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MGTA02H3 (143)

chapter 8-11 as discussed in class

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Management (MGT)
Chris Bovaird

Lecture 9- Chapters 8 and 9 are covered Business is organized effort. Make what people need and want. Want profit, get it through revenue, you need sales. Marketing concept- focus itself on satisfying customers needs. Target market- who is customer? Particular group of people that have commonalities and similarities. Market segmentation will be asked on final. Marketing mix- what you need to get right Means 4 things we need to get right. THE FOUR PS Product, price, promotion, place Cardinal rule of price, know your costs. HAVE TO COVER VARIABLE COSTS. Mark-up- take the costs of goods sold to the amount you add to operating expensesfixed costs. Two types large mark-up skimming..e.g. rolex. Add small markup, pizza costs cheap costs 5$...sell for 5.o1$ make little from every pizza but sell lots penetration Break- even analysis ----there will be a short answer question on it. Once you know variable cost, than as team you decide your markup, its an arithmetic where they say if we choose selling price x, how many units we got to sell to make profit?..if we choose ceiling price yin that case how many units we sell. Promotion- customers wont buy product, If dont know bout it, understand it, care bout it, not seen it. Purpose is to inform target market, educate, excite, sample. Market research says how inform you, what source, what info , whose recommendation you trust?
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