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MGM101H5 (354)
Chapter 8

CHAPTER 8, 10, 12, 11, 13 key theories and definitions

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University of Toronto Mississauga
Dave Swanston

Organizing Organization architecture Organization architecture – refers to the totality of a firm’s organization, including formal organization structure, control systems, incentive systems, organizational culture, and people Organization structure is: 1) The location of decision – making responsibilities in the firm ( centralized or decentralized ) 2) The formal division of the organization into subunits ( national operations etc… ) 3) Establishment of integrating mechanisms to coordinate the activities of subunits ( such as cross – functional teams ) Controls – Metrics used to measure the performance of subunits and judge how well managers are running those subunits Incentives – Devices used to encourage desired employee behavior Organizational culture – Values and assumptions that are shared by among the employees of an organization People – Not just the employees of the organization but also the strategy used to recruit, compensate, motivate, and retain those individuals and the type of people they are in terms of their skills, values, and orientation – i.e. human capital If an organization is going to attain competitive advantage and maximize performance the architecture must support the strategy envisioned Designing structure: vertical differentiation Organization structure can be thought of in terms of three dimensions: 1) Vertical differentiation – location of decision making responsibilities within a structure i.e. centralization or decentralization and hierarchy structure 2) Horizontal differentiation – formal division of the organization into subunits 3) Integrating mechanisms – mechanisms for coordinating subunits Centralization and decentralization A firm’s vertical differentiation determines where in its hierarchy the decision – making power is concentrated e.g. Are production decisions centralized in offices of upper – level managers or decentralized to lower – level managers Centralization – concentration of decision – making authority at a high level in a management hierarchy Decentralization – vesting decision – making authority in lower – level managers or other employees Arguments for centralization 1) Centralization can facilitate co – ordination ! Centralizing production at a firm’s head for example can make for easier co – ordination 1" " 2) Centralization can help ensure that decisions are consistent with organizational objectives ! When decisions are decentralized to lower – level managers, they may make decisions at variance with top managers’ goals. That is why major strategic decisions are often centralized 3) Centralization can avoid duplication of activities by various subunits within the organization 4) By concentrating power and authority in one individual or a management team, centralization can give top – level managers the means to bring about needed major organizational changes ! Temporary centralization of decision – making power is often an important step in organizational change because it sets a new strategic direction for a firm and redraws organization architecture ! Vodafone Arguments for decentralization 1) Top management can be over – burdened when decision making authority is centralized ! Managers experience constraints as they have too much information to process ! Decentralization gives top management the time to focus by giving lower – level managers the task of taking care of routine issues 2) Motivational research favors decentralization ! Behavioral scientists have argued that with employee empowerment through decentralization, employees will work harder 3) Decentralization permits greater flexibility – more rapid response to changes ! In a centralized firm the process of decisions going up the hierarchy before being approved slows down decision making ! This can lead to the firm having a competitive disadvantage 4) Decentralization can result in better decisions ! In a decentralized system decisions are made by individuals that are more in tune as to what is going on rather than top managers making decisions 5) Decentralization can increase control ! Autonomous subunit – A unit that has all the resources and decision – making power required to run its operations daily ! The more responsibility store managers have for subunit performances the better top managers can control the organization from the top Choice between decentralization and centralization Decisions regarding overall firm strategy, major financial expenditures are centralized in most organizations The realization of economies of scale [refers to the cost advantages that a business obtains due to expansion "]leads to centralization ! Purchasing and manufacturing decisions are centralized to eliminate duplication and realize scale economies When there are substantial differences between conditions in local markets, marketing and sales decisions are often decentralized to local managers 2" " Decentralization is favored in environments that are characterized by high uncertainty and rapid change ! When markets are rapidly changing decentralization is often preferred because decision making process is faster Tall versus flat hierarchies Tall hierarchies – Organizations with many layers of management Flat hierarchies – Organizations with few layers of management Small organizations often have one or at most two layers in hierarchy however as organizations grow and amount of info increases more managers are hired As an organization becomes larger it tends to become taller due to expansion Adding more levels in the hierarchy is a response to the problems of control that mount when a manager has too much work. How many layers are added is also partly determined by the span of control managers can effectively handle Span control Span of control – The number of direct reports a manager has The argument was the managers responsible