Use

d X Performance indicators for MMS

Acquire product information for use in sellingKnowledge of product means and includes details of use, its utility, its composition, service offered, and so on. To be more clear, knowledge of the product means a thorough knowledge regarding the probable information about the products which the customers generally inquire about. A salesperson or marketer needs this knowledge in order to describe product features or service advantages, to overcome objections, to answer questions, and to acquire confidence in the merit of his offeringsMethods:Sources of product knowledge are many and varied. However, these sources can be classified as basic and subsidiary. The fundamental sources are called basic sources; whereas collateral are called subsidiary sourcesGeneral Education is a must for all sales staff. When joining a sales organization, he/she is given special training so become an expert. Some firms have their own institutions for training, whereas others send their staff to technical institutions. Training increases the knowledge of sales staffExperience is the most important source of information. Initially he/she works under the guidance of a senior salesperson. As an independent salesperson, he comes in contact with hundreds of customers of different types. Contact with every new customer enriches his knowledge and experience institutionUse of the product enables a salesperson to know its real worth. By using the product, he knows all the advantages of it; and also the gap between its description and actual useAdvertisements contain all the salient features of the products. A salesperson, therefore, should study the advertisements of his own firm to acquire valuable information about the features and selling points of productsSales meetings and conferences are also important sources of product knowledge. Manufacturers arrange meetings and conferences of salesperson at regular intervals. In these meetings, senior sales staff and sales managers deliver lecturers and demonstrate important features of the productVisit to factories / showroom are arranged to many factories, which is a rich source of information about the production process, raw materials used, quality control system, method of packing etcSales literature Sales manuals are books published by the manufacturer. This book contains information about products, the procedure to be followed in selling goods, maintaining stock, maintaining the expense accounts, selling reports, credit facilities, discounts, delivery facilities and so onTrade Journals are technical journals containing technical points and details about the products. Companies manufacturing drugs and medicines publish monthly journals and send them to customers. Trade associations publish their own monthlies. The members give advertisements to them emphasizing the main features and selling points of their products. Thus, these journals can serve as a good source of information for acquiring product knowledgeSales bulletins are published periodically to provide additional and up-to-date information regarding products. It is supplement to the sales manuals. It contains new information

regarding product, its selling points, its improvements or additions etcSales portfolios are meant to retailers and wholesalers. It contains actual photographs of the product, instructions and advises regarding method of display, clippings, and names of users in a book form.Acquire product information for use in sellingKnowledge of product means and includes details of use, its utility, its composition, service offered, and so on. To be more clear, knowledge of the product means a thorough knowledge regarding the probable information about the products which the customers generally inquire about. A salesperson or marketer needs this knowledge in order to describe product features or service advantages, to overcome objections, to answer questions, and to acquire confidence in the merit of his offeringsMethods:Sources of product knowledge are many and varied. However, these sources can be classified as basic and subsidiary. The fundamental sources are called basic sources; whereas collateral are called subsidiary sourcesGeneral Education is a must for all sales staff. When joining a sales organization, he/she is given special training so become an expert. Some firms have their own institutions for training, whereas others send their staff to technical institutions. Training increases the knowledge of sales staffExperience is the most important source of information. Initially he/she works under the guidance of a senior salesperson. As an independent salesperson, he comes in contact with hundreds of customers of different types. Contact with every new customer enriches his knowledge and experience institutionUse of the product enables a salesperson to know its real worth. By using the product, he knows all the advantages of it; and also the gap between its description and actual useAdvertisements contain all the salient features of the products. A salesperson, therefore, should study the advertisements of his own firm to acquire valuable information about the features and selling points of productsSales meetings and conferences are also important sources of product knowledge. Manufacturers arrange meetings and conferences of salesperson at regular intervals. In these meetings, senior sales staff and sales managers deliver lecturers and demonstrate important features of the productVisit to factories / showroom are arranged to many factories, which is a rich source of information about the production process, raw materials used, quality control system, method of packing etcSales literature Sales manuals are books published by the manufacturer. This book contains information about products, the procedure to be followed in selling goods, maintaining stock, maintaining the expense accounts, selling reports, credit facilities, discounts, delivery facilities and so onTrade Journals are technical journals containing technical points and details about the products. Companies manufacturing drugs and medicines publish monthly journals and send them to customers. Trade associations publish their own monthlies. The members give advertisements to them emphasizing the main features and selling points of their products. Thus, these journals can serve as a good source of information for acquiring product knowledgeSales bulletins are published periodically to provide additional and up-to-date information

regarding products. It is supplement to the sales manuals. It contains new information regarding product, its selling points, its improvements or additions etcSales portfolios are meant to retailers and wholesalers. It contains actual photographs of the product, instructions and advises regarding method of display, clippings, and names of users in a book form.Analyze product information to identify product features and benefits Participants should use the facts from the case for each product line to identify how the proposed destination will benefit the multi-generation family. They should consider the types of activities provided teach destination and the appeal for people of various age groups. Solutions should specifically state how the chosen destination appeals to each generationParticipants should identify the destinations they believe would be most successful and least successful based on their analysis of features and benefits to each generation.Analyze the impact of technology on marketing

Several technologies have an impact on marketing including the Internet, mobile phones, social media, and customer relationship management systems. Some key factors of this impact include: Consumers can access more information about products and services on their own Consumer expectations are high Consumers can engage with organizations and their brands through a variety of

devices and channels Organizations must coordinate their marketing efforts across multiple channels Organizations must leverage data from customer relationship management software

and other sources of analytics to drive their marketing efforts Technology has introduced new media channels to marketers Television advertising has less impact than it used to Consumer has greater choice in what is viewed, when it is viewed and how it is

viewed Technology has made distribution simpler. Internet allows much greater reach with

lower costs Marketers must have a social media strategy (Facebook, Twitter...)Participants should be able to demonstrate some of the significant impacts that technology has had in marketing and particularly as they apply to this situation. The participant’s address may include: Technology has created many new marketing strategies for goods and services Customer relationship management (CRM) involves finding customers and keeping

them satisfied through a variety of means – database marketing – creating and maintaining customer lists – with technology these can be created with e-mail, on-line purchases, and web site visits – also on-line customer surveys

The internet has increased a marketer’s ability to measure effectiveness, track customer buying behaviour, conduct research and manage data

Market research can use technology to automate telephone research and provide interactive focus groups online

Technology has provided new platforms for distribution and collection of information – on-line sales; Internet: social media; delivery of sales and promotions via smart phones

2 Assess customer/client needs.

Assess global trends and opportunities. Build strategies to position product/business.

3 Close the saleClosing the sale requires that the participant ask the judge if they have a deal, ask for a date for starting the project or arrange to have the contracts signed. The end result is that you get the judge to agree to use your plan. Coach othersThe purpose of coaching is to make sure they understand what they are supposed to do and be able to do it without error. In the case of inventory control systems, we need to make all personnel understand the importance of controlling inventory for the company’s profit situation. Presumably, as profits rise, the employee’s share of the profits will also rise, and a happier employee may be a more trusted employee.

3 Communicate core value of product/service. 2 Convert customer/client objections into selling points

Presenter should discuss the benefits of the product Disadvantages should also be discussed Present higher quality products for a lesser price

2 Coordinate activities in the promotional mixThe four elements of the promotional mix are: advertising, sales promotion, publicity, and personal selling. All elements used should be coordinated to achieve the company’s goals. All initiatives should be coordinated to target the identified markets, clearly communicate the same underlying message.

Advertising includes any paid presentation and promotion of ideas, goods, or services by an identified sponsor (Ex. Print ads, radio, television, billboards etc) Place advertisements that would appear locally promoting the award-winning coffee in newspapers, direct mail, posters/billboards Recognize that TV ads would be created for national chain by the national chain itself

Sales promotions Incentives designed to stimulate the purchase or sale of a product (Ex. Coupons, sweepstakes, contests, rebates etc. Offer sample coffee taste cups at popular local events and venues) . Sales promotion includes media and non-media marketing communication in order to increase consumer demand, stimulate market demand or improve product availability

Public relations includes paid intimate stimulation of supply for a product, service or business unit by planting significant news about it or a favourable presentation in the media and sometimes include direct marketing and sponsorship Contact newspapers and radio stations to come review or feature the restaurant or Sponsor local events

Personal Selling is a process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation (Ex. Sales presentations, sales meetings, sales training) Each waiter should up sell by recommending products, especially our award-winning coffee

Participants should describe a variety of creative ideas that address all areas of concern.2 Coordinate channel management with other marketing activities

Students should indicate that marketing activities (includes all Advertising, Publicity, Selling and Sales Promotions - contests, coupons, discounts – expanding to new sales outlets, making

changes to product or service design, function, etc) need to be coordinated or sequenced effectively. Customers need to be made aware of any changes and given enough time to understand, ask questions and adjust. As a result changes should be communicated effectively and all sales channels should be consistent.It is important to coordinate channel management with other marketing activities to ensure alignment of promotion and communication of information to customers, and to reduce any channel conflict. It is important to set goals, set up communication policies and procedures, and monitor performance. The messages communicated must be consistent with the marketing activities they support so that customers do not receive mixed messages and feel frustrated in the process. This might include important details such as the date, time, and location of events that are critical to organizing the audience to attendThese channels need to be re-examined during busy seasons, changes in location, redecorating / renovation, changes in suppliers, You can email customers, put up signs and flyers, give out coupons, local newspaper ads, local radio ads.Coordinate distribution with other marketing activitiesBrands carry out online and offline advertising on behalf of channel partners to aid them in generating sales of their branded products. Those online and offline marketing initiatives can either be isolated or coordinated to inform one another.An example of this is an apple orchard: Apple orchard > Transport > Processing factory > Packaging > Final product to be sold > Apple pie eaten Apples are not advertised as much in winter and spring. They are harvested in Fall. An alternative term is distribution channel or 'route-to-market'. It is a 'path' or 'pipeline' through which goods and services flow in one direction (from vendor to the consumer), and the payments generated by them flow in the opposite direction (from consumer to the vendor). A marketing channel can be as short as being direct from the vendor to the consumer or may include several inter-connected (usually independent but mutually dependent) intermediaries such as wholesalers, distributors, agents, retailers. Each intermediary receives the item at one pricing point and moves it to the next higher pricing point until it reaches the final buyer.Marketing Channels can be long term or short term.Short term channels are influenced by market factors such as: business users, geographically concentrated, extensive technical knowledge and regular servicing required, and large orders. Short term product are influenced by factors such as: perishable, complex, and expensive. Short term producer factors include whether the manufacturer has adequate resources to perform channel functions, Broad product line, and channel control is important. Short term competitive factors include: manufacturing feels satisfied with marketing intermediaries' performance in promoting products.Long term market factors include consumers, geographically dispersed, little technical knowledge and regular servicing is not required, and small orders. Product factors for long term marketing channels are: durable, standardized, and inexpensive. Producer factors are manufacturer lacks adequate resources to perform channel functions, limited product line, and channel control not important. The competitive factors are: manufacturer feels dissatisfied with marketing intermediaries' performance in promoting productsDelegate responsibility for job tasks

