pdf notes

• Management:

  • Inward focus: How we get things done
  • Marketing:
  • Who's the customer?
  • Who's the competitor?
  • What do we do?
  • Where do we do it?
  • Who do we do it for?
  • How will we add value?
  • Outward focus: Creating a customer, enabling transactions, creating partnerships, enabling mutual exchange of value
• Leadership:

  • Leadership is crucial for selling ideas
  • Idea implementation requires effective leadership
• Theory:

  • An idea or concept
  • A way to explain something
  • A lens to view the world
  • Helps in problem-solving and solution development
• Assessment:

  • Part A: 35%
  • Part B: 40%
  • Open book test: 25%
  • Part A leads to Part B
• Organizational Direction Components:

  • Vision
  • Mission
  • Goals/Objectives
  • Strategy
  • Tactics
  • Operations
  • Values
• Goals/Objectives Criteria:

  • Specific
  • Measurable
  • Attainable
  • Relevant
  • Time-based
• Organizational Direction:

  • Strategy: Long-term goal achievement focusing on effectiveness
  • Tactics: Short-term goal achievement focusing on efficiency
  • Operations: Day-to-day tasks
• Marketing Strategies:

  • SWOT analysis
  • Market segmentation
  • Marketing program (4 P's: Product, Price, Place, Promotion)
• Environmental Scanning:

  • Macro, Meso, and Micro levels
  • Analyzing social, economic, technological, competitive, regulatory, and health factors
• Internet of Things (IoT) concept:

  • Everyday physical objects connected to the internet
  • Objects can identify themselves to other devices
• Factors influencing consumer behaviour:

  • Situational factors: physical, social, time, motivational, mood
  • Group factors: cultural, subcultural, social class, culture
  • Individual factors: demographics, age, occupation, income
• Consumer behaviour analysis:

  • Analysis of individuals and households buying goods and services for personal consumption
  • Focuses on what, why, when, and where of consumer behaviour
• Consumer decision-making process:

  1. Need recognition

  2. Search for recognition

  3. Evaluation of alternatives

  4. Purchase decision

  5. Post-purchase evaluation
• Variations of consumer problem-solving:

  • Routine/nominal/habitual
  • Limited
  • Extended
• Selective perception in consumer behaviour:

  • Selective exposure
  • Selective attention
  • Selective distortion
  • Selective retention
• Perceived risk in consumer behaviour:

  • Functional, physical, psychosocial, financial, time
  • Ways to reduce risk: seals of approval, endorsements, free trials, money-back guarantees
• Beliefs and attitudes in consumer behaviour:

  • Beliefs: descriptive or evaluative thoughts
  • Attitudes: stable thoughts, feelings, and behavioural intentions
  • Attitude components: cognitive, affective, conative
• Learning in consumer behaviour:

  • Behavioral learning
  • Classical conditioning
  • Operant conditioning
  • Cognitive learning
  • Brand loyalty
• Macro factors in consumer behaviour:

  • 5G technology implications
  • Impact on industries like transportation and entertainment
• Cultural factors in consumer behaviour:

  • Culture, subcultures, social class
  • Hofstede's cultural dimensions: power distance, uncertainty avoidance, individualism, masculinity
• Reference groups in consumer behaviour:

  • Membership, aspirational, dissociative reference groups
  • Influence on luxuries and socially conspicuous consumption
• Reference groups influence individuals' behavior and aspirations
• Luxuries and socially conspicuous consumption involve displaying expensive items in guest areas and cheaper items in personal spaces
• Opinion leadership involves individuals who strongly influence others' opinions and choices
• In family decision-making, different roles like influencers, gatekeepers, deciders, buyers, preparers, users, maintainers, and disposers play a part
• Business buying behavior involves segmentation, targeting, and positioning strategies
• Segmentation strategies can include targeting one product to multiple market segments, offering multiple products to multiple segments, or mass customization for individual segments
• Types of demand include derived demand, joint demand, and inelastic demand
• Market segmentation involves grouping potential buyers into segments based on common needs and responses to marketing actions
• Marketing to businesses differs from marketing to customers in various aspects like high-value purchases, negotiation of prices, relationship duration, and decision-making processes
• The organizational buyer in business markets includes roles like initiator, user, influencer, decider, buyer, and gatekeeper
• Marketing research is a systematic process involving identification, collection, analysis, dissemination, and use of information for decision-making
• Market research can be exploratory, descriptive, or causal, and can involve primary or secondary data collection methods
• The marketing mix includes the traditional 4 Ps (Product, Price, Place, Promotion) and additional elements like physical evidence, people, and process
• Products can be goods, services, or ideas that satisfy consumers' needs and are exchanged for money or value
• Services are intangible activities or benefits provided by organizations to meet consumers' needs
• Levels of products and services include core customer value, actual product features, and augmented product offerings
• Levels of Product and Services:

  • Convenience product: frequently purchased, relatively inexpensive (e.g., toothpaste)
  • Shopping product: more expensive items like TVs
  • Specialty product: luxury items with high brand loyalty (e.g., cars, watches)
• Unsought product:

  • New unsought: consumers are unaware of the product
  • Regular unsought: consumers are aware of the product
• Classification of Business Products:

  • Materials and parts:
  • Raw materials
  • Manufactured materials and parts
  • Capital items:
  • Installations