Marketing Essentials: Strategies and Concepts
Errors in Marketing Research
1. Talking to everyone except real potential buyers.
2. Ignoring warning signs due to belief in project success.
3. Asking obvious questions that only confirm ideas, not revealing interviewee thinking.
4. Ignoring that 20% of customers often provide 80% of business volume.
5. Assuming competitiveness solely based on lowest prices.
6. Failing to recognize competitor strength and potential reactions.
7. Underestimating market entry and share acquisition time (years, not months)
Read MoreInternational Marketing: Strategy, Analysis, and Global Market Entry
The Importance of International Marketing
International marketing is a crucial global economic activity. Historically, trade between nations has been a source of wealth for economic powers. Access to foreign markets can transform a product considered commonplace locally into a high-value item internationally. For example, while alpaca wool sweaters may be everyday items in Bolivia, in European and U.S. markets, baby alpaca wool is a premium, high-fashion material.
International Marketing Defined:
Read MoreTechnology, Costs, Logistics, Quality, and Stock Management in Business
Technology: is defined as a specific or concrete way to combine factors of production to produce a good or service. Each good or service produced is a productive technology partner. There is a change of technology when factors of production are combined or used differently to produce the same product. Companies allocate a portion of their resources to improve their production technologies. This implies investment in research and development (R&D). R&D comprises creative work undertaken systematically
Read MoreMicroeconomics Principles: Utility, Costs, and Market Structures
Total Utility (TU)
The aggregate satisfaction gained from consuming successive quantities of a good or service.
Marginal Utility (MU)
The change in total utility resulting from the consumption of one extra unit of a given commodity.
Law of Diminishing Marginal Utility
As more of a good or service is consumed, the total utility will increase at a decreasing rate (i.e., marginal utility will decrease).
Optimum Purchase Rule
A consumer desiring to maximize total utility should purchase more goods and services
Read MoreBusiness Growth Strategies: Location, Size, and Internal/External Development
Unit 11: External and Internal Company Growth & Location
11.1 External Variables
- Market Demand: Analyze population interest and competition.
- Raw Material Supply: Assess quality, cost, and accessibility.
- Labor Market: Evaluate potential employees, expertise, and costs.
- Communications and Transportation: Ensure accessibility and connectivity.
- Supplies: Verify availability and cost of essential utilities.
- Building and Land Costs: Consider variations by area.
- Legislation: Understand legal, tax, mercantile,
Corporate Governance, Finance, and Strategy
Corporate Governance
Definition and Importance
Corporate governance defines how a company is managed and controlled. It involves management, the board of directors, shareholders, and other stakeholders. This system establishes rules for setting objectives, monitoring progress, and maintaining ethical conduct.
- Shareholders: Individuals who own shares in the company.
- Stakeholders: Anyone impacted by the company (e.g., customers, employees).
Importance of Ethics: Ethical corporate governance involves honesty,
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