6 Demonstrate a customer service mindset

A service mindset is an outlook that focuses on creating customer value, loyalty and trust. A business with this outlook wants to go beyond simply providing a product or service. It wants to create a positive and indelible imprint in the customer's, or even in the prospect's mind. To do this, a business has to care about the customer or prospect experience and work continuously at enhancing it Listen carefully to the customer’s complaint and acknowledge that you are there to help

—in this case that the business meeting has been disrupted Explain that you appreciate and value the business that the customer has given you and

that you would like the relationship to continue Provide customer surveys to get feedback from the customers. This could be done by a

card with the bill, a website address or a phone call to important customers. There could be an incentive such as a discount or free dessert if they fill out the survey

Use interpersonal skills to handle customer requests and questions, Understand management’s role in customer relations, understand procedures for handling difficult customers, explain business policies to customers and handle customer complaints.

you should view negative customer interactions as opportunities to learn even more about the customers’ needs and expectations

4 Demonstrate appropriate creativityCreativity in the workplace is the next step up from problem solving. It is a real asset to employers hunters, if they can show how they bring additional value to the employer, and preferably prove a dollar value to that creativity. Initiative and good ideas are now much more appreciated than they were in the old hierarchical corporate jobs. Ideas are valuable, and so are employees who can get more value out of the endless possibilities of new systems.Some people actually make much more of a career out of ideas, rather than just doing a job. The opportunities are always there. Everybody, on any job, soon figures out a better way of getting things done. Most value adding is about dealing with volumes of work. Just as well, too, because that's how efficiency is achieved. It's a natural use of skills to make work easier and more productive. That's also why many people who are quite efficient in organizing their own work don't even recognize why they're efficient. They think it's common sense, but it's actually part of the creativity in the workplace effect. Think about how you've organized your own work to suit your own needs. There will be something. You may not have redesigned the whole workplace, but you will have done something to make yourself work more efficiently.Now comes the rest of the question, how to show value in your creativity.Work value is measured by:

Profit Savings Improved time frames Increased efficiency in your own work Increased efficiency which carries through up the work chain to others from your own

workThis is what is meant by improving productivity. It's productive in that it generates income, saves time and therefore money, and improves the efficiency of yourself and others. In whatever sense it's done, it's valuable to the employer.So you have to express the value of your creativity in those terms, to the judges, and show

them why it's valuable. If you've come up with a better way of doing things, or a more efficient or obviously quicker way of doing your work, you've answered the question effectively, and made your point.As with all interview questions, you must structure your answer so the interviewers can see the processes involved, and the value of your work.In this case, creativity is a very broad range of possible subjects, but you can simplify and clarify your answer:

Explain the work, and the processes. Explain your idea and its benefits in terms of the productivity criteria.

Tell the judges what you've achieved with your creativity. Also tell them your manager or supervisor's reaction to your work if you can tell them about a positive response from them. That's proof of achievement.Demonstrate connections between company actions and resultsMost companies will compare their actions and results by having set some specific objectives and seeing how closely they are meeting them. In this case, the company will probably be setting goals involved with an increase in revenue and/or an increase in profit. They would want to have the results of the catering function kept separate from the results of the regular restaurant activity although there would be some carry-over of fixed costs between the two practices. They might even separate the activities into two separate companies. In any case there should be a measureable difference in the company in terms of profit.Brochures, ads and web pages are not results. A marketing department needs tangible objectives and deliverables. But it is easy to fall into the trap that looks at these deliverables as ends in themselves. A new department in the store means nothing if it doesn’t in some way contributes to improving the state of your business. Similarly, brand awareness isn't a result. It is also a means. Building brand awareness may be a reasonable objective but only if your marketing team can articulate how it drives results. . Opening a coffee shop is not a result. That's all the more reason that your marketing efforts need to be focused on the right results. Because it is difficult to measure directly the effects of many marketing tactics, it is important to design those tactics with appropriate end results in mindWhat are your most influential economic engines, and are your marketing efforts focused on them? Do you make significantly more profit on a small number of loyal customers than you do on a large number of transactional customers? If so, do your marketing efforts focus appropriate energy on building customer loyalty, or is the lion's share of your efforts focused on finding new customers? Does opening a coffee shop add significantly to the profitability of product sales?Demonstrate negotiation skills

The best way to demonstrate good negotiation skills is to do so in an active negotiation. I have not run across any tests that prove how good a negotiator one is since every negotiation has its own peculiarities -- even with a person with whom you negotiate all the time. Participants in negotiations need to be cognizant of seven elements in the negotiation process. The seven process elements are: Relationship, Interests, BATNA (Best Alternative to a Negotiated Agreement), Creativity, Commitment, Fairness, and Communication. In addition, a good negotiator is well-preparedSometimes, the manager needs to be prepared to make an offer that will satisfy the customer without making negative comments about the product

2 Demonstrate Responsible BehaviourDemonstrating responsibility means being willing to accept an obligation and being

accountable for an action or situation. One can demonstrate responsibility in many ways. The participant may point out that the company can demonstrate responsible behaviour by:

Accepting responsibility for damage that has been caused and taking measures to take measures to ensure that the problem does not happen again, perhaps by investigating the cause of the explosion or hiring an independent investigator

Explaining how they will take steps to ensure that this does not happen again Offering to compensate injured employees and families The disclosure of all relevant financial and operating information Company must provide pricing options that the customer can understand—pricing

transparency Company must make a profit and be responsible to its shareholders Company has dealt with complaints in a timely and ethical manner Company has considered all stakeholders

2 Describe factors used by marketers to position products/businesses Students may define the term positioning in light of the case – they will define the

characteristics of the good/services being offered by the bookstore Marketers must determine whether or not they will take a stand and position their

products Marketers must determine who they will position the store to and what goods/services

will be offered to the target group Determine why their positioning is relevant for their target consumer Ensure that their positioning is clear so that the target consumers will understand Marketers must also position their product in a way that is distinctive – without a

unique position, consumers do not have a reason to choose their product5 Describe factors used by marketers to position products/services

Differentiation in the context of business is what a company can hang its hat on that no other business can. The positioning concepts focus on the rational or emotional benefits that buyer will receive or feel by using the product/service. Products/services should be positioned based on their comparative advantagesFor example, for some companies this is being the least expensive. Other companies credit themselves with being the first or the fastest. Whatever it is a business can use to stand out from the rest is called differentiation. Differentiation in today’s over-crowded marketplace is a business imperative, not only in terms of a company’s success, but also for its continuing survivalPositioning is also defined as the way by which the marketers attempt to create a distinct impression in the customer's mind. Positioning is something (perception) that happens in the minds of the target market. It is the aggregate perception the market has of a particular company, product or service in relation to their perceptions of the competitors in the same category. Products/services should be positioned based on their comparative advantages. A company can positively influence the perceptions through enlightened strategic actionsMarketers often use a Product Positioning Map to “map” out the position that their products occupy in comparison to the completionThese positioning maps are based on 2 dimensionsThe most common dimensions are price and qualtity

So, for example, Rolex may be categorized as high price, high quality. Timex may be categorized as low price, high quality..Some possible positioning strategies:

Focus on healthy low calorie snack (< 200 calories) Price and quality Positioning by features and benefits Positioning relative to competition

2 Describe the concept of price Price is the amount the consumer must pay for a product Influenced by costs, competition, demand, and supply Cost—all costs are calculated and then a mark-up is applied to achieve the price Competition—set the price in relation to competitors Demand—apply the concepts of supply and demand, the greater the demand for the

product, the higher the price charged Supply—a product in short supply will have a greater demand

If the product is a luxury product, a pricing strategy of skimming or prestige should be used. People will be able and willing to pay a higher price because it is located in an affluent neighbourhood

3 Describe the concept of price stability as an economic measure Low inflation rates lead to a stable economy High inflation rates (over 5%) are an indication of an unstable economy. People in this economy will spend money quickly to maintain their purchasing power. However, because the future is more uncertain, people will purchase necessities and hold off on luxury purchases

Describe the considerations in using databases in advertising. 2 Describe the economic impact of inflation on a business

Inflation is a period of constantly rising prices Inflation causes businesses to frequently have to adjust their prices upwards or make

their products smaller When prices go up, consumers need more money to have the same purchasing power,

therefore, they ask for higher wages. The companies then must increase wages. They can afford to do this by raising the prices of their products. It is a cycle

Describe the nature of technology in operations Major form of communication for this company All ordering is done online, both the customers and the orders to China Database of customers, addresses Database of previous product sold including teams, sizes, dates ordered Information can be used to convince the customers to buy again In this case, the technology is not the problem, the manufacturing and shipping times are

the problem Can use the information from previous orders to determine which shirts, sizes and teams

will sell well—keep an inventory of theseDescribe the use of technology in operations In production In design

In automated stock control In provision of services In communication In data collection E-commerce Recruitment

2 Describe the use of technology in the marketing-information management function Collaborative customer relationship management : Organizations must assemble and

integrate customer relationship management (CRM) systems that enhance customer collaboration and build customer loyalty and exit barriers.

Outsourcing sales and marketing functions: Organizations must strategically outsource sales and marketing budgets to a new generation of businesses, including marketing agencies, e-commerce utilities and service providers, and e-channel partners to obtain talent, technical expertise, and cost efficiencies.

Customer-centric organizations: Organizations must recast their familiar organizational and functional models, transforming them into a natural extension of customer segmentation, enterprise selling processes, and complex demand chain partnerships.

Operationalizing e-care: Organizations must adopt enterprise-wide management of the customer care processes to ensure seamless service and enhanced intimacy across multiple-channel interfaces and throughout the customer lifecycle.

Hybrid distribution systems: Organizations must build multi-channel, hybrid distribution systems that leverage low-cost, high-touch technologies to improve cost efficiency, market coverage, and overall selling performance.

Value-added direct sales: Organizations must migrate the role of direct sales to better align high-touch, face-to-face selling interactions with high-value and high-margin products and services.

Demand chain remediation: Organizations must restructure demand chain relationships to maximize value creation and customer access while leveraging costs and value-added channel partnerships.

