BA 11

The art of gettings things done- Harold Koonts

Basic Function of Management

It is concerned with guiding people for securing their cooperation in the execution

Why is it important to Business Operations

Concerned with guiding people for securing their cooperation in the execution

The process of thinking about and organizing the activities to achieve a disired goal

involves division and submission of activities into departments section and job as well as integration of activities of an organization

3 Is in Leading

Is the activity, set of institutions and process for creating, communication, delivering, and exchanging offering that have value for customers client partners and society at large

Several Basic Components Underlying Marketing

What is exchange?

Condition of Exchange( at least 3)

It is a marketing strategy a company uses to determine if it can produce a variable product consumes want or need

Examples of Traditional Marketing

Internal capabilities of the firm

Satisfying customer needs and wants while enhancing individual and societal well-being

It is an approach where companies focusbon their products. It develops good based on what it is good at doing

Aggressive sales techniques and belief that high dales result in high profits

Satisfying customer needs and wants while meeting objectives

The company focuses on selling its products to potential customers in target markets

The idea that the social and economic justification for an organization 's existence in the satisfaction of customers wabts and needs while meeting organization objectives.

An organization exist not only to satisfy customer wants but also to preserve or enhance individuals and society' long term best interest.

The relationship between benefits and the sacrifice necessary to obtain this benefits

Customer Value Requirements

A strategy that focuses on keeping and improving relationship with current customers Expectation

The customers evaluation of a good or service in terms of whether it has met their needs and expectations

Why study Marketing?

The set of actions, behavior, environmental and benefits the customer look for while interacting with a business

Derived from comparing performance with expectation

Difference between the total benefits expected from a product or service and the total cost incurred to obtain that product or service J

Combination of products, service, information, or experiences, offered to a market to satisfy a need or wants

focusing only in existing wants and losing sight of underlying consumer needs.

composed of people with the both ability and desire to buy a specific/products or services

Humans wants backed by buying powers

state of deprivation

form that human needs take as they are shaped by culture and individual personality

is the art and science of choosing target markets and building profitable relationships with them

refers to dividing the markets into segmentation of customers

Refers to which segments to go after

is a marketing to reduce demand temporarily or permanently, the aim is not destroy demand but reduce or shift it

Set of benefits or value a company promises to deliver to customers to satisfy their needs

5 marketing management orientation

The idea that consumer will favor products that are most quality performance and features.the idea

The idea that consumers will favor products that are available or highly affordable

The idea that customer will not buy enough of the firms products unless it undertake a large scale of selling and promotion effort

The idea that achieving organizational goals depends on knowing the needs and eants of the target markets and delivering the desired satisfactions better than competitors do

The idea that a company should make good marketing decisions by considering consumer's wants the company's requirements, consumers long term interest and society long run interest

Steps in Designing A Customer Driven Marketing Strategy

It is a process of differentiating the market offerings to create a superior customer value

Process of arranging the product to occupy a clear distinctive, and desirable place relative to competing products in the ninds of target

process of dividing a market into segments

process of evaluating eavh market segments attractiveness and selecting one or more segment to focus on

Customer Relationship Level

Business Adopt a more proactive approach to client interactions assuring a comsist6and enjoyable experience. May entaik tracking snd analysing customer data in order to improve service

Relationship with customer is restricted to transactional, one time transactions and may not have detailed information or knowledge about each other

Company and the client enjoy a long term mutually beneficial connection

The company actively anticipates clients requirements and contact them with appropriate offers, information, and solution. It strives to outperform client expectations

Responds to customers enquires, concerns, or demand as they emerge customer deeking assistance or support start the majority of customers interaction

Marketing Mix

Process of developing and maintaining strategic fit between the organization's goal and capabilities and it's changing marketing opportunities

organization purpose

defines the business in terms of satisfying basic customer needs

Build profitable customer relationship
Invest in research
Improve profits

Increase Market share
Create local partnership
Increase promotion

major activity in strategic planning whereby management evaluates the product and business that makes up thr company

a group of consumerd who respond in a similar way

process of dividing market into segment

process of differentiating the market offerings to creat superior customer value

process of arranging the product to occupy a clear, distinctive, and desirable, place relative to competing products in mind or target consumer

process of evaluating each market segment attractiveness and selecting on or more segments to focus on

Internal limitations that nay interfere with company's ability to achieve its objective