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Business Principles Training
- 1. Business Principles Training Global Business Training Group (Hong Kong) Ltd.
- 16. Marketing and Sales Training Global Business Training Group (Hong Kong) Ltd.
- 17. Subject – Marketing Plan
- 27. Subject - Brands
- 33. Subject - New Product Development
- 41. Subject - Customer Relationship Management
- 50. Finance, Investments, and Entrepreneurship Training Global Business Training Group (Hong Kong) Ltd.
- 51. Subject - Financial Statement Analysis
- 55. Subject – Sources of Capital
- 66. Management, Leadership and Teamwork Training Global Business Training Group (Hong Kong) Ltd.
- 67. Subject – Motivating Employees
- 74. Subject – Corporate Strategy
- 102. Subject – Leadership
- 113. International Business Training Global Business Training Group (Hong Kong) Ltd.
- 118. Subject – Foreign Direct Investment
- 125. Subject – Foreign Investment Regulations
- 130. Subject – International Marketing
Editor's Notes
- If you want to become CEO someday, you need to know a lot about marketing.
- Budgets ensure that the company’s money is spent only where it is authorized
- Let’s say we work for a company and our sales budget (forecast or projection) for Q1 2008 is $10 mm. This means that the $10 mm is the expected performance and the 9 mm is the actual performance. Variance is the difference. The variance is a negative (1 mm). Sales are under-budget.
- If you want to become CEO someday, you need to know a lot about marketing.
- One of the most important jobs of a marketing manager is to prepare a Marketing Plan. The marketing plan is generally prepared each year and is usually revised or updated each quarter.
- A Customer Analysis answers the following questions: This is really easy. It is as if I were interviewing you?
- Your goal is to beat the competition, steal the competitor’s customers, so taking advantage of the threats that the company is facing.
- Competitive strategies means how to develop and sustain competitive advantage
- Competitive strategies means how to develop and sustain competitive advantage
- Differentiate means to create an observable difference that is valued by customers
- Tell story about radiator coolant that did not have strong support by the company.
- Customer Relationship Management will be much easier to understand if we look at the model
- A CIF can contain both existing and potential customers. It is also important to look at the trends over time to see which customers are becoming better customers and those customers whose relationship with the company is getting worse.
- Air Asia offereing such cheap flights is an example of penetration pricing and customer value management. Almost all competitors in your market offer or have the potential to offer equivalent core products. Thus, it is difficult to achieve differentiation based on product features and attributes. Simply meeting buyer expectations is not enough to have customer loyalty. To differentiate, you need to offer levels of customer service much better than your competitors.
- Apple, SAAB and Harley Davidson all have owner groups
- Ask them again and again. What does the balance sheet show? What does the income statement show?
- Remember the main weaknesses of a balance sheet – everything is recorded at historical cost. Look at accounts receivable (the quality – do an ageing of the A.R), inventory, equipment, machinery, and especially real estate. Also, look at l-term debt. Remember what l-t debt is, > 1 year. Well, is it 2 years, 3 years, 5, 10, 20? The lawsuits could be from employees, investors, customers, creditors, etc. Trend analysis – are things getting worse or not. Tell the story about Texaco – the company losing money and using its cash – It’s like if you lose your job and use your savings. I told the exploration company that this company was going bankrupt and we would lose all our investment.
- Their future operations may involve acquiring another company.
- the earnings that the company reinvests into the company
- If your best friend loans you money, is it a secured loan? Are interest rates higher on secured loans or unsecured loans? Use examples?
- That’s why the interest rate is so high
- Periodically means after a certain period (every 6 months or 12 months)
- If you want to become CEO someday, you need to know a lot about marketing.
- employees most value learning opportunities in which they can gain skills that can enhance their worth in their current position as well as future positions. Autonomy and authority should be given to employees who have earned them based on past performance
- How do you decide which one to use. First, you need to find out what employees most value? How do you find that out? Ask your employees?
- Sustain means to keep it going, to keep it going, to keep the momentum going
- Systems include computer networks, financial reporting systems, accounting systems, manufacturing systems, purchasing systems, distribution systems, training systems, performance evaluation systems, hiring systems
- For example, synergy was created when Nestle went from the chocolate business into the ice cream business or an ice cream company going into the yogurt business. I used to work for a company that owned chicken farms, water companies, medicine manufacturing, etc. Where was the synergy?
- First, let’s talk about expanding in the core industry. Heh, what do I mean by core industry? The same product market. And who are the players in that market?
- E.g., a car company (Proton). Talk about Proton’s suppliers, competitors, distributors, and logistics companies. Then ask how Proton could expand in this industry. Then ask why Proton would want to expand?
- We will learn about how to value a company in the finance course but for all those that are so anxious to learn now, the way you figure out the value of a company is by using a multiple of profits.
- Explain vertical and horizontal. Vertical is up and down. Horizontal is across.
- Offensive expansion = company is being aggressive, trying to score another goal
- Allows for incremental decision making that can accommodate changing environmental conditions and the learning that may take place within the firm
- When a company tries to create competitive advantage, usually it is the resources that determine it, especially human resources. When a company decides its growth strategies, either vertical integration or diversification, we learned how important it is to m ake hard decisions about whether resources are good or deficient, which impacts the decisions about the allocation of human and other resources
- Jack Welch at GE challenged his employees to help the company get 1 st or 2 nd place in every business that it owned, your country challenges you
- Generally, an authoritarian approach is not a good way to get the best performance from a team. Many employees are familiar with autocratic leadership and have less trouble adopting this style.
- If you want to become CEO someday, you need to know a lot about marketing.
- This process has speeded up dramatically in the last two decades as technological advances make it easier for people to travel, communicate, and do business internationally
- diversify means to spread out like portfolio diversification, which means to spread out your investments. Why? To reduce risk and lower the volatility of the investment returns
- A lot of FDI might mean that the country is an attractive country in which to invest or that assets are a bargain (i.e., cheap) because of a declining currency.
- When we talk about FDI, let’s just say FDI. No need to say greenfield FDI.
- FDI can be categorized based on the motive behind the investment from the perspective of the investing firm:
- restricted investments – means there are limits, perhaps to maximum ownership by a foreigner
- Before a company makes a foreign investment in a particular country, it should know the country’s foreign investment regulations.
- Normally, companies enter foreign markets slowly at first, testing to see if there is demand for the product outside the home market
- Larger countries and those with faster economic growth rates and higher average incomes are more likely to be seen as good places to invest
- Global product positioning means product positioning across countries
- “Individualized" marketing strategy is expensive and time-consuming (takes a long time)