Customer interaction centers: Organizations must consolidate and integrate call center, Web, e-mail, fax, and marketing technology assets to better manage selling resources, technology infrastructure, and customer interactions.

Product channel readiness: Organizations must design modular, "channel-ready" products optimized for specific sales channels, partners, and customer segments, improving personalization, ease of doing business, and transaction costs.

Dynamic pricing and trading: Organizations must creatively manage the impact of buy- and sell-side technologies and trading communities on margins and pricing.

Changing role of branding: Organizations must aggressively build brand equity in e-channels, in virtual communities, and across multiple selling partners, channels, and points of interaction (POI).

Interactive direct marketing: Organizations must deploy new tools, approaches, and strategies for anticipating or influencing the way customers buy.

Determining which of these twelve areas are of most importance to your specific organization is a first step in acknowledging the impact of technology on sales and marketing and in moving your organization into the world of e-business.

3 Describe the use of technology in the selling function Computers for online sales Notification of promotions and sales on line Credit cards, chip and debit cards for purchases Computers as cash registers; controls inventory and creates sales history and stores info Track customer information, correlate sales to customer profiles and track sales figures Use past information to forecast potential new purchases for existing customers Describe the uses of grades and standards in marketing

2 Describe types of business activitiesOperations includes every activity needed to manufacture a product or provide a service. Operations is an essential business function, because without a product or service to sell, a business has no reason to exist. Operations activities will always revolve around acquiring raw resources, converting those resources into something to sell and scheduling and controlling the process of conversion. Activities to accomplish those aims include creating production schedules, taking inventory, equipment maintenance, measuring quality and efficiency, and designing workflows.Marketing Without customers for its products or services, a company can't stay afloat, making marketing another crucial business activity. Marketing activities go beyond merely creating ads that entice customers. Instead, marketing activities are intimately connected with a company's products and services. Indeed, by understanding the needs and desires of consumers, those in marketing help shape a company's offerings. Marketing activities determine the needed performance specifications of a company's products and services, the proper pricing, the best distribution channels and packaging. Consumer and marketplace studies, promotion and sales also fall under marketing's purview.Finance The bottom line: Money makes business possible. When approached carefully, finance activities build a foundation for a company's security, ensuring future operations. Finance must measure operations to create forecasts predicting a company's ability to meet future challenges. Creating budgets, allocating funds throughout the company, determining investments, protecting assets, managing credit and preparing financial reports are other necessary financial activities. Two important statements companies typically prepare are the balance sheet, which shows a company's assets and liabilities, and the income statement. By subtracting expenses from income, the income statement reveals a company's profit or loss.Other Business Activities Besides operations, marketing and finance activities, other types of business functions become important as a company grows. With employees comes the need to manage a company's human resources. Important activities under the human resources umbrella include training and hiring. Once a company decides it wants to expand its offerings, research and development becomes an important business activity. Finally, though wise management is desirable at any stage in a company's life, growth demands a more conscious and formal approach to leadership, planning and organization than a one-person business might demand.Determine customer/client needsThe participant should use the following strategies to indentify out what a customer/client needs are:

Questioning Observing Listening

After carefully doing all of the above, vendors should continue to observe and listen carefully while making suggestions of merchandise to the client

They should listen for verbal and non-verbal clues and respond / alter their responses appropriately

4 Determine economic utilities created by business activities Economic utility—a measure of satisfaction Most people will do things that will improve their utility In this case, the owner needs to convince the employees that this 4-day work week is in the

employees’ best interest and will improve their utility For example: o the employees can save time by only commuting 4 days instead of 5o the employees will have more leisure timeo the employees will be able to spend more time with their children on their day off—80%

have children under 14o save money on child care and gas

2 Determine factors affecting business risk Business risk is the potential for business loss or failure 3 kinds of business risk: economic, natural and human

Economic- occur from changes in overall business conditions (competition, changing consumer lifestyles, population changes, limited usefulness or stylishness of some products, product obsolescence, government regulation, inflation or recession)

Natural- result from natural causes (weather conditions-floods, fires, hurricanes, etc.) Human-caused by human mistakes and the unpredictability of employees or

customers (dishonesty, carelessness, incompetence, accidents, illness, non-payment of accounts)

o In this case, the business risk would be economic as a result of the declining sales

There are many types of risks businesses face—political, financial, social, economic, legal, theft, safety, etc

There are many types of risks faced in the restaurant industry—alcohol, underage drinking, fire, burns, food poisoning, spills, broken glass, etc

It is important that businesses anticipate possible risks and create plans to deal with these risks

If possible, businesses should find ways to make certain that the risks are prevented before they occur

2 Determine initial feasibility of product idea Did the participant mention the success of the music store he/she had visited? Did the participant mention the target market and demographics? Did the participant mention any other competitors who are operating a similar

business and how ESPRESSO UNWIND would differentiate itself from them? Did the participant make any future sales projections for the new expansion?.

Determine vision The manager must set a vision for the business that makes safety a priority He/she should reward staff that are following safe practices and providing quality

customer service with regard to safety Safety practices should be reported at all staff and be a part of the regular

communication with the staff—perhaps a count of how many days accident freeDevelop a promotional plan for a business

3 Develop positioning concept for a new productPositioning refers to the process by which marketers try to create an image for their product in the minds of their target audience. The participant should develop a creative, business-related solution on how to make Old Towne Frozen Pizza stick in the minds of their target market. Some ideas include (but are not limited to): how the product can enhance family life by bringing the family together to dinner table how the product can benefit the customer by allowing them to spend more time with their

family/friends with the same food instead of waiting at the restaurant the product brings “gourmet food” into the home (“Straight from our oven to yours.”) Target market – position product to attract consumers who are environmentally

conscious and concerned about nutrition and animal welfare Consumers want to choose products which suit their “ethical” view of life – disposable

income at level to be able to choose more expensive alternatives in food products Niche market – green marketing High quality – higher price Convenience food – portableDevelop project plan

5 Develop strategies to position a product/businessPositioning refers to the process by which marketers try to create an image for their product in the minds of their target audience. The participant should develop a creative, business-related solution on how to make Old Towne Frozen Pizza stick in the minds of their target market. Some ideas include (but are not limited to): how the product can enhance family life by bringing the family together to dinner table how the product can benefit the customer by allowing them to spend more time with their

family/friends with the same food instead of waiting at the restaurant the product brings “gourmet food” into the home (“Straight from our oven to yours.”) Target market – position product to attract consumers who are environmentally

conscious and concerned about nutrition and animal welfare Consumers want to choose products which suit their “ethical” view of life – disposable

income at level to be able to choose more expensive alternatives in food products Niche market – green marketing High quality – higher price Convenience food – portable Explain how the customer will be attracted to purchase the products/patron our restaurant Take advantage of the history of our business (20 years), and that we are local and

popular Promote the popular products that have lasted and the new ones being introduced A product's position is how potential buyers view the product and is expressed relative to

the position of competitors How did the participant position the product? Was it through product attribute, price or

quality, product user, respect to competitors, etc? Did the Participant list significant competitors and describe their position in the market

Did they describe current product/service position in the minds of customers? Did the participant identify an attribute that differentiates the business from its

competitors? Was target market considered? Discuss actions employees can take to achieve the company’s desired resultsEmployees, whether they are wait staff, food preparers, or even shift managers, all have the responsibility on behalf of the restaurant of satisfying the customers needs (motives). It could be wrong to blame certain people, because the situation is changing (different types of clients), and therefore different types of behaviour on the parts of employees is called for. Right now, customers are getting upset, and presumably this will mean more employees will also be getting upset. Someone is going to have to take the initiative to get the employees, managers, and owners together to discuss how to handle the new situation. This is an opportunity for some employees to demonstrate both leadership and management skills. They have to realize that their success and enjoyment on the job depends on how successful the restaurant is, so they have to be prepared to contribute to helping the restaurant become more successfulA performance based pay linked to achievement of company goals and targets (i.e. sales, profits)The participant should demonstrate knowledge of the following:

an understanding of the target market and the selling process understand motivations behind customer decisions understand the overall goals of the company

Discuss internal and external audiences for public relations activitiesPublic relations activities are designed to influence the perceptions of a specific group of people. Activities can be created for Internal or External audiences. An internal audience is a company’s employees. For example, a company may create a public relations campaign to change attitudes or create awareness of policies for employees. In this case, the participant should discuss the importance of creating a campaign that demonstrates: Measures the company is taking to ensure future employee safety That the company cares about the employees welfare

An External audience is a market of consumers. In this case, the participant will want to discuss ways that (and the importance of) Venture can create a public relations campaign to improve the company’s image for this group. It would be important for the company to demonstrate: It is taking responsibility for the accident It is assisting in cleaning up or reversing any environmental damage It is helping those in the community who may be affected by the accident

2 Discuss motivational theories that impact buying behaviorConsumer motivation is linked to Maslow's "hierarchy of needs." According to this model, motivational drivers have different levels of importance. The most common needs are physiological and concern basic survival--the need for food, shelter and safety. Higher-level needs include social ones (for relationships and love), esteem needs (recognition and status) and self-actualization needs (fulfillment of self). According to Maslow, an individual must meet lower-level needs before being motivated to fulfill higher-level needsMotivational Levels Depending on how important a purchase is to an individual, his motivational levels may

vary from low to high. Influences include familiarity with the purchase, status factors and overall expense and value. Where fulfillment rewards are low, as with groceries, motivation levels are also relatively low and involve little decision-making behavior

The behavioral aspect of consumer motivation concerns the actions someone takes before purchasing and consuming goods or services. A person might do a lot of research--evaluating alternatives, testing and sampling--before making a selection. She might decide to buy something based on which goods or services most closely meet and satisfy motivational wants and needs. Marketers aim to gain the most impact and eventual sales by linking their products and services to clearly defined consumer needs and by understanding what motivates people to buy

Motivational levels differ greatly between individuals and are influenced by many external variables. These include the social value of making the "right" decision, beliefs about brands and alignment of brand values and personal values. If other people are involved in the decision, their motivation also affects the behavior of the primary consumer

They may also identify categories of buying motives such as rational or emotional reasons why people eat out and choose one restaurant over another. The key to any business is that they must have a plan to try and understand what consumers are willing to pay for and to try and satisfy their needs. It is not enough to simply open a restaurant and hope customers will come. You have to give them a reason. Maslow is the obvious choice given its popularity in business textbooks. Participant could mention the factors that motivate consumers to purchase without actually naming a theory or theorist. What needs are satisfied when consumers save money on special deals – needs/benefits.

