Sandra Beenfeldt Marketings Management Module 1. MODULE 1: Organizational and business understanding WHAT DID I WORK WITH AND WANT DID I LEARN: Group/team collaboration We learned about the different between groups and teams. - In groups individuals are together because of the same interest but with no common goal. - In teams individuals are put together due to their skills as a unit with a common goal. Group types are different on how much you are involved. Primary groups, secondary groups, formal groups, informal groups. Reference groups: Formal groups the individual identifies with - would like to be a member of. We can make effective teams with fx. Belbin theory - Implementer and Shaper are the roles that ensure a high level of activity in the group. - Plant and Resource Investigator are the team's creative roles - Coordinator and Team Worker are the roles who focus on the external environment. - Specialists does have a specialized knowledge. - Finally, Monitor Evaluator and Complete Finisher are who keep the team together. If each role is represent Belbin concludes it has a good foundation to be effective. If one is missing it'll be seen in the team's performance. Side 1 af 12 Primary Secondary Formal Family Department company Informa l Close friends Colleagues who share same interest as you
Transcript
Sandra BeenfeldtMarketings Management
Module 1.
MODULE 1: Organizational and business understanding WHAT DID I WORK WITH AND WANT DID I LEARN:
Group/team collaboration
We learned about the different between groups and teams.- In groups individuals are together because of the same interest but with no common goal.- In teams individuals are put together due to their skills as a unit with a common goal.
Group types are different on how much you are involved.
Primary groups, secondary groups, formal groups, informal groups.Reference groups: Formal groups the individual identifies with - would like to be a member of.
We can make effective teams with fx. Belbin theory- Implementer and Shaper are the roles that ensure a high level of activity in the group.- Plant and Resource Investigator are the team's creative roles- Coordinator and Team Worker are the roles who focus on the external environment.- Specialists does have a specialized knowledge.- Finally, Monitor Evaluator and Complete Finisher are who keep the team together.
If each role is represent Belbin concludes it has a good foundation to be effective. If one is missing it'll be seen in the team's performance.
We did take the Belbin test where I'm a bit if the Shaper and Plant + Team Builder.
What is Marketing?
Marketing is all about delivering value to everyone who is affected by a transaction (stakeholders).It's about looking at trends, culture, make surveys about people/customers how they actually behave, analysis of the market and customers and know about our competitors. It's about understanding the environment and your own company . It's about creating a demand people don't know they have.
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Primary Secondary
Formal Family Department company
Informal Close friends Colleagues who sharesame interest as you
Sandra BeenfeldtMarketings Management
Module 1.
NEEDS: A need is a something the customer will buy themselves. An example could be people need clothes/food - it is the companies task to show /convince people it is their product they need instead of their competitors.
WANTS: A company needs to create a want for the desire for a product to satisfy a need. You need to wear clothes but you don't need these expensive jeans or you don't need to eat pizza or soda but you want it.
DEMANDS: The potential costumers for a product are the people who want the product minus the ones who can’t afford it.
VALUE: Exposure, products, having something wants. Positive idea/ quality. Price - Elements. Perceived stakeholder what they get / see. Brand. Different who think what value is.
STRATEGYWhat is strategy?
Strategy is the long-term direction of an organization. Strategy statements describes the organization and gives everybody the idea of where to go and defines the goals. The strategies are typically measured over years or a decade.
The 3 Horizons:Horizon 1) What is now?Horizon 2) What is next?Horizon 3) What is the goal? New options.
Different levels of strategy:
Corporate-level strategy : is the overall scope of the organization. Includes geographical scope, diversity of products and services.
Business-level strategy : is about hoe the individual businesses should compete in their own market. Typically concerns issues such as innovation, appropriate scale and response to competitors' moves.
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Operational strategy : are concerned if they deliver the corporate -and business-level strategies in terms of resources, processes and people.
Strategy statements
MISSION
What business are we in What we do how we make a difference to whom = target
customers
VISION Where are we heading? "Leading stars" What do we want
to achieve?
CORPORATE VALUES Beliefs that the organization will stick to + principles Guideline for action 1) Organization - business 2) People
OBJECTIVES What we do to achieve - goals SMART = Specific, Measurable, Accountable,
Rational/Realistic, Time
Identifying/mapping stakeholders.
Stakeholder mapping is about identify the stakeholder expectations and power and help understanding political priorities. Importance of two issues:
- The interest each stakeholder has in imposing its expectations on the organization's purpose and choice of strategy.- The power each stakeholder has to influence strategy.
The stakeholders are divided in to four groups:- High interest/high power (Key player)- High interest/low power (Show consideration)- Low interest/high power (Meet their needs)- Low interest/low power (Least important)
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What is an organization?
