Business Dynamics Unit 4&5

Leadership

Taking a company and it's employees in a direction based on a vision

Qualifications of a Good Leader

Motivation, Confidence, Communication Skills, and Integrity

Human Relations

study of how people interact in the workplace and how communication can be improved

Autocratic Leadership

Leadership style where ONE person runs everything and makes all decisions without consulting others.

Democratic Leadership

Leadership style where managers work with employees to make decisions.

Free-Rein Leadership

Leadership style that requires the leader to set goals for managers and employees and then leave them alone to get the job done.

Self- Managed Teams

Work groups that supervise themselves, manager role replaced by a team lead and is a team player, not a "boss".

5 Functions of Management

Planning, Organizing, Leading, Controlling, Evaluating

Marketing

The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers

Pricing

Deciding how much to charge for a product or service so the business can make a profit

Marketing information management

Gathering and analyzing information about consumers, trends, and competitors products

Selling

Providing customers with the goods and services they choose buy

Distribution

The process of getting goods and services to customers

Promotion

Any effort to inform, persuade, or remind potential customers about a business's products for services

Product

Obtaining, developing, maintaining, and improving a product or product mix in response to the market

Financing

Getting the money that is necessary for setting up and running a business

Demographics

Facts about the population, including age, gender, location, and income.

Target Market

Focusing on the people most likely to buy a company's goods and services.

Ways to conduct Market Research

Social media, call people, google form, etc.

Color Psychology

the study of how certain colors impact human behavior.

Marketing Mix - Product

First, marketing is used to find out if there is a demand for a product. Marketing is then concerned with how to make the product appeal to consumers.

Marketing Mix - Price

Distribution decisions affect the price of products, marketers can use direct or indirect distribution, and must consider the break even point

Marketing Mix - Place

Marketers have to decide how and where customers will buy their goods and services. Then, marketers have to consider in what kind of location to sell their product.

Marketing Mix - Promotion

Involves making customers aware of a product by advertising and offering discounts.

Red

Powerful & Dynamic, Affection & Love, and aggression

Yellow

Joy, happiness, cheerful, optimism, and increases spirits

Green

Life, rest, peace and growth, portrays health, rest and stress relief