12. Mission Statements - Bus Man CFE Higher
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Businesses create mission statements to communicate their overall objectives in one paragraph. Mission statements inform employees of a business's plans, attract prospective employees, and are used to attract customers and raise the profile of the organization in the media. The document challenges the reader to analyze example mission statements found online, considering length, inspiring language, and meaningfulness, and identify the best and worst, stating the reasons for the evaluation.
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للاشتراك في نادي التسويق بالشرق الاوسط
*If you are a Marketer now*
To Join our whatsapp &Monthly Meeting in Middle East Cities
Send me ur data on Whatsap
00966569654916
*Fill ur data here as speaker or member*
https://lnkd.in/efkTE7T
Join now
*Marketing Club Facebook Page*
https://lnkd.in/gm4c4hD
*Marketing Club Facebook Group*
https://lnkd.in/gX-5au5
*Egyptian Pharmacists Society Facebook Page*
https://lnkd.in/fucnv_5
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*www.TheLegendary.info*
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للحصول على اقامة او شركة في اوروبا
*#Legendary_Europe*
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36. Methods of Production
The document discusses three main types of production methods: batch production, flow production, and job production. Batch production involves making groups of similar products on the same line, while flow production makes identical products continuously on an assembly line. Job production makes unique custom products one at a time for specific customers. The key advantages and disadvantages of each method are outlined. The most suitable production method depends on various factors like workforce skills, available finance and technology, business size, product, and production quantities and quality standards needed.
35. Stock Control
This document discusses stock control and inventory management. It describes the different types of stock a company holds, including raw materials, work in progress, and finished goods. It also outlines the benefits and costs of holding stock, factors to consider when choosing suppliers and determining optimal stock levels, and methods for storing stock, including centralized versus decentralized storage. The document also provides an overview of just-in-time manufacturing and considers various transportation options for logistics and distribution.
35. Stock Control - Part 1
This document discusses stock control and operations. It defines stock as raw materials, work in progress, and finished goods. It notes the benefits of holding stock such as discounts on large orders and avoiding running out. However, it also lists the costs of holding stock like opportunity costs and storage costs. The document also discusses choosing reliable suppliers based on price, quality, and availability. It states that poor purchasing can lead to overstocking or understocking. Finally, it defines economic stock level as the optimal level to minimize holding and running out costs, and lists factors that influence determining stock levels like demand, seasonality, and cash flow.
34. Market Research
This document discusses different types of market research, including desk research and field research. Desk research involves using secondary sources like newspapers, websites, and trade journals, while field research gathers primary data through surveys, interviews, and observations. Both methods have advantages and disadvantages in terms of cost, time requirements, specificity of information, and ability to access unique data. The document also provides examples of different survey methods and considerations for sampling techniques.
33. Promotion
This document discusses various aspects of promotion, including its aims, importance, and examples. Promotion aims to persuade customers to buy products, inform them of new features, and remind them of existing products. The importance of promotion depends on factors like market competitiveness, product availability, differentiation, and the product life cycle stage. Promotion occurs both within the supply pipeline between producers and retailers, and outside the pipeline directly to consumers. Examples of promotion methods discussed include point-of-sale displays, sales, competitions, discounts, and public relations activities.
32. Place
This document discusses place, or distribution, as part of the marketing mix. It describes the channel of distribution that a product passes through from producer to consumer. This can include producers selling directly to consumers or going through wholesalers and retailers. It examines factors that affect distribution channels and provides examples. It also defines and compares different types of retailers and methods of direct selling to consumers.
31. Price
This document discusses various pricing strategies that companies use in marketing. It outlines strategies such as low pricing to attract customers, high pricing for luxury goods, promotional pricing for limited time deals, cost-plus pricing to cover costs and make a profit, and psychological pricing slightly below a round number to seem lower. Other strategies covered are loss leaders where one product is priced very low to attract customers to the store, penetration pricing to boost new product sales before raising price, and skimming to start with a high price for attention then gradually lower it.
30. Boston Matrix
This document outlines the Boston Matrix framework for analyzing a company's business units based on their market share and market growth. It classifies units as cash cows, stars, question marks, or dogs depending on their relative market share and the market growth of the industry they operate in. The overall aim is to use cash generated from cash cows to help develop stars and improve problem children's market share to transition them into stars.