An organization is a unit who has the same common goal to pursue
External environments
The external environments can be identified by the factors who has a direct or indirect influence on the organization.
Industry: Size, competitors, related industries and type and level of competition.
Raw materials: Manufacturers, suppliers. Human Resource (HRM): Labor market,
recruitment opportunities, types and levels of qualifications, union power.
tax, legal systems Socio-cultural development: Education,
values, age, social responsibility, environments awareness, religion, ethics.
International market: Competition from international organizations, risk of take-over
Key trends in society that affect the organization's structure:
Organization's external environment from 3 dimensions:Simple/complex: is assessed by how many of the ten factors that affect the organization.Simple: Few environmental factors. Easier for the boss to translate trend for the rest of the organization.Complex: Many environmental factors. Large overview and high knowledge to cope with trendsStable/dynamic: is about the degree of change in the ten factors.Stable: Change are few and predictable.Dynamic: change in factors are many and unpredictablePoor/rich: is an assessment of the amount of resources.Rich: No problem accessing the necessary resources. Many suppliers, raw materials unlimited, choose qualified employeesPoor: Operates in poor countries/region, or companies that are in fierce competition for scarce resources.
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Structure:
Formalization: Describes the amount of written documentation within the organization. Fx. rules, produces and policies.
Specialization: Assesses the degree of subdivision of tasks within an organization. One employee performs with few tasks.
Hierarchy: Different levels. Flat or high. Centralization <-> Decentralization
In centralized organizations the boss makes the decisions. In decentralized organizations the employee closest the situation takes the decision.
Professionalism: Concerned with employee education and formal training. Personal Quota : Assesses the number of employees in, respectively, the operational part of the
organization and the planning part. -> "How much backup do you have?"
Mechanistic organization: Standardized, structured, many rules, centralized, responsibility/job defined, vertical communication, job specialization, high personal quota, high hierarchy.
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Profitability issues
Cost is a consumption and us of production factors (measured in money), in the production and sales of product/goods/services.
Objectives are rational and measurable.
Typical economic objectives: Maximize accounting profit - Accounting profit is the result of subtracting all costs such as
materials and payroll from all income items, such as sales turnover. Maximize economic profit – The capital would include what has been made available to
the company from both owners and lenders Maximize size of the business – A company must make a profit over time to continue to
attract investors, creditors and customers to the business Maximize the share price – The share price is set outside the company, therefore the share
price will reflect a market assessment of the long-term prospect of the company in terms of generating wealth for the shareholders
Fixed and Variable Costs
FIXED COSTS: A cost which does not change in the amount of goods and services produced. Fixed costs has to be paid by the company no matter the business activity. (Rent, advertising, insurance, office supplies)
VARIABLE COSTS: A cost which changes due to the production output. If the production increases they rise and if the production decreases it will fall.
Breakeven Analysis
If a company is operating at breakevens it means that it is not making any profit. Total costs are equal to total sales turnover plus miscellaneous income and financial income.
- Break-even is the starting point if you want to make sure you cover all costs – variable and fixed.- Break-even is where profit equals zero
Calculation of breakeven:
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CASE WORK: SPORTMASTER.
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What was easy and difficult to learn....I think the organization structure, teams and groups were easy. I think I struggled a bit with the economic part - and in the beginning the strategy but think I'm definitely on my way with it!
Where did I meet the wall – If I did?I did meet the wall a bit with the portfolio... I think maybe we should have had the introduction for the portfolio in the beginning of our module so we knew how to collect all the important documents. It would have been nice as well to have had a kind of guideline how to do it because I haven't been working with portfolios before.
What I've learned about myself, my own learning during the process and how I learned what I learned.....I learned by reading - I think it is very important for me to work with it in groups but I still think I learn as well by going through the things we have read in class.Though in the future I think I'll after class / group work read the things I've had problems with so I can get a better understanding.
How do I continue from here with this or the next module?Next module I'll remember to take pictures of all our poster - and sort my notes after each class. I think I'll work on the portfolio during the module and not start it in the end of the module.
Did I gain the knowledge, skills and competences that were the learning objectives of the module?3. Almost - but on my way.
How do I get on from here? See above.
READING FOR THIS MODULE:TEAMS AND GROUPS (chp 3. OT)LEADERSHIP AND MANAGEMENT (CPH 5 OT)PERSONAL MOTIVATION (CHP 4 OT)WHAT IS AN ORGANISATION (CHP 1 + 2 OT)
WHAT IS MARKETING (CHP 1 MAR)
STRATEGY (CHP 1MM)STRATEGY PURPOSE (CHP 4 MM)
FIXED AND VIABLE COST, BREAK EVEN ANALYSIES (S. 39-49 ECO)
