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definition of management
a process which brings together resources and unites them in such a way that, collectively, they achieve goals of objectives in the most efficient manner possible
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4 activities that managers perform
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3 levels at which managers make decisions
- individual
- interpersonal
- organizational
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5 resources that managers need
- money
- people time
- materials
- info
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an activity to make well-informed decisions in advance
planning
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an activity to develop and maintain intentional patterns of relationships among people and other resources (includes staffing)
organizing
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an activity to channel the behavior of all personnel to accomplish the organization's strategic plan while simultaneously helping them accomplish their own career objectives
leading (aka directing)
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an activity to review and regulate activities in accordance with set plans
controlling (aka evaluating)
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"managing up"
deliberate effort to bring understanding and cooperation to the boss/employee relationship
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5 ways to manage up
- 1. do your best to understand your boss's perspective, agenda, preferences
- 2. communicate 2-way in a way convenient for your boss (ask what works best)
- 3. when identifying problems - offer solutions
- 4. use boss's strengths and yours, recognize weaknesses (both of yours)
- 5. request feedback and accept it
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4 ways to handle a difficult boss
- detect
- detach
- depersonalize
- deal
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5 parameters of marketing
- 1. a process of problem solving
- 2. identifying and meeting the needs of customers
- 3. exchanging something of value
- 4. satisfying needs and wants
- 5. planning and executing: pricing, promotion, distributing of ideas, goods & services
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4 key elements of marketing
- 1. exchange
- 2. value
- 3. needs, wants and demands
- 4. markets
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def of exchange
obtaining a desired product by offering something in return
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def of value
- customer's perceptions
- costs versus benefits
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3 assumptions about value
- 1. we want the highest level of satisfaction, and satisfaction is affected by expectations
- 2. we want the best we can afford
- 3. perceived value affects choice
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def of needs
basic, required for safety and well-being
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def of wants
not needed to survive, shaped by our culture, advertising
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def of demands
wants + buying power "willingness to pay"
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5 key priorities of marketing
- 1. identify new opportunities
- 2. develop new products
- 3. attract customers
- 4. retain customers and build loyalty
- 5. fulfill orders (provide the goods and services)
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4-5 P's of the marketing mix
- 1. price
- 2. place
- 3. promotion
- 4. product
- 5. positioning
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def of price
the appropriate charge for a product or service
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def of place in the marketing mix
- channels of distribution
- manufacturers --> wholesalers-->pharmacies-->customers
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def of promotion
- strategy to help customers move from awareness to repeat purchasing of your products.
- advertising, sales promotions, personal selling, public relations/publicity
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def of market positioning of the marketing mix
arranging for a (service) product or organization to occupy a clear, distinctive and desirable place in the minds of individuals in you target market
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def of market position in the marketing mix
the place the product or organization occupies in the customer's mind in relation to competing products or organizations
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actual market
current customers
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potential market
those who have a real or unrealized interest in your product and the means to acquire it
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target market
those in the potential customer market who are most attractive to you as a marketer
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market segmentation
the act or process of dividing a market into distinct groups of pts who may desire and/or require different types of services
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6 variables for market segmentation
- geographic
- demographic
- psychographic
- behavior
- cognitive
- health
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3 parameters to decide of a segment is worthwhile to target
- measurability
- substantiality
- accessibility
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def of measurability
the degree to which size, purchasing power and profile of resulting segments can be measured
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def of substantiality
the degree to which the segments are large enough to be worth pursuing
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def of accessibility
the degree to which segments can be reached and served effectively
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