for more than six subordinates would lose track of them Generally if the work being performed by subordinates is routine, if the performance of subordinates is visible and easy to measure, and if the subordinates are empowered to make many decisions by themselves, managers can operate with a wide span of control of up to 20 subordinates Problems in tall hierarchies Several problems occur in tall hierarches that may result in lower organizational efficiency and effectiveness 1) Tendency for information to get accidentally distorted as it passes through layers in a hierarchy ! If crucial information gets distorted as it passes through the layers of a tall hierarchy decisions may be based on inaccurate information and poor performance may result 2) Deliberate distortion by midlevel managers who are trying to curry favor with their superiors or pursue some agenda of their own ! The more layers there are in a hierarchy the more opportunities there are for people to deliberately distort information ! E.g. suppress bad info + exaggerate good info so that managers might get promotion etc… ! Top level managers will make decisions based on inaccurate information resulting in poor information ! Influence costs = The loss of efficiency caused by deliberate information distortion for personal gain within an organization 3) Tall hierarchies are expensive 3" " ! A tall hierarchy can put a firm at a competitive disadvantage because salaries and benefits of multiple layers can add up to significant amounts Delayering: reducing the size of a hierarchy Given the disadvantages of tall hierarchies many firms attempt to limit the size of the management hierarchy Delayering – reducing the number of layers in a hierarchy Delayering occurs as an attempt to boost firms’ performance Delayering is based on the assumption that when times are good hierarchies extend beyond efficiency and vice – versa when times are tougher Delayering allows for greater decentralization The King of Delayering During his tenure as CEO of General Electric, Jack Welch cut the number of layers in the management hierarchy from nine to five, instituting wide spans of control. Designing structure: Horizontal differentiation Vertical differentiation is concerned with the location of decision- making responsibilities within an organization. In contrast, horizontal differentiation is concerned with how to divide the organization into subunits. We look at four different types of structure here: functional, multidivisional, geographic, and matrix. Functional structure Most firms begin with no formal structure run by a single entrepreneur or small team, but as they grow the demands of management become too great for them. At this point the organization is split into functions Functional structure – A structure that follows the obvious division of labor within the firm, with different functions focusing on different tasks Functions themselves can be subdivided into subunits resulting in further horizontal differentiation within functions which are usually based on similar tasks A functional structure can work for a firm in a single line of business focused in a single geographic area, but problems can arise when firms expand into different businesses or geographies. Problems of coordination and control arise when different business areas are managed within the framework of a functional structure Multidivisional structure Alfred Sloan CEO of GM in 1920’screated multidivisional structure Multidivisional structure – A structure in which a firm is divided into different divisions, each of which is responsible for a distinct business area Responsibility for operating decisions and business-level strategy is typically decentralized to the divisions, which are then held accountable for their performance 4" " One of the great virtues claimed for the multidivisional structure is that it creates an internal environment that gets divisional managers to focus on efficiency. Increased efficiency leads to increased capital On the other hand too much pressure must not be exerted on divisional managers and each division must make sure that it is not being managed for short – term results or in a way that destroys long – term competitiveness Geographic structure Some firms grown not by diversifying and producing different products but by expanding into other geographic regions mainly other national markets Geographic structure – a structure in which a firm is divided into different units on the basis of geography Decision- making responsibilities are decentralized; each area can customize product offerings, marketing strategy, and business strategy to the local conditions. However, each geographic region has its own production facilities, duplication inhibits the realization of economies of scale that could be gained if the firm served the entire world market from a single favourable location. To solve these problems, many international businesses operate with a hybrid geographic–functional structure. In this structure, functions like R&D, purchasing, and production are centralized at the optimal locations. The world is then divided into geographic regions for local marketing and sales. Unilever, for example, saw benefits to being organized both on the basis of divisions (enabling the company to consolidate manufacturing facilities and realize economies of scale) and on the basis of geographic areas (enabling the company to respond to different national and regional markets). Matrix structure Matrix structure is usually adopted when no single structural design seems to solve all of a firm’s problems Matrix structure – An organization with tow overlapping hierarchies Matrix structure allows for tight coordination between R & D, manufacturing, and marketing resulting in faster product development which can help a firm gain an advantage over rivals Unless matrix structure is managed carefully it will not work well and it might become clumsy The dual hierarchy system can lead to struggles between different sides of the hierarchy It can prove