Business 4?

Maslow’s Hierarchy of needs

• Self-Actualization Needs

• Esteem Needs

• Social Needs

• Safety Needs

• Physiological Needs

Self-Actualization Needs

the need to grow, develop, and become all that we are capable of being

Esteem Needs

the need for respect and recognition from others and a sense of our own accomplishment and worth (self - esteem)

Social Needs

the human requirements for love and affection and a sense of belonging

Safety Needs

the things we require for physical and emotional safety

Physiological Needs

things we require to survive

You need both of what factors to be a good manager

Motivation Factors and Hygiene Factors

Motivation Factors

• Achievement

• Recognition

• Advancement

• Responsibility

• Growth

• The work itself

←—————————————>

Engaged Disengaged

Hygiene Factors

• All jobs have them

• supervision

• working conditions

• Interpersonal Relationships

• Pay

• Job Security

• Company policies and administration

←—————————————>

Satisfied Dissatisfied

Theory X

concept of employee motivation, generally consistent w/ Taylor’s scientific management; assumes that employees dislike work and will function only in a highly controlled work environment (assumes they don’t really wanna work) (0-50)

Theory Y

• Assumes people are naturally motivated and want to work (51-100)

• You want a good middle between theory x and y

Equity Theory

• A theory of motivation based on the premise that people are motivated to obtain and preserve equitable treatment for themselves

• 2 Steps:

  • 1) Evaluate yourself (how much effort am I putting in and what am I getting out of it)

  • 2) Evaluate Others (how much effort are they putting in and what are they getting out of it)

    • After evaluating both you’ll be motivated to change your behavior (good or bad)

Expectancy Theory

• Step 1) do I want this? (the outcome) yes or no

• Step 2) If yes, is it likely to happen? If yes you’re motivated to do it

Marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value

CRM (Customer Relationship Management)

Using info about customers to create marketing strategies that develop and sustain desirable customer relationships (Ex: SalesForce)

S.A.S

Software as a service

Market

A group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase them

Marketing Strategy

a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives

Marketing Mix

A combo of product, price, distribution, and promotion developed to satisfy a particular target market (you control this)

Target Market

A group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group

Marketing Segment

• Taking your target market and segmenting it, then you identify your target market

• Putting them into classifications

• Organization → Market Mix → Marketing Segment

Sales Forecast

An estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level marketing effort

What info do we need to predict sales?

looking at sales from that time years prior, and the sales info for that year already (both are powerful)

Product

everything one receives in an exchange; a good, service, or idea (Entrepreneur)

Product Life Style

A series of stages in which a product sales revenue and profit increase, reach a peak, and then decline

What happens if you have a great product but no sales?

you need and are lacking marketing

Breakeven Analysis/Quantity

the number of units that must be sold for the total revenue (from all units sold) to equal the total cost (of all units sold)

Retailer

• an intermediary that buys from producers or other middlemen and sells to consumers

• Markup-retailers up charge the prices for us to buy

Wholesale

the business activity of selling goods in large quantities, usually directly from manufacturers or distributors to retailers, industrial businesses, or other commercial users, rather than to end consumers.

Supply Chain Management

the coordination of all marketing channel activities

Logistics

All those activities concerned with the efficient flow and storage of products from the producer to the ultimate user

Transportation

the shipment of products to customers

Carrier

• a firm that offers transportation services

  • Ex: omni-care drug manufacturers

How’d they hired sales and marketing people who actually had business sense?

what’s 15% of 30,000?

Possible Elements to a promotion mix?

• Advertising

• Personal Selling → Individual

• Public Relations → How to interact with ppl

• Sales Promotion →