CHAPTER 1. MANAGEMENT.

LESSON 1
What do Managers do?
By Chris Hardesty
Adapted from "The Wall Street Journal Guide to Management" by Alan
Murray,
published by Harper Business.
What do managers do? One good answer to this question comes from the
late Peter
Drucker, whose name stands out above all others in the century-long
history of
management studies. At some point in his studies he had an epiphany:
economists,
he realized, "were interested in the behavior of commodities, while I was
interested
in the behavior of people." That led him to, in effect, create the modern
study of
management.
Mr. Drucker divided the job of the manager into five basic tasks. The
manager, he
wrote:
1) Sets objectives. The manager sets goals for the group, and decides
what work
needs to be done to meet those goals.
2) Organizes. The manager divides the work into manageable activities,
and selects
people to accomplish the tasks that need to be done.
3) Motivates and communicates. The manager creates a team out of his
people,
through decisions on pay, placement, promotion, and through his
communications
with the team. Drucker also referred to this as the "integrating" function
of the
manager.
4) Measures. The manager establishes appropriate targets and yardsticks,
and
analyzes, appraises and interprets performance.
5) Develops people. With the rise of the knowledge worker, this task has
taken on
added importance. In a knowledge economy, people are the company's
most
important asset, and it is up to the manager to develop that asset.
While other management experts may use different words and focus on
different
aspects of these responsibilities, Mr. Drucker's basic description of the
manager's job
still holds.
Theories of Motivation: Maslow, Herzberg, X, Y and …?
1. Maslow's Hierarchy of Needs Theory
This theory was produced in order to answer the question “What
motivates an
individual". Every second need comes to force when the first need is
satisfied
completely.
2. Herzberg's two-factor theory of motivation
Hygiene factors: pay, company policies and administrative policies,
fringe benefits,
physical working conditions, status, interpersonal relations, job security
Motivational factors: recognition, sense of achievement, growth and
promotional
opportunities, responsibility, meaningfulness of the work.
3. McGregor's Theory X & theory Y
Definition: Theory X and theory Y are part of motivational theories. Both
the theories,
which are very different from each other, are used by managers to
motivate their
employees. Theory X gives importance to supervision, while theory Y
stresses on
rewards and recognition.
Description: Theory X and theory Y follow different methodologies of
keeping people
motivated.
Theory X follows an authoritarian approach to motivate people. One of the
key
assumptions in this approach is that the average employee doesn't like
work and will do
anything to avoid it.
The other assumption under theory X is that the employees need to be
threatened or
forced to work towards the organizational goals. They will avoid
responsibility and the
managers have to supervise them at every step.
In an organization where theory X is followed, the management too
follows an
authoritarian style. There is little delegation of authority from the
management.
On the other hand, companies who follow theory Y have a more
decentralized
approach, which means that the authority is distributed among
employees. This keeps
them motivated.
There are some key assumptions under theory Y. One of them is that
employees take
responsibility for their actions and work towards achieving the goals of
the organization
without much supervision.
The workers are more participative and try to solve problems on their own
without
relying on supervisors for guidance. This type of management style is
more common
than theory X. In this type of management style, even a small employee
can participate
in the decision-making process.
Theory X works on the idea of punishing people to keep the work going,
while under
theory Y, promotions, rewards, and recognition play an important part.
This keeps
employees motivated to work hard towards achieving goals of the
organization.
It is McGregor’s conclusion, of course, that the latter approach to
organization is the
more desirable one for managers to follow.1
McGregor’s position causes confusion for the managers who try to choose
between
these two conflicting approaches. The classical organizational approach
that McGregor
associated with Theory X does work well in some situations, although, as
McGregor
himself pointed out, there are also some situations where it does not work
effectively.
At the same time, the approach based on Theory Y, while it has produced
good results
in some situations, does not always do so. That is, each approach is
effective in some
cases but not in others. How can managers resolve the confusion?
