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Read Chapter 2
MGTA02 – Managing a Business Organisation
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Leadership vs Management
Review: Leading the Business
An organisation should have a purpose
An organisation should have a direction
Called “mission”
That can be converted into “goals” & “objectives”
People should know what they are trying to achieve and its your role to tell them
Product Oriented and Market Oriented Missions
Company Product Oriented Mission Market Oriented Mission
Disney We run theme parks We create fantasies – a place where dreams come true
General Mills We make consumer food products We nourish lives by making them healthier, easier and richer
Home Depot We sell tools and home repair and improvement items We empower consumers to achieve the homes of their dreams
Revlon We make cosmetics We sell lifestyle and self-expression; success and status; memories, homes and dreams
Walmart We run discount stores We deliver low prices every day and give ordinary folks the chance to buy the same things as rich people. “Save Money, Live Better”
Kotler, Armstrong, Trifts & Cunningham, 2015
Examples of Goals and Objectives
Sell x number of hamburgers
Sell y% of Canada’s running shoes
Hire Z number of employees
Open XYZ branches in the next 5 years
Become #1 most popular video game
Become the leading brand in our industry
Earn the reputation of a client-oriented organisation
Show Grandma that we love her
Review: Managing
In order to accomplish a task
Organising
Controlling
Is required
Review: Managing a Business
Managers in a business
plan, organise, lead and control
the transformation of factors
into products that people demand
Review: Managing a Business
Business managers plan, organise, lead and control the transformation of factors into products
identify & promote organise measure collect measure
research develop set and inputs productivity financial and
target product price distribute to create and info review
market product product quality results
Chap Chap Chap Chap Chap Chap Chap Chap
2 3 4 5 6 7 8 9
Today: Read Chapter 2
Begin by identifying the customers whose needs you hope to satisfy
Research exactly what they need
identify & promote organise measure collect measure
research develop set and inputs productivity financial and
target product price distribute to create and info review
market product product quality results
Chap Chap Chap Chap Chap Chap Chap Chap
2 3 4 5 6 7 8 9
Today’s Lecture: Marketing
Targeting & Segmentation
Break (10 minutes)
Market Research
What is Marketing?
Managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction –
A management system to identify, anticipate, and satisfy customer needs – Chartered Institute of Marketing
Businesses Exist for 2 Reasons
To satisfy customer needs
To make profit
Customers Profits
No customers = no profit
Marketing: Key Points
Marketing: Focus on customer
Who is customer? “target” markets
Segmentation: dividing up the market
4Ps: Giving people what they want
Research: discovering what they want
Marketing Defined
planning and organising:
the development of a product,
determining the price people will pay,
making the product known,
and making it available to customers
The Marketing Concept
“the business’ resources should primarily be directed toward serving customers needs…”1
also called
“customer focus”
1. Professor , Northwestern University
Target Markets
But… Who is the customer?
Target Markets
No business has unlimited time
No business has unlimited resources
No business can sell everything
No business can sell to everybody
Therefore, marketers begin by determining:
the target market
Target Market
The specific group of people who have similar needs and wants
the business targets these as
most likely / intended customers
Market Segmentation
Marketers divide populations into groups or categories of similar people
People likely to have similar characteristics, habits, or attitudes
People whose needs and wants
likely to be similar
called “Market segmentation”
Market Segmentation
Some ways markets can be “segmented”:
Geography: where people live Demography: external traits
Psychography: internal traits
Behavioural: Special Occasions
Geographic Segmentation
Geography: Where people live
region: Alberta vs. Quebec
rural vs. urban
climate: hot vs cold, dry vs rainy
example: Molson Canadian, Petro-Canada, Quebec vs. Rest of Canada
Demographic Segmentation
Demography – a person’s external traits
age: <5, 5 – 11, 12 – 19, 20 – 34, 35 – 49, etc.
