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BA 101: Week 1 and Week 2

by: Ashley Graves

BA 101: Week 1 and Week 2 BA 101

Marketplace > University of Oregon > Business > BA 101 > BA 101 Week 1 and Week 2
Ashley Graves
GPA 3.49
Intro to Business
Steven Engel

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About this Document

Here are the first two weeks worth of notes!
Intro to Business
Steven Engel
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This 6 page Bundle was uploaded by Ashley Graves on Friday April 10, 2015. The Bundle belongs to BA 101 at University of Oregon taught by Steven Engel in Spring 2015. Since its upload, it has received 75 views. For similar materials see Intro to Business in Business at University of Oregon.


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Date Created: 04/10/15
BA 101 Notes Tuesday 331 Introduction A Foundation The Simulation Graded on how well you can run your company 0 B to B Business to Business company 0 40 million electronic sensor manufacturer B Functional Areas of Business 0 Production 0 Marketing 0 Finance 0 R amp D C Free Market Economy 0 Private Property 0 If anyone can take my sh I have no incentive to sh 0 Freedom of Choice 0 Fair Competition 0 Right to keep pro ts Thursday 42 Private Enterprise A Management Process 0 To deal with uncertainty and risk in complex and specialized competitive markets managers rely on 0 Planning 0 Organizing 0 Operating o Controlling Functions of Marketing I I Marketing Production Finance Human Research Accounting Resources and Developme nt 4 P s of Marketing Marketing Mixquot Product Price Place Promotion Ta rget M a rkets Example Marketing Failure 0 Watch 0 Product Rolex 0 Price high 0 Place magazine 0 Promotion 711 0 If building bridges with potholes marketing failures customers aren t going to want to cross itquot consume the product because you are making it dif cult for them 0 5th P is Target Markets the marketing mix and the target markets have to match 0 Based on the Example the customer sees the pothole under PLACE but on the business side the pothole is in PRODUCT why introduce this product if all other products are cheap snacks Expand products 0 Change 711 I Nordstrom changes the target market and consumer 711 customers different from Nordstrom customers Tuesday 47 BA101 Tutoring l Brendan York byorkuoregonedu Marketing A How to describe a customer Segments Age Segments 1825 2634 3550 50 0 Gender 0 Income Stereotype Attitudes Lifestyles Beliefs B Target Market o A target markets were once segments Segmentation is the simple way to de ne a market 1819 0 Left handed Martians Druids Make more than 60 million a year C PrimarySecondary Data Research 0 Primary Data gather data from people to see what people would be attracted to 0 Secondary Data not collected by the person who is actually going to use the data did not do the survey yourself Primary data is great if you need to ask very speci c questions about your product or target market expensive and time consuming to get Secondary data is much quicker to get and much less expensive very general information about population Market researchers usually start with secondary data D Purchasing CriteriaProduct Attributes A company is making backpacks Attributes Target Market A Pragmatic green stylish 50 of my purchasing criteria will say that its important the backpack is pragmatic 20 say its important to be green 30 say its important to be stylish Attributes Target Market B 20 say pragmatic 60 says green 20 says stylish Attributes of Target Market C 20 are pragmatic 10 are green 70 are stylish Target Market A Target Market B Target Market C Pragmatic 50 20 20 Green 20 60 10 Stylish 30 20 70 E Backpack Product X Y Z Pragmatic 60100 40100 30100 Green 30100 30100 30100 Stylish 10100 30100 40100 To nd which backpack is best for Target Market A you multiply 50 x 60100 30 20 x 301006 30 x 101003 39 Same for each Target market 0 Target A 39 0 Target B 42 0 Target C 51 F Marketing Who are your potential customers What do they want from you G Bases for Segmentation Geography Demographics Psychographics Bene ts sought Usage rate H Bene t Segmentation The process of grouping customers into market segments according to the bene ts they seek from the product 0 Low Tech becomes target market if you decide to 0 High Tech segment can also be your target market I Low TechHigh Tech 0 Low automobile manufacturers High energy ef ciency 0 Who are your customers J Demand Analysis 0 Low Tech 10 0 High Tech 20 0 Each year round may have a different demand projected fro the next 0 These numbers will be used for the discussion and for quiz ques ons K MTBF Mean time before failure 0 How long is this product going to work before it fails Low Tech Market 20000 score 100 0 CSS customer service score Thursday 49 Pro t A What is Pro t 0 n total revenue total cost 0 Sale is not the same as pro t 0 Revenue is the same as sales B Attributes Price 0 Age ReHathy Positioning C Reliability 0 How long is the sensor going to last before it stops working 0 As the cost of the product goes up the pro t goes down Expensive to make a high reliability sensor D Cost vs Price 0 Cost of goods 0 The expense fo obtaining materials for making the products sold 0 Price 0 That which is given up in exchange 0 Consumers want lower prices can t sell for lower prices if the cost of production is high E Age 0 Each segment has a preference on age 0 Low tech is willing to sell at age 3 ideal High tech is willing to sell at age 0 want the newest latest product o If you go into the iPhone market willing to buy a 4 or 5 vs the 6 I they will pay a lot less than the person that demands the 6 F Positioning The size and speed of the sensor combination 0 How fast does the sensor work electronically Size is it smaller or larger 0 There is an ideal positioning for the low and high tech markets G Size and Performance 0 High tech wants smaller and faster 0 Low tech is willing to accept products larger and slower Low tech will be a little higher on the graph compared to high tech Acceptable circles 0 Ideal for high tech market to be in the lower right quadrant 0 low tech market can be right in the center of the circle Segments drift over time 0 Customers expect the product to continuously improve over time H Perceived Age Everytime you reposition the product on repositioning day it drops in half 0 What is the quotperceived agequot of a product 0 On July 1 2010 it is 0 years old 0 On December 312010 it is 5 years old 0 On December 31 2011 it is 15 years old 0 You reposition change size and or performance and the revision date is July 1 2010 o On June 30 2010 it is almost 2 years old 0 On July 12010 it s perceived age is cut in half 2 x 12 1 year I Managing Age o If the current age is 31 end of the previous year it will reach 39 before the revision date then drop down to 20 with revisions cutting age in half on the revision date J Price 0 Strategy cerate a company that will allow you to compete on price lower your prices and still meet your performance targets Lower your material costs Lower your labor costs K Promotional Mix In Foundation You will invest money in a promotion budget and create awareness Relates to you advertising efforts Awareness you create is speci c to a single product Commercials are one example of this L Promotion and Awareness Promotion your message Awareness percent of market that received the message Lose 33 awarenessyear promo budget replaces diminishing return M Foundation Rule N 13 of the customers that have seen a promotional tactic in the past year are unable to remember the purpose of that promotion It s like not being able to remember an advertisement that you saw a year ago Continue reinvesting in your promotional budget Automatically lose part of it the next year because customers don t remember


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