2 Employ career-advancement strategies in marketingEmployees should consider all opportunities to participate in activities that will advance their careers. Often, employees neglect the "in-house" opportunities that companies offer their employees. These may include training, tuition assistance programs and even mentoring, that can assist in achieving their career goals. Being flexible and gaining a reputation as a “doer” and “self-starter” is critical to advancing your career. Also, being available to work extra hours or put in extra time, is a helpful strategy. In this case, the participant may discuss a variety of strategies. The participant may highlight the training program as an ideal opportunity for career advancement in marketing

3 Encourage team building Did the student explain the benefits (i.e. increased productivity, sales, # customers,

etc.) of team building? Did the student explain strategies for successful team building? Explain team building skills –

o Purpose – what are the shared goals?o Empowerment – provide clarity and structure, establish roles, encourage

accountabilityo Relationships and communication – hold meetings to keep team cohesiveo Optimal performance – shared accountability, performance depends on clear

goals and timely feedbacko Recognition and morale – recognize team’s efforts with compliments or even

weekly discussions on what they are proud of accomplishing

2 Ensure equitable opportunities for employees2 Establish a relationship with client/customer

Establish personnel policiesExplain customer/client/business buying behaviorBuying behaviour deals with the reasons or motives customers have for their buying habits, such as where to eat and what to eat when they go there. Eating out is a choice, not a necessity and customers will have to prefer what one establishment is offering more than another. This could include the prices being charged, the quality and type of food offered, the atmosphere inside the restaurant, the locations, even the commitment of the restaurant to issues like sponsoring local teams. Sometimes, customers may not even be able to explain why they choose one place over another other than the fact that they simply feel more comfortable thereParticipants may ask a number of the following questions to determine the buying behaviour of customers:

Who are the customers for electric versus non-electric vehicles? Create a profile of the customer buying process? How do the customer groups differ from one another? What, when and where do customers buy? How do customers rate the NISSAN on quality, service, and value? How satisfied is each customer segment? What customer segments are not having their needs met? Is your customer base increasing or decreasing? Why?

The participant may discuss some/all of the following ideas: need of product/service availability of product/service cost/affordability evaluation of alternatives internal conditions ie. demographics, psychographics, personality etc.

2 Explain ethical considerations in providing information Information ethics has been defined as "the branch of ethics that focuses on the

relationship between the creation, organization, dissemination, and use of information, and the ethical standards and moral codes governing human conduct in society". It provides a critical framework for considering moral issues concerning informational privacy, moral agency, new environmental issues problems arising from the life-cycle (creation, collection, recording, distribution, processing, etc.) of information (especially ownership and copyright, digital divide, and digital rights). Dilemmas regarding the life of information are becoming increasingly important in a society that is defined as "the information society". Information transmission and literacy are essential concerns in establishing an ethical foundation that promotes fair, equitable, and responsible practices. Information ethics broadly examines issues related to ownership, access, privacy, security, and community

In this case, there is a certain amount of privacy on the part of the evaluators, but because of the public nature of their comments, the companies they are evaluating are demanding more information on the evaluations and evaluators

The accountant had an ethical and moral obligation not to insider trade If a person has access to information as a part of their job, they are morally bound not to

use it for their own gain. They are also ethically bound not to share the information In this case, the accountant used the information to defraud shareholders of the

manufacturing firmExplain factors affecting pricing decisionsPricing depends on the objectives of price as it relates to the businesses profitability. The image of the business, supply and demand, the stage of the product life cycle, and the expense related to the product are all considerations. Four factors: costs/expenses; supply and demand; consumer perception; competitionPricing is a competitive tool – indicates quality to the consumer; is a function of supply and demand; position of the company in the market place; laws in place, break even point; economies of scaleParticipant should mention some of the above and how they affect the ability of the restaurant to offer specials on an on-going basis. They want to increase demand by increasing the number of patrons ordering before 5:00 pm, but cannot exceed capacityThe participant should recognize some or all of the following factors:

profit variable and fixed costs of the goods and/or services competition business law and ethics

3 Explain key factors in building a clientelePeople eating in a restaurant are making a choice. This is normally not a matter of necessity. Therefore, they will choose to eat at this restaurant if their needs are being met. Some of the more obvious reasons they would have are:

The food is good The prices are right They enjoy the ambiance and feel welcome They know the owners They respect and support the restaurant as a member of the community They want their children to be exposed to different dining situations They don’t feel like cooking themselves

If the restaurant owners and management want to rebuild their clientele, they must address these (and perhaps other) issuesStudents need to demonstrate an understanding of why customers will patronize a business; ie, what can the business do to continue attracting and keeping customers. It will not be enough to advertise to attract new customers, it is also necessary to satisfy them in order to keep them coming back frequently. Eating out is not a necessity. Consumers have a choice as to where to spend their money and they will generally do so in a place they enjoy.

The market (consumer attitudes) could be changing, and what has worked in the past is no longer popular.

The demographics (types of customers in the area) may be changing (aging?) There will likely be new competitors that may be trying to copy your success Ensure

every customer has a pleasant experience at the restaurant Relate to creating brand loyalty by providing an excellent product with supreme service

in an amazing atmosphereStudents could also be more specific and include examples of different types of events or promotions the restaurant could use. Just like retail stores change their window and interior

displays, even a restaurant has different things they can do to give the customers a new look or feelThis case tries to deal more specifically with having the proper menu items.

Did the student explain and develop a defined plan for building and keeping customers?

Did the student address issues related to competition and competitive advantage?2 Explain legal considerations in channel management4 Explain new product-development processes

Following is a 7-step process. Different versions exist with more or less steps. Companies will generally adapt their own version of the processStep 1 – Idea Generation

Gather ideas to be evaluated as potential product options Many market research techniques are used to encourage ideas including: running

focus groups with consumers, channel members, and the company’s sales force; encouraging customer comments and suggestions via toll-free telephone numbers and website forms; and gaining insight on competitive product developments through secondary data sources

New product ideas may come from brainstorming, responding to some observed need or even by chance

Step 2 – Screening Critically evaluate ideas generated by step 1 Ideally, screen products based on an established set of evaluation criteria Select the most attractive options

Step 3 – Concept Development and Testing Obtain feedback from customers, distributors, employees on selected ideas Market research may be done with focus groups, based on concepts of a product,

story boards, or non-functioning “mock-ups” of the productStep 4 – Business Analysis

Analyse the likely success and viability of the new idea Analysis may include - target market size, operational costs, financial projections

Step 5 – Product and Marketing Mix Development Begin working on actual product design Begin formulating a marketing plan and addressing other elements of marketing mix

(pricing, promotion, place / distribution)Step 6 – Test Marketing

Test the actual product May include offering product to a selected small segment of the target market

(Windsor and London are often selected as test markets for large companies)Step 7 – Commercialization

Introduce product to wider market May be done in waves or all at once

Explain the communication process used in promotionExplain the concept of competition

The rivalry between two or more businesses to gain as much of the total market sales or customer acceptance as possible Helps to maintain reasonable prices, provides consumers with new and improved products, and results in a wide selection of products from which to

choose. Forces businesses to operate efficiently. In this case there is a competition between the companies being evaluated, and the evaluations can have a great effect on competition

Competition Did the student discuss the pros and cons of competition? Did the student address issues related to competitive advantage?Competitors Who are the direct/indirect competitors?

What target market are they competing for?.2 Explain the concept of leadership

Did the student explain ‘what is a leader’? What are the characteristics of a good leader? What are the criteria of choosing the leader of the team?

o Someone they respecto Someone who has a vision and is able to execute strategy to achieve that visiono Trust and confidence by subordinateso Effective communication – help employees understand company’s business strategy,

understand how they can contribute to the success of the organization, share information with employees on how the organization and division is doing

2 Explain the concept of Market and Market Identification Market is the term which makes reference to your actual and potential customer base Market identification is the process of identifying existing or potential customers Market segmentation – target a specific group of potential customers – divide the total

market into smaller groups of people who share specific needs and characteristics Geographics – segmenting a market based on where people live – locally, regional Demographics- characteristics of a population – age, gender, income, ethnicity,

education and occupation Psychographics- study of consumer’s lifestyles and the attitudes / values that shape

it Product benefits- features built into products to suit the needs/wants of consumers

Niche Market (very high end users) and Micromarket (local and individual) are two additional means of segmenting the market

5 Explain the concept of marketing strategiesAn organization's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing planYour marketing strategy is an explanation of the goals you need to achieve with your marketing efforts. Your marketing strategy is shaped by your business goals. Your business goals and your marketing strategy should go hand-in-handA marketing strategy is a process that can allow an organization to concentrate its limited

resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered on the key concept that customer satisfaction is the main goalA marketing strategy is most effective when it is an integral component of firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena, corporate strategies, corporate missions, and corporate goals. As the customer constitutes the source of a company's revenue, marketing strategy is closely linked with sales. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statementBottom line: think of the definition of marketing strategy as the high-level rules that direct your marketing activities. For example, if there’s a single influencer who touches all your customers and has a significant impact on the way those customers try to solve their problem... one of your strategies may be to focus on building a strong relationship with that influential individual or companyMarketing strategies are the chosen mix of short-term and long-term marketing activities coordinated to achieve the goals of the business. The strategies used vary depending on the stage of the product life cycle, nature of competition, and availability of resources to commit to marketing efforts. Examples of strategies include but are not limited to:

- Market Introduction Strategies – the primary goal of these strategies is to increase awareness of the product and entice potential customers to try it

- Market Growth Strategies – the primary goal of these strategies is to encourage continued use of the product and increase new sales

- Differentiation Strategies – the primary goal of these strategies is to emphasize competitive advantages over competitors to sway the potential customer in the company’s favour

Market Dominance Strategies – the primary goal of these strategies is to emphasize the organization’s leadership in the market and aggressively maintain that position

5 Explain the concept of product mixA product mix is a range of related products that when sold together yields larger sales. For example, selling a chicken burger in a combo as opposed to individually A product mix is the full list of all products offered for sale by a company. In this case, the product mix will also include the service of catering. A product line is a group of goods/services in the product mix that have some kind of similarity. A product is the individual unit. The product mix can have both width (variety of products or product lines) and depth (the assortment of items offered within the product mix). Width – what are we offering? Do customers pick up the food or do we deliver? Will serving the food be done by the customers or do we provide staff? Depth – what food will be offered: current menu, additional items (party favours, napkins, cutlery). These decisions will also include the types of functions (dinners, parties, company meetings or picnics)All the different products a company sellsProduct line – group of related products – in this fast food restaurant – the burger line Depth – adding Tasty Pork is an example of product depthParticipant should identify Pork Tastyas product depth – and indicate whether or not it is consistent with the company image and other products in the lineLikely, participant will mention R&D requirements, surveys, branding, etc. – all factors to be

considered when adding to product offeringsStudents would be expected to give a definition of product mix, and perhaps some related terms such as product line. A product mix is the full list of products offered or sale by a company while a product line is a group of similar products. There are certain economies of scale in keeping the number of items offered for sale to a minimum (McDonalds originally only sold 9 separate items), but today’s customers are more sophisticated and demanding. The addition of other product lines (healthier foods) would attract more customers (especially from their competitors)Product mix is a specific marketing term that is defined as all of the different products that a company makes or sells. This will include not only our food, but other items that will reflect on our image; for instance, customers that would be interested in low-fat foods might also be interested in using containers that didn’t harm the environment. This would include washable cups, plates and silverware along with recyclable products for take-out items. It would also be important to provide a mix of goods that reflects the preferences of consumerse

