTIVITY 18. INBOUND MARKETING 19. INITIATE CALLS TO PROSPECTS & CUSTOMERS 20. WORD OF MOUTH MARKETING IN YOUR OWN WORDS PLEASE LIST, DESCRIBE, AND EXPLAIN 4 SERVICE LEVELS OFFERED BY RETAILERS. * Self-Service Retailers: * This is where customers find their own products, compare them (prices, quality, size), and chooses the product. Stores that offer this service for example would be like Wal-Mart, Target, and HEB just to name a few. * Limited-Service Retailers: * In these types of retail stores more assistance is offered due to the simple fact that they offer goods that might need more explaining such as washers and driers, refrigerators and goods like that. These types of stores also offer credit and return services. Some examples of these types of stores are like Sears and Best Buy or Lowes when it comes to items where the buyer needs more information to compare and choose the item. * Full-Service Retailers: * These are retailers where the products are of higher end or specialty...
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...BUS 620 Entire Course Managerial Marketing http://hwguiders.com/downloads/bus-620-entire-course-managerial-marketing/ BUS 620 WeeK 1 DQ 1 Value BUS 620 WeeK 1 DQ 2 Market Orientation BUS 620 WeeK 2 DQ 1 Consumer Decision Process BUS 620 WeeK 2 DQ 2 ( Organizational Consumer Markets ) BUS 620 WeeK 3 DQ 1 ( Market Segmentation ) BUS 620 WeeK 3 DQ 2 ( Generic Marketing Strategies ) BUS 620 WeeK 4 DQ 1 ( New Products ) BUS 620 WeeK 4 DQ 2 ( Pricing Methods ) BUS 620 WeeK 5 DQ 1 ( New Economy Ventures ) BUS 620 WeeK 5 DQ 2 ( Market Pioneer Follower ) BUS 620 WeeK 6 DQ 1 ( Marketing Plan ) BUS 620 WeeK 6 DQ 2 BUS 620 Managerial Marketing Week 1-6 All Assignments BUS 620 Week 1 Assignment Amazon Reaching for Consumer Loyalty BUS 620 Week 2 Assignment U.S. Construction Industry “Its Return to Glory” BUS 620 Week 3 Assignment The New Apple, Inc. BUS 620 Week 4 Assignment ( Advertising ) BUS 620 Week 5 Assignment ( Space And Place ) BUS 620 Week 6 Assignment PebbleBee 2015 Marketing Plan BUS 620 Entire Course Managerial Marketing http://hwguiders.com/downloads/bus-620-entire-course-managerial-marketing/ BUS 620 WeeK 1 DQ 1 Value BUS 620 WeeK 1 DQ 2 Market Orientation BUS 620 WeeK 2 DQ 1 Consumer Decision Process BUS 620 WeeK 2 DQ 2 ( Organizational Consumer Markets ) BUS 620 WeeK 3 DQ 1 ( Market Segmentation ) BUS 620 WeeK 3 DQ 2 ( Generic Marketing Strategies ) BUS 620 WeeK 4 DQ...
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...Research or Interview Paper Instructions You can choose 1 of the following two options for your Research or Interview Paper. Your paper will be 7 double-spaced pages for the main content (not including the cover page and reference page). Your choices include: 1. A research paper Steps for writing the research paper: a) Choose a topic in Managerial Economics. b) Submit the topic and the outline of the paper to the instructor anytime for approval. c) A minimum of 3 references besides the textbook are required. Liberty University library has excellent resources for your search for journals. http://www.liberty.edu/index.cfm?PID=178 OR 2. An interview paper Steps for writing the interview paper: a) Choose a topic in Managerial Economics. b) Design at least 5 questions according to the topic. c) Submit your questions to the instructor for approval. d) Contact a local or non-local company for an interview. e) Conduct the interview for answers to your questions. f) The paper must have 3 parts: • The description of the company; • Interview questions and answers; and • Your comments. *The research paper is to be done individually, not as a group. **Do not wait until the last module/week to work on the paper. Do it as early as possible. ***A paper that was written for other classes would not be accepted for...
