Product Lifecycle and Promotional Mix Strategies
Product Lifecycle
A product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. A product is a physical good, service, idea, person, or place that is capable of offering tangible and intangible attributes that individuals or organizations regard as so necessary, worthwhile, or satisfying that they are prepared to exchange money, patronage, or some other unit of value in order to acquire it. This model includes four stages
Read MoreKey Terms in Public Administration and Technology
Technology and Public Administration
- Big Data: Huge, complex datasets that are hard to manage with normal tools.
- CIO (Chief Information Officer): Person in charge of managing an organization’s technology and data security.
- Cyber Hacking: Breaking into computer systems or networks.
- Cybersecurity: Protecting data and systems from attacks or theft.
- Digital Democracy: Using technology to support democratic processes.
- E-Gov: Using technology to provide public services and communicate with citizens.
- GIS (Geographic
Foreign Exchange Market: Participants, Transactions, and Rates
Foreign Exchange Market
The foreign exchange market provides a source of credit (letters of credit).
Market Participants
- Bank and Nonbank Foreign Exchange Dealers: Bank and nonbank traders and dealers profit from buying foreign exchange at a “bid” price and reselling it at a slightly higher “offer” (also called an “ask”) price. Competition among dealers worldwide narrows the spread between bids and offers. Dealers in the foreign exchange departments of large international banks often function
Business Strategies for Market Dominance and Growth
Mature Industries
Mature industries are dominated by a small number of large companies whose actions are highly interdependent (when one company is doing something, it affects what other companies are doing as well).
Evolution: The industry becomes consolidated as a result of the intense competition during the shakeout stage. Business-level strategy is based on how established companies collectively try to reduce the strength of competition. Actions by one company affect the entire industry.
Main Strategies:
Read MoreStrategic Management and Competitive Advantage for Small Businesses
Chapter 1: What Is Strategy and the Management Process of Small Businesses?
Definition of Strategy
- A theory about how to gain competitive advantages.
- Example: Eisner’s strategy of extraordinary entertainment to attract premium pricing.
Strategic Management Process
- Mission & Objectives
- Mission: Purpose of the firm.
- Objectives: Specific, measurable targets to achieve the mission.
- External and Internal Analysis
- External: Examines market trends, competition, and economic factors.
- Internal: Assesses resources
Consumer Behavior and Market Demand Analysis
1. What Is a Market and How Can We Classify the Type of Buyer?
A market is a set of consumers (individuals or organizations) who have a need, have purchasing power, and, moreover, are willing to buy. The externalization of these requirements is measured by the demand. Depending on the type of buyer, the market can be classified into the following categories:
- Individuals: The relationship of the buyer to the seller is not commercial. They respond to final demand because the consumer purchases goods