Long questions:

Stage in group development

Stage 1: Forming
Members join and begin the process of defining the
groups purpose, structure, and leadership.
Stage 2: Storming
Intragroup conflict occurs as individuals resist control by
the group and disagree over leadership.
Stage 3: Norming
Close relationships develop as the group becomes cohesive
and establishes its norms for acceptable behavior.
Stage 4: Performing
A fully functional group structure allows the group to focus
on performing the task at hand.
Stage5: Adjourning
The group prepares to disband and is no longer concerned
with high levels of performance.
I phone 4P
Marketing Mix
To determine the best way to satisfy customers
To communicate with potential customers
To confirm a companys position in a market
4Ps
Product
Price
Place
Promotion
Product
A good, service or idea consisting of a bundle of
tangible and intangible attributes
Satisfy consumers
Received in exchange for money or some other unit of
value
3 product levels
Core products
A core benefit sought by a customer when buying a product
E.g., buying a car satisfies the core need for mobility
Actual products
Consists of those elements which make a core product physical
Allow product differentiation 14
5 options of Actual Products
Quality
Directly affects price and promotion
Product features
Basic or additional features
Brand name and image
Communicate to customers

Packaging
Significant to repeat customers
Augmented products
Consists of additional consumer services and benefits
Can be used for product differentiation 15
Price
Actually generates money
If too high, customers may not purchase
If too low, profit margins will not be met
Pricing considerations
Costs, markets, objectives, competitors
Tactical issues
Geography
discounts
16
Place
Distribution
Involves all the activities necessary to move a product
to a customer
Channel vs. physical distribution
17
Channel distribution
Involving distributors, wholesalers
3 distribution channels
Manufacturer customer
Direct selling
The simplest, shortest, fastest, most economical
No middleman
Manufacturer retailer customer
One stage distribution channel
One middleman
Retailers: department stores, chain stores
Manufacturer Wholesaler Retailer Customer
Two middlemen
Most suitable for
products with widely scattered markets
small scale producers whose product line is narrow requiring
wholesalers expert services and
promotional support
18
Physical Distribution
Physically moving the goods from a producer to a
customer
More complex
Order processing, warehousing, inventory, materials
handling and transportation
Integrated and coordinated to achieve a complete
distribution or logistics system
19

Promotion
Any form of communication with customers,
stakeholders, suppliers, intermediaries and the public
Target audience
E.g.,
Advertising
Personal selling
Public relations
Sales promotions
20
Advertising
Any paid form of non personal communication about an
organization or its products transmitted to a target
audience through a mass medium
Steps
Identify target audiences
Define advertising objectives
Determine an advertising budget
Select a media
Create advertising messages
Implement a campaign
Evaluate advertising effectiveness
21
Personal Selling
Any personal presentation by a companys sales force
for the purpose of making sales and building customer
relations
Effective at building buyers preferences convictions
and actions
Customers provide immediate feedback
Allows marketers to adjust messages quickly to improve
communication
22
Public Relations
Building good relations with a companys various
stakeholders by
obtaining favorable publicity
Building a corporate image
Handling unfavorable rumors and events
23
Sales promotions
Short term incentives to encourage a purchase of a
product or service
4 types
Premiums
Small gifts in packs
Self-liquidating premiums
Tokens on packages sent to a supplier for free gifts
In store samples

Given away to customers to encourage them to try a product

Price promotions
Seasonal sales and discounts
Short questions:
20 employees (which structure financial, department)

Cost of quality
1. Prevention costs
2. Appraisal costs
3. Internal failure costs
4. External failure costs
5. Opportunity costs
Service Company characterizes
The four key characteristics of service businesses are different from
the physical; there are Intangibility, Inseparability, Perishability, and
Variability.
Intangible
Service cannot be seen or touched. Services are experienced rather
than possessed. Buyers have nothing to displayed, to be shown to
others, to put on the shelf, or even to use the same service again.
There are not manufacturing process.
Inseparable
Services and the company cannot be separated. The buyer must be
present to experience (consume) and the service provide (produced)
by the seller. Furthermore service quality is associated with the
company itself
Variable
Consistency of service is difficult because of human-intensive nature
of providing service. A service companys success depends on its
service-quality consistency as presented by employees, image,
venues and advertising. And maintaining service quality consistency
is a key to customer loyalty.
Perishable
Services are perishable, because they cannot be kept, saved,
archived. A airline seat or hotel room, for example. It not sold on a
particular flight or a particular night, the opportunity to sell is gone

forever. Service is an active ongoing process between the company

and its customers through employee interaction with the customers.

Economic planning
At one time, many people believe the government should plan
economic activity in detail.
In this model, government is director of economic activity.
Economic planning on a lesser scale, with the government as an
enabler of private sector activity and as corrector of market
imperfections.
A. Governments most important economic roles are the legal
system relating to business.
B. Government also has a responsibility for macro-economic
management
C. Governments can raise trade barriers to protect domestic
industry.
D. Governments can subsidies exports, or promote them in other
ways (e.g. by trade mission, export credit insurance and so
forth )
E. Governments can also encourage inward investment by foreign
countries
F. Regional policy is an example of small scale economic planning.
G. Tax incentives or grants for investing in certain area
H. Relaxing or enforcing town and country planning restrictions
I. Developing new towns to reduce population pressure in major
conurbations, although this policy is perhaps a thing of the past
J. Promotion of infrastructure developments(e.g. roads, rail,
airport )
MC
Why need information?
Level of information
Internet/ extranet
Direct/ indirect tax
Level of management
Business cycle
Centralization vs Decentralization