Competition in a Free Market

–          North Americans live in a free market society –          In a free market, businesses can make a profit, which means that successful business people can keep some of the money that they make –          Profit drives business; the more successful a business becomes, the more profit the owner keeps –          Profits may be reinvested…

Business Competitive Advantages

businesses look for advantages over their competition Some of these advantages are temporary, part of the continual back- and forth activity that occurs among competitors i.e. Pepsi and Coke Sustainable Competitive Advantages o   Sustainable competitive advantages are methods by which a business holds on to its customers, in spite of the competition o   Developing a…

Customer Relationship Management

Marketers use customer relationship management tools to create marketing programs that satisfy customers Customer relationship management involves three stages: customer acquistion, customer retention, and customer reacquisition Customer relationship management Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Information technology and database systems Customer contact brands or companies…

Alvin Toffler: Biography & Theory

Biography Alvin and Heidi Toffler Heidi helped Alvin write some of his books, but credited them as Alvin Toffler Influenced many leaders around the world Described by “Financial Times” as the “World’s most famous futurologist” Also mentioned in “People’s Daily” as one of the top 50 foreigners that shaped modern China “Toffler Associates”, the executive…

Teams and Teamwork: Decision Making in Teams

Teams and Teamwork: Decision Making in Teams Decision making – is the process of making choices among alternative courses of action. How Teams make Decisions Decision by lack of response: one idea after another is suggested without any discussion taking place. Decision by authority rule: the leader, manager, committee head, or some authority figure makes…

Pros & Cons of Walmart: The High Price of Low Cost

Wal-Mart has been apart of our lives for over 50 years, becoming a dominant force in the retailing sector. There are several disputes amongst economist whether Wal-Mart has a positive or negative influence on our economy and society, many criticizing the Wal-Mart Corporation for its negative and careless approach to becoming the powerhouse it is…

A New Capitalist Manifesto: Hernando de Soto & Mystery of Capital

De Soto and his Influence For many of the world’s poor, the promises of capitalism are nothing more than empty rhetoric. Latin American economist Hernando de Soto is one of those providing the fresh thinking that is required, with his focus on the legal aspects of economic development in emerging economies. De Soto has an…

Marketing: Customer Relationship Management

Customer relationship management (CRM): The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. (Software that keeps your files, banking systems have all your information stored). The software can be assessed from wherever because its on the companies server. CRM entails cultural changes: CRM is an overall company…

Marketing: Distribution and Supply Chain

Nature and importance of marketing channels: Marketing channel: the set of individuals or firms involved in the process of making a product available. Intermediaries: Individuals or firms performing a role in the marketing channel, involved in making a product available. Functions performed by intermediaries: –          Transactional function: This is done when they buy and sell…

Market Segmentation & Targeting

Market segmentation: The aggregation of prospective buyers into groups that have common needs and respond similarly to marketing programs. 2 main market segments: –          Consumer market: Consists of products, ideas, and services that a person can purchase for personal use –          Business market: Products that are purchased either to run a business or to be…

Market research & development

Marketing information system (MIS): A set of procedures and processes for collecting, sorting, analyzing, and summarizing information on an ongoing basis. Market research: The process of collecting and analyzing information in order to recommend actions to improve marketing activities. Research classifications: Exploratory research: Preliminary research conducted to clarify the scope and nature of the marketing…

Marketing: Values, beliefs and attitudes

Learning: Behavioral learning: The process of developing automatic responses to a type of situation built up through repeated exposure to it. Marketers use: Stimulus generalization: Using the same brand name to launch new products is a common application. Stimulus discrimination: Ability to perceive differences among similar products. Cognitive learning: Involves making connections between two or…

Consumer Behavior & Psychological Influences

Consumer behavior: Actions a person takes when purchasing and using products and services. Consumer purchase decision process: Stages that a buyer passes through when making choices about which products or services to buy. Stages: Problem recognition: perceiving a need: This is when a person realizes that the difference between what he or she has and…