difficult to have accountability in a matrix system – one side of hierarchy can always blame the other Making a matrix work requires clear lines of responsibility That is one side of matrix is given the primary role and the other is given the support role Clear goals should be well prioritized so that when conflict occurs they can be used to indicate what is most important Designing structure: Integrating mechanisms 5" " Now we need to examine some means of coordinating those subunits. One way of achieving coordination is through centralization. If the coordination task is complex, however, centralization may not be effective. Higher-level managers responsible for achieving coordination can soon become overwhelmed by the volume of work required to coordinate the activities of various subunits. When this is the case, managers look toward integrating mechanisms, both formal and informal, to help achieve coordination. Here we introduce the various integrating mechanisms managers use and discuss how the choice of integrating mechanism is determined by the strategy of the firm. Formal integrating mechanisms The greater the need for coordination among subunits the more complex formal integrating mechanisms need to be Direct contact between sub – unit managers is the simplest integrating mechanism However this might not work if managers have differing orientations that impede coordination such as production managers and marketing managers Managers might also become entrenched in “ functional silos ” which can lead to lack of respect between sub units and limit coordination Liaison roles are more complex than direct contact Integration can be improved by assigning a person in each subunit to coordinate with another subunit and thus permanent relationship is created When the need for coordination is greater still, firms develop high performance teams to achieve coordination Cross-functional product development teams are widely used in firms that compete through product innovation. The teams represent the best way of achieving tight coordination among different functions. When the need for coordination is very high firms may institute a matrix structure, in which all roles are viewed as integrating roles Informal integrating mechanisms: knowledge networks In attempting to alleviate or avoid the problems associated with formal integrating mechanisms in general and matrix structures in particular, firms with a high need for integration have been experimenting with an informal integrating mechanism: knowledge networks supported by an organizational culture that values teamwork and cross-unit cooperation. Knowledge network – A network for transmitting information within an organization based on informal contacts between managers within an enterprise and on distributed information systems The strength of this is that it can be a non – bureaucratic conduit for knowledge For a network to exist managers must be linked to each other at least indirectly Coordination is achieved informally through the network rather than by formal integrating mechanisms For such a network to function effectively it must embrace as many managers as possible Firms are using computers and telecommunications information systems to provide the foundation for informal knowledge networks in which managers around the globe can contact each other and communicate 6" " Firms are also using management development programs to build informal networks such as rotating managers around various subunits and management education programs Knowledge networks by themselves may not be sufficient to achieve coordination if subunit managers purse goals that are at variance thus they must have commitment to same goals Thus the firm must have strong organizational culture that promotes teamwork and cooperation Strategy, coordination, and integrating mechanisms All enterprises need coordination among subunits however this depends on the strategy of the firm Firms that concentrate on competing through product innovation need more coordination Firms that face an uncertain environment also need coordination in order to adapt If a firm is based in a stable environment with little or no change the need for coordination may be lower " " " " " " " " " " " " " " " 7" " Effective leadership Leadership – The process of motivating, influencing, and directing others in the organization to work productively in pursuit of organization goals Managing and leading Influential business author Warren Bennis stated that leaders are concerned with “ doing the right things ” vision, goals, and managers are concerned with “ doing things right ” efficiency. Kotter says that management is about coping with complexity and that leadership is about coping with change However their comparisons are misleading because all managers are also leaders and must perform it in order to excel at other management functions – strategizing … Management and leadership are not two different tasks that require different skills; they are the same thing Leadership changes at the top of the organization can have substantial impacts on performance of an enterprise Bad leaders have destroyed significant economic value to enterprises What makes an effective leader ? Effective leadership – The ability of a leader to get high performance from his or her subordinates In the case of CEO or general manger high performance refers to the entire company or division 1) Power – influence perspective Explains leadership in terms of the amount of power possessed by a leader and how it influences others within organization 2) Competency perspective Traits and competencies of effective leaders 3) Behavior perspective Asserts that certain behaviors are related to leadership effectiveness 4) Contingency perspective Appropriate behaviors that leaders adopt depend on context and what works in some situations do not in others 5) Transformational perspective Effective leaders “ transform ” organizations through their vision, communication and ability for employees to share their vision These different