AREC 323

• Plan
• Organize
• Direct/lead
• Control

• Marketing
• Finance
• Human Resources
• Operations/Production

Art and science of making decisions about the use of available resources and acting on those decisions in an uncertain world so that the short and long term goals of the owners/stakeholders are as fully satisfied as possible

A person who works within an organization, oversees the process of getting activities completed, directs/guides etc. the activities of others

• S: specific
• M: measurable
• A: action orientated
• R: realistic
• T: time specific

Long range, strategic planning (5yr), operational (1yr), business plan (3yr)

• Future unpredictable
• sets very long range objectives
• predict future + work backwards from there

• Views future as unpredictable
• Planning is a continuous process
• Emphasize strategy development, based on organization's internal and external environment

• Focus on short term <1yr
• Much more detailed
• Specifics of what needs to be done over next year

• Includes strategic plans and operational plans
• 3 yrs
• For existing and potential investors/donors

• Get ready
• Articulate mission, vision, values
• Assess your situation
• Agree on priorities
• Write plan
• Implement plan
• Evaluate/moniter

Groups that affect or are affected/have interest in your organization

• look at costs of actions
• compare to expected benefits

Focus on organization internal resources to determine what makes organization distinctive and different

• S: strength
• W: weakness
• O: opportunities
• T: threats

document that sets out basic idea underlying a business and related start-up considerations

Intension: lending out small amounts money and getting return payments and interest

• Intension: maximize return, minimize risk
• have ownership in business

Intension: maximize desired outcomes, lower cost

Assets your business has that the bank could sell to get money back if business goes under

• P: political
• E: economic
• S: social
• T: technology
• (EL): environment/legal

post purchase evaluation (regret)

• Product: decisions affecting your total products
• Promotion: communication to target market
• Place (distribution): decisions on product delivery to customers
• Price: what value for your products

lowest common denominator (the individual item)

sum of related individual products

similarity of product lines in a product mix

division of a market into several smaller groups with similar needs or buying behaviors

segment market even further, focus on one specific segment

• 1. threat of new entrants
• 2. threat of substitutes
• 3. competitive rivalry within the industry
• 4. bargaining power of customers
• 5. bargaining power of suppliers
• horizontal vertical

• 1. low cost -> mass production
• 2. Differentiation 
• 3. Niche (focus)

management process directed at satisfying customer wants and needs through an exchange process

• 1. customers (ppl or businesses)
• 2. purchasing power (money/credit)
• 3. unsatisfied needs

data collected directly from your target audience

data collected by someone else and used by you

• 1. production oriented
• 2. sales oriented
• 3. customer oriented

labels that identify the particular dimensions that distinguish one form of market behavior from another

specific characteristics that distinguish market segments according to benefits sought by the customers

defining market by its location, size, or extent

specific characteristics that describe customers and their purchasing power (ex. age, marital status, gender, occupation, etc.)

variables related to how people think and behave (lifestyle trends: fitness, political orientation, etc.)

prediction of how much of a product will be purchased w/in a market during a specified time period

Customers relationship management

groups of brands that a customer is both aware of and willing to consider as a solution to a purchasing problem

• Cost of goods offered (cost of item)
• selling cost (cost of advertising..)
• Overhead cost (storage, taxes, salaries)

• for quick pricing of many products
• selling price markup

ability to charge different prices on different market segments for the same product

• Maslow Hierarchy of Needs
• Macgregor - Theory X&Y
• Herzberg's two factor theory (satisfaction, dissatisfaction)
• McClelland's Three-Needs Theory (achievement, power, affliction)

• Goal setting theory
• Job Design theory (5 core dimensions)
• Equity theory (outcomes/inputs work comparisons)
• Expectancy theory (effort-performance link, attractiveness of reward)

process of influencing individuals or groups towards the achievement of goals

• 1. Coersive
• 2. Authoritative
• 3. Affiliative
• 4. Democratic
• 5. Pacesetting
• 6. Coaching