CHAPTER 1. TYPES OF ORGANIZATIONAL STRUCTURES
Pyramid organization
A pyramid organizational structure functions following the shape it's
named for, with one leader at the top, a small executive leadership team
below, and tiers of managers leading down to the bottom team of
employees. Each tier of managers manages the tier below, which
distributes the responsibility more evenly. It's designed to ensure each
employee is better served by a manager above, who can provide personal
attention to his small team. Also called the hierarchical organizational
structure, the pyramid organizational structure assumes that information
will be passed down the line. So if a CEO meets with the small leadership
team beneath him, those leaders will meet with the small tier of leaders
beneath them, passing the information on, and it will then be shared with
the next tier. This pyramid-like type of organizational structure is often
used when many layers of oversight are needed to ensure compliance
and tiered approval of decisions. Decision-making is much slower and
takes time to process up or down the chain of command. Companies
with a high number of employees will typically adapt a hierarchical
structure to better accommodate their size and clarify reporting
relationships.
Flat organizational structure
In recent years, as businesses strive for a more casual, laid-back work
culture, flat structures have become extremely popular, especially among
small startups. A flat organizational structure is one with limited
management levels between the top business leadership and the
ground-level employees. This structure encourages an open office
environment where every employee feels as though she’s in direct
content with the leadership team, which makes her feel more invested in
the business as a whole. Many small to medium-sized businesses (SMBs)
operate on a flat organizational structure, keeping management simple
without needing deep layering of authority and oversight. Decision-
making tends to be rapid and efficient, with workers empowered to solve
problems at the ground level or bring issues directly to upper
management with no red tape in between. However, fewer managers
can result in less oversight and supervision to prevent mishaps. Also,
there is very little upward mobility without management tiers to be
promoted into.
Functional organizational structure
A functional organizational structure is a form of business organization
made up of several departments based on specific skills and areas of
expertise. Examples of departments in a functional organization
structure could be a human resources (HR) department, marketing
department, sales department, finance department, etc. This type of
structure is very common, particularly in large corporations. Some large
companies with a functional organizational structure include: Starbucks,
Amazon, and Apple. Benefits: High level of expertise in specific areas by
grouping employees based on their function; Clear reporting lines.
Limitations: Slow response times due to centralized decision-making;
Limited view of organizational goals due to departments being focused on
their own objectives.
Matrix organizational structure
A matrix organization is defined as one in which there is dual or multiple
managerial accountability and responsibility. In a matrix there are usually
two chains of command, one along functional lines and the other along
project, product, or client lines. The primary reason for adopting the
matrix in a large organization can be pinpointed in the fact that functions
and skills are fragmented throughout the organizational structure.
Individual functional departments have great difficulty in solving very
large problems because of a failure to view the total system and a
tendency to sub-optimize or solve the problem within their particular
 discipline. If a business needs to manage multiple projects, then a
matrix structure is the most effective to have in place. The major
disadvantage is that the personnel on the project are working for two
bosses. In any type of conflict situation a person could easily become “the
man in the middle.” Further problems of conflict can be caused by project
personnel playing one boss against the other. Agile or team-based
structure This structure is organized into project teams. These teams
often function autonomously, working towards specific goals. Benefits:
Leverages cross-functional capacity; More flexible in allocating resources.
Limitations: Decision-making and allocation of resources is not always
clear; Can result in fragmented work practices and lack of consistency.
CHAPTER 1. The Lewis Model
The phrase “thinking global, acting local” is often quoted. What
does it mean to you?
The phrase "Thinking global, acting local" or “Think globally, act locally” has
been widely used in various contexts, commonly seen in planning,
environment, education, mathematics and business. This idea means that
many a mickle makes a muckle, whether big things succeed or not depends
on each individual’s actions.
The origin of the phrase is still debatable; however, it has traditionally been
adhered to environmental protection activities, as humans protect the
Earth’s health by taking action in their own communities. In this case,
“thinking global” can be explained as protecting the environment not only
protecting local communities but also protecting the whole Earth, since the
environment on Earth is unified and having a strong effect on each other.
Otherwise, there will be local problems that only local people can resolve,
which means “acting local” is the flexibility in problem solving in a particular
area. Since then, “think globally, act locally” concept has been set out for
different fields such as town planning, education or business.