2 Explain the concept of self-esteem.Explain the concept of staff motivation.Explain the factors in pricing decisionsThe student should evaluate the pricing strategies provided in the caseStrategy 1:

Maintains current quality image Prestige pricing or skimming—a higher price than competitors to enforce the quality

image Sustainable over time

Strategy 2: Trying to fool the consumer into thinking the price and product are unchanged Could lead to angry customers Form of competitive pricing—making it easier to look competitive against other

paper companies Can only be used a certain number of times—there are only so many times the

business can decrease the number of sheets in a rollStrategy 3:

Volume pricing—this is a better deal than the others, the company hopes to make money by selling more at the same price

May negatively impact the quality image Risky

Other pricing considerations: Psychological pricing—ending the price in a 9, example $4.99 Discount pricing—the company may provide a discount if the consumer orders more

product or pays earlier2 Explain the importance of company involvement in community activities

Participants should indicate that effective businesses need to be active participants in their communities. Although the primary aim of community relations work is to promote civic pride and to help the local residents, these events also help create goodwill for their business participants. Customers and the general public pay attention to the sponsors of community-wide activities

Participant may discuss, but are not limited to, some of the following ideas: Promotion of company’s civic consciousness and empathy Support for company’s workers living in the community Strategic positioning and promotion

Explain the nature and scope of effective communicationsExplain the nature and scope of the product/service management functionProduct management includes developing a product plan, which includes defining goals and objectives, specifying tasks or how goals will be achieved, what resources are needed, and associating budgets and timelines for completion. It also includes implementing the plan along with careful controls to stay on the “critical path”, that is to ensure the plan is being managed according to plan. Product management usually follows major phases with various titles for these phases, including feasibility study, product planning, implementation, evaluation and support / maintenance

Service manager is responsible to make sales and maximize profit margins Respond to customer requests Provide customers with best service possible Determine products needed for customers Responsible to manage the other staff Report to the owner Decisions based on products, pricing, distribution and promotions

Explain the nature and scope of the selling functionParticipants should identify that the selling function provides consumers with the products or services that they want or need. They should also mention that this includes all members of the distribution channel. Participants should explain that the selling process is a personalized communication and influences the purchase of a product or service and future salesParticipants should identify the various levels of personal selling in the apparel industry as it relates to the level of interaction with customers: Stores that promote a discount image – may have limited sales staff who offer little

service beyond checking out at the cash register Stores that attract customers interested in exclusive, ‘pricey’ items have sales personnel

to not only help customers make buying decisions, but also make customers feel important

Participants should identify that the selling function is not necessarily the same for male and female customers in a female clothing store and that differences should be present to ensure that all clients are being served and all receive the same level of quality from the sales experience

5 Explain the nature of a promotional plan Detailed plan for delivering your promotional mix identifies all the potential promotional activities in promotional mix, who will carry

them out, the costs, etc Calendar based, and is tied in to the buying plan (media, products, etc) It is coordinated with all the different aspects of promotion, with distribution and

inventory, staff being ready, store being set up properlyThe participant should recognize most or all of the following components of a promotional

plan:

description of promotional methods associated costs and budget explanation of how promotions relate to objective measure of success; maximizing return on promotional efforts

An outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service. A promotional plan is usually considered a vital planning tool by most business managers that helps contribute toward the successful launch of a new product or service or its expansion into a new market

Promotion is one of the market mix elements or features, and a term used frequently in marketing. The marketing mix includes the four P's: price, product, promotion, and place.[1] Promotion refers to raising customer awareness of a product or brand, generating sales, and creating brand loyalty. Promotion is also found in the specification of five promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.[2] A promotional mix specifies how much attention to pay to each of the five subcategories, and how much money to budget for each. A promotional plan can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of a corporate image. Fundamentally, there are three basic objectives of promotion. These are:[3]

To present information to consumers as well as othersTo increase demandTo differentiate a product

There are different ways to promote a product in different areas of media. Promoters use internet advertisements, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts (i.e., coupons), free items, or a contest. This method is used to increase the sales of a given productExplain the nature of branding

2 Explain the nature of channels of distributionA channel of distribution comprises a set of institutions which perform all of the activities utilised to move a product and its title from production to consumption Channel 1 contains two stages between producer and consumer AAA has a large set of

client companies which provide roadside assistance to the client members of the club Channel 2 contains one intermediary. In consumer markets, this is the retailer towing

company, and service business They sell their services and expertise to the AAA clients Channel 3 is called a "direct-marketing" channel, since it has no intermediary levels. In

this case the manufacturer sells directly to customers. An example of a direct marketing channel would be a towing and auto service companies selling directly to the customer

2 Explain the nature of effective communicationStudent answers can be vary however they should indicate that communication is effective when it is clear, easy to understand and consistent. Communication is also effective if it is well matched to the target market or target audience of the particular product or message – it should “speak to” the target audience in a clear and interesting manner. Effective communication should also include consistency between communication methods. Communication is the process of exchanging messages between a sender and a receiver Effective communicators need to understand channels of communication and media,

effective listening skills, barriers to communication, and non-verbal cues. In addition,

one must be prepared to read for meaning, speak properly, and write effectively Channels (or media) are the avenues through which a message can be delivered. The

choice of medium depends on the nature and importance of the message Effective listening allows a person to identify the purpose of the speaker, give feedback,

and evaluate the speaker’s message Communication may be impeded by a number of barriers, including physical such as

distance and position from the speaker, and verbal as in using vague or unclear language Lastly, a person’s non-verbal cues—such as his or her tone of voice, emphasis, and body

language—are critical because they often communicate as much as the speaker’s actual words

2 Explain the nature of global trade3 Explain the nature of marketing planning

A marketing plan is a comprehensive blueprint which outlines an organization's overall marketing efforts. A marketing process can be realized by the marketing mix. The last step in the process is the marketing controllingA marketing plan is the company’s strategy for positioning the product and encouraging sales. It includes a determination of the product, price, place and promotion to be used. This expectation is linked to the previous with the identification of the target market. The marketing plan that is used should make sense given the target market that was previously identified for each line. The product launch time should also be included in the marketing planSome considerations for the marketing plan might include:Product: May include identification of each product’s features and benefits: quality, fashion,

trend-setting, etcPrice: The price range has been given in the case for each line. Students may link the price

range to the target market they have identifiedPlace: can involve the positioning of each line within the shoe department of the store.

Solutions should be logical for the image created for each brand and may include merchandising methods used

Promotion: refers to the combination of all methods used to attract and create desire of the customer. This includes advertising, sales promotions, personal selling, etc.

Solutions must be tied to target market and be reasonable for the targeted market and image to be created

2 Explain the nature of operations Operations generate recurring business income Delivery of goods at a low cost to ensure profits Converts or transforms resources into goods and services Includes: inventory management, quality control, production scheduling, facility

location, facility layout In one case—accepting the orders, placing order to manufacturing in China, receiving

shipment, checking shipment, mailing orders to individual customers, accepting payment Problem—small inventory, customers must wait a long time for shipment, complaints

have occurredThe participant should recognize some of the following characteristics of operations:

identify the job/task identify the resources or data required to carry out the job/task

impact of job/task on customer satisfaction/experience2 Explain the nature of overhead/operating costs

Fixed costs that are “sunk costs”, i.e. already spent and not material in decision making

Arbitrarily assigned on a per unit basis for accounting reasons Will decrease on a per unit basis as unit produced increases; this will have no real

impact on business Explain the difference between fixed and variable costs Fixed costs do not fluctuate due to the number of items sold Variable costs fluctuate depending on the total number of items soldOverhead costs and operating costs deal with different types of company expensesOverhead costs generally relate to expenses necessary for the functioning of the business but which do not help to directly generate profits. Typical of these would be rent, gas/electricity, indirect wages). Examples of rising overhead costs would be for the installation of security cameras or more expensive cash registers that would reduce employee errorsOperating costs are the recurring expenses which are related to the production and sales of a business, and therefore directly related to profits. These include direct wages, advertising, and food preparation, such as our food preparers using too much of the inventory to make our menu items. If too much food is put on a plate, or too much food is wasted in making the food, our operating costs will rise compared to sales. Since all costs will eventually reduce the amount of profit a business has, any expenses the business has related to inventory control systems and shrinkage are importantIdeally, the money spent to install and implement these systems would more than make up for the amount of shrinkage a company faces, but it still has an impact on the efficiency of a business when one includes the additional time necessary to monitor and administer these procedures. Overhead and Operating costs combine to add up to the costs of operating the

business These costs can either be fixed (overhead) or variable (operating) Overhead costs (fixed) must be paid regardless of the level of production or sales

o costs that remain the same for a period of time (insurance, rent, hydro, water, heat, wages, taxes)

Operating costs (variable) are dependent on the business’ level of production or saleso can change monthly depending on the needs of the business (advertising,

office supplies, utilities, packaging, labour salaries)Explain the nature of positive customer relationsThe participant should demonstrate an understanding of this concept through examplesA positive customer relations mindset means believing that your customers:

Deserve the very best Are your employers Deserve your focused attention Have the right to expect things of you Have important problems and complaints

Positive customer relations yield benefits to the: Business

Employees Customer

Businesses benefit by being: Employees may receive: customer compliments perhaps a raise or promotion for good customer service skills

Customers may benefit from: a more pleasant, satisfactory buying experiencePositive customer relations need to be demonstrated when speaking to customers in person, over the phone, or online. It should also be evident while handling customer complaints, inquiries and requests. Demonstrate good customer relations by doing the following: considering and attempting to meet their needs concentrating on the without distractions follow up with them following through on what you say you are going to do being efficient in handling issues

Explain the nature of positive customer/client relationsThe participant should demonstrate an understanding of this concept through examplesA positive customer relations mindset means believing that your customers:

