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| basic steps to new product development |
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| Idea generation, product screening, product analysis, development, testing |
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| most ideas come from inside the company |
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| reduces the ideas to those with the highest potential |
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| cost, sales and other factors are analyzed for profitability |
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| creating a complete product with several variations |
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| if profitability looks good the product will be tested by other markets |
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| promoting and maintaining interests in the product among distributors and consumers |
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| total product offering / value package |
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| entices customers through service, surroundings, past experience, delivery and brand |
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different variations of the same product
different flavors of the same spice or tea |
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| combination of product lines such as different toys bratz and barbie all made by matel |
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| tries to make close substitutes look differnet |
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| a name, symbol, design, etc. that identifies products or services of a seller |
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| part of a brand that can be spoken; including letters words and numbers |
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| brand with legal exclusivity for both its name and logo |
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| pricing, product, placement, promotion |
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| used to entice the customer to buy a certain product |
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| introduction > growth > maturity > decline |
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| new imaging, niche focus, price changes and distribution adjustments |
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| return on investment, building traffic, image support, increased market share, social impact |
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| cost based, demand based, competition based |
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| fundamental basis for price is the cost of the product |
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| prices based on what consumers are willing to pay |
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| competition based pricing |
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| pricing is made in close comparison to the competitions prices |
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| lets you know what the price has to be to make back all of the money it took to create the product |
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| you can sell things in store, online, telemarketing, vending, kiosks, |
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| giving out information about your product to the target market to persuade them to buy it |
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| Integrated Marketing Communication (IMC) |
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Definition
| combines all promotional tools into a comprehensive strategy, this should lead to the creation of a positive product image and the meeting of goals |
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| paid, non personal, promotion of goods, services, companies and ideas by an identified sponsor |
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| newspaper, direct mail, yellow pages, radio, television |
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| product placement, infomercials/ product sales networks, |
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| having your products on screen and being used by the actors |
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| marketing efforts to create immediate |
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| Promoting people to tell positive things about the product to others |
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| viral marketing encourages people to pass along a message to others |
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the goal of pr is to develop activites or events that help promote a favorable relationship between a company and its customers and prospects
- influencing public opinion through the presentation of a clients image, message, or product |
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| publicity attempts to influence the press and other media to print stories that promote a favorable image of a company and its products or services |
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| Human Resource Management (HR) |
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Definition
fighting to attract and retain qualified personnel.
- determines staffing needs, recruitment, and management employee relationship management
- employee development, motivation, compensation, rewards, scheduling |
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| recruitment and selection, training/development, performance assessment, compensation/rewards/benefits, correction/termination, motivation, employee/management relations |
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| overseas labor, skilled labor shortages, decreased loyalty, underemployment, aging workforce, regulations |
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| training and development takes place where |
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| orientation, online, on the job, apprenticeship, vestibule/simulation |
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| teaches communications, human relations and technical management skills |
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| based on previously developed and communicated standards specific to each job |
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| extrinsic employee rewards |
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| monetary compensation (salaries, commissions, bonuses) and indirect/fringe benefits ( vacations, insurance, retirement plans) |
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| recognition, accomplishment, status, loyalty |
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| Frederick Taylor:: Scientific Management |
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| study of the most efficient way to perform any task |
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Elton Mayo: Hawthorne Studies
(hawthorne effect) |
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| workers felt more motivated when they were being studied because they felt more SPECIAL |
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| Maslow's hierarchy of needs |
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Definition
one a need is met it is no longer a motivator
B-T:
physical, safety, relational, esteem, self actualization |
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| Herzbergs Motivating Factors |
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hygiene factors - can cause dissatisfaction but no motivation
motivator factors - can create productivity
job rotation increases happiness |
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| Modern motivation theories |
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| employees do not really want to work and that it is their job to structure work and energize the employee |
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| given the right conditions most people want to do well at work; the workforce is a pool of unused creativity |
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| flexible and holistic, blend american and Japanese management styles |
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| Goal setting theory - peter drucker |
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motivating with ambitious but achievable goals
- also management by objectives (MBO) |
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| Expectancy Theory - victor vroom |
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| people will assess any given goal/task and determine its possible outcomes to the associated rewards |