One popular case study of “think global, act local” in business is the
marketing mix of McDonald’s. It is not difficult for a company to scale a
global business but not easy to maintain a local character in that business;
nevertheless, the fast-food corporation McDonald’s has reaped success by
applying the method of “thinking global, acting local”. They combine
internationalization and globalization to advertise their brand worldwide,
while franchising their stores to localities to overcome cultural barriers and
let their American brand reach to local residents. Through strategic and
tactical models of McDonald’s, the case also demonstrates the influence of
this fast-food group on the global environment and how they adapt to local
communities.
In summary, “thinking global, acting local” is an ideal guideline that many
collectives can use to set up strategic planning for their organization.
2. Why is it important for companies to be aware of local cultures?
3. Which of the following working practices would be effective in your
country? Why?
a) the principle of ‘pay for performance’ for sales representatives – the more
they sell, the
more they get paid
b) having a competition for the ‘Employee of the month’
c) having a matrix management system
d) extensive teamwork
Role of International Managers
Planning, organizing, staffing, directing and controlling are basic functions of
management. Given the peculiar characteristics of international business,
these functions also require some changes in implementation.
Planning
To do business internationally, managers must first plan their approach well.
They have to decide how exactly will they be conducting their activities.
This includes deciding whether they will export products or enter into joint
ventures with a local business. They may even function as an MNC by
opening office in various countries by operating from one location.
International planning always requires a thorough understanding of local
political, social and economic environments. These factors also include
political stability, government pressure, intellectual property policies,
competition, etc.
Organizing
It is not possible for an international business to operate in multiple countries
using standard and common practices. International managers always have
to organize their business to adapt to local requirements of all countries.
Firstly, they have to create a command hierarchy that involves people
operating in multiple countries.
Then, they have to adhere to local laws and regulations of the nations they
operate in. Managers even have to keep local business practices and
customs in mind while organizing.
International businesses also have complicated management hierarchy
structures as people operate from many nations. Managers must ensure
that they have a robust communication protocol to deal with this problem.
Employees must always be able to address their grievances, ideas and
suggestions.
Staffing
International managers next have to figure out whether they will hire local
employees or send their own staff abroad. Consequently, they will need to be
aware of all local labour laws if they decide to hire employees locally.
Directing
Directing can often become very difficult when people from multiple
countries work together. Since cultural differences influence people to work
differently, managers have to adapt themselves in every unique situation.
Even language can become a barrier in cross-border business.
To deal with such problems, managers can try to involve people of diverse
cultures and nationalities in management. Human resource departments of
large companies always try to encourage cultural diversity in their
organizations. They even conduct sensitive seminars to make employees
and managers aware of diverse cultures among their workforces.
Controlling
The problems that affect the function of directing apply to the process of
controlling as well.
Controlling requires meetings between people which helps in the exchange
of information on a routine basis. Reporting and inspections are also
important aspects of control.
Cultural differences amongst employees can always affect these kinds of
functions. Managers, thus, should be able to adapt to all peculiarities and
facilitate the controlling process.
SUMMARY
Globalization has made it possible for business to become international.
The staffing process of management requires managers to be aware of local
labour laws.
Planning requires managers to thoroughly understand social, political and
economic
environments.
Managers can include people of diverse cultures to curb possible problems
arising from directing.
CHAPTER 2. SECTORS OF THE ECONOMY
What is an Economic Sector?
An economic sector is an area of the economy made up of businesses with
similar
characteristics. Dividing the economy into different sectors allows
economists to more
efficiently analyze economic activity and measure how different types of jobs
contribute
to the gross domestic product (GDP).
Business activities sometimes divide into the public or private sector—the
public sector
includes businesses under direct governmental control, while the private
sector comprises
privately owned businesses. However, economists typically divide the
economy into three
main sectors: primary, secondary, and tertiary—each classified by how they
relate to the
raw materials for production. Finding that the three-sector model didn’t
adequately capture modern jobs, economists added the quaternary sector,
which sometimes gets further distilled into the quinary sector.
In financial markets, investors break down economic sectors even further.