Deserve the very best Are your employers Deserve your focused attention Have the right to expect things of you Have important problems and complaints

Positive customer relations yield benefits to the: Business Employees Customer

Businesses benefit by being: Employees may receive: customer compliments perhaps a raise or promotion for good customer service skills

Customers may benefit from: a more pleasant, satisfactory buying experiencePositive customer relations need to be demonstrated when speaking to customers in person, over the phone, or online. It should also be evident while handling customer complaints, inquiries and requests. Demonstrate good customer relations by doing the following: considering and attempting to meet their needs concentrating on the without distractions follow up with them following through on what you say you are going to do

being efficient in handling issues2 Explain the nature of product/service branding

In an ever-competitive world, branding is one way of helping you increase sales and at the

same time protect and extend the uniqueness of your service or product. Your uniqueness is the very reason why it’s important to develop your brand, and your brand is not your logoYour brand helps customers and prospects, understand and remember what’s unique about you. It tells your story and helps attract new customers and keep the ones you already have. Your brand is the definition that identifies your business, and makes specific promises: Walmart’s brand is about saving money (Save Money, Live Better). Mazda’s brand is about having fun while driving (Zoom-zoom)Branding is just as important for small business as for large ones. For example, there are hundreds of coffee shops in Vancouver, several per block in some neighbourhoods. Why do some thrive while others fail? Is the coffee better? Is the atmosphere friendlier? Is the service faster? Is the price lower? Is one the go-to location for business meetings, where another is the neighbourhood hang-out? A good brand speaks clearly to its audience about the nature of the product or service, and the people behind itA well-branded business knows the one or two things it’s best at, and uses those to create a brand message. A good brand:

delivers its message clearly confirms the credibility of the message connects to its audience emotionally motivates the buyer reinforces loyalty

A brand isn’t “different for the sake of being different.” A strong brand is clearly differentiated by its own unique story

2 Explain the nature of sales forecasts Participant should outline that sales forecasts are an estimate of probable future sales of

products in units and dollars Answer may include: A total estimate of a market is calculation. Competitor sales are

analyzed. Forecasts include individual estimates for the various products. This portion is the company’s market share

Sales targets (monthly, quarterly, semi-annual, annual) are measured as a performance standard

Sales forecasts should be revisited and revised on an ongoing basis (i.e. monthly)a) How will they manage sales orders?b) Develop training strategies for maintaining customer satisfaction.c) Determine when to schedule launch of products

3 Explain the nature of staff communicationStaff communication refers to the sharing of information within an organization. This can involve communication from management to other staff members (top-down communication), communication from staff members to management (bottom-up communication), and communication among staff membersStaff communication is an important way to keep staff up-to-date on information that affects the business and that is necessary for them to effectively do their jobs. The student should explain the role does staff communication plays in workplace safety What is the purpose of changing the current staff communication structure

o Improve productivityo Cut costso Ensure congruency of information relayed to customers

4 Explain the need for ongoing education as a workerOne of the key components of human resource management is providing training and education for employees. Education is important on an ongoing basis for many reasons, including: Ensuring employees are continuously aware of any changes in the industry or in their

customer base which may affect their business Informing and training employees on any changes in process or procedure within the

workplace Communicating relevant laws, rules, and regulations to employees Ensuring employees have completed all mandatory training such as food safety, etc Providing employees an opportunity to continuously improve on how they do their job Ensuring employees are equipped to provide the highest levels of customer service

The participant may also provide some specific examples of ongoing education that may be conducted for employees of the restaurantExplain the need for professional and ethical standards in marketing

The participant should identify what ethical and professional behaviour is and why this type of behaviour and standards are needed in marketing. Companies are encouraged to set standards for their employees to follow when marketing their products. Marketers have a responsibility for ethical behaviour as it relates to advertising and sales Marketers should avoid false or misleading advertising for products or services Marketers should not pressure or mislead consumers with their sales tactics or

promotionsWithout professional and ethical standards, companies may be tempted to engage in deceptive marketing practices. Deceptive practices include, misrepresentation, omission, or misleading practice. Consumers may also encounter deceptive pricing practices or false comparative information. All of these practices may lead the consumer to be unhappy and ultimately stop relying on marketing information from companies. This will make it more difficult for all companies to sell their products

Explain the principles of supply and demandSupply and demand determine the prices and quantities of goods and services produced. Supply is the amount of goods and services producers are willing to make and sellDemand is the willingness and ability of consumers to buy goods and services. The law of supply states that price and quantity supplied move in the same direction (a

direct relationship) As price increases, the amount of goods and services supplied increases. The law of

demand states that as price increases, the amount desired by consumers will decrease (an inverse relationship)

When the amount of a product/service being supplied equals the amount being demanded, equilibrium exists in the marketplace at that price.

A surplus exists when there is more supply than demand, leading to lower prices A shortage exists when there is more demand than supply, leading to higher prices

2 Explain the relationship between customer service and channel managementChannel management is a term that refers to the way that a business or supplier of products uses various marketing techniques and sales strategies to reach the widest possible customer base. The channels are all of the various outlets by which the product is marketed and sold to customers. When done properly, channel management motivates

those channels to sell the product and ultimately develops a better relationship between customer and product. This is achieved by identifying the goals for each distinctive channel and then implementing various marketing strategies to make sure that those goals are attained, all while staying consistent to the overall brand of the businessThe world of marketing has become much more complicated as technological advances have taken hold. No longer can a business rely simply on good customer relations or word of mouth to maintain or improve revenue. Possibilities for marketing a product or service grow seemingly each day, and keeping track of all of these disparate marketing avenues is not an easy chore. That is why the concept of channel management has become so prevalent in marketing.

Explain the relationship between customer service and distributionThe better a company is at distribution, usually the better the customer service and satisfaction becomes.  When distribution works well, consumers are not really aware of its importance, but it is the opposite when distribution doesn't work well.  Dissatisfied customers results from poor distribution.  Supply and demand and economic utility are big elements of distribution.  The most important parts of economic utility to satisfy customers are time and place utility.  Distribution has a good relationship with the consumer when the consumer can locate and purchase the products and services easily.

2 Explain the role of business in society Businesses provide employment opportunities for people in society. These people

become trained, skilled workers through their work experience thereby increasing their work capacity and potential to contribute to the business and the economy. As workers develop, they are paid reflective of their skills, experience, and contributions

Some of the compensation earned by working is spent on consumables purchased from other businesses. This revenue generation allows the businesses to continue to afford to employ more people

The government taxes business income, personal income, and purchases. This money is then reinvested into programs such as health care, education, and infrastructure for the maintenance and betterment of our standard of living

Businesses also have a responsibility to the environment and sustainable practices such that future generations’ quality of life and standard of living aren’t compromised for today’s society

Provide employment to people and therefore compensation and a means of achieving a standard of living

Contribute to the improvement of society through the development of inventions and innovations

Offer essential services to people via public sector businesses Offer luxury services and allow for the consumption of entertainment, the arts, sports,

etc7 Explain the role of customer service as a component of selling relationships

Selling relies on repeat business – customer service drives repeat businessIntegral to successful selling is good customer contact. Service extras are what the customer will remember and cause him/her to returnProduct knowledge is part of customer serviceParticipant should mention specifics of customer service as it applies to The Shed – product knowledge, speed of service, acknowledging customer concerns. In this case, acknowledge

should be made of the fact that the server was likely at fault and that the table in question could have been offered the discount, or some other incentive to return to the restaurant. Ensuring customer satisfaction must be the goal.

2 Explain the role of ethics in human resource managementEthics would require the restaurant to follow all legal requirements and to maintain adequate records, perform audits, train employees regularly and employ all safeguards to prevent information leaksThe restaurant must acknowledge its role in info management and communicate to consumers its commitment to protection of all sensitive dataParticipant could define ethics as its applies to information gathering and managementProtection of data; privacy of the customer information – two concepts likely to be includedThis is where the participant could indicate how the server could have handled the issue differently – addressing the customer’s concern and offering some sort of assurance of a change to errorStudent may add that the requirement in Ontario is that only the last four digits be printed and that the expiry date not be included on the printout.

2 Explain the role of promotion as a marketing function Promotion is part of the marketing mix Promotional mix includes personal selling, advertising, sales promotions and public

relations/publicity Talk about promoting brand image and creating brand identity and loyalty Increase awareness Increase sales Persuasive communication Informs people about products and services Used to enhance public image, reputation and to persuade people that the company’s

products are valuable Goals of promotion = AIDA – first attract Attention, then build Interest and Desire and

finally ask for Action Promotion used to convince prospects to select ABC services instead of the

competition Promotional activities explain the major features and benefits of the product/service,

identify where it is sold, advertise sales, answer customer questions and introduce new offerings

Product promotion helps companies to foster good relations with existing customers and creates loyalty

3 Explain the role of situation analysis in the marketing planning process SWOT analysis: measure of Strengths, weaknesses, opportunities and threats SWOT analysis should distinguish between where your organization is today, and where

it could be in the future Once key issues have been identified with your SWOT analysis, they feed into

marketing objectives Study of the internal and external factors that affect marketing strategy SWOT Examination of the overall market – opportunities and threats, competition

Participant could perform SWOT analysis and determine that the opportunity is ripe for a

new product launch – this is the expectation of the ownerExplain the role of training and human resource development.

2 Explain the selling process Basic selling process: identify need/want, find information on alternatives, evaluate

alternatives, purchase, evaluate post-purchase satisfaction Many customers need help in determining the correct products to solve their problems

Store personnel have the opportunity to up-sell and cross-sell other products while the customer is there

3 Explain the types of promotionPromotion itself has its own elements called the promotional mix, namely, advertising, sales promotion, public relations, and personal selling Emphasize the perceive value offered to customers. Customers more likely to believe prices are fair if they perceive value in the product

Advertising Personal Selling Sales Promotion Public Relations

Explain warranties and guarantees.Explain ways to build employee moralFoster Positive RelationshipsAnswers will vary and should include methods of creating good working relationships among all employees of an organization

Answers may also include benefits to the organization of positive working relationships.