perspectives are not mutually exclusives and are inter – related 8" " The power influence perspective Leaders have legitimate power that comes from their hierarchical position However research shows that different forms of power suggest that effective leaders rely on individual attributes, personal power flowing from their formal position and a network of allies as much as power flowing from their formal position Leaders should be visionary leaders in which stakeholders and employees acknowledge The story of William Bratton in his efforts to deduce crime show how a network of allies[ mayor and media ] can be a significant source of power To get things done through organizations, effective leaders rely on more than their legitimate hierarchical power The competency [ trait ] perspective There are personal characteristics or traits that distinguish great leaders from the rest of us the “ great person ” theory of leaders hip suggest that leaders are “ born, not made ” with traits such as persuasive powers … that distinguish them from others There are traits renamed “ competencies ” such as motivation, intelligence, self – confidence … that can be acquired through learning and are associated with effective leaders Strategic thinking Strategic thinking – The cognitive ability to analyze a complex situation, abstract from it, and draw conclusions about the best strategy for the firm to follow Requires combination of intelligence and reasoning skills e.g. Winston Churchill and Bill Gates are leaders that embody the cognitive ability to see the big picture and were naturally endowed with intelligence and reasoning ability Achievement motivation Achievement motivation – Unconscious concern for achieving excellence in accomplishments through one’s individual efforts Achievement – motivated individuals have a high degree of intrinsic drive. They are goal driven and are persistent in achieving them and will take risks if necessary Power motivation Power motivation – The unconscious drive to acquire status and power and to have an impact on others Effective leaders want to accumulate power so as to get things done in organizations Effective leaders also morally exercise power and act with integrity Employees want honest leaders whom they can trust that derives from integrity 9" " Charisma Charisma – The ability of some people to charm or influence others Charismatic leaders have high self – confidence, strength of conviction, assertiveness or social dominance and are superb communicators Management writer Jim Collins argued that although charismatic leaders can be effective charisma can also work against effective leadership ! Charismatic leaders can get people do things that defy rational logic however, leaders that are not charismatic rely on logic and reason and thus can produce better decisions Emotional intelligence Emotional intelligence – the ability to monitor one’s own and others’ feelings and emotions, to discriminate among them, and to use this information to guide one’s thinking and actions Daniel Goleman a writer said that emotional intelligence is a bundle of related competencies that many effective leaders exhibit According to Goleman the key components of emotional intelligence are these: 1) Self – awareness – the ability to understand one’s own moods, emotions, and drives, as well as their effect on others 2) Self – regulation – the ability to control or redirect disruptive impulses or moods and to think before acting 3) Motivation – a passion for work that goes beyond money or status, pursue goals with energy and persistence 4) Empathy – understanding the feelings and viewpoints of subordinates, and taking those into account when making decisions 5) Social skills – friendliness with a purpose Goleman asserts that leaders with these attributes are more effective than those who do not have them as they get the trust and confidence of subordinates Emotional intelligence perspective has some appeal however some have attacked it for being defined so broadly that it lacks any real discriminating power Limitations and implications One might assume that all the traits are needed for effective leadership but this is not the case The importance of different traits for effective leadership is context dependent, what works in one situation might not in another Also there is a lack of agreement over the importance of some of these traits such as emotional intelligence etc… The trait perspective suggests that effective leaders are born, not made, and this is not true 10" " Behavior perspective This perspective tries to link effectiveness of leaders with their behavior toward subordinates People – oriented behavior – A leadership style that includes showing mutual trust and respect for subordinates, demonstrating genuine concern for their needs, and having a desire to look out for their welfare Task – oriented behavior – The style of leaders who assign employees to specific tasks, clarify their work duties and procedures, ensure that they follow company rules, and push them to reach their performance capacity Generally job dissatisfaction, turnover … are worse when leaders lack people orientation however performance is also lower for leaders who do not engage in task – oriented behavior They are not mutually exclusive Appropriate behaviors may be context dependent where different situations require different styles Contingency perspective At the heart of the contingency perspective is a simple proposition: The best leader- ship behaviour to adopt depends on the context. There are a number of different contingency theories of leadership. Here we briefly review three important contingency perspectives to see what we can learn about the elusive topic of leadership effectiveness. These perspectives are Fiedler’s contingency theory, path–goal theory, and the leadership substitutes theory. 