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They freely take download risks because their personalities or pocketbooks allow them to do so. Cellular phone service began in the early s with fewer than ten thousand users. Each product develops its own unique PLC as it matures. Products can be characterized by the stage that they are at in their product life cycles PLC.
High advertising costs may be incurred to get the word out. At this stage many companies focus their efforts on reducing price if competition remains. As more consumers become familiar with a product. All possible channels of distribution are also considered using a mass market distribution strategy e.
Stage 3: Stage 4: Stage 2: When downloaders get to the store. SED TVs. Consumers turn a deaf ear to advertising because they know that all competing products are the same. MP3 players. To make the product more accessible. In mature markets. This helps a company gain the competitive advantage in the next stage of the PLC e.. The early majority becomes interested. DVD players.
If it does cause cancer. Because people are accustomed to downloading the product and the differences are few. Trade relations are key to staying on the retail shelf at this point. Because there is less differentiation on product attributes. Price competition often becomes heated in stable markets because additional market share comes directly from your competitors. Even the most timid consumers. Baseball trading cards underwent such a revival.
With some products the maturity phase does not necessarily mean death. Using an end game strategy. The effort to sell the trade is popularly called relationship marketing e. In the vacuum tube business. Richardson Electronics is the survivor in an industry once dominated by GE. In some cases. Products can be reinvigorated after a period of maturity. In industries providing raw materials to others. You need to look at yourself and at the competition with the same level of objectivity.
In my investigation of the coffee industry. When developing a marketing plan. I found price and quality to be the basis of competition. It has a major impact on how a business attacks its market.
What are your weaknesses? What are your advantages? What things do you do well? MBAs call them core competencies. The basis of competition in each industry or market tends to be different. The pharmaceutical industry. Barriers are conditions or hurdles that new competitors have to overcome before they can enter the market. What is your company good at and what is the competition good at?
It is vitally important to perform this analysis on your own company as well as on your competitors. Strengths and weaknesses are internal factors.
Opportunities and threats are external. SWOT stands for Strengths. The availability of cash and specialized knowledge are such barriers. Trade associations are a good source. What could a small competitor do against Folgers and Maxwell House coffees? After much questioning.
To be a player. We would supply the coffee and the partner would do the distribution and marketing. We could piggyback. During my coffee investigation. Checkout scanners and warehouse tracking collect supermarket sales data. On the other hand. I hoped that there might be a large food company that would like to enter into a joint venture. What are the market shares of the industry players? Many tracking services are available for consumer products such as Selling Areas Marketing Inc.
Because of these barriers. In the online auction market. Savvy marketers should plan for that eventuality by trying to form a marketing strategy that new competitors cannot easily copy. SAMI and A. Internet searchers can easily switch services. If in an industry the barriers to entry are low. We lacked distribution. I looked at what my company had to offer.
The only thing my Mexican employer had to offer was quality packaged coffee. Larger competitors can produce more cheaply per unit because they can spread their costs over more units. Maps are another MBA technique to generate ideas for marketing for your product. In the paper towel industry. As an example. This constituted a far more favorable environment for a new entrant such as my Mexican ground coffee.
I would have had to reconsider entry into the declining instantcoffee market dominated by bigger. Little was left for a new entrant. They were Kraft Foods 37 percent. Perceptions are paramount in marketing. And that share had increased from 16 percent in How does my product perceptually map against the competition? Market share leverage is a key concept to consider when examining market shares within an industry. A commonly used grid is price and quality.
If I had been charged with a new instant coffee to sell. If your company has many products in a variety of product classes. But over in the dog food aisle. Puppy Chow.
In the paper towel market no one producer dominates the category. If your company has many products within a category.
They had ten rules for positioning that they believe can make a product or service stand above the competition. Depth and breadth of product lines can be cleverly used in a blocking strategy to prevent competitors from gaining access to the channels of distribution. If they are not on the shelf. If you have a unique new product. Apple chose the iPod name for their new music player.
Kleenex and Scott tissue. In the dog food industry. Draino opens clogged drains. What consumers believe is their reality. The name should be descriptive. Kotex sanitary napkins.
Instead of using the name Apple Mini Mac. How is my product positioned against the competition? In the s. In In the s and throughout the s. Hi-Dri paper towels. Established brands are tough to beat. Distribution channel analysis is critical. Starbucks became the premium quick-service coffee brand.
There are often many ways of reaching your customers. When bottled water became popular. Charles Schwab established the discount brokerage category. The best way to respond to a new competitor is to introduce a new brand. Three questions should be asked to provide you with a basis for your distribution decision: Kleenex cleans runny noses. Tylenol said. Stay consistent with the positioning you choose. As a manufacturer of a product. A catalog manufacturer of clothing has a direct pulse on sales.
As manufacturers of grocery items. Channel participants in most industries calculate their cut as. Take the time to draw them out on paper. Who holds the power in each distribution channel available? How can my product reach the consumer? In the case of many mail-order catalogs.