Ensure that employees keep personal problems with other co-workers out of work time so that job performance and customer service is the main focus

Ensure that employees are happy and courteous to fellow employees even if they did not have a good day. A negative attitude sets everyone off in a bad way

Make work fun – arrange social events for employees to establish a more personal relationship, not just working relationship (i.e. team sports, get togethers, drinks after work, etc.)- create a bond between workerso Establish team member roles and responsibilitieso Determine a common goal and strategies to achieve ito Lay out employee expectationso Weekly meetingso Strategically match workers by skill, experience, education, interests, etco Open communication – allow employees to approach leader about any issues

they are experiencingo Have fun – plan a social so members can bond on a more personal level and

not just business (i.e. drinks after work, lunch with the team, etc) The company needs to celebrate the success of the new schedule Organize a company picnic or other social event for all of the families that recognizes

that the entire family, not just the employees, has had to make adjustments because of the changes

Perhaps 5% of the 23% cost savings could be passed on to the employees

There are several characteristics that make up good, healthy working relationships: Trust – This is the foundation of every good relationship. When you trust your team

and colleagues, you form a powerful bond that helps you work and communicate more effectively. If you trust the people you work with, you can be open and honest in your thoughts and actions, and you don't have to waste time and energy "watching your back."

Mutual Respect – When you respect the people that you work with, you value their input and ideas, and they value yours. Working together, you can develop solutions based on your collective insight, wisdom and creativity

Mindfulness – This means taking responsibility for your words and actions. Those who are mindful are careful and attend to what they say, and they don't let their own negative emotions impact the people around them

Welcoming Diversity – People with good relationships not only accept diverse people and opinions, but they welcome them. For instance, when your friends and colleagues offer different opinions from yours, you take the time to consider what they have to say, and factor their insights into your decision-making

Open Communication – We communicate all day, whether we're sending emails and IMs, or meeting face-to-face. The better and more effectively you communicate with those around you, the richer your relationships will be. All good relationships depend on open, honest communication

6 Foster Positive RelationshipsAnswers will vary and should include methods of creating good working relationships among all employees of an organization

Answers may also include benefits to the organization of positive working relationships.

Ensure that employees keep personal problems with other co-workers out of work time so that job performance and customer service is the main focus

Ensure that employees are happy and courteous to fellow employees even if they did not have a good day. A negative attitude sets everyone off in a bad way

Make work fun – arrange social events for employees to establish a more personal relationship, not just working relationship (i.e. team sports, get togethers, drinks after work, etc.)- create a bond between workerso Establish team member roles and responsibilitieso Determine a common goal and strategies to achieve ito Lay out employee expectationso Weekly meetingso Strategically match workers by skill, experience, education, interests, etco Open communication – allow employees to approach leader about any issues

they are experiencingo Have fun – plan a social so members can bond on a more personal level and

not just business (i.e. drinks after work, lunch with the team, etc) The company needs to celebrate the success of the new schedule Organize a company picnic or other social event for all of the families that recognizes

that the entire family, not just the employees, has had to make adjustments because of the changes

Perhaps 5% of the 23% cost savings could be passed on to the employees

There are several characteristics that make up good, healthy working relationships: Trust – This is the foundation of every good relationship. When you trust your team

and colleagues, you form a powerful bond that helps you work and communicate more effectively. If you trust the people you work with, you can be open and honest in your thoughts and actions, and you don't have to waste time and energy "watching your back."

Mutual Respect – When you respect the people that you work with, you value their input and ideas, and they value yours. Working together, you can develop solutions based on your collective insight, wisdom and creativity

Mindfulness – This means taking responsibility for your words and actions. Those who are mindful are careful and attend to what they say, and they don't let their own negative emotions impact the people around them

Welcoming Diversity – People with good relationships not only accept diverse people and opinions, but they welcome them. For instance, when your friends and colleagues offer different opinions from yours, you take the time to consider what they have to say, and factor their insights into your decision-making

Open Communication – We communicate all day, whether we're sending emails and IMs, or meeting face-to-face. The better and more effectively you communicate with those around you, the richer your relationships will be. All good relationships depend on open, honest communication

Handle customer/client complaintsSimilar to handling difficult customers – remain calm Follow a step by step process Listen to the complaint Apologize for customer feeling this way Try to explain why this situation may have occurred, If possible rectify it, or call

someone more superior (manager) who can Acknowledge the frustration and disappointment that the customer must be experiencing Admit that this was a human error on behalf of the staff and that errors do happen and

you will do everything you can to locate another watch for the customerIdentify communication channels used in sales promotionMarketing communications are the means by which firms attempt to inform, persuade, and remind consumers - directly or indirectly - about the products and brands that they sellTraditional methods can be covered (print, television, radio) as the target market is an older audience who may/may not use social media (the target are those who are purchasing the gift cards, not the graduates themselves)Communication channels used in promotion may include: Print media – newspapers, magazines, direct mail Broadcast media – radio, television Display media – billboards, signs, posters Electronic media – internet, mobile web Social media – Facebook, Twitter, Instagram, etc.

The participant should demonstrate an understanding of the target market and select the appropriate promotional medium (i.e. print, broadcast, etc.)Identify communication channels used in sales promotionMarketing communications are the means by which firms attempt to inform, persuade, and

remind consumers - directly or indirectly - about the products and brands that they sellTraditional methods can be covered (print, television, radio) as the target market is an older audience who may/may not use social media (the target are those who are purchasing the gift cards, not the graduates themselves)Communication channels used in promotion may include: Print media – newspapers, magazines, direct mail Broadcast media – radio, television Display media – billboards, signs, posters Electronic media – internet, mobile web Social media – Facebook, Twitter, Instagram, etc.

The participant should demonstrate an understanding of the target market and select the appropriate promotional medium (i.e. print, broadcast, etc.)Identify company’s unique selling proposition The key to effective selling in this situation is what advertising and marketing professionals call a "unique selling proposition" (USP). Unless you can pinpoint what makes your business unique in a world of homogeneous competitors, you cannot target your sales efforts successfully. Pinpointing your USP requires some hard soul-searching and creativity. One way to start is to analyze how other companies use their USPs to their advantage. This requires careful analysis of other companies' ads and marketing messages. If you analyze what they say they sell, not just their product or service characteristics, you can learn a great deal about how companies distinguish themselves from competitorsUncover the real reasons customers buy your product instead of a competitor's As your business grows, you'll be able to ask your best source of information: your customers. For example, the pizza entrepreneur could ask them why they like his pizza over others, plus ask them to rate the importance of the features he offers, such as taste, size, ingredients, atmosphere and service. You will be surprised how honest people are when you ask how you can improve your serviceIdentify considerations in implementing international marketing strategies

7 Identify factors affecting a business’s profitProfit is the monetary return a business` owner receives for taking the risk of investing in the business. Profit equals income less expenses. There are two types of profit: gross – the money left over after the cost of goods is subtracted from sales, and net – the money left over after the operating expenses are subtracted from the gross profitFactors that affect profit include: the demand for the good/service, expenses, prices, the economy, and chance. To increase profit, a business can increase worker efficiency, increase sales or decrease expenses Revenues: number sold * sales price per ruler Expenses: Fixed costs + (variable costs * number produced) 4 P’s of marketing – Product; Price; Place; Promotion 4 C’s of marketing – Consumer wants/needs; Cost to satisfy; convenience to buy;

Communication The amount of sales The cost of the merchandise Price merchandise is being sold for Amount of overhead Cost of sales

Competition Success of an advertising campaign Merchandise that is being sold Ability of the sales staff Ability of staff to close sales and to add on sales once an initial sale has been closed Revenues: rentals Expenses: advertising, salary, rent, utilities expenses

2 Identify methods/techniques to generate a product ideaStudents can mention processes like brainstorming, product mapping (finding gaps or niches in the market for a certain product or service), SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, Secondary market research (websites, periodicals, databases), Primary market research (Surveys, Focus Groups)

The participant may discuss some/all of the following ideas: creation of a focus group in-restaurant surveys analysis of market trends

How did the participant come up with this new product/service idea? What was the rational/inspiration behind it? How did they determine if this idea would be successful?

5 Identify product opportunitiesNeed to identify appropriate target markets and further develop their individual needs and wants. This would be preferable to simply advertising a general service. Many of the answers will be based on the specific location and demographics we deal with. Requires market research, market segmentation, product research etc

2 Identify product’s/service’s competitive advantageAn advantage that a firm has over its competitors; allowing it to generate greater sales or margins and/or retain more customers than its competition. There can be many types of competitive advantages including the firm's cost structure, product offerings, distribution network and customer supportCompetitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. It is the reason behind brand loyalty and why you prefer one product or service over another. There are three different types of competitive advantages that companies can actually use. They are cost, product/service differentiation, and niche strategiesCost is not going to change in terms of the service provided, except that for the customer it provides convenience in still being able to get to work easily, To add product service differentiation, providing transportation to work would be an added value for the customer. Being the only service centre close to the place of employment of so many people is a niche strategy and making special offers to these customers will create a brand loyaltyWith the advent of product differentiation and niche and direct marketing, that reality has changed, and now there are niche markets in which both individual and wholesale buyers are looking for products with very specific characteristics or special services. These characteristics often use strategies that don’t focus on costs and volumes exclusively; rather the product or service may be of premium quality, be differentiated from other products and services available in the market (such as organic, natural, or humane production), or have a value-added component (i.e. flavored meats, pre-washed salad mixes, etc.)

Identify skills needed to enhance career progression2 Identify sources of career information

Identify sources of career information27 Identify the elements of the promotional mix

The combination of personal selling, advertising, sales promotion, direct marketing and public relations make up the promotional mix. Each plays a vital role in promoting businesses and their productsReference:

o Personal Selling – Personal selling requires that a company employ sales representatives who generate and maintain direct contact with prospects and customers. It is one of the costliest forms of promotion. Direct contact can take the form of personal meetings, telemarketing, email contact and correspondence

o Advertising – is a form of nonpersonal promotion. Companies pay to promote ideas, goods or services in a variety of media outlets. Advertising can be found everywhere from magazines, newspapers, televisions and web sites to gymnasiums and city buses. With advertising a company engages in one-way communication to the prospect or customer

o Sales promotion – represents all marketing activities – other than personal selling, advertising and public relations that are used to stimulate purchasing and sales. The objectives of sales promotions are to increase sales, inform potential customers about new products and create a positive business or corporate image

o Direct marketing – advertising directed to a target group of prospects and customers rather than to a mass audience. The two forms of direct marketing are printed direct mail, which is information sent via regular mail to home or business and electronic direct mail. The goals of direct marketing are to generate sales or leads for sales representatives to pursue. Generally direct marketing generates a response from the targeted customer i.e. special offer coupon. Direct marketing gives recipients an incentive to respond

o Public Relations and PublicityPublic Relations (PR) – activities enable an organization to influence a target audience. Often public relations campaigns try to create a favourable image for a company, its products, or its policies. However, companies can rely on public relations strategies and techniques for many reasons. One of the goals of a public relations program is to cultivate media relations with reporters who cover a specific industryOne of the most important media tools is the news release. A news release is an announcement that is sent to the appropriate media outletsPublicity involves bringing news or newsworthy information about an organization to the public’s attention. This process is known as placement. The main function of publicity is to develop a positive perception or awareness of the organization in the marketplace. The right kind of publicity can create and maintain a company’s image; negative publicity can devastate it. People like to do business with respectable companies. Placement of publicity is free. A news story on the evening news is free while advertising can cost thousands of dollars. News reporters are usually viewed as more objective than advertisers. The disadvantage is that you cannot control the content of publicity