1) Fiedler’s contingency theory Fiedler’s basic assumption was that it was difficult if not impossible to change one’s style of leadership He believed that the effectiveness of a leader should be measured by hoe the team, group, or organization under the leader performed His research suggests that the effectiveness of the two basic leadership styles depends on three main situational factors: i) Leader – member relations – How well followers respect, trust, and like their leaders ii) Task structure – The degree to which the jobs of subordinates are highly structured with clear work responsibilities, well defined tasks, explicit goals, and specific procedures iii) Position power – The power that derives from formal hierarchical power over subordinates, including the legitimate power to hire, fire, reward, and punish subordinates 11" " Fielder suggests that when situational factors are favorable or unfavorable task – oriented leaders do well because in one situation they can take charge with everyone getting along and they can also take charge and do their job even if they are not liked When favorable situations are moderate people – oriented leaders thrive creating a positive atmosphere with leaders positively affecting subordinates The implication of Fiedler’s theory is that leaders must be matched to situations The good thing about Fiedler’s theory is that it advocated matching leader to situation; however it also has the weakness of being too simplistic Another flaw is that the division of leaders into people oriented and task oriented styles ignores the fact that leaders might exhibit both styles Fiedler also suggests that leaders cannot change their style of leadership 2) Path – goal theory Like Fiedler’s theory, path–goal theory is a contingency theory. It states that the best leadership style depends on the situation. Unlike Fiedler’s theory, path–goal theory is based on the assumption that leaders can change their style to match the situation Effective leadership Core proposition of path – goal theory is that leaders can increase the performance of their subordinates by clarifying the path that they have to follow and provide rewards to motivate them - Clarifying the path – leaders mentor and coach subordinates to achieve goals - Clearing the path – remove obstacles that make it difficult for subordinates to achieve their goals - Identifying and offering rewards – leaders identify what rewards will motivate subordinates to achieve goals and will put them in place Leadership styles Path goal theory describes four different leadership styles: i) Directive leadership – Occurs when leaders tell subordinates exactly what they are supposed to do, giving them goals, specific tasks, guidelines for performing those tasks … [ similar to task – oriented leadership ] ii) Supportive leadership – A leadership style in which the leader is approachable and friendly, shows concern for the welfare of subordinates, and treats them as equals [ similar to people – oriented leadership ] iii) Participative leadership – A leadership style in which the leader consults with his or her subordinates, asking for their opinions before making a decision iv) Achievement – oriented leadership – When a leader sets high goals for subordinates, has high expectations for their performance, and displays confidence in subordinates, encouraging and helping them to take on greater responsibilities 12" " Contingencies Path – goal theory argues that a leader can change his or her leadership style and that two important contingencies dictate the best choice of leadership style: i) The personal characteristics of subordinates ii) The nature of the work environment For example educated people are self – motivated and do not like being told what to do so a participative leadership style would work instead of a task oriented one. Nature of environment refers to task structure, dynamics of the work group [ cohesive or fragmented ] and the formal power for the organization [ strong or weak ]. The theory states that they type of leadership required is context dependent on the characteristics of subordinates an nature of the work environment If followers lack confidence, supportive leadership will increase subordinates confidence so that they can achieve goals which raises performance If the task of subordinates is ambiguous then directive leadership is required …etc Contributions and limitations Good thing about path – goal theory is that it recognizes a wider diversity of leadership styles than either behavioral or Fiedler’s theory Also leaders can match their style to the situation that they confront However weaknesses include the fact that it is based on the assumption that a leader can adopt only one style at a time however some leaders use a combination of leadership styles Path – goal theory has a narrow definition of leadership effectiveness and does not include other important factors in the leadership process 3) Leadership substitutes Leadership substitutes - Contingencies that may act as substitutes for leadership style Professionalism on the part of subordinates substitutes for both task and people oriented leaderships styles Self – leadership by employees in which they manage their behavior and direct themselves to attain goals reduces the need for forms of leadership Performance based reward systems helps keep employees directed towards organizational goals reducing the need for task – oriented leadership Cohesive self – managing work teams act as self – managing teams 13" " Transformational leadership Transformational leader – A leader who is an agent of strategic and organizational change These leaders reenergize troubled organizations with a new strategic direction making wholesale changes in operational processes, organization architecture and culture Transactional leader – A leader who helps and organization achieve its current objectives He or she does not change the organization’s course but is about improving performance. In contrast transformational leadership entails changing the organization shifting its strategy. Elements of transformational leadership [ what it takes to become one ] Envision a different future changing both strategy and architecture Communicate this new vision to