Assignment.2. Introduction = He’s still looking for first time

Assignment.2.

Section.A.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Question.1.

a)     
– During market introduction, a
new product (Goods/services) is brought into the market place with heavy
marketing spending. In addition to advertising to provide information and
attempts at persuasion, promotion can include samples and coupons to spur
trial.

Strategically, prices
might start low, but they often start high (skimming) in part to recoup
development costs and in part since early on there is little competition.
Distribution is somewhat limited in these early phases, and these factors
contribute to the typical result that sales are low and slow in the beginning.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

b)     
i)             – Introduction = He’s still looking for first time buyers

– Price might be too high due to marketing/promoting the
program

– Still needs to tweak his promotion and or product to get more
people interested and make current buyers/clients satisfied

                ii)
People/customers:    – Need to trust the
program first

                                                                – Need to hear
about it (promotion)

                                                                –
Price is to high

                                                                –
Penetrate wrong market (the program already exists)

                                                                –
Going after the wrong target market

Question.2.

a)     
a Market segment is a group of
customers who share similar inclinations toward a brand. On a continuum from
mass marketing to one-to-one marketing, market segmentation is in the middle
(niche)

–         
It is a two-step process:

1.      
Naming broad product market;
&

2.      
Segmenting them

–         
Criteria for marketing
segmentation:

o  
Demographic:  – Gender

                      – Age

                      – Number
of kids

                      – Stage
in household

                      –
Education

                      – Income

o  
Psychological:  – Attitudes

                              – Knowledge and awareness

                              – Wants and needs

                              – Affiliations (e.g. Political party,
university)

                              – Traits (e.g. extraversion)

                              – Expertise and involvement (hobbies)

                              – Brand attributes sought (quality vs.
price)

                              – Risk orientation (financial
investment)

o  
Geographic:     –
Countries

      – Cultures

      – Urban vs rural

o  
Behaviors:         – Users/Competition (users/non-users of
brand/category)

– Co-purchase
patterns (e.g. recommendation agents and similar purchases)

b) Mostly the psychological segmentation:

–         
To get the people who focus on
brand awareness (e.g. Everyone who likes Mercedes or Porsche)

–         
To focus on what the wants of
the customer is (Do they want this brand)

–         
Also, to focus on the brand
attributes sought by these particular clients (having a good status in driving
a Mercedes)

–         
Risk orientation; obviously the
people who find this less risky because of financial income which then leads to
demographic as well as they should be able to afford it and must be age
appropriate, for instance only older men drive Mercedes’s so you market it to
them. Geographic as well where you market for the more upper-class environment.

 

Question.3.

1.      
Transmission is where two or
more people exchange ideas and/ opinions via a medium (verbal/nonverbal). They
can speak to each other (verbal) and give the purpose of their ideas or
opinions through thoroughly (so that the other person understands the concept).
There needs to be a deliberate attempt to convey information or the
unintentional conveying of information.

2.      
The message will consist of
these ideas and/ opinions transmitted by the transmitter. This message must be
sent through appropriate channel whereby the receiver has access to these
channels (e.g. mass communication)

3.      
The message then gets received
by the receiver. This receiver will decode the message and then formulate the
appropriate feedback (whether it be their opinion and/ idea)

4.      
The receiver then gives
feedback on the message to show the transmitter that they understood the
message (the receiver can also give feedback in the form of where they did not
understand the message)

Question.4.

Management by objectives

Management by exception

–         
Assigns responsibility for
completion of achievable objectives. (these objectives are defined as part of
the planning and controlling system and usually by the project manager)
–         
Overall objective of project
is to complete it on time within the budget range and in accordance with the
quality standards as pre-determined
–         
Monitoring is controlled by
using management results

–         
The project manager must
focus attention of critical activities necessary to meet the project
objectives as well as those less critical to meet objectives
–         
Can be used to identify those
activities that have not gone according to plan and need to be controlled to meet
project’s objectives
–         
Can be done by the project
manager reviewing exception reports (activities running either later or over
budget or not meeting specifications)
–         
Project delays invariably
result in financial implications thus it’s imperative that a fool such as that
of the critical path (CPM) is used. (CPM defines the series of activities
necessary to determine the duration of the project). A delay then can
lead/lead to legal consequences
–         
Customer and client agree
upfront to critical activities

 

Question.5.

1.       What is cost price analyses? A method to calculate the probable
manufacturing cost of the supplier

Cost elements: -Direct material costs: Cost of different
materials that purchasing management  
can allocate directly to a particular product.

                                – Direct labour
cost: Costs of the different types of labour directly involved in the                             manufacturing
of the product. Direct labour cost = Labour hours x Labour rate.

                                – Manufacturing
overhead costs: are made up of various cost components (ex.                                 electricity,
materials, handling costs, indirect labour and cleaning materials)

                                – Profit
mark-up: is the amount added to the manufacturing costs of the product                              so
that a profit can be made. Purchasing debt can calculate estimate mark-up                                            and consequently estimate selling price.
When selling price is estimated they                                                     will be able to judge whether the actual
price of the product is reasonable.                                                  PMU
can be: % of production cost / % of sales / % aimed at a specific rate of                                                  return
on capital invested

 

 

 

 

 

 

Question.6.

a)      – Obtain approval of an appointment according to the HR budget and
the lol of appointment


Update job descriptions and job specifications for the position


Choose the most suitable recruitment medium (ex. Newspaper advert)


Develop the recruitment advertisement


Place the advertisement in the most suitable communication medium


Set a closing date for responses


Evaluate the applications

Page
174?

b)      Steps taken in HR planning:

1.      
Determine the orginisations
goals and plans