Back to home Page

Email Lawson

 

The 12 our MBA program.

The key concepts and techniques in a fraction of the time.

 

Prologue:

 

Marketing and Product Management:

Develop new products and manage their growth.

 

Accounting:

Understand key accounting principles and tax reduction methods.

 

Finance:

Interpret financial statements and make savvy decisions.

 

Economics:

Apply economic theory to everyday business situations.

 

Statistics:

Grasping and use quantitative data to your full advantage.

 

Human Resource Management:

Motivate your subordinates and peers, increasing productivity.

 

Operations management:

Use decision-making formulas for optimization of resources.

 

Technology management:

Learn sophisticated applications of old and new technologies.

 

Business policy and ethics: gain the framework from which to formulate ethical decisions.

  

Strategic planning: establish objectives, strategies, and plans for the future

 

Triple focus of the successful business enterprise: employee, customer, product.

 

Marketing: driven, Financially: oriented, Technology: friendly,

Human resources: sensitive.

 

 

1.  Hard skills: involve quantitative or mathematical formulas.

2.  Soft skills: qualitative or conceptual.  Understanding and satisfying the customer.

3.  Quali-quant skills: formulas and concepts designed to transform soft into hard form.

 

Contents:

chapter 1: Marketing and Product Management:

activities necessary: product development, marketing research including forecasting.

Advertising, Public relations (including publicity), sales promotion, customer service, and sales.

 

Differing schools of thought.

Ideological differences within organizations and departments.

Basically four ideological camps:

1.  The product concept.

2.  The selling concept.

3.  The marketing concept.

4.  The societal marketing concept.

 

1.  The product concept:

Build a better mousetrap and the world will beat a path to your door.

Comes from the techie persuasion like engineering, production, and operations management.

Critical flaw: customer may not even be aware of product.

Quality is subjective, one man's poison and another's mans wine.

 

2.  The selling concept.

Strong selling and promotional efforts. 

Stereotype: Drawback is the automobile salesperson.

Underestimate the cost of losing the customer.

The financial people within the organizations who set the goals may embrace this.

Short-term profits at the expense of longer-term customer satisfaction.

 

3.  The marketing concept..

Conduct research to learn what customer wants.  Having done so, the marketing mix or for P's which are product, price, place, and promotion are adjusted so the customer will buy the product.  Using a 800 number.  This approach complements the product concept.  The marketing concept also tends to emphasize relationship building.

 

4.  The societal marketing concept.

This concept is actually version of the marketing concept that includes long-term welfare of the customer as well as the general public.

 

In the real world policy decisions are often made by committee.  The various influences we have just discussed early exist in pure form.

 

Customer service and customer focus.

The customer service effort supports the sales function before and after the fact.

How the senior management truly value the customer.  Or customer focus.

Several common customer focus issues:.

It cost nothing to be courteous.

First, the majority of people are basically honest.

Secondly, it cost approximately five times more to gain a new customer than to keep and continued to serve an existing customer.

 

Idiosyncratic credit:.

A schoolteacher is generally able to get his or her students to comply to something unreasonable since the students believe thier teacher is generally committed to their well-being.  Example: list your home number on your business card.  The odds of a client having to call you after-hours is very small. Ross Perot sent in a crew of employees in time for client who was in dire straits.

 

The macro environment.

Variables beyond the control of the operation.

Social, cultural, political, legal, technological, scientific, economic, and competitive factors.

Plans can still be made however.  The key point is to be proactive rather than reactive.

 

Dimensions of buyer perception.

Two primary dimensions and seven secondary dimensions that our corollaries of the primary ones.

Primary dimensions:.

Perceived risk.  Will the product hurt me?.

Relative advantage: how is this product better than the others.

 

Secondary dimensions:

observability: can the product benefits be seen.

Immediacy: how soon will I see the benefits.

Complexity: is the product easy to understand.

Compatibility: is the product usage congruent with attitudes, opinions and Belize systems.

Trial ability: can I get a refund or exchange.

Availability: are the product readily available.

Divisibility: can I buy the product in a smaller quantity or limit my purchase.

 

Participants in the buying process.

It might not be the husband but the wife.

The person who does not identified and acknowledge the buyer is likely to fail.

The gatekeeper effect: the mother & son with breakfast cereal.  The marketer of children's breakfast cereals typically seeks the mother's approval.

 

The rational buyer versus the emotional buyer.

Remember, that emotions are subjective, guilt, social ability, pride.

It can actually work either way.

 

Cognitive dissonance:.

It is the condition in which individual is faced with conflicting emotions, attitudes and actions.

Cigarette makers, health concerns, moderation,.  Marketers should be concerned.

 

Post purchased dissonance (buyer's remorse).

Offer a 800 phone number.  All but the transaction.  Once in a week once a month.

The sales man might also offer to get referrals or to sell assess res to their friends or family and business associates.

 

Dimensions of market segmentation.

Demographic, geographic, psycho graphic, usage related.

Psychographic meaning attitudes, interest, and opinions.AIO.

Usage related: baking soda in the refrigerator and for the teeth.

 

Marketing strategies.

 

Concentrated marketing: single version of product to appeal to a single particular market segment.  Weight watchers.

 

Differentiated marketing: a number of products, each designed to appeal to a different market segment.  Organization has substantial financial resources usually.

General Motors and Ford Motor Company.

 

Undifferentiated: a single version to all customers.  Perhaps Henry Ford's model T. Pepsi and Coke.

 

Product positioning.

Price, high and low.  Product attribute like fat, high or low.

Use a circle with four quadrants.

 

Marketing research.

See conducting the research project and chapter 4 on statistics.

