Thought for the day:

“I hear, and I forget. I see, and I remember. I do, and I understand’.-- Chinese Proverb

GET AN A

Knowledge

Application & Analysis

Evaluation

A

Grade

Understand

Define, Clarify, describe, extract, identify, outline, recall,

recount, state summarie

Compare, Contrast, distinguish,, construct,

calculate, explain.

Apply, Examine, Analyse, Interpret, Formulate.

To what extent, Evaluate, discuss, justify, advise, recommend.Band 6

Band 5

Band 4

Band 2/3

ACTIVITY

Remember as many words as possible from this list:Marketing

industrial marketStandardised approach

Customised pricingEquity

Debenturesintermediate market

Qualityconsumer market

mass marketGlobal sourcing

niche market

Write down all the words you can remember.

MARKETING

Go it so wrong:

http://www.amazon.co.uk/BIC-For-Amber-Medium-Ballpoint/dp/B004FTDMV6/ref=cm_cr_pr_sims_t

http://www.amazon.co.uk/product-reviews/B004FTGJUW/ref=cm_cr_pr_shwvpnt?ie=UTF8&pageNumber=2&showViewpoints=1&sortBy=bySubmissionDateDescending

The pens, which are promoted as “designed to fit comfortably in a woman’s hand” comes in an “attractive barrel design available in pink and purple”.

Advertised exclusively for women, one version promises “smooth writing” and comes in a box of 12, writing in both blue and black ink.

While BIC’s intentions are no doubt sincere, the products have inspired a wave of online ridicule as women poke fun at their strategy.

The beauty of user-generated reviews and social media for market research purposes is that you can get some instant and honest feedback on a new product. So the marketing department at Bic will have plenty of feedback to read through after the launch of Bic for Her…

A PIECE OF NEWS…. BILLABONG

http://www.bbc.co.uk/news/business-14287574 (economic - pg 409)

http://www.bbc.co.uk/news/business-17070614

http://www.bbc.co.uk/news/business-17175199 (global demand)

http://www.bbc.co.uk/news/business-19388637 (finance)

A type of corporate action in which an acquiring company makes an offer to the target company's shareholders to buy the target company's shares in order to gain control of the business.

Takeover bids can either be friendly (board approves) or hostile (buy shares from shareholders without approval).

GUESS WHO

Pick a definition

Group asks questions

– can only answer yes or no.

Work around the circle.

Pictionary – Operation Business words

 

 

VERBAL SOCCER

Teacher questions

Kick-off

Three questions = a goal

Answer incorrectly it is a tackle and possession goes to the other team.

Fouls – shouting out/ arguing with the umpire.

ESSAY PRACTICE

Thought for the day:

"When something can be read without effort, great effort has gone into its writing“

Enrique Jardiel Poncela (1901-152):

ESSAY - PRACTICE

Question 29 (20 marks)

Outline the reasons why businesses expand globally, and critically analyse the political, social/cultural and management issues that arise with a global workforce.

Write down everything you can think of:

Don’t over think… just write

TIPS:

• Make sure you understand exactly what you are being asked to do. What is the central issue of the question? What is it giving you the chance to write about? Underline key words and specific instructions.

• Your essay must be relevant to the question you have been set. During the planning process, keep asking yourself, 'Is this issue directly related to the topic I have been asked to discuss?'.

• What kind of response does the question call for? Command term! For example, are you asked to 'analyse' or ‘Evaluate' or 'discuss' the subject of the essay?

• Write down anything which might be relevant to your answer. This can include ideas, observations, themes, or examples you remember from your study materials.

TIPS:

• At this stage you are brainstorming so it is a good idea to make a note of anything you think of. Think Application.

• From the ideas you have jotted down, extract the main points you are going to make in your essay. Ignore anything which isn't relevant to the question.

• Write your points down so that they form a logical sequence. Your aim is to formulate a persuasive and coherent argument in response to the question. Try out different arrangements of your points until you find the order which presents your ideas most clearly and convincingly.

ESSAY - PRACTICE

Question 29 (20 marks)

Outline the reasons why businesses expand globally, and critically analyse the political, social/cultural and management issues that arise with a global workforce.