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...Case Study: Chapter 8 Aaron Lambert Saint Leo MBA 540 Managerial Economics Analyzing Managerial Decisions: Leaving New York for the Farmlands of Illinois While the co-workers may be rightly supportive of the individual’s aspirations, they are likely not qualified to advise him on this matter. The individual claims to have $800,000.00 saved from bonuses at his current place of employment. Based on that information alone, it appears that he is considering walking away from what seems like a fairly secure and profitable situation at his current job and committing to a new and less certain endeavor. With reports implying that demand for corn will soar the farming proposition may seem like a good idea; however, our potential farmer needs to consider other factors. The costs associated with acquiring the land are known and estimated to be $800,000.00, but there are other costs involved that are considerable and quite fixed. He will need to purchase farming equipment and machinery, which will require much more cash upfront in addition to the land. These fixed costs definitely need to be factored into the decision but are omitted in the text. If he has a lot more of that bonus money remaining, he could purchase the machinery outright. If paying cash is not possible he will need to take up a loan, lease, or rent; either option resulting in additional expenses incurred each period. Based on an article published by the University of Illinois in 2014, corn farmers in Illinois...
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...MID-TERM EXAM - 1st Semester, 2012 |Date |Time |Course Title & Code |Room No. | |29 June, 2012 |11.00 am ~ 12.30 pm |501: Accounting System & Auditing |502 | |(Friday) | | | | |30 June, 2012 |7.00 pm ~ 8.30 pm |502: Managerial Economics |402 | |(Saturday) | | | | |06 July, 2012 |3.00 pm ~ 4.30 pm |503: Business Communication |502 | |(Friday) | | | | |07 July, 2012 |7.00 pm ~ 8.30 pm |504: Advanced Management |502 | |(Saturday) | | | | |13 July, 2012 |3.00 pm ~ 4.30 pm |503: Business Communication...
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...Coach Mike Krzyzewski (Coach K.) and Coach Robert Knight (Coach Knight) were two of the most winning and successful coaches to ever coach basketball. These men are not just known for their record wins, but for their unique leadership. They each had a unique way of leading their teams. Coach Knight was Indiana University’s head basketball coach and became a legend there. Coach K. was the head coach at Duke University since 1980. A fact of interest, both of these two men knew each other in an earlier time. Coach Knight had been Mike Krzyzewski’s basketball coach when he played for the United States Military Academy at West Point. It was there they began to build a relationship of trust and respect that would follow and remain with them throughout both of their careers and beyond, as they were also friends. Each of these men have differing ways in which they lead their teams, but there are leadership styles which they shared when it came to coaching. When taking the model which Robert Katz developed we can see there are skills that did account for their success. Coach Knight held two of the leadership traits that were professed by Katz. Those were technical skills and conceptual skills. He had the ability to know exactly was needed and how to make changes based on each individual situation. According to Katz’s model, Coach Knight did not have human skills. He was known for his roughness (e.g; using high levels of profanity and throwing objects onto the court). He did not have human...
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...tEXECUTIVE SUMMARY The paper identifies different source and causes of different types of conflict in the work place. Analysis of the conflict was done with the aid of Blake and Mouton’s model of conflict management. The paper reflects on a real life observation using brightlands care home. Conflicts observed in the home were analysed and discussed. Manager positions in handling the conflict were also analysed using Blake and Mouton’s conflict management style model. Five conflict management style (competitor, collaborator, compromiser, accommodator and avoider) were used to analysed the conflict were based on the research of Blake and Mouton (1964). Using the conflict scenario, the paper critically discussed various approach towards conflict resolution within and between groups. 1.0 INTRODUCTION Conflict is a normal and natural aspect of life and the working environment hardly do without one form of conflict or the other. Conflict in the workplace is a well known daily phenomenon and it is on the increase. It is worth saying that a conflict free company never existed and will never exist. Tension, cultural differences, aggressions, antagonisms, negative attitude and frustration will usually exists especially wherever men are forced to live and work together. . Burton (1972) said in his book that Conflict, like sex is an essential creative element in human relationships. It is the means to change, the means by which our social values of welfare, security, justice and...
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...Running head: Leadership Styles Leadership Styles Kellie Napper Grand Canyon University LDR 600 Leadership Styles and Development September 18, 2012 Leadership Styles Leaders have many different styles and approaches they take when evolving to becoming a great leader. It takes many years of practice to perfect a craft within certain individuals. Some crafts are more defined than others; never the less these skills are done to win over individuals in work environments and major league football teams. According to Katz (1955) there are three basic administrative needs that should be present for managers to be effective which are conceptual, human, and technical. Coach K’s approach contained both conceptual and human skills. Coach K was able to come up with an approach that was comfortable for both him and the team. He did not want to come with a lot of rules that no one would follow. Growing up Coach K spent a lot of time with his family. As he became an adult his wife and children were very important to him. This is the typed of approach he took with his team. Coach K lacked in my opinion in the technical area. He was not all about a lot of drills and long practices. Coach Knight’s approach contained conceptual and technical skills. Coach Knight had very little room for error. He drilled step by step plays into his players. He believed in practicing long hours and if you could not follow the rules you would be kicked out of practice. Coach Knight taught...
