crash course in marketing and management for entrepreneurs built by stambaugh/2009 jeff stambaugh...
TRANSCRIPT
Crash Course in Marketing and Management for
Entrepreneurs
Built by Stambaugh/2009
Jeff StambaughDillard College of Business/Rm 257A
[email protected]://faculty.mwsu.edu/business/jeff.stambaugh
What are the 4Ps?
Built by Stambaugh/2009
■ Product■ Price■ Promotion■ Place
Product
Built by Stambaugh/2009
■ Think “Net Buyer Benefit” or Value Equation■ Core / augmented / total product: entire bundle of
products, services, and meaning■ Most are combo of products and services■ Don’t forget
■ Your brand■ Packaging matters■ Delivery channels matter
Why does Pricing Matter
Built by Stambaugh/2009
■ Affects gross revenue and sales volume■ Key part of value equation to consumer■ Sets perception of quality & desirability■ Easy to change■ Thrill Ride■ Custom T-Shirts
Optimum Pricing
Built by Stambaugh/2009
■ Consumer demand■ Consumer value■ Competitors■ Product positioning
Pricing Strategies Link
Built by Stambaugh/2009
■ Skimming■ Prestige / premium■ The power of 5-7-9■ Partitioned / captive■ Geo / market variations
Price – Lowering Techniques
Built by Stambaugh/2009
■ Periodic / random discounting■ Off-peak pricing■ Bundling■ Coupons / rebates / loyalty programs
So You Want to Hire an EmployeeLink
Built by Stambaugh/2009
■ Legal requirements can be scary (pg 624-627)■ Basic Options
■ Contract work■ Temp Agencies■ Professional Employment Organizations
(leasing)■ Turn-key deal for a price
■ Your payroll—full or part-time
Step 1: Job Description
Built by Stambaugh/2009
■ Why do I want to hire a worker?■ Title■ Job Overview■ Duties and responsibilities■ KSA■ Credentials / experience■ Special requirements
Step 2: Attracting Applicants
Built by Stambaugh/2009
■ Placement agencies■ Advertising / job postings■ Networking■ Referrals■ Help wanted sign
Step 3: Screening Applicants
Built by Stambaugh/2009
■ Keep questions focused on job requirements or job-related issues
■ Check references if able■ Other screenings■ Best advice
■ Hire for attitude (do they “fit” the firm)■ Probationary period
Step 4: Welcome/Train Newcomer
Built by Stambaugh/2009
■ Who does the training■ What needs to be trained■ Where is training conducted
You only get one chance to make a first impression
Step 5: Retaining
Built by Stambaugh/2009
■ Psychological contract■ Teamwork■ Recognition■ Training■ Empowerment■ Contribution■ Communication
Should your company have an “open book” policy for all its financials?
Compensation & Benefits
Built by Stambaugh/2009
■ Pay averages--BLS Link
■ Health Insurance■ Paid time off (sick days, holiday, vacation)■ Retirement plans■ Perks
■ Flex time / distance work arrangements■ Company-related discounts■ Food / parties■ Special offerings (concierge, financial counseling,
community service)
What Kind of Boss Would You Be?
Built by Stambaugh/2009
■ Innovative (listen to new ideas)■ Inspirational■ Hard-nosed■ Micro-manager■ Generous
Class Takeaways
Built by Stambaugh/2009
■ 4Ps great way to do “marketing for dummies” but pricing is something almost all ENTs do
■ Adding employees more complex than it may have appeared
■ Know what kind of business you want and what kind of employee you want before you hire