Hi guys

Please submit Issues Task through Turnitin before the end of Wednesday’s lesson – you have already enrolled in the class from the first task, but info is here just in case:

Turnitin website: http://turnitin.com/en_us/home

Class ID: 12386553

Password: qwerty

Also, please email to me as a back-up.

A reminder to check the formatting requirements for a ‘Report’ outlined on the task sheet, and to please look after an old man’s eyes:

• 12 point basic font (Calibri, Arial or Times New Roman preferred)
• 1.5 or 2.0 spacing
• Make sure your name is on it!!

Thanks, BT

Business Issues Assessment Task Sheet

Due Wednesday 15 June (Week 7)

Marketing task – Shark Tank 2016

Presentations on Wednesday 1 June (Week 5)

PowerPoint constructed by the class last Friday from this page

In pairs (move around)

Take one of your invented/improved products:
what are 3 excellent marketing strategies for this product, and what are 3 marketing strategies which would not work? Why/why not?

Addressing changing food values through market research

Online:
http://www.afrbiz.com.au/case-studies/mcdonald-s-addressing-changing-food-values-through-market-research.html

PDF (the photocopy)

How did McDonald’s

• identify the interests of stakeholders?
• what are the two types of research undertaken? Define each.
  • How were each undertaken?
  • what other market research do they do?
• what quality control do they put into their research techniques?
• Why did they implement 3 changes?
• How do they communicate with their consumers? How does it differ?

Start of lesson:

List 6 things you want to know about a mobile phone

Choose one type of phone to investigate (go to its official website)

On a scale of 1 (hard) to 5 (easy), how easy was it to find the answers to your questions? (Just give the 1-5 scale, no need to write answers to your questions)

Feedback: Qualitative vs Quantitative

Marketing handout

• Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers.

Role of marketing:

• Find out what customers want and then attempt to satisfy their needs.
• Bring together the buyer and seller.
• Generate revenue for the business.

• A market is a group of individual, organisations or both that:
  • need or want a product
  • have the money to purchase the product
  • are willing to spend their money to obtain the product
  • are socially and legally authorised to purchase the product.

• Marketing plans and strategies vary depending on the intended market.

Changes in marketing over time:

1. Production approach – Taking orders and delivering goods.

• 1820s to 1920s
• Emphasis on producing goods
• Demand for goods is greater than supply.

2. Sales approach – Advertising and personal selling.

• 1920s to 1960s
• Emphasis on selling goods
• Demand is weaker.

3. Marketing approach – Aimed at satisfying customers’ needs.

• 1960s to present
• Emphasis on identifying customer needs through market research
• Establishing and maintaining customer relationships
• Development of the marketing concept.

The marketing concept is a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals. It is based on four principles:

• customer-oriented
• supported by integrated marketing strategies
• aimed at satisfying customers
• integrated into the business plan so as to achieve the business’s goals.

Marketing concept accomplished through:

• Customer orientation: marketing decisions and practices are based on customers’ needs
• Relationship marketing: long-term relationships with individual customers to create customer loyalty.

• Marketing planning process is the process of developing and implementing marketing strategies to achieve marketing strategies, and consists of five steps:

1. Performing situational analysis
2. Establishing market objectives
3. Identifying target markets
4. Developing marketing strategies
5. Implementing, monitoring and controlling the marketing plan.

• Marketing plans must evolve and adapt to new circumstances.

From Chapter Summary, Marketing, HSC Course, JacOnline

Management

• vision
• communication
• staffing and delegation
• ‘teams’

Trend analysis

• Market segmentation: measurable parts of a total market
  • What is something ubiquitous now that wasn’t 10 years ago?
  • What has changed, developed or been invented?
  • Are these targeted to different parts of the total market?
• Economic trends

Avoiding over-extension

• Finance
• Staff

Using technology

• retail
• school

Economic Conditions

Remember the economic cycle?

How might businesses adapt to different stages of the economic cycle?

My golf ball invention…

Take an existing product and make it better.

[handout: ‘Critical Issues in Business Success and Failure’]

‘Importance of a Business Plan’

• define business plan
• what are the basic components of a business plan? What would it look like for your product?
• Goals, Strategies, Importance of Business Plan

4 types of Business Plan – what are they, when is each used?

… and onto T2. You might want to have a think over the holidays.

Heads up for next term: the assessment tasks will be

• an Issues Study: identify a business related current issue, explain why it is important, controversial, or of public interest – written task
• a Practical Task: take a common product and improve it, then market it and present to the class

Today and Homework:

Read and short summaries of section 11.7:

• debt & equity
• cost of finance
• financial requirements

Answer the questions of ‘Financing a Fashion Store’

11.8 Legal Requirements: Q6

11.9 Human Resources: Revision Q3, Extension Q2

Made a start in class on Friday….