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| employees are motivated by positive and negative reinforcement of behaviors |
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| people mentally calculate the differences between themselves and other workers |
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| so that laborers could increase their powers of negotiations with management |
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| focused on basic issues such as pay, hours, and work conditions |
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| Knights of Labor and the American Federation of Labor (AFL) |
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the common place management abuses during the industrial revolution led to their creation
- industrial unions that focused on manufacturing labor |
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| Congress of Industrial Organizations (CIO) |
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| created when unskilled labor was shunned from the other unions |
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| merge of the AFL-CIO to create an international union of labor organizations |
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national labor relations act
Wagner Act 1935 |
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Definition
mandated employees rights to organize and bargain collectively with their employers
- created national labor relations board (NLRB), meant that they all now had to bargain through a labor contract |
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| contains provisions on conditions of employment and the procedures to be used in setting disputes during the term of the contract |
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| work with both sides to facilitate discussion, reach an agreement and suggest alternitives |
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| workers refuse to go to work and usually picket their employer |
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| asking consumers to not buy the products of the company |
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| shutting down the business to keep employees out of work |
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| management seeks injunctions |
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| cal limit or halt a labor strike |
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| strikebreakers to replace all workers who go on strke |
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| acquiring and managing funds , analyzes and plans a firms credit, cash flow, investments, and expenditures, then determines future paths |
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recording, classifying, summarizing and interpreting financial events and transactions
" the language of business" |
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| management, financial, auditing, and taxation |
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| two main goals of accounting |
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| provide info to management and report financial information to outside entities like stockholders, creditors and the government |
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| the recording of business transactions |
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| recording transactions into journals and ledgers |
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| analyze source documents, record items in journal, post to general ledger, perform a trial balance, prepare financial statements, analyze financial statements |
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| record book where accounting data is first entered |
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| specialized book where data is categorized and made available |
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| a summary of all ledger data to determine if it is correct and balance |
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| fundamental accounting equation (balance sheet equation ) |
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| basic equation of accounting that reflects the relationship of assets, liabilities and owners equity |
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| everything a corporation owns or that is due to it including current assets |
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| debts, salaries, dividends, accounts payable, taxes payable and fixed liabilities like mortgage bonds and bank lowns |
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difference between a company's assets and liabilities
- the value that accrues to the owners
ending value |
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| fundamental accounting equation must always be balanced |
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| assets= liabilities + owners equity |
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| balance sheet, income statement, |
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fundamental accounting equation is the core.
provides a quantitative summary of a compnay's financial condition at any specific point in time
part 1 - assets and liabilities
part 2 - equity |
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shows a firs profit after costs, expenses and taxes. contains a summary of a business financial operations for a specific period of time.
details net profit |
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| line items on income statement |
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| revenues, cost of goods sold, gross profit, operating expenses, net income |
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| the earnings of a firm before subtracting costs |
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| the costs of materials and resources to make product |
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| amount made on sales after cost of goods |
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| costs involved in operating the business |
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| amount remaining after all expenses have been deducted |
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| laws, patents and other things are in place to protect intellectual properties and afford protections in many cases |
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| when competitors raise and lower their prices the same which limits price competition |
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| demographic, region and zone price change |
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| ex) the poorer sometimes pay more because they have less demand |
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| largest privately held software company in the world, employees treated like gold, save money because of low employee turnover |
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| 1.5 best company to work for, highest wages in the industry, esteem needs met through notes and recognition, turnover is 15-20% not 90% |
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| Workers needed to be programmed like computers |
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| hire for attitude and train for skill, most married couples |
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| people want employee benefits and job security |
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environmental sustainability is important
- you should be knowledgeable about the products that you make
- make employees take paid internships |
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| - joe proesca, u.s. based company |
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| six step accountant cycle |
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| analyze source documents, record transactions in journals, post journal entries to ledger, take a trial balance, prepare financial statements, analyze financial statements |
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| security exchange commission |
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financial manipulations to meet goals or make their situation seem stronger than it is
- can manipulate shareholder value |
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if its inclusion would influence or change the judgement of a reasonable person
- allows you to leave things out of the statement |
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| up coding and un bundling in order to make things more expensive |
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