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...1. Main roles of manager is leadership, leading your team, figurehead, people look up to you as a person of authority, liaison, you need to be able to network effectively, monitor, you must be able to monitor your team in both productivity and their wellbeing, spokesperson, you must be able to represent your company, Negotiator, negotiator within your team or department, people development, developing structure, procedures and policies. Hazif’s main role is production manager he is a great team leader and makes sure rules and regulations are met, he monitors his team well with weekly meetings to discuss problems. He has good people development skills giving monthly reviews to his employees on performance helping empower his team. He has introduced job rotation to build employees skills & knowledge. He rewards his team and creates a positive work culture. 2. Meeting Deadlines: Hazif rewards his employees to ensure all orders are completed and delivered in time and targets are met letting us know how Hazif is performing and if he is getting all deliveries out in time. Accidents at work: As part of the quality culture all staff know the importance to health and safety, all accidents should be recorded thus letting us know if Hazif is making sure all employees are sticking to the health and safety guidelines and how he is performing as a manager. 3. The functional or group approach. In 1973 john Adair theorised and developed an action-centred leadership model to...
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...multiple leadership styles from the commanding officers; Colonel Davenport, Brigadier General Savage, and Major General Pritchard of Pine Tree. Through Colonel Davenport, Major General Pritchard, and Brigadier General Savage at the start of the film we can see the distinct difference between their leadership styles. General Davenport shows a high concern for his navigator trying to take blame for a navigation error that was his navigator’s fault. Davenport shows a high concern for his men and a low or medium concern for production lead me to believe middleman management style. General Savage, who seems to have the exact opposite leadership style, is highly task oriented and shows little if any concern for the men of the 918th. Savage has a managerial style mimicking authority compliance. Major General Pritchard shares the same management style as Savage. Shortly after the conversation Davenport is relieved of his duty and Savage is put in control of the 918th. Pritchard and Savage are both men who believe chain of command stemming from the fact that they are in the military. According to them you must adhere to the chain of command at all times no matter the circumstances. They believe in orders and that orders should be followed exactly. Arrival at the 918th After arriving at the 918th Bomber Group, Savage is presented with a group of poorly motivated and disciplined men. He notices the lax of security at...
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...Goleman, D. (1998). The emotional intelligence of leaders. Leader to Leader,(10), 20-26. According to the Goleman, author of “The Emotional Intelligence of Leaders” there is a difference between rational and emotional intelligence. The article detailed that both are essential to success. Studies that were conducted in hundreds of organizations show that that about two-thirds of the abilities that set apart star performers from the rest are based on emotional intelligence, only one-third of the skills that matter relate to raw intelligence and technical expertise. (Goleman 1998) There are some skills that a leader should possess. The author discussed 5 dimensions of emotional intelligence that are a foundation for specific capabilities of leadership. There is self awareness – when we are thinking about something, this helps us in our decision making. Managing emotions- a leader should be able to control his/her emotions. There was a study done at the Stanford University; four year olds were tested using marshmallows; the ones who were able to wait instead of grabbing a marshmallow immediately show self control. It was later determined at the age of 18; the kids who waited are emotional stable versus the ones who did not wait. Another skill that a leader should possess is the ability to motivate others. In order for a leader to be able to successfully motivate others; he or she needs to be optimistic. Optimists are able to handle setbacks and try again. A leader should also...
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...The Leadership Grid Perhaps the best-known model of managerial behavior is the Managerial Grid®, which first appeared in the early 1960s and has been refined and revised several times (Blake & McCanse, 1985). It is a model that has been used extensively in organizational training and development. The Managerial Grid, which has been renamed the Leadership Grid®, was designed to explain how leaders help organizations to reach their purposes through two factors: concern for production and concern for people (Northouse, 2007). Concern for production refers to how a leader is concerned with achieving organizational tasks. It involves a wide range of activities, including attention to policy decisions, new product development, process issues, workload, and sales volume, to name a few. Not limited to things, concern for production can refer to whatever the organization is seeking to accomplish (Blake & Mouton, 1964) (Northouse, 2007). Concern for people refers to how a leader attends to the people in the organization who are trying to achieve its goals. This concern includes building organizational commitment and trust, promoting the personal worth of employees, providing good working conditions, maintaining a fair salary structure, and promoting good social relations (Blake & Mouton,1964) (Northouse, 2007). The grid theory breaks behavior down into seven key elements such as initiative, inquiry, advocacy, decision making, conflict resolution, resilience, and critique. Initiative...
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