 

The marketing mix.

Product, price, place, and promotion.

 

Product:

product differentiation, separation from the rest.

Trademarks and service marks, registered trademark, copyrights, ownership of copyrights, Hitler and Mein Kamp (published only in Germany) release no clues of his future acts.

As a matter of policy marketers should place copyright notice on virtually all marketing communication materials.

Patents.

 

Product life cycle including introduction, growth, maturity, saturation, declined, and abandonment.

 

The Boston consulting group growth share matrix.

Star, problem child, cash cow, and dog.  Use a square in four quadrants with market share on hortizontal axis and market growth on vertical axis.

Cannot simply drop the dog, since other items might be related or readily identified with.

Bundling: cable TV will still premium channels and movies.  Raise the price.

 

Price:

premium pricing:skimming the cream.

Fair pricing.

Penetration pricing.

Parity pricing.

Cost-plus pricing.  Cost-plus 25 percent.

 

Place:

3 Distribution options.

Intensive, maximum exposure.

Elective, aims for moderate exposure.

Selective, aims for limited exposure.

 

Promotion: pulling promotional strategy, pushing promotional strategy.

Dimensions of advertising effectiveness.  Demographic, geographic, impact of message.

Rules of thumb: kiss approach, three T's: tell them what, tell them, tell them again.

Reach: frequency: duration: timing: cost.

Media options: broadcast TV, cable TV, radio, magazines, newspapers, direct-mail, Internet,.

 

Sales promotional tools and activities:

premiums: giftware purchase.

Discounts, two-for-one offers, keep bonds, samples, contest, sweepstakes, incentives,.

Product publicity: printed articles, staged events, associations, toll-free numbers, freebies.

 

Sales:

 

Cross selling.

 

Relationship based selling.

 

The marketing and product management checklist.

Recommended reading.

Organizations and resources.

Chapter 2: accounting and finance.

 

Financial statements.

 

Tax reduction considerations.

 

Internal control.

 

Other People's money (OPM).

 

Improving cash flow.

 

Budgets.

 

Time value of money (discounted cash flow).

 

Investment appraisal.

 

Key financial ratios.

 

Lease versus buy versus rent.

 

Funding.

 

Some tips.

 

The accounting and finance checklist.

 

Recommended reading.

 

Organizations and resources.

 

 

 

 

 

 

 

 

 

Chapter 3: Human Resources and Operations Management.

 

Human resources management.

 

Dimensions of managerial effectiveness.

 

Work versus play.

 

Line versus staff.

 

Communication.

 

Compensation.

 

Learning.

 

Diversity and Discrimination.

 

Crisis Management.

 

Operations Management.

 

Economies of scale.

 

Cross over analysis.

 

Breakeven analysis.

 

Linear programming.

 

Network analysis.

 

The PARETO principal: the 80/20 rule.

 

Queuing theory.

 

Monte Carlo simulation.

 

Just in time production system (JIT).

 

Economic order quantity (EOQ) and reorder point (ROP).

 

The human resources management checklist.

 

The operations management checklist.

 

Recommended reading.

 

Organizations and resources.

 

 

Chapter 4 Statistics.

 

Conducting a research project.

 

Basic terminology.

 

Key Statistical Measures.

 

The statistical antidote: what is normal.

 

Stories behind the Statistics: Creative Interpretation.

 

Regression Analysis.

 

Time Series Analysis.

 

Other Parametric Statistical Methods.

 

Nonparametric Statistical Methods.

 

A reminder.

 

The statistics checklist.

 

Recommended reading.

 

Organizations and resources.

 

 

Chapter 5: Economics.

 

Macro Economics:

 

GNP and GDP.

 

Employment.

 

Price.

 

Money supply and its velocity.

 

Business cycles.

 

Fiscal policy versus monetary policy.

 

Microeconomics:

 

Supply and demand: Laws of.

 

Diminishing marginal utility: Law of.

 

Diminishing returns: Law of.

 

Comparative Advantage: Paradox of.

 

Zero sum game.

 

Satisficing.

 

The Economics checklist.

 

Recommended reading.

 

Organizations and resources.

 

 

 

 

 

Chapter 6: Technology Management.

 

Computer: stand-alone.

 

Computer combined with telephone.

 

Computer combined with fax.

 

Computer combined with satellite and wireless.

 

Computer with Internet.

 

Computer combined with automation.

 

Computer combined with card.

 

Computer combined with Sensory or Multisensory environment.

 

Management Information Systems.

 

The high-tech challenge to management.

 

Progress through technology.

 

Technology management checklist.

 

Recommended reading.

 

Organizations and resources.

 

 

Chapter 7: business policy and ethics:.

 

Formulation of ethical standards.

 

Application to specific business issues.

 

Contracts.

 

Alternative dispute resolution: ADR.

 

The business policy and ethics checklist.

 

Recommended reading.

 

Organizations and resources.

 

Chapter 8: Strategic Planning.

 

Objectives, strategies, and tactics.

 

Establishing corporate objectives.

 

Reading the strategic plan.

 

Evaluating the strategic plan.

 

Forecasting methods.

 

The strategic planning checklist.

 

Recommended reading.

 

Organizations and resources.

 

 

Chapter 9: education and career pathing.

 

You are a product.

 

Do you really need MBA.

 

Choosing an MBA program.

 

Alternatives to the MBA.

 

Recommended reading.

 

Organizations and resources.

 

 

Epilogue: reflection, introspection, and enlightenment.

 

Management decision-making: art or science.

 

Recommended reading.

 

Organizations and resources.

 

 

 

Back to home Page

Email Lawson