gender: men versus women
race: white, black, east asian, south asian
Examples: beer, chainsaws, breakfast cereals
Demographic Segmentation
Demography also includes a person’s socio-economic status
income: unemployed, <$30k, $30k - $60k, >$60
education: masters, bachelors, high school , drop-out
Examples: luxury hotels, international airlines
Psychographic Segmentation
Psychography – a person’s internal traits
beliefs: religious vs. atheist vs. agnostic
values: Liberal vs. Conservative, pro-life vs. pro- choice, for or against gay marriage
motivations: materialist vs. conservationist
example: political parties, charities
Behavioural Segmentation
Research has found that human beings behave differently under different circumstances
Based on certain special occasions
Examples: Marriage planner, Graduation gown rental
Segmentation
An example combining the 3
We sell athletic shoes and apparel We bring inspiration and innovation to every athlete* in the world. (*if you have a body you are an athlete)
Nike’s First Spokesman 1984
Target Market
Age: 15 – 30 year old
Nationality: American
Address: Urban
Gender: Males
Attitude: Competitive
Self-Image: “Macho”
Target Market
As textbook indicates:
This segmentation ignored/alienated women consumers
So in the 1990s, Nike sponsored women’s soccer
Women’s World Cup – 1999
Women’s World Cup – 1999
Target Market
This segmentation ignored
middle-aged, middle-class males
Other Examples
Tide/ Marketing
Febreze Niche Marketing
ZipCar Niche Marketing
Children Place Segmented Marketing
Victoria Secret Pink Segmented Marketing
Tip-top Tailors Micro Marketing
Having identified the “target”, managers must create products:
with features people want – PRODUCT
at prices they will pay – PRICE
that they know about – PROMOTION
that they can easily get – PLACE
Marketing Mix
Brand name
List price
Allowances
Payment Period
Credit Terms
Advertising
Personal Selling
Sales Promotion
Public relations
Assortments
Transportation
Market Research
How to discover customer needs?
You ask them….
Systematic study of what buyers
need and how to meet those needs
Market Research: Key Points
Secondary vs. Primary Research
Observation vs. Communication
Quantitative vs. Qualitative
Methods: Advantages/Disadvantages
Secondary Market Research
Collecting information from
already published sources
i.e.: from a book
from a website
e.g.: data from Statistics Canada
data from U.S. Dept. of Commerce
data from public opinion surveys
Secondary Market Research
What have others already learned?
There may be a market.
Does not answer:
Is there market for your product?
Primary Market Research
Market research you do yourself
To answer your specific questions:
What features do you want?
What price will you pay?
What promotion media reach you?
Where do you want to get it?
Observation vs. Communication
You can learn about people:
1. By watching them
2. By talking to them
Observation
Watch peoples’ habits and behaviour
No interviewer bias
Interviewer Bias: the idea that
the interviewer will plead with
you, flatter you, intimidate you,
to influence your response.
Observation – Disadvantages
You can’t probe deeper
i.e. You can’t ask “Why…?“
Not helpful if product / service is new.
Communication
Ask about their needs and preferences.
Advantages
You can give samples
You can sell
You can ask “Why?”
Communication: Disadvantage
Interviewer bias
A problem when
enthusiastic, optimistic
entrepreneurs believe
in their product
People tell you what you want to hear
Quantitative vs. Qualitative
You can collect two kinds of data:
Quantitative:
Facts and numbers
Qualitative:
Ideas and impressions
Quantitative Data
Data that is statistically analyzable
e.g.: 60% of respondents….
$7.95 average price…
3 times per year…
5 out of 7…
Qualitative Data
Subjective data
Ideas and impressions
Intended to give insight
Intended to answer: “Why?”
May involve smaller sample size
Market Research Techniques
(We will cover this only if there is time)
Postal Survey
Advantages
Relatively low cost
Can send anywhere
No interviewer bias
Disadvantages
Poor response rate
Poor turnaround time
Telephone Surveys
Advantages
Wide geographic coverage
Ensures correct respondent
Disadvantages
Labour intensive
Poor response rate
Man in Street Surveys
Advantages
You can see
the respondent
Disadvantages
Interviewer bias
Labour intensive
Internet Survey
Advantages
Low cost to design
Low cost to send
Quick to analyse data
Easy to complete
Internet Survey
Disadvantages
Skewed sample
(only nerds respond)
Focus Group
In depth, unstructured discussion
Typically 6-10 participants
Summary / Review (1)
Businesses exist for 2 reasons:
Satisfy customer needs
Make profits
Can’t do one …without other
Therefore: “customer focus”
Summary / Review (2)
Identify “Target Market”
How? Segmentation
Identify customer needs
How? Market research
Weekly Review Quiz
Goes “live” on Portal
immediately after class
Due: By next week (Monday at 10 am)
Weekly Review Quiz
6-7 MC questions posted to MGTA02 site on Quercus
Reviews previous week’s
lecture and reading material
Designed as 20 minutes
homework and review
Weekly Review Quiz
Over entire semester:
10 weekly quizzes
60 – 70 MCQs
worth 10% of final grade
(each quiz 1%)
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