28. The Product Life Cycle
The document outlines the typical stages in a product's life cycle: development, introduction, growth, maturity, saturation, and decline. During development, market research is conducted to build prototypes. Introduction involves heavy advertising costs and high production costs due to low scale. In the growth stage, awareness and word of mouth increases sales rapidly. Maturity is when sales peak and profits are highest, with competition entering. Saturation occurs when all potential buyers own the product. During decline, sales fall as better products emerge and technology becomes obsolete, leading companies to employ extension strategies like new packaging or changing the product.
27. Extended Marketing Mix
The extended marketing mix focuses on customer service rather than products. Customers expect reliability and efficiency from services like fast food drive-thrus. Businesses are finding new ways to provide customer service through smartphone apps. Providing high quality customer service requires hiring and training the right employees and rewarding staff for hard work. Physical evidence includes the furnishings and appearance of premises that customers see.
26. Market Segmentation
This document defines market segmentation as splitting consumers into groups based on shared characteristics like age, gender, lifestyle or socioeconomic factors. It also defines consumer behavior as studying how and why consumers choose products and services and what influences their decisions. Common reasons to study consumer behavior include understanding motivations and identifying target segments. The document also outlines different types of buying behaviors like impulse purchases, routine purchases, and purchases with varying degrees of decision making involved.
25. Intro and Product/Market Led
This document defines key marketing terms and discusses different marketing orientations. It explains that marketing is the process of identifying, anticipating, and satisfying customer needs profitably. It describes product orientation, where businesses focus on production over customer needs, and market orientation, where businesses identify customer needs through research. The advantages and disadvantages of each orientation are provided, such as the risk of product failure under product orientation if customer needs aren't met. The document also discusses niche, differentiated, and undifferentiated marketing strategies.
24. Growth
This document discusses various methods of business growth, including organic growth, diversification, and external growth through integration. Integration occurs when two firms merge or one acquires another, and can be horizontal, vertical, or conglomerate. A management buyout occurs when a company's managers purchase the business, often to save jobs or gain control. Divestment or demerger is the opposite of integration, involving selling off parts of a business to focus on core activities. Real-world examples of these different growth methods are provided.
22. Effectiveness of Decision Making & use of ICT
The document discusses ways to evaluate business decisions including surveying employees and customers about the impact of decisions, and examining sales, profit, and absence figures. It also outlines different types of information and communication technologies that can help with decision making processes, such as using spreadsheets to make forecasts, databases to search for information, word processing and email to communicate decisions, and video conferencing and presentation software to hold meetings.
23. Corporate Culture
Corporate culture is defined as the values, beliefs, and norms relating to a company or organization that are shared by all its staff. Developing a strong corporate culture has several advantages, including improved customer satisfaction and loyalty because consumers associate the organization with its brand and logos. It also increases staff motivation by allowing them to associate with the organization and move between departments more easily by being aware of common practices and policies. Finally, a strong corporate culture leads staff to form an identity with the organization, reducing absences and turnover while increasing productivity.
21. Decision making model
This document outlines the stages of a structured decision-making model, including identifying the problem, objectives, gathering information, analyzing information, devising alternative solutions, selecting a solution, communicating the solution, implementing it, and evaluating the outcome. It then provides tasks for using this model to analyze problems at a business and create decision models. Finally, it discusses benefits of using the model, such as thorough consideration of options, and costs, such as time required.
20. SWOT Analysis
SWOT analysis is a tool that examines an organization's internal strengths and weaknesses as well as external opportunities and threats. It can be used to analyze whole organizations, departments, or single products. The purpose is to identify internal performance and areas for improvement, examine external factors that could improve performance or profitability, and consider potential threats. Benefits include making proactive rather than reactive decisions and building on strengths while reducing weaknesses. Potential costs include taking time, stifling creativity, and creating multiple solutions that are difficult to choose between.
18. Stakeholders
The document discusses stakeholders and their interdependencies and conflicts of interest. It identifies internal stakeholders as owners, managers, and employees, and external stakeholders as suppliers, local community, government, and customers. For each stakeholder, it describes how they depend on each other to operate but also how their interests can conflict, such as owners wanting lower costs while employees want higher pay.
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