employees creating a shared mental model Model desired behaviors – to succeed they must lead by example otherwise employees will not take them seriously Empower employees – in order to implement the grand strategic visions Meaningful changes – transformational leaders must make meaningful changes to activities and architecture of organization. They must act swift to show that they are serious and gain employee faith Lead with integrity – They recognize that people will not follow someone if they do not trust them Create an enduring organization – They create an enduring organization that continues to operate effectively even after they are gone Many successful transformational leaders were effect but not charismatic Evaluating transformational leadership Transformational leaders make a great difference and subordinates have shown greater commitment and performance to their organizations under them One problem however is that writers suggest that leaders are transformational when they successfully bring about change rather than when they engage in certain behaviors that are transformational Gender differences in leadership Women have seen a substantial increase in leadership roles within organizations Writers suggest that women have a more interactive style that includes people – oriented and participative leadership that is different from men [ task oriented ] Leadership studies have found that male and females do not differ in their levels of task or people oriented leadership However women do generally adopt a more participative style than males because they are more interpersonal than men and subordinates expect females to be more participative due to stereotypes and female leaders comply inherently 14" " Marketing: Building customer and stakeholder relationships What is marketing? Marketing - the process of determining customer needs and wants and then developing goods and services that meet or exceed these exceptions Market – a group of people with unsatisfied wants and needs who have resources and willingness to buy products Green marketing – Marketing efforts to produce, promote, and reclaim environmentally sensitive products The evolution of marketing The evolution of marketing involved four eras: 1) Production 2) Sales 3) Marketing concept 4) Customer relationship The production era - Since the arrival of European settlers, manufacturers focused on production as most goods were bought as soon as they became available. The sales era - By the 1920s industrialization led to increased productive capacity which caused goods to exceed market demand. Business philosophy focused on selling rather than production The marketing concept era - The philosophy of marketing emerged in the 1950s due to a post war environment in which consumer spending increased as soldiers returned The market concept had three parts: 1) A customer orientation Focused on meeting consumer needs and providing them 2) A service orientation Everyone in the organization should be customer oriented in which customer satisfaction is a priority 3) A profit orientation Focus on products that are profitable and allow the organization to grow by serving more customers 15" " The customer relationship era - In 1990s managers extended the marketing concept by adopting the concept of customer relationship management - Customer relationship management [ CRM ] – is the process of learning as much as possible about customers and doing everything you can to satisfy them with goods and services over time - Idea = enhance customer satisfaction + stimulate long term customer loyalty Non – profit organizations prosper from marketing Marketing is a critical part of all organizations, whether for – profit or non – profit Charities use marketing to raise funds or to obtain other resources e.g. Canadian Blood Services had shortages and turned to marketing Churches, schools, politicians use marketing The marketing mix 1. Product Designing a want satisfying product 2. Price Setting a price for the product 3. Place Putting the product in a place where people will buy it 4. Promotion Promoting the product These four factors are called the marketing mix Applying the marketing process Four P’s are convenient in remembering the basic steps of marketing but they do not include everything that goes into the marketing process One of the best ways to understand the marketing process is to take a product and follow the process that led to its development and sale e.g. vegetarian restaurant Designing a product to meet needs Once you have researched consumer needs and found a target market for your product, the four Ps of marketing begin. You start by developing a product Product – any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as a brand Test marketing – process of testing products among potential users Brand name – any word, device, design … or combination of these used to distinguish a seller’s goods or services from those of competitors 16" " Setting an appropriate price After you have developed the product or designed the service you want to offer consumers you have to set appropriate prices Price – money or other consideration [ including other goods and services ] exchanged for the ownership or use of a good or service Prices depend on a number of factors. e.g. restaurant prices can be influence by competitors Getting the product to the right place Getting the product to consumers when and where they want it is critical to market success Food can be delivered, eaten at restaurant … Developing an effective promotional strategy Promotion – consists of all of the techniques sellers use to inform people and motivate them to buy their goods or services They include advertising, personal selling, coupons … Promotion often includes relationship building with customers e.g. taking suggestions from consumers Providing marketers with information Marketing research – Analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions Businesses need information to compete effect
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