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Day 4 part 2
- 1. Principles of business, marketing and sales, financial management Afternoon June 16th 2016 Trainers Bev Gilder and Diane Eaton
- 2. Objectives for thissession…. • Understand the characteristics of different business markets • Understand how businesses and organisations interact with each other. • Understand the effects of wider world on businesses. • Understand the legal obligations of businesses • Understand what drives innovation and product development. • Understand the role of budgets and financial planning • Understand the principles of marketing and branding • Ideas.
- 3. What is abusiness market • A market is a place where buyers and sellers come together • May exist physically or virtually • Has to be dynamic • Has to know its business customers • Has to innovate and develop • Has to know its market segment • Is where goods and services are amended or reprocessed by their own production
- 4. What makes B2Bmarkets different • More complex decision making units • Buying may be more ‘rational’ • Products may be more complex • Less buying units • Fewer behavioural • Personal relationships may be more important • May be longer term relationships • Drive innovation more • Packaging not as important • Sub brands less effective • Very demanding
- 5. Exercise…. • Identify 5different types of organisation which would buy and sell on a business to business basis. What would they likely to be buying and selling ? • Consider service industries ? • Production industries ? • Resellers ? • Public sector ?
- 6. Organisational goals andinnovation are affected by Internal factors • Management and leadership • Culture • Products and processes • Innovation • Resources • Staffing • Skills available External factors • Political • Economic • Social • Technological • Legal • Environmental • …. PESTLE
- 7. Different types ofbusiness structure • Sole trader • Partnerships • Private Limited Company • Public Limited Company • Co-operatives • Franchises • Charitable status
- 8. Innovation ….a definition •Business innovation is an organisation's process for introducing new ideas, workflows, methodologies, services or products.
- 9. Innovation Process Models-Linear or flexible ? • Technology Push Model • Market Pull Model
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- 11. Linear models • Productor service concept is frozen at early stage so as to minimise risk. • Involves series of sequential steps • Innovation project must through pass each stage or gate with the permission of a gatekeeper before moving to next
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- 15. Financial viability …why ? Exercise • Who is affected by your financial viability overall ? • How would lack of financial viability affect these groups ? • Think about who your stakeholders ? • How would you find out about your financial viability ?
- 16. Budgets …are aplan of action not a statement of fact…. why do them ? • Planning • Control • Communication • Coordination • Predictability • Cash flow management • Progress monitoring … if you don’t manage a budget talk to your manager and research how they manage theirs
- 17. What is marketing? Chartered Institute of Marketing (CIM) defines marketing as: 'The management process responsible for identifying , anticipating and satisfying customer requirements profitably' Philip Kotler ‘Satisfying needs and wants through an exchange process’
- 18. Or .. • "Marketingis not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value.“ • ‘Satisfying needs and wants through an exchange process’ Philip Kotler
- 19. The Marketing Mix..The 4 P’s
- 20. Price and Place •Price – How you price your product or service so that your price remains competitive but allows you to make a good profit. • Place (Also referred to as Distribution) – Where your business sells its products or services and how it gets those products or services to your customers.
- 21. Product and Promotion •Product – The products or services offered to your customer: Their physical attributes, what they do, how they differ from your competitors and what benefits they provide. • Promotion – The methods used to communicate the features and benefits of your products or services to your target customers.
- 22. Exercise .. Howdoes the University of Westminster market itself ? • Who to ? • How ? • Which channels ? • Who is involved at the university ?
- 23. So how doyou know your market … market research … why do it ? • Gives focus • Help understand present and future needs and wants of customers supports decision making • Minimises risk • Identifies other areas for research • Supports pricing. • Can measure existing customer satisfaction • Shows how you measure up to the competition. • Totally supports and drives marketing strategy
- 25. Key elements ofreliable market research • Specific area to be researched • Covering the 4 P’s Price,Place, promotion and product • Must be data based and include statistical analysis • Data should quantitative and qualitative • Managed as a distinct project
- 26. Seven Step salesprocess • Initial contact • Planning the sale • Identifying needs • Assessing needs • Presenting • Dealing with objections • Gaining commitment • Follow up
- 27. Short answer questionsfor Level 3… please • Use the electronic version which is on you stick • Answer each part separately • Read the question carefully and look at the notes • Use the resources from the workshops and links supplied • Principles of leadership and management (ML 15) • Principles of people management ( ML 24) • Principles of business ( BA 59) • Submit to your assessor for group marking by 8th September