Everyone who touches the merchandise takes a cut. As a strategist. Commonly used channel intermediaries to the consumer are: As I mentioned. Those middlemen are called channel intermediaries. Because of my experience in the coffee industry. If a coffee processor. The margin is not based on cost. At each level of the chain. The selling price is not the ultimate retail price. At each level in the distribution channel. I will use coffee retailing to demonstrate the economics of the channels of distribution.
At each level. The retail price is what a consumer pays. Canadian and some U. Such changes could affect all the other elements of the plan. Because marketing strategy is a circular process. If your product is unique and in demand. The relative power of the channel participants can dictate pricing decisions based on the economics of the channel chosen.
With most products there are usually a variety of ways to reach the consumer. In the grocery trade. Kraft Foods decided to use an alternative channel in addition to grocery stores. By understanding the math you are better able to make a choice of channel. As smaller grocery. Each channel has its own channel margin mathematics. Who has the power in the channels? The question of channel power is crucial in selecting where to sell.
If the answer is no. Each product must be tracked. When Mazola cooking oil produces three sizes. A maker of an excellent pizza in the Midwest that I knew failed to get off the ground because it could not afford the bribes necessary for space. The Internet has four functions as a channel of customer communication.
When there were many smaller grocery chains. Feel free to interject this topic into MBA conversation as often as you like. It can provide additional support and value.
The Internet can be a great way to sell product. And lastly. That is no longer the case. In the s the packaged-goods giants could force their products on the trade.
MBAs call it the action plan. That cannot be overemphasized. Marketing managers choose what mix of marketing efforts should be made. But if Maytag wanted to sell personal hair dryers. How will I differentiate my product? How does the product life cycle affect my plans? This question tries to identify areas of synergy among your products. The development of the marketing mix is an evolutionary process whose goal is an internally consistent and mutually supportive plan. Kraft Foods has chosen to place.
Lifshitz somehow fails to convey the image of English aristocracy. Consequently there are many ways to do it. In many cases the so-called brand equity of one product can be transferred to new products using a brand or line extension strategy that differentiates it from the pack. The previous discussion of the PLC noted that product features are extremely important to differentiate products in the growth.
It would take many years of expensive advertising to establish the brand equity of the Jell-O brand. Positioning is inexorably tied to the market segment selected through your consumer and market analysis. Perceptual maps and positioning can help to differentiate the product.
As my perceptual map of paper towels indicated. The choice of any one of these product differentiation techniques affects the entire marketing process. The Jell-O brand bestows upon the new products all the goodwill and brand recognition brand equity that Jell-O has earned over decades. As pictured in the perceptual mapping of paper towels.
Based on the point in the product life cycle PLC. A product can be differentiated from the competition by creative advertising and promotion. All the product attributes mentioned affect the positioning of a product in the marketplace. If stretched too far. The emphasis on multiplay features on compact disc players. At this stage. The same designer may choose to selectively sell in. What distribution strategy should I use? On what basis should I choose a channel of distribution?
What type of distribution strategy should I select? A distribution strategy can differentiate your product from the crowd. Whatever the choices for the product. In the mature cassette deck market. Consumers tend to perceive certain attributes in a product.
In your review of the distribution channels. The retailers were in turn obliged to provide Ralph Lauren with special placement and selling efforts.
There is usually more than one choice. If those obligations are not met. That choice made sense since the shades. Which channels of distribution to choose? It depends. By choosing to be selective. Another factor to consider is the level of attention needed for the sale. This is related to the level of complexity of the product. The product may indicate a need for your own sales force despite the costs.
When manufacturers share the costs of advertising with retailers. The company wanted to distribute the cardboard shade as widely and quickly as possible. Each of these distribution methods places certain responsibilities upon the manufacturer and the retailer.
Three factors should serve as a guide to make a selection. Ralph provided the image and the margins sought by retailers. The California marketer of car-window sun shields had no such concern. Where are the margins taken at each level? Can your company deliver the product through the channels at a competitive price and still reserve enough margin for itself?
Based on the available margins. The ultimate goal of promotion is to affect downloader behavior. The ability to motivate the channels to carry your product effectively and appropriately enters into the placement decision. Pharmaceutical companies usually have their own sales forces. Need for Control. Margins Desired. They chose not to sell through electronics stores or other general merchandisers. Cincinnati Microwave chose to capture the entire retail margin and to cut out all the middlemen who typically distribute and sell electronics.
Cincinnati Microwave opted to sell directly to the public through magazine display advertising. Their management believed that the technological superiority of their Escorts and Passports would help the units sell themselves. In the case of radar detectors.
The further the manufacturer is removed from the consumer with distributors. You need to know the mission you want to accomplish before you can begin to draft or spend the promotion budget.
Goal setting is paramount in developing a promotional campaign. Advertising Personal Selling Sales Promotion. Pull strategies are those efforts that pull downloaders to the outlets that carry your product.
Another important mission of promotion is to encourage the distribution channels to stock and sell a product to consumers. Beer distributors. To pull downloaders to a store or to push the distribution channel to stock and sell.
Different products. As with distribution. Such efforts are a push strategy. In the beer industry they spend heavily to advertise the brand as well as to gain greater bar distribution. Most plans have an element of both push and pull strategies. The promotional mission chosen for your product must be consistent with the downloading process outlined in your consumer analysis. The message delivered is also a key determinant.