2 Identify the impact of product life cycles on marketing decisions Increase marketing at the Introduction Stage of the product life cycle Growth stage of product life cycle, increase advertising Maturity stage of product life cycle, maximize marketing campaign Reduce marketing at the decline stage of the product life cycle

Five stages of the PLC – Introduction, Growth, Acceptance (maturity), Decline and Decision Point

PLC explains the different stages of customer acceptance of an item Introduction – birth of a new product, very expensive stage as dollars are being

poured into developing the new product. Early adopters are the consumers who will purchase the goods so marketing should be focused on these trendsetting consumers. Advertising in magazines are through popular media outlets (celebrities) are also useful for engaging the early adopter

Growth - Customer acceptance is limited at this stage as the item is new – the item is available on a small scale – retailers purchase small amounts and watch to see how they are received by the customers. Marketing decisions are crucial at this stage – advertising should be at its height because the product still needs to catch on. Word of mouth advertising is also important here. Do not want the product to be removed early (BUST)

Maturity – sales increase slowly at this stage. Advertising here is based on the reputation of the product that has lasted so long

Decline – marketing here may be based on a change in price, packaging/design, or the campaign

Decision Point – it is at this point where marketers may elect to completely repackage or rebrand the product in attempt to create a new buzz

Students will present various ideas that will fit within this framework. Students should recognize that marketers need to be mindful of their customers and

their progressing acceptance of the goods they offer. Various promotional strategies should be utilized in order to keep customers interested in purchasing books

may also discuss fads, niches, or seasonality in looking at how to respond to sales opportunitiesParticipant should identify the stages of life cycle and that Tasty Burger’s new product offering is at the development stage and requires the associated promotion and attentionThe student could indicate the necessity of market research to determine target market, effects of this new product on the current offerings, price, etc.

2 Identify types of public relations activitiesPublic relations involves managing the flow of information from an organization to the public. It is an ongoing process that is critical to creating a positive corporate image. Participants should address that public-relations is a means of communicating with the target market and can include promotional materials that can lend itself to a strong public image. Public-relations activities may include helping the public to understand the company and its products/services. Participant’s suggested activities may varyTypes of public relations activities may include:

Advertising & promotion of an organization’s corporate image Sponsorships Events & functions

Social media Internal communications (employee interactions) Sponsoring/hosting galas, conferences, or major formal events in the city; Donations to historical restoration projects in the city Sponsoring product, sports, cultural or charitable events Awarding scholarships, and donations Creating news releases (an announcement that a company sends to the news media)

2 Interpret business policies to customers/clients Employees should be well trained on the policy. Provide many examples of how the

policy can be interpreted After this situation has been handled, it should be used as an example for employees for

future reference Phone and explain clearly that the restaurant is sorry that COMPUTER CORP’s visit

was unsatisfactory Explain the new changes Book a new reservation

Interpreting business policies typically involves explaining company procedures, often written in bureaucratic language, to customers who are already irritated and upset. By acknowledging their frustration and using plain and ordinary language to describe what's required from the customer to proceed, customer service representatives can diffuse a tense situation, maximize the opportunity to conduct a successful transaction and provide pointers to other information, such as brochures, website links and other phone numbers for help and supportBack up the business policy by describing how it helps streamline business transactions that actually help customers in the long run. Provide details about why changes to previous policies make the current policy more advantageous in terms of long-term gains. Cite any laws, studies conducted, customer feedback obtained or conventional business practices that reinforce the implementation of the business practiceInvolve customers in the interpretation of any business policy. Ask for candid feedback about how the rules impact their business. For example, record input with online surveys using free software applications such as Qualtrics, Zoomerang or SurveyMonkey. Publish your findings so that customers can see that you have taken their feedback seriously and intend to act on their suggestionsPropose an implementation date that allows the customer time to adjust to your new policy and enforcement of a current policy. Ensuring customer satisfaction involves validating that new mechanisms meet the needs of existing customers and future customers alike.

2 Measure media audience Refers to measuring how many people are in an audience Could relate to radio listenership, television viewership, newspaper/magazine

readership, or website traffic In this case, website traffic can be measured using software Many companies offer tracking software that can be as simple as counters that record

the number of times a site is viewed, to more sophisticated tracking software that can track the habits of specific users

Obtain publicity4 Participate in community outreach activities

Community outreach programs are a standard way for groups to identify a certain specific need in its community and provide services to the people who need it. The participant should adequately explain the outreach activities that Venture will involve itself in and what its role will be. This performance indicator is linked to the previous one and should go on to explain Venture’s role in the community issues proposed. A detailed response should be given by the participant.

Plan and organize the work efforts of othersPlan follow-up strategies for use in sellingPlan special eventsParticipant should incorporate the following elements into their plan for the special event: Advertising, including where it would be placed Stock levels on hand Number of employees required Hours of the special event Whether rain checks will be available Security personnel Description of the event – what are the specifics of the sale, which departments, what

prices/promotions, etc2 Propose community issues for company involvement

The participant may discuss a variety of possible issues for Venture to involve itself in. There should be a clear rationale for the issues recommended. For example, if local families were affected, they may want to look at local issues. The participant should demonstrate logic and creativity in his/her suggestions

2 Recommend specific product/serviceRecruit new employeesReinforce service orientation through communication

Service orientation refers to a focus on service. In communication, service orientation can be maintained by demonstrating emphasis on customer service in all communication. Similar to handling difficult customers, communication with a service orientation should demonstrate empathy and a focus on finding solutions that will satisfy the needs of the customer

staff to be trained in proper customer service techniques, including greeting customers, asking to assist them, wishing them a good day when leaving, etc

customer service training, tips and messages to take place on on-going basis in staff meetings, employee newsletters, employee bulletin boards

training to include role plays of customer service situations thanking customer to be part of role plays concluding transactions at cash employees must make it clear to customers that we want to help them; the whole

experience in our store must be positive open communication from customer – employees – management (full circle) customers can be given opportunity to fill out comment cards/on-line surveys,

perhaps with chance to win something/discountsemployees also be given chance to fill out feedback forms, surveys, suggestions

3 Select advertising media Participant demonstrates an knowledge of advertising media (four categories: print,

broadcast, online and specialty) Participant outlines a media plan with rationale for each medium selected Will this combination of media selected be effective in reaching the teams target

market? Did the participant provide cost/budget considerations for the advertising selected?

Select target market2 Set marketing goals and objectives

Need a clear understanding of the purpose. What is to be accomplished Must know what the measurable results will be. For example, the program will

increase sales by 10% Most important is being able to measure the results. In other words, if sales do

increase, how do we know it was because of our marketing program and not some other factor?

Goals and objectives answer the question “where do we want to go”? (profitability, market share, promotional objectives

Objectives should be SMART (Specific, Measureable, Achievable, Realistic, Timely)

Objectives are more specific than goalsSet personal goals

2 Show empathy for othersEmpathy is defined as the ability to understand and share the feelings of another. Thus, an empathetic student will try to directly relate to the customer’s feelings considering the sensitivity and importance of the event – the customer’s wedding. The company should provide an opportunity for employees to voice their grievances, have input into the schedule and be a part of the decision-making process. Perhaps a few employees could sit on the committee to determine how the new schedule will work. Empathetic comments might include: I understand how important this event is and how hard it must be to plan everything in

time I understand that you are upset and worried about your event Acknowledge the frustration that the customer must be feeling Explain that you too would be frustrated and upset if this happened to you It is important that businesses anticipate possible problems and explain to the customer

the steps that they can take to resolve the issue Present in a positive way all of the things that the store will do to resolve this issue

Use appropriate assertivenessTo be able to handle conflicts the proper way you must be assertive. Assertiveness is when you make your feelings known and make changes that will reduce your stress without making you feel guilty. When you are assertive you reduce the anxiety in conflict situations. Finally, assertiveness can bring you increased respect from others, allow you to get rid of negative or hurtful feelings and help you achieve your goals Describe the other person's behavior. – The client made a reservation through a third

party site rather than the more trusted hotel itself Express your feelings (use "I" statements) Focus on the action, not on the person

as being a problem. I am very sorry, but I cannot make changes to the fact that all of the suites are already booked. I don’t know how CheapCheap

Specify what you want changed Offer a reasonable solution. Make an offer, with explanations, perhaps a chart, showing that you are meeting the client half way, and offering them paper documentation about the discrepancy between the special rate offered by the hotel and that offered by the 3rd party web site for their pursuit of compensation from CheapCheap

Consequences Outline clearly and calmly what will happen if nothing is changed. Obviously there cannot be a suite made available, so either the 2 standard rooms adjoining are accepted, or assistance could be offered to find a similar suite at another hotel nearby.

2 Use conflict resolution skillsThe participant may demonstrate conflict resolution skills by: Clearly communicating the company’s policies and procedures Effectively listening to the customer’s concerns and questions Responding appropriately to the customer’s concerns and questions Actively seeking a solution that both parties are satisfied with Identifying when an approach or proposed solution is not working and suggest other

possibilities to solve the problem It is important to listen carefully to all sides of a situation Conflict can be constructive if handled properly. They could have just moved their

business without telling you and giving you an opportunity to fix the situation Work collaboratively with the staff to brainstorm possible solutions to the problem.

This way the staff will buy in to the solution. As well, they may have some clever and creative ideas to solve it

It is possible to make both sides happy; they just need to be separatedUse proper grammar and vocabulary

2 Utilize job-search strategies2 Utilize resources that can contribute to professional development (e.g., trade journals/

periodicals, professional/trade associations, classes/seminars, trade shows and mentors)A successful organization can generally trace its success to motivated employees. A look at the synonyms for the word ‘motivated’ such as induce, move, provoke, prompt, and cause, shows that without motivation at some level, nothing really gets startedHowever, motivating people can be difficult; there are no magic formulas or programs to motivate individuals. Motivation is also personal. While one employee may appreciate time off, the next may enjoy new challenges. The basic rule is to discover what your employees want and create a way to give it to them or encourage them to earn it. Following this principle should motivate your employees and allow them to become engaged in the success of the campus and your departmentWrite a news release

2 Write promotional messages that appeal to targeted markets