Marketing and Management Fundamentals: Units 10 & 11

Unit 10: Marketing Fundamentals

"Marketing is the social process by which individuals and groups obtain what they need and want, through creating and exchanging products and value with others." This involves exchange, satisfaction, strategy, vision, and direction (avoiding marketing myopia).

Marketing Defined

Marketing is the business discipline responsible for detecting the wishes and needs of consumers and guiding the company to satisfy them through mutually beneficial exchanges.

Core Principles

• Values (Business Ethics): The set of principles, beliefs, and rules that dictate how the organization will be managed.
• Mission (Based on field of activity, essential capabilities, and culture, including values and beliefs): Answers questions like: Who are our clients? What's our business? What's the expected value for clients? What is/should be our business? How are our values incorporated? It defines the essence, reason for being, identity, and personality. It's unique for each company.
• Vision: The forward projection of the company.
• Objectives (Specific, Measurable, Achievable, Realistic, Timed): The means to achieve the projection.

The Marketing Mix (8 Ps)

• Promotion
• Place
• Price
• Product
• Physical Evidence/Environment
• Partners
• Process
• People

Basic Marketing Concepts

• Need: The lack of something basic to human beings. Needs are many, different, and exist at different levels.
• Demand: The search for an item to satisfy a need; it is desire in action.
• Desire: The wish to get something to satisfy a need.
• Offer: The set of products or services made available by enterprises, capable of satisfying people's needs.

Maslow's Hierarchy of Needs

1. Self-Actualization
2. Esteem Needs
3. Belonging Needs
4. Safety Needs
5. Physiological Needs

Unit 11: Management Levels

Top Management

Responsibilities include a general overview of the company, alliances, mergers, acquisitions, strategic thinking, and planning. Also called senior management or executives. Common titles include Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operational Officer (COO). In the USA, President and Vice President are also common.

Middle Management

Responsibilities include department/divisional oversight, new product lines, and programs and systems to implement strategy. Middle-level managers include General Managers, Regional Managers, and Divisional Managers.

Operative/Supervisory Management

Responsibilities include daily evaluation, problem-solving, daily contact with other employees, and implementation of programs. First-level managers are also called first-line managers or supervisors. Common titles include Shift Supervisor and Department Manager.