Explain what is globalisation of business:

• integration between national economies and high degree of transfer of capital, labour, financial resources & technology.

• Allows to be more competitive for business but has made HRM more complex.

ESSAY - PRACTICE

Question 29 (20 marks)

Outline the reasons why businesses expand globally, and critically analyse the political, social/cultural and management issues that arise with a global workforce.

Opportunities:

• Global sourcing is a broad reference to sourcing business supplies or services without being constrained by location and it therefore includes all outsourcing.

• Economies of scale can lead to significant cost saving in various aspects of the business enterprise.

• Broader/expand target audience (increase sales)

• Scanning and learning / R&D Innovation

• Tax incentives/grants

• High cost of skilled labour

• Shortage of supply of skilled labour

ESSAY - PRACTICE

Question 29 (20 marks)

Outline the reasons why businesses expand globally, and critically analyse the political, social/cultural and management issues that arise with a global workforce.

• Service quality

• Infrastructure

• Government regulations - compliance

• Political stability

• Language skills – cultural awareness (language training/need positive relationships)

• Deal effectively with cultural; diversity, appreciate business practices and customs of host country.

• Good for Interact with customers and learn from os markets

APPLICATION

• Global sourcing – Crumpler – resource input from Vietnam, China, Taiwan

• Economies of scale _ Crumpler – increased capacity through global expansion (million units a year)factory produces similar products under same room (IN Vietnam)

• Broader/expand target audience (increase sales) – Billabong – USA, NZ, Japan, Europe.

• Scanning and learning / R&D Innovation - Crumpler – trade shows in Europe and USA.

IN PAIRS

Create a plan for this essay…

Question 28 (20 marks)

Analyse how the market research process may assist a business to develop its marketing plan and achieve the objectives of financial management.

A3 sheets…. Plan as a group

Question 28 (20 marks)

Analyse how the market research process may assist a business to develop its marketing plan and achieve the objectives of financial management.

Market research process

• determining information needs, data collection (primary and secondary), data analysis and interpretation

ANSWERS COULD INCLUDE:

Elements of a marketing plan

• situational analysis including SWOT and product life cycle

• establishing market objectives

• identifying target market

• developing marketing strategies

• implementation, monitoring and controlling – developing a financial forecast, comparing actual and planned results, and revising the marketing strategy

Objectives of financial management

• liquidity

• profitability

• efficiency

• growth

• return on capital

Question 27 (20 marks)

Describe the strategies used by a business when marketing a product, and evaluate the importance of pricing strategies for effective profitability management.

Question 28 (20 marks)

Describe the elements of a marketing plan used by a business, and evaluate the effectiveness of financial planning in achieving the objectives of a marketing plan.

Exam (2006)

Short Answer

PRACTICE

a) Cash flow statement

b) Is a statement that indicates the movement of cash receipts and cash payments resulting from transactions over a period of time. (movement of cash in and out of a business over a period of time.)

c) Distribution of payments/ discount early payments/ factoring

Subsidiary - daughter company - is completely or partly owned/controlled

Ethnocentric –

Uses parent-country staff in its organisation

Polycentric – use host country staff with parent country staff mgr at headquarters.

Geocentric – use most appropriate staff. Global pool.

ONE OF THESE THINGS IS NOT LIKE THE OTHERS...

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Write which you think is the odd one out and why…..

ONE OF THESE THINGS IS NOT LIKE THE OTHERS...

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OperationsMarketingHuman ResourcesStrategy

ONE OF THESE THINGS IS NOT LIKE THE OTHERS...

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OperationsMarketingHuman ResourcesStrategy

ONE OF THESE THINGS IS NOT LIKE THE OTHERS...

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PsychologicalConsumerSocioculturalGovernment

ONE OF THESE THINGS IS NOT LIKE THE OTHERS...

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PsychologicalConsumerSocioculturalGovernment factors influcing customer choice

ONE OF THESE THINGS IS NOT LIKE THE OTHERS...

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Retained profitOver draftCommercial BillMortgage

ONE OF THESE THINGS IS NOT LIKE THE OTHERS...

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Retained profitOver draftCommercial BillMortgage (loans)