Consumer Behavior and Sales Force Optimization
Types of Consumer Behavior
Buyer Types
- Impulse Buying: Unplanned purchases.
- Value/Use-Based Buying: Rational purchases based on needs and benefits.
- Curiosity-Driven Buying: Purchases motivated by a desire for change or novelty.
- Fashion-Driven Buying: Purchases influenced by current trends, regardless of value or utility.
- Habitual Buying: Regular purchases driven by brand loyalty or routine.
- Pleasure-Driven Buying: Purchases made for enjoyment and satisfaction.
- Emotional Buying: Purchases influenced by feelings
PR vs. Advertising: Key Differences, Ivy Lee’s Edicts & PR Models
What are four key differences between Public Relations (PR) and Advertising?
- Media: Advertising relies on mass media, while public relations utilizes owned media.
- Audience: Advertising primarily addresses external audiences, whereas public relations targets both external and internal audiences.
- Scope: Advertising is a specialized communications function; public relations is broader in scope.
- Objective: Advertising sells an organization’s goods/services, while public relations creates a positive environment
Operations Management and Human Resources Essentials
Operations Management: Core Principles
Manufacturing vs. Production vs. Operations
- Manufacturing: Activities making tangible products.
- Production: Same as manufacturing.
- Operations: Activities making tangible and intangible products.
The Transformation Process
The transformation process converts inputs into outputs:
- Inputs: Labor, money, materials, energy.
- Outputs: Goods, services, ideas.
- Transformation occurs through one or more processes.
Operations Management in Service Businesses
- Services need different
Market Competition Structures and Business Financing Options
Types of Market Competition
Competition is a fundamental element ensuring the functioning of a capitalist economy, with the market acting as the regulatory mechanism for the nature and quantity of production, as well as the subsequent distribution of income generated by economic participants. In a system of perfect competition, market forces determine prices and quantities produced, influencing consumption, savings, and investment. Let’s examine different competitive situations:
Perfect Competition
The
Read MoreTaylorism and Fordism: Scientific Management Principles
Taylorism Explained
Taylorism is a method representing a scientific approach to work organization, pioneered by Frederick W. Taylor. It advocated for specializing worker roles and coordinating operations through pre-planned procedures to combat perceived worker inefficiency, often termed ‘soldiering’. It can be viewed as an early science of administrative work, seeking optimal control over the labor force.
Objectives of Taylorism
Taylor’s primary goal was to increase productivity, leading to higher
Read MoreCrafting Your Digital Strategy: Value, Persona, Presence
Define Your Strategy with SMART Objectives
Define objectives that are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound). This provides guidance for the strategic questions you need to ask.
Strategic Framework: Define Your Offer and Reach
1. Value Proposition: What You Offer and to Whom
Ask yourself: “What am I offering and to whom?” Define what makes you useful or different. What makes you or your offer special, and who will benefit from it? What do you have that is different, useful,
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