Common investment sectors include health care, technology, energy, real
estate, and telecommunications.
Sector vs. Industry
An industry refers to a specific group of businesses, whereas a sector is a
much broader
categorization of business activities with similar characteristics. For example,
agriculture
and mining belong to the primary sector but are two different industries.
They belong to
the same sector because they both produce and harvest natural resources.
However, the
specific activities performed in agriculture and mining differ significantly and,
therefore,
make up different industries.
4 Sectors of the Economy
1. Primary sector: The primary sector comprises businesses that produce or
collect natural
resources. This includes agriculture, mining and quarrying, forestry, and the
oil and gas
industry.
2. Secondary sector: Businesses in the secondary sector process raw
materials into finished products. All processing, construction, and
manufacturing jobs fall into this sector, including aerospace manufacturing,
automobile production, textile production, shipbuilding, chemical, and
engineering industries.
3. Tertiary sector: Also known as the service sector, the tertiary sector
comprises service
providers, including retail sales, transformation, insurance companies,
restaurants, tourism, entertainment, legal services, health care, and financial
services.
4. Quaternary sector: The quaternary sector includes businesses related to
intellectual
activities, such as education, government decision-making, information
technology, research and development, and entertainment. Some
classifications include a fifth sector, called the quinary sector, as either a
separate category or a subsector of the quaternary sector. However,
economists debate over the exact definition of the quinary service sector.
Some say it applies only to high-level decision-makers inside government,
education, science, technology, media, and health care. Others say it
includes domestic activities, nonprofits and charities, and human care
services.
CHAPTER 2. VOCABULARY QUIZ
1. The statistic that is used to measure how well an economy is performing,
is called
GDP.
2. When the size of an economy is growing, it is called a period of economic
expansion.
3. When an economy decreases in size for 6 months or more, it is called a
recession.
4. The amount of a product or service that is available to buy is called the
supply.
5. When the size of an economy starts to decrease in size, it is called an
economic downturn.
6. When an economy has a long period of very low economic growth, it is
called a period
of stagnation.
7. When the value of a type of product increases dramatically and it becomes
very
overvalued, it is called a bubble.
8. When the size of an economy starts to grow again after a period when it
has been
decreasing in size (e.g. a recession), it is called a period of economic
recovery.
9. When an economy decreases in size for 2 years or more, it is called a
depression.
10. The amount of people or consumers who want to buy a product or
service, is called the
demand.
11. When an economy has a long period of good economic expansion, it is
called a boom.
12. To mass-produce is to produce a lot of goods cheaply using machines in
a factory.
13. Unfortunately, we have an order backlog for two months. We could
deliver the items
in January.
14. We need to change the quality control on that item as we've raised
prices.
15. We make sure to implement stringent price tag on each product.
16. Our production cycle takes about three months to complete.

UNIT 2. LESSON 4. LOGISTICS

What makes Walmart’s supply chain so successful?
Walmart’s supply chain success can be attributed to their tactful decisions to
start investing
in the right initiatives, including technology and expanding their logistics
network, to
provide value in the ecommerce space.
1. Early investment in supply chain optimization
Walmart’s focus on optimization is one of the largest factors contributing to
the brand’s
supply chain success.
The retail giant is constantly striving to improve existing systems and
processes to create
an optimized and efficient supply chain to provide their customers with
“everyday low
prices” — one of the company’s unique (and renowned) selling points.
Among the many supply chain optimization strategies, the company places
great emphasis
on omnichannel — multiple channels available to its customers. Walmart’s
Marketplace creates a home for thousands of retail stores with the ultimate
goal to save
time for the consumer.
Walmart also provides multiple marketplace fulfillment options, such as in-
store pickup,
ship from store, and even digital pharmacy fulfillment. Globally, Walmart
offers 7,000+
pickup locations and 5,000+ delivery locations.
2. Fine-tuning the supply chain management system
Walmart is constantly striving to improve their supply chain management
system.
From the get-go, the company started removing links within the supply chain
and
purchased goods in bulk to be transported directly to their stores.
They then began working directly with manufacturers and distributors to cut
out the
middleman to further streamline the supply chain.
