Last Week of Notes
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This 3 page Class Notes was uploaded by Anna Notetaker on Saturday April 23, 2016. The Class Notes belongs to 3890 at Middle Tennessee State University taught by Prof. Jean Wilson in Spring 2016. Since its upload, it has received 7 views.
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Date Created: 04/23/16
Management Final Notes Layers of a Product: 1. Basic – What You Need (Inside) 2. Actual – Actual Item Type (Middle) 3. Augmented – Types that Target (Outside) Niche: 1. Identifiability – Who you are promoting to 2. Size – Target Groups 3. Accessibility – Personal Selling, PR, Promotions, Sales Promotions – Rebate 4. Growth Potential – Characteristics 5. Absence of Vulnerability to Competition – Can you get your Segment? 50% of decisions are having to be corrected because of poor decision making. 85% of theft in businesses is internal Types of Products: 1. Convenience – Staples, Emergency, Impulse 2. Shopping 3. Specialty – Meaning/Purpose 4. Unsought – Don’t seek out until absolutely needed (funeral) Distribution of Products: 1. Extensive – everywhere (convenience) 2. Limited – Certain Outlets (shopping) 3. Exclusive – Specific Few Locations (specialty) Channels of Distributions: 1. Direct Channel: Producer Consumer/User (Farmer) 2. Indirect Channel: Retail Channel: Producer Retailers Consumer/User Wholesale Channel: Producer Wholesale RetailersConsumers Shift Risk Breaking Bulk Providing Information Intermediari es Assorting Considerations in Building a Channel of Distribution 1. Costs 2. Coverage (Dividing expenses) 3. Control Strategy Framework: 1. Innovative 2. Cost Minimization 3. Control Dictatorial Authoritative Participative Democratic (Less) Degree of Subs involved (More) in planning and decision making Corporate Social Responsibility: 1. Environmental Stewardship 2. Cause Market 3. Diversity Classical Social Obligation Social Responsiveness Social Responsibility Socioeconomic Profit Legal (Minimal) Market (Customer) Activist (A&B) Duty to Protec Minded Stakeholder (Group) Business in U.S Social Responsiveness Market Fragmentation: Difference in Basics (Toilet Paper) Cheaper to be an Unsegmented Market: 1. Product 2. Price 3. Promotion Must look with Niche Characteristics to see best Same product with different price, must use different distribution & promotion strategy Small Businesses: 80% fail in the first 5 years. Individual Resistance we do things out of habit, fear of losing something of value, fear of the unknown, and belief that change is not good for the organization. Unfreeze Introduce a New Behavior Refreeze Larger Organization More Delegating: 1. Clarify Assignment (what and to whom) 2. Specify Range of Discretion (parameters) 3. Participation (part of say/accountability) 4. Inform others of Delegation that Occurred 5. Establish Feedback/Control USP = Unique Selling Proposition Monopoly Horizontal Integration Reward of Entrepreneurship Profit, Independence, and Satisfying Way of Life. Outperforming Larger Companies: 1. Customer Focus 2. Quality Performance 3. Integrity & Responsibility 4. Innovation **MUST BE IMPLEMENTED FROM THE BEGINNING Sources of StartUp Ideas : 45% Prior Work Experience Segmentation (4 P’s) Targeting (who to go after) Positioning (competitive adv.) Technique When Used Advantage Disadvantage Education & When resistance is Clear up May not work when Communication due to misunderstanding mutual trust and misinformation credibility are lacking Participation When resisters have Increase involvement Timeconsuming; the expertise to make and acceptance has potential for a a contribution poor solution Facilitation and When resister is Can facilitate needed Expensive; no Support fearful and anxiety adjustments guarantee of success ridden Negotiation When resistance Can “buy” Potentially high cost; comes from a commitments opens door for others powerful group to apply pressure to Manipulation & Co When a powerful Inexpensive; easy way Can backfire; Optation group’s endorsement to gain support causing change agent is needed to lose credibility Coercion When a powerful Inexpensive; easy way May be illegal; may group’s endorsement to gain support undermine change is needed agent’s credibility
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