Two important things to keep in mind are your intended mission and the quantitative measurement of exposure required to accomplish it. High GRPs do not guarantee sales. The desired demographics and segmentation variables of the audiences delivered also enter prominently into the equation. A TV program that attracts a muddled mix of demographic audiences is less valuable per audience member.
Even if you have the right media vehicle. Marketers refer to the number of times a person is exposed to a message as the total impressions made on that audience. Reach and frequency are key quantitative measurements of media goals. When multiplied. downloading advertising is just like downloading marketing research — know what and why you are downloading — downloader beware.
Reach is the percentage of the target market who see and hear your promotion or advertisement. When advertising people refer to the message. Because of the downloading behavior associated with different products. This is what you pay for when you download advertising. Frequency is the number of times they saw or heard it. Please pay attention to the following measurement vocabulary. Magazine and newspaper advertising is downloadd based on the size and segmentation variables of their circulations.
This avenue is generally the most expensive element in any marketing mix because of the high cost of labor and commissions paid. Some are more selective than others. Marketers choose personal selling when they need to make direct contact with the downloader.
Managers of products that are new. Kraft Foods. Any affordable ad would have been drowned out by the giants. Ad agency people who develop the ideas are called creatives. A competitive measure of media is share of voice. Magazines have a longer shelf life.
Through the clutter. Advertisers believe that to have an impact through the competitive media clutter and noise. Using this measure. Both of these print audiences are bought on a cost per thousand CPM readers basis. Personal Selling. Each type of promotion has its own associated vocabulary that you should be aware of. Sales Promotion. Newton of the Darden School at the University of Virginia saw personal selling as having evolved over the years in four stages: Music Man.
Magic Formula. Professor Derek A. Current theory holds that personal selling is a problem-solving and consultation process. Animated Catalog. Vacuum cleaner salespeople knew all the facts about their products.
After World War I. If you are not a marketer. The use of telemarketers has greatly been reduced by the adoption of many do-not-call lists. Sales promotions are designed to complement and reinforce other promotional efforts. Sales promotion is designed to elicit the desired behavior from the consumer.
Coupons are a direct way to pass a price reduction on to consumers. Consumer sales promotions techniques available are coupons. Marketers use coupons to encourage trial. Refunds are usually used to increase the quantity or frequency of download by encouraging downloaders to stock up. Grocery coupons are most often placed in a special coupon section of the Sunday paper called freestanding inserts FSIs. There are two types of promotions: Refunds are generally used to accelerate the normal consumer download cycles.
Because of the work involved. Marketers need to estimate the redemption rate and net cost and include the net cost in their marketing budgets. Consumers are reluctant to. As a manufacturer. Samples are a high-cost way of introducing a new product. Coupons can also be distributed on a corporate Web site at little cost. Rebates are also used for more expensive items.
Battery manufacturers frequently use refund offers. Rebates require downloaders to complete paperwork. Sampling requires a cash investment to produce and stock the smallersized packages.
Sampling may also be effective for products that consumers would view as risky in switching to a new brand. Dealer and employee incentives. The game rules and odds of winning must also be scrutinized to ensure that the promotional budget will cover the forecasted costs.
Freestanding aisle displays and built-in shelf displays are other forms of POP. To get them in the stores requires the cooperation of the trade.
To get the goodies. State gambling laws must be investigated to ensure compliance. Payments made to dealers for marketing support are called spiffs. When the Communist bloc boycotted the games. When a display is at the end of an aisle it is referred to as an end cap. Self-liquidating premiums are those for which the price charged covers just costs. Trade-directed sales promotions tools include sales contests.
On the retail shelf a POP can be a shelf talker. A marketer can do it by providing a high markup per item or a high turnover on lower-margin items. Every time the United States won. They can take the form of slot-.
To get those prime sports. There are many variations on the point-of-download display POP. A thorough analysis of the game rules and the laws must be conducted to avoid a disaster. Premiums are items offered at low or no cost to downloadrs of a product. Contests and sweepstakes are a popular promotion and the most restricted legally. Many contests are conducted by inviting customers to corporate Web sites to play a game and enter contests.
Public relations PR is typically a promotional tool used to communicate to a broader audience. In-store demonstrations. IsisWitt Follow. Published in: Full Name Comment goes here. Are you sure you want to Yes No. Be the first to like this. No Downloads. Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. Book Details Author: Steven A Silbiger Pages: The Best Books of Distilling the material contained in most popular business courses presently offered at Harvard, Stanford, the University of Pennsylvania, the University of Chicago, Northwestern, and the University of Virginia—including leadership, corporate ethics and compliance, financial planning, real estate, and all the latest topics—this invaluable volume will teach you how to: Read and understand financial statementsDraft and adopt effective and comprehensive marketing plans Comprehend accounting rules and methods Manage your relationship with your bossDevelop corporate strategies Understand the present value concept Use quantitative techniques to evaluate projects Value stock, bond, and option investments Interpret the language of business law Master the most-used MBA jargon.
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Substantiality—Is the segment large enough to bother with?