This approach plays a key role in their supply chain success. With fewer
players in the
supply chain, the company can lower costs and cut back on lead times to
offer quick
and affordable fulfillment.
3. Developing strong relationships with vendors early on
Walmart’s strong relationships with vendors have played a major role in their
supply chain
success. They go straight to the source and identify vendors who can provide
them with
the best price and can meet their high-volume demands.
Walmart establishes strategic partnerships with these vendors, guaranteeing
them
consistent business through long-term, high-volume purchases. In return, the
company can
enjoy wholesale prices, which keeps customer prices competitive throughout
the years.
To further strengthen these relationships, Walmart also establishes open
communication
networks with their vendors. This allows them to improve the flow of
inventory within the
supply chain and anticipate possible disruptions before they escalate into
larger problems,
such as backorders, stockouts, and delivery delays.
4. Outsourcing inventory control with vendor managed inventory (VMI)
Walmart has further strengthened and simplified their supply chain by
implementing
a vendor management inventory (VMI) model.
VMI involves suppliers managing their own inventory that’s stored in
Walmart’s
warehouses. With this approach, the company puts the responsibility of
managing
inventory in the hands of suppliers, so they can save time and money on
inventory
management.
With an electronically backed VMI system, suppliers have access to
Walmart’s inventory
data, allowing them to keep track of real-time inventory levels and sales.
This makes it
easy monitor how much stock is available and how certain products are sold.
Based on this information, they can see when they need to send more
inventory to Walmart
and keep their stock replenished.
This simplified inventory management model results in fewer delays in
replenishment and
reduces stockouts. It’s particularly useful since Walmart deals with hundreds
of thousands
of SKUs from thousands of suppliers, which can get complicated and
expensive to
manage.
By transferring some of the inventory control activities to the vendors, the
company can
save time and focus on tasks that need to be handled in-house.
It also means that Walmart doesn’t need to spend more on dedicated
personnel to manage
the inventory coming from each supplier, which results in lower costs for
them. All
Walmart has to do is monitor the transport of inventory from warehouses to
their stores.
5. Capitalizing on the power of technology
As Walmart undergoes a digital transformation, they’re making extensive
investments
in supply chain digitization and infrastructure. These investments have
contributed to the
successful supply chain that we see today.
Between 2019 and 2020, 72% of Walmart’s strategic capital expenditures
were attributed
to supply chain transformation, which includes supply chain technologies,
infrastructure,
and ecommerce. During this period, the company spent more than $11
billion.
These investments have resulted in faster, more flexible fulfillment, and
more
accurate demand forecasting.
Walmart also uses technology in their initiative to reduce packaging waste.
Packaging
algorithms make it easier to find the right-size packaging for each product by
accurately
capturing product dimensions and other attributes.
Additionally, Walmart has implemented an advanced warehouse
management
system (WMS) in their distribution centers. This more nuanced WMS supports
better
inventory control and labor planning to streamline their supply chain
operations.
Overall, one of the largest technological investments they’ve made is in
automation.
Autonomous mobile robots are helping warehouse staff move pallets, while
other
automation tools are used for picking items or packing them inside
containers.
Walmart has also made significant investments in sortation equipment,
which will
automatically sort products and allocate them to the right locations within
the warehouse.
Robust warehouse control systems help to establish a link between these
automation
equipment and the WMS.

1. distribution channel: kênh phân phối

2. wholesaler: người buôn bán (sỉ)
3. market segmentation: phân khúc thị trường
4. product differentiation: khác biệt hóa sản phẩm
5. market opportunities: tiềm năng thị trường
6. market skimming: chiến lược giá “hớt váng”
7. sales representative: người đại diện bán hàng
8. product features: tính năng sản phẩm
9. price elasticity: độ co dãn của cầu theo giá
10. market penetration: chiến lược thâm nhập thị trường

CHAPTER 3. MARKETING. LESSON 1

VOCABULARY QUIZ
1. To ______________ sales = To increase sales
 A. boast B. best C. boost
2. We're trying to ______________ ( = attract) new clients from Asia.
A. pull out B. pull in C. pull on
3. The written part of an advertisement is what's known as "marketing
______________".
A. structure B. copy C. letters
4. We had to cut our marketing budget in ______________ to recessionary
concerns. ( =
because of recessionary concerns)
A. response B. review C. retraction
5. How's the new campaign going? Well, the ______________ is pretty
encouraging. Sales
have increased by 5% in the first month.
