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GMS802
Chapter 6
| Question | Answer |
|---|---|
| Marketing | Is fundamentally about the customer and meeting customer needs. |
| Marketing without Ethics | Focus on customer when there is a pay-off. Make as much money as possible. |
| WIBT? Segmentation, targeting and positioning (STP) | help managers analyze the market and to specify which customer will be served. Managers need to ask if the way they gather information is respectful to their customers and other stakeholders. |
| WIBM? The product should serve the needs of the customer. The price should be fair. | e.g. selling pesticides to less developed countries can result in harm. e.g drugs can be priced too high for some consumers especially HIV/AIDS medications. |
| A new understanding of marketing | Does more than sell products. Is the vehicle through which an organization tells the story of its products, service, or core values. Builds a foundation of trust and consideration between the firm and the consumer. |
| Operations | Is the process by which firms create and deliver values to their customers. |
| Operations without ethics | Employees treated like cogs in a wheel>Struggle with suppliers> Uses any means necessary. |
| Operations with Ethics asks: | Are employees a critical asset I have to invest in to create quality and outstanding customer service? |
| Marketing with Ethics asks: | Does your value proposition shape your brand and the value you deliver? What does your marketing say about the kind of firm you are? |
| Measurement | If you can't measure it, you don't know how you are performing. |
| Internal Organization | Employees, Interfirm Cooperation, Culture, Organization Structure |
| Employees | get them committed to the firm's goals |
| Interfirm cooperation | across all functional area of the firm |
| culture | cultivate people's willingness to put aside self-interest to work cooperatively for the good of the firm |
| Organizational Structure | a flatter, more decentralized structure |
| Supply chain management | involves all activities that move goods from the raw material stage to the end user. Stakeholders include: employees, suppliers, vendors, banks. Refers to the management of all the elements of the supply chain. |
| Importance of Close relationships with supply chain partners | By developing trust, cooperation, and goal alignment supply chain partner will: look out for firms interest, share information, bargain in good faith, invest in products that could put them at risk if firm were to pull its business. |
| Special Challenges in the supply chain | responsibility for international labor issues-sweatshops, child labor, low wages. Responsibility when things break down- ford suv tires blew out making it more likely for drivers to lose control. |
| A new understanding of operation | no longer view operations as a disconnected and mundane activity to get the product out. It's about how firms deliver value to their stakeholders through their production facilities, supply chain, strategic vision, and employees. |
| High Performance Businesses (HPB) | Do an outstanding job of developing a brand-a distinct set of images and associations in the customer's mind about the firms values proposition and them work relentlessly to create the capabilities to deliver that value to customers. |
Created by:
rafi.sultani
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