{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

DSST Things to know_Intro to Business

Motivator factors include achievement recognition the

Info iconThis preview shows pages 21–24. Sign up to view the full content.

View Full Document Right Arrow Icon
Motivator factors include: achievement, recognition, the work, responsibility, promotion, and growth McClelland Three Need Theory: o Need for achievement o Affiliation o Power Controlling – Management establishes and oversees the control necessary to ensure that the business is working toward goals Bureaucratic Market Clan – sense of benefit that employees gain from working together Marketing – Production Sales Marketing Relationship Marketing Strategies- Target market Marketing mix (4 P) o Product o Price o Promotion o Place – refers to distribution 1 st Step in Marketing Process- Identifying a market need Market research how to fultill need Identify the target market Develop market plan o Include SWOT analysis o The target market o The product o How it will be produced, priced, promoted and distributed Implement the plan Market Segmentation – Geographic Demographic Psychographic (lifestyle, personality traits, motives, values) Behavioral (benefit sought, volume use, brand loyalty, price sensitivity and product end use) Consumer Behavior Influences- Psychological Personal Social Cultural Situational Marketing mix Consumer Decision buying –
Background image of page 21

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Need/problem recognition Information search Evaluation of alternatives Purchase decision Post purchase evaluation Business to Business (B2B) – Business buyers are trained professionals specialize in purchasing Few in number compared to millions of potential consumers Sellers and buyers develop close relationships over time that facilitate purchasing Consumer Goods – Convenience - milk and bread Shopping – goods subject to comparison shopping (laptop computer) Specialty – hand made clothing or wedding dress Unsought – (life insurance, burial plots) Business to Business (B2B) Goods – Equipment Maintenance Repair Operating (MRO) Raw and processed materials Components Professional services Product Mix – number of product lines, all the products, including peripherals Product Life Cycle – Introduction Growth – competitors enter market Maturity – o May consider a cash cow approach (investing little money in product development) Decline Product Marketing – Branding - name, slogan, symbol, design to differentiate from others o Brand recognition o Brand preference o Brand insistence Brand Types – o Generic o Manufacturer’s or national o Private o Family o Individual o Licensed – allowing others to use name or logo o Co-branding – joining together two names on the same product Packaging o Safeguards the product o Meant to discourage stealing o Promotes product/brand
Background image of page 22
o Lists features and benefits o May add utility o Environmentally friendly “green” Product Price – Maximize profits Build market share Build traffic Maximize sales Foster an image (low price or high value) Price Strategies
Background image of page 23

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 24
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page21 / 25

Motivator factors include achievement recognition the work...

This preview shows document pages 21 - 24. Sign up to view the full document.

View Full Document Right Arrow Icon bookmark
Ask a homework question - tutors are online