A. sight B. viewpoint C. outlook
6. His top-notch marketing skills helped ______________ the way to ( = lead to/
ensure)
this brand's success.
A. pave B. pay C. pale
7. We have to be a little more aggressive in our marketing ______________. ( =
We have
to spend more money on marketing)
A. spend B. costs C. price-breakdown
8. A ______________ refers to the elimination of competing businesses or
products in a
particular field.
A. shake-up B. shakeout C. shackle
9. We have to engage in marketing activities that are closer to the
______________. ( =
where people buy the product/s)
A. point of transaction B. point of transfer C. transaction zone
10. Due to a series of failed initiatives, we seem to have lost our competitive
______________.
A. border B. edge C. know-how
11. A successful marketer is able to determine what intangible product
attributes lead to
consumer ______________ to pay a premium price.
A. willing B. will C. willingness
12. The ______________ ( = percentage/rate) of brand-loyal consumers is
about 35%.
A. Property B. proportion C. promotion
13. Price-______________ consumers are the ones for whom price is the
determining
factor as to whether or not to buy something.
A. sensitive B. savvy C. sensitivity
14. The measurement and management of brand value has become a major
______________ for marketers in the past couple of years.
A. issue B. tone C. tool
15. If two products are ______________, this means they are perceived to be
the same.
A. indifferent B. differentiated C. undifferentiated
16. Generally speaking, new products that ______________ ( = offer) unique
benefits to
the customer have a higher commercial success rate.
A. deliver B. give C. make
17. Tangible brand attributes = ______________ brand attributes
A. clear, real B. unreal, imaginary C. atypical
18. ______________ visual cues = Visual cues that are always of a similar
nature
A. Complex B. Consistent C. Common
19. A set of products that a consumer considers for purchase is referred to as
their
"consideration ______________."
A. group B. setting C. Set
20. What is PPC ?
A. Pay Per Click- Advertisers pay a Fee each time one of their Ads is
Clicked ... buying
Visits to their Website.
B. Prestige Professional Certification - Someone with Digital Marketing
Certification.
C. Production Price Curve - Determining the Price of the Marketing Campaign.
D. Possibility Price Click - When a visitor initially clicks on a Price Button.
21. What is CR?
A. Conversion Rate - Is the proportion of visitors to a website who
take a desired action
(i.e. buy something/sign up for something).
B. Click Rate - The number of clicks that a visitor makes on your Website.
C. Click Research - Information gathered from the pattern of Clicks on your
site.
D. Contact Report - The Contact Form that Visitors to your Site Fill out.
22. What is a brand?
A. A product, service or offering. B. A product within a product line.
C. A name, term, logo, symbol or design. D. Something determined by the
consumer.
E. What consumers hold in their minds about your company and its
products.
23. Which of the following are examples of promotional mix channels?
A. Product, Price, Place, Promotion
B. Sales, Societal, Production, Market
C. Media Coverage, Website, Social Media, Advertising, Personal
Selling
D. Reach and Frequency
24. Features, Benefits and Desires create a vital combination in marketing.
Which of the
following statements describes these terms the best?
A. People can desire a product even though it has no benefits.
B. People sometimes use features and benefits to rationalize their desire.
C. Features when coupled with desire equal benefit sought.
D. Knowing the Features, Benefits and Desires of a product is not important
to marketing.
