Long questions:

Stage in group developmentStage 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: NormingClose relationships develop as the group becomes cohesive and establishes its norms for acceptable behavior.Stage 4: PerformingA fully functional group structure allows the group to focus on performing the task at hand.Stage5: AdjourningThe group prepares to disband and is no longer concerned with high levels of performance.

I phone 4PMarketing MixTo determine the best way to satisfy customersTo communicate with potential customersTo confirm a companys position in a market4PsProductPricePlacePromotionProductA good, service or idea consisting of a bundle oftangible and intangible attributesSatisfy consumersReceived in exchange for money or some other unit ofvalue3 product levelsCore productsA core benefit sought by a customer when buying a productE.g., buying a car satisfies the core need for mobilityActual productsConsists of those elements which make a core product physicalAllow product differentiation 145 options of Actual ProductsQualityDirectly affects price and promotionProduct featuresBasic or additional featuresBrand name and imageCommunicate to customersPackagingSignificant to repeat customersAugmented productsConsists of additional consumer services and benefitsCan be used for product differentiation 15PriceActually generates moneyIf too high, customers may not purchaseIf too low, profit margins will not be metPricing considerationsCosts, markets, objectives, competitorsTactical issuesGeographydiscounts16PlaceDistributionInvolves all the activities necessary to move a productto a customerChannel vs. physical distribution17Channel distributionInvolving distributors, wholesalers3 distribution channelsManufacturer customerDirect sellingThe simplest, shortest, fastest, most economicalNo middlemanManufacturer retailer customerOne stage distribution channelOne middlemanRetailers: department stores, chain storesManufacturer Wholesaler Retailer CustomerTwo middlemenMost suitable forproducts with widely scattered marketssmall scale producers whose product line is narrow requiring wholesalers expert services andpromotional support18Physical DistributionPhysically moving the goods from a producer to acustomerMore complexOrder processing, warehousing, inventory, materialshandling and transportationIntegrated and coordinated to achieve a completedistribution or logistics system19PromotionAny form of communication with customers,stakeholders, suppliers, intermediaries and the publicTarget audienceE.g.,AdvertisingPersonal sellingPublic relationsSales promotions20AdvertisingAny paid form of non personal communication about anorganization or its products transmitted to a targetaudience through a mass mediumStepsIdentify target audiencesDefine advertising objectivesDetermine an advertising budgetSelect a mediaCreate advertising messagesImplement a campaignEvaluate advertising effectiveness21Personal SellingAny personal presentation by a companys sales forcefor the purpose of making sales and building customerrelationsEffective at building buyers preferences convictionsand actionsCustomers provide immediate feedbackAllows marketers to adjust messages quickly to improvecommunication22Public RelationsBuilding good relations with a companys variousstakeholders byobtaining favorable publicityBuilding a corporate imageHandling unfavorable rumors and events23Sales promotionsShort term incentives to encourage a purchase of aproduct or service4 typesPremiumsSmall gifts in packsSelf-liquidating premiumsTokens on packages sent to a supplier for free giftsIn store samplesGiven away to customers to encourage them to try a productPrice promotionsSeasonal sales and discounts

Short questions:

20 employees (which structure financial, department)

Cost of quality 1. Prevention costs2. Appraisal costs3. Internal failure costs4. External failure costs5. Opportunity costs

Service Company characterizes

The four key characteristics of service businesses are different from the physical; there are Intangibility, Inseparability, Perishability, and Variability.

IntangibleService 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.

InseparableServices 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.

PerishableServices 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 planningAt 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 managementC. 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 countriesF. Regional policy is an example of small scale economic planning.G. Tax incentives or grants for investing in certain areaH. Relaxing or enforcing town and country planning restrictionsI. Developing new towns to reduce population pressure in major conurbations, although this policy is perhaps a thing of the pastJ. Promotion of infrastructure developments(e.g. roads, rail, airport )

MCWhy need information?Level of informationInternet/ extranetDirect/ indirect taxLevel of managementBusiness cycleCentralization vs Decentralization