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Lecture 5

Schulich MGMT 1000 Notes Week 5.docx

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MGMT 1000
Jean Adams

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MGMT 1000 Notes Week 5 PowerPoint Notes 1. “Social Business” – A Double-Edged Sword 1. If you subscribe to a free-consumer service, you are the commodity 1. Companies use GPS to target specific advertising 2. Personal and business data can be compromised 3. Online services are not 100% reliable 1. Service outages can cost a business in lost productivity, sales, and reputation 2. Customer value triad 1. Quality, service, and price Activity: Learning to Challenge Mental Models 1. Mental models employ deeply held images and assumptions that can shape our perceptions and actions 2. Some of the best ideas are blocked by organizational dynamics 1. Mental models are active and shape how we act 2. Could be “we believe people are untrustworthy” 3. Mental models can create inappropriate frames for understand situations and shape what we do, and provide the basis for conflict and confusion 4. Improve organizational effectiveness by learning to surface and change mental models 5. Surfacing mental models 1. Planning for unexpected future events allows people Shell to examine current assumptions and practices 2. Bring in outside perspectives to gain insights on situations and organizational structure 6. Balance between advocacy and inquiry 1. Allows people to put views on the table and open them to examination for flaws 2. Goes beyond winner-loser mentality 7. When advocating: 1. Show reasoning 2. Encourage different view 8. When inquiring: 1. State assumptions clearly and what they are based upon 9. When people stop inquiring: 1. Ask what data will change their views 10. When you’re hesitant to express your views: 1. Think out loud about what is causing difficulties 2. Work to design innovative ways of overcoming barriers 11. Bandwagon effect 1. People share views, which create new assumptions and mental models in self-sealing bubbles of reality  lead to conflict Small Changes Can Create Large Effects · Find ways to catalyze the self-organizing potential of the system so that change acquires a dynamic of its own · Changes occur through differences that make a difference · Differences make a difference when they stimulate a complete reframing of a situation · Situations can be reframed directly through new information, or through key actions · To have an impact, the new ways of understanding the situation have to lead to new actions · Actions that lead to reframing often appear illogical or have an element of disruption or surprise Readings: Marketing Mix • Basic, tactical component of a marketing plan • Promotion models o Four P’s – product, price place promotion o Five P’s – four p’s and people o Seven P’s – five p’s with physical evidence and process • Offers to customers can be altered by varying elements • Pricing strategies o Premium pricing – high price for very unique products o Penetration pricing – price set artificially low to gain market share o Economy pricing – no frills low price o Price skimming – charge a high price because of substantial, but unsustainable, competitive advantage o Psychological Pricing – used when marketer wants the consumer to respond on an emotional basis o Product line pricing – used when there is a range of products, pricing reflects benefits of parts of the range o Optional product pricing – using “extras” to drive price up o Captive product pricing – for products with complements, companies will charge a premium price once the consumer is “captured” o Product bundle pricing – combine several products in the same package o Promotional pricing – pricing to promote a product o Geographical pricing – variations in price in different parts of the world o Value pricing – external factors force companies to provide “value” products • Place is a channel, distribution, or intermediary o Six basic channel decisions  Direct or indirect channels  Single or multiple channels  Cumulative length of multiple channels  Types of intermediaries 1. Wholesalers – break down bulk for retailers 2. Agents – used in international markets 3. Retailers – stronger personal connection with consumers 4. Internet – geographically disperse market  Number of intermediaries at each level  Avoid “interchannel conflicts” • Product is broken down into core product, actual product, and augmented product o Core product – benefit of the product that makes it valuable o Actual product – tangible, physical product o Augmented product – non-physical part of product o Product life cycle  Introduction, growth, maturity, decline o Customer life cycle  Creation and delivery of lifetime value to customers • Promotion is the tools available for marketing communication o Promotion mix  Personal selling  Sales promotion  Public relations  Direct selling  Trade fairs and exhibitions  Advertising  Spons
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