25. What is the correct order for the Consumer Buying Process?
A. Needs Recognition, Information Search, Evaluation of
Alternatives, Purchase Decision, Post-Purchase Behavior
B. Evaluation of Alternatives, Purchase Decision, Information Search,
Information Search,
Evaluation of Alternatives
C. Needs Recognition, Purchase Decision, Post-Purchase Behavior, Post-
Purchase
Behavior, Needs Recognition
D. There is no agreed-upon order to the Consumer Buying Process
26. The four Ps of marketing are:
A. Product, Place, People, Persistence B. Preparation, Planning, Programs,
Power
C. Placement, Price, Packaging, Pizzas D. Product, Price, Place,
Promotion
27. Product positioning refers to which of the following?
A. End cap and shelf space B. Packaging
C. Product comparison D. Graphic design
E. None of the above
28. Which of the following is not a marketing orientation philosophy?
A. Market-oriented B. Sales-oriented
C. Production-oriented D. Placement-oriented
29. Style-conscious, tech-savvy, prematurely affluent, independent, socially
and
environmentally aware are all characteristics from someone in which
Generation?
A. Generation Y or Millennials B. Baby Boomers
C. Generation X D. Mature or silent Generation
E. None. These are terms used in the promotion of Star Trek: The Next
Generation
30. When considering the lifecycle, in which stages would publicity most
effectively be
used?
A. Infant and Maturity Stages B. Introductory Maturity Stages
C. All Stages D. Introductory and Growth Stages
31. What type of market segmentation strategy is one-to-one marketing?
A. [Link] strategy B. Multi-segmented targeting strategy
C. Micro-segmented targeting strategy D. Undifferentiated targeting strategy
32. A company mission statement is:
A. A detailed process for increasing sales
B. How a company intends to achieve its vision
C. A statement forged by the company CEO, CFO, and CIO
D. None of the above
E. A, B and C
33. A vision statement tells:
A. What a company is going to become.
B. The length of time and amount of financial resources it will take
for a company to
achieve its incremental goals.
C. The history of the company
D. The public what type of service it can expect to receive
34. Code sheets are:
A. A means of gathering and documenting important information about your
company
B. A means of gathering and documenting important information about your
products
C. A way of ensuring that your messages are positioned for the best-possible
response and
include all necessary elements
D. Used to direct and manage your creative staff
E. All of the above
35. What is a claim your product can make that none of you competitors
can?
A. Unique Selling Proposition B. We are the best!
C. Market alignment D. Ultimate Claim
36. Which of the following best shows the basic promotional sequence of
marketing?
A. Company, Manufacturing, Distribution
B. Product, Place, Price, Promotion
C. Company, Product, Market, Message, Messenger, Promotional Mix
D. Marketing tools, marketing talent, marketing mix
37. Which of the following is a way of categorizing a company’s products?
A. Product Placement B. Promotional Mix Choice
C. Product Mix D. Product Alignment
38. A pull strategy:
A. Uses heavy promotions right to the consumer to increase consumer
demand for your
product
B. Is a method used to strengthen a marketing team
C. Consists of promotions within the distribution channel to cause consumers
to be aware
of the product
D. Can be successful but is rarely used as a promotional strategy
39. The top one, two or three reasons why customers buy a product are
called:
A. Primary value points/key messages B. Primary needs
C. Top Level Value D. Vital Values/Top Needs
40. Which of the following is not a part of the communication process?
A. Feedback B. Decode C. Message D. Market
41. Which of the following is an example of a demographic?
A. City B. Political views C. Frequent buyer D. Gender
42. A(n) ______________ is the words customers would use if you overheard
them
describing your product and they got it exactly right.
A. Marketing statement B. Brand statement
C. PR statement D. Advertising statement
43. The ___________________ consists of influencing factors beyond a
company’s
control, such as the economy, technology, etc. Marketers must understand
the impact of the
changes on their target market.
A. Corporate Environment B. Niche Environment
C. Marketing Environment D. All of the above
44. When marketers use promotions to support a company in general rather
than a specific
product or service, this is called:
A. Itemized advertising B. Institutional advertising
C. Individual advertising D. Insightful advertising
45. __________________ indicates the number of people who receive a
message.
A. Audience width B. Reach C. Frequency D. Mass Market

CHAPTER 3. LESSON 3.
QUESTION 1. What are the five essential marketing trends that your
company needs
to know about to move with the times?
