What is a MARKET?

A market consists of all the potential customers sharing a particular

need or want who might be willing and able to engage in exchange to
satisfy that need or want (Philip Kotler
Differentiate wants vs needs
Marketing 4 PS the tRaditonal Marketing Mix

Product
Price
Promotion
Place

3 Elements to Address in Marketing

Customer value: Difference between the values that the

customer gains from owning and using a product versus the
costs of obtaining the product.
Customer satisfaction: The extent to which a products
perceived performance in delivering value matches a buyers
expectations.
Quality: the characteristics of a product or service that bear on
its ability to satisfy stated or implied customer needs.

What is marketing management?

Marketing management is the process of planning and executing the
conception, pricing, promotion, and distribution of ideas, goods, and
services to create exchanges that satisfy individual and organizational
goals (Philip Kotler)
Marketing management has the task of influencing the level,
timing, and composition of demand in a way that will help the
organization achieve its objectives.

Major human resource management responsibilities:

Attracting a quality workforce
Human resource planning, recruitment, and selection
Developing a quality workforce
Employee orientation, training and development, and
performance appraisal.
Maintaining a quality workforce
Career development, work-life balance, compensation and benefits,
employee retention and turnover, and labor-management related
issues
FINANCIAL MANAGEMENT

Financial managers try to answer some or all of these questions.

The top financial manager within a firm is usually the chief
financial officer (CFO).
Treasurer: oversees cash management, credit
management, capital expenditure and financial planning
Accountant: oversees taxes, cost accounting, financial
accounting and data processing

FORMS OF BUSINESS ORGANIZATIONS

1. Sole proprietorship
2. Partnership
General
Limited
3. Corporation
--------------should be the goal of a corporation?
Maximise profit?
Minimise costs?
Maximise market share?
Maximise the current value per share of the companys
existing stock?
Maximise the market value of the existing owners equity

What

FOUR BASIC AREAS OF FINANCE

1.
2.
3.
4.

Corporate finance or business finance

Investments
Financial institutions
International finance

CONTROL Control is the systematic process by which managers assure that

the organization is reaching its Objectives_________ and carrying
out the associated plans in an effective and efficient manner.
(Kenneth A. Merchant, 1985)
-can be traced back Frederick Taylors Scientific Management
- The CENTRAL IDEA of Scientifc Management

Importance of Control:
CONTROL helps cope with uncertainty, with complex
environments, and with human limitations in the ability to carry
out plans to reach OBJECTIVES.
STEPS IN THE CONTROL PROCESS
1. Establishing performance objectives and standards.
2. Measuring actual performance.
3. Comparing actual performance to objective and standards.
4. Taking necessary action based on the results of the comparison

3 CHOICES FOR ACTIONS IN CONTROL

. If performance is less than standard, take corrective action.
2. If performance is less than standard, take preventative action
to make sure problem will not occur.
3. If performance is greater or equal than stanrds, manager may
choose to reinforce the behaviors that led to
achieving the standards

3 Basic Skills in Management

1. Technical Skills ability to perform a managers job;
specialization
2. Human Skills ability to work with others by getting along,
motivating and communicating with them.

Conceptual Skills ability to coordinate and integrate the entire

organizations interests and activities. Bigger point of view
THE ROLE OF FEEDFORWARD< CONCURRENT AND FEEDBACK
CONTROLS