Five essential marketing trends
The marketing world moves fast. Technology has changed the way we live
and the way we
promote and sell products. In the last ten years, increasing use of social
media, online
shopping and platforms like YouTube and Netflix have allowed companies to
connect with
customers in new ways. The number of people who go online every day is
still increasing,
and the marketing trends you need to know about right now are digital.
Here are five essential marketing trends that companies must take note of in
order to move
with the times.
1. Shopping on social media
Forbes reports that 72 per cent of Instagram users have bought something
when using the
app and 70 per cent of Pinterest users use the platform to find new and
interesting products.
Companies can now create posts that allow users to shop directly on social
media instead
of companies’ own websites. This allows retailers to reach their customers
more quickly
and easily.
2. Focus on customer experience
When a customer comes to your company, you want to make it as easy as
possible for them
to find what they need and buy your products. PricewaterhouseCoopers
reports that 73 per
cent of people say that customer experience is an important factor when
making a buying
decision. And when they say ‘customer experience’, they most value
efficiency, friendly
and knowledgeable customer service and easy payment options. Companies
that can
provide a good customer experience keep their customers and attract new
ones.
3. Personalisation
There are so many marketing messages around us every day that people are
very good at
ignoring them, especially ones about products they’re not interested in. So,
in order to
target the right kind of customer and connect with them, companies are
personalising their
marketing content. This is made possible by the data that people generate
through their
internet searches, online shopping habits and social media use. Online
product
recommendations, adverts and even the design of the marketing message
itself is adapted
to the interests and preferences of individual consumers.
According to a report, although 86 per cent of people were concerned about
privacy issues,
90 per cent were happy to share data about their behaviour if it meant an
easier and cheaper
shopping experience. In the same survey, 72 per cent of consumers said
they would only
engage with marketing messages that are personalised according to their
interests.
4. Video content
According to Forbes, 91 per cent of consumers say they prefer watching
interactive and
visual content to reading a traditional piece of information about a product.
And consumers
are 85 per cent more likely to buy your product after watching a video about
it.
If an advertisement is interesting, amusing or unique, people will search for it
online and
share it with their friends. Live videos on social media platforms like
Facebook and
Instagram are also known to attract large audiences and get people
interacting with
companies in the comments, where they can give feedback and ask
questions about the
products.
5. SEO
SEO stands for Search Engine Optimisation – the strategies companies use to
get
themselves high up in the results lists of search engines like Google, Bing,
Yahoo and
others. As the internet plays an increasingly central role in marketing and
selling, it is vital
for your company to appear in the search results when someone does a
related search. For
example, if you sell coffee machines, you want your website to appear when
someone
searches for the best coffee machines or even ways of making coffee.
There is no doubt that the trend of digital marketing and an increased focus
on individual
customers is set to continue. Companies hoping to gain a larger market
share should
constantly update their marketing strategies to get ahead of the game.
TASK 1: Are the sentences true or false?
1. Television and newspaper advertisements are still the best ways to
promote products. F
2. These days, people use social media more, shop online more and choose
the videos
they want to watch. T
3. Nearly three-quarters of Instagram users have shopped on the app. T
4. Most people say that if they like a product, the buying experience doesn’t
matter. F
5. Most people will agree to share their data in exchange for a better
shopping
experience. T
6. Videos are a great way for companies to give information about their
products and to
interact with their customers. T
7. SEO is about making sure people see your product or company when they
do internet
searches. T
8. If your company is already using digital marketing, it doesn’t need to
change. F
TASK 2. Circle the correct marketing trend for each strategy.
1. Advertisements using people’s names to get their attention
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
2. A video about how to use your product
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
3. Making it possible for people to buy your product on Facebook
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
4. Making sure your website contains keywords that people will search for
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
5. Customers being able to chat online with a friendly voice from the
company to find out
more about the product
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
6. Showing clips of models walking around wearing the clothes you’re selling
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
7. Making recommendations to customers based on their interests
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
8. Making sure that your website is easy to use and customers can find what
they want
easily
A. Shopping on social media B. Focus on customer experience
C. Personalisation D. Video content E. SEO
QUESTION 2. How do you think marketing might change in the future?