...Elements of Success Sal Torres MKT241 October 2, 2013 Gabby Schweitzer Elements of Success For marketers, the four P’s or the “elements of a marketing mix” is known as studying the right product, putting that product in the right place, at the right price, in the right manner. In simplest terms, the four P’s is as followed: product, place, price, and promotion. Implementing all four P’s can mean success for an organization. To the Hawaii Department of Education, executing each element precisely without mendaciousness is the difference between mediocrity and exceeding expectations. Even though Hawaii’s public school system graduate majority of their students, something needs to happen with the fraudulent spending going on to promote the very best education for Hawaii’s youth. To understand that idea, take a deeper look at each P and its importance it plays in marketing, the unethical structure, and the unsupervised supervised spending. Product Tangible goods like Boxing gloves, airplane, and a white t-shirt or services such as medical care, babysitting, or education is the product element a company markets. Take the school system for example. The school system has many product elements: the education itself; a simple set of tools one will need to be successful in their adult years and others like team sports, college prep courses, programs for at-risk youth, arts, etc., all supporting the source of the marketing mix. Not only do people use this product...
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...Customer Need: A Key Element for the Success of Company As Doyle (1994, p.39) mentioned, consumers can choose the product they want that makes the competitors try to attract more consumers from each other. It suggests that customers play an important role in marketing. If a company wants to win the competition, it might need to put consumers at the first place, meet the needs of consumer more effectively (Doyle, 1994, p.39). The famous article ‘Marketing Myopia’ written by Levitt (2004) suggests that the production of a company should based on consumer needs is what marketing tries to do. Disregard of consumer needs may makes the company face some challenges and hard to win in the market. However, emphasizing too much on current needs of consumers would not necessarily be a good thing. This essay discusses the challenges an organization may faced both not focus on consumer needs and focus too much on consumer current needs. First of all, it is probably not easy for a company to access the market especially the foreign market if its products can not meet consumer needs. As one of the Fortune Global 500, the fourth-largest retailer in the US, Home Depot failed in Chinese market that closed all its 12 stores in 2009, because Chinese regard buying a house as a way to store wealth, there is no need for them to decorate the house (Gao, 2003). Best Buy Co. closed its 9 outlets in China in 2011, because they found that what Chinese consumers need is washing machines rather than...
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...consumers and satisfy company goals. The marketing mix can be considered the offering of the company to the consumer. This offer is controlled by the following elements often referred to as the four P’s: • Product • Price • Place • Promotion By using alternative mixes of these four elements you have the capacity to reach multiple customers within your target audience. Biodesign is an advanced tissue repair graft for use in soft tissue repairs by surgeons. It is a product which is owned by Cook Medical, a medical device company. Biodesign was a revolutionary technology that was first to market ten years ago and since then several competitors have come to the market. Since then Biodesign’s positioned has changed to meet the needs of today’s market. Creating a successful marketing mix that will lead to increased market share, often takes market research and experimenting. Biodesign is no different, extensive market research was conducted and several mixes were tested before the final combination was agreed upon. In the case of Biodesign, the product caters to a niche market, and the marketing mix matches that: the price is within market budget, they are distributing the product where it will be seen, and the promotion is geared to solve the problems that the audience is encountering. ***One of the main keys to the success of any marketing plan is the ability to work effectively in shaping marketing mixes that meet the needs of your specified target market. So let’s see how...
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...In order to achieve success in the midst of the obstacles and challenges in your life there is one entity that everyone must acquire first and that is will power. Along with will power come the elements needed to prosper such as time management, concentration, and having faith in God. A great Minister, Eric Butterworth once said, “Nothing stops the man who desires to achieve. Every obstacle is simply a course to develop his achievement muscle. It's a strengthening of his powers of accomplishment.” Eric Butterworth was an author and Minister; he wrote over 16 best-selling books and lectured in seminars. Because he was also a theologian and philosopher his works relates to my focus which is personal, professional and spiritual obstacles and challenges. Being a student in Palm Beach University has helped me clarify the elements needed to achieve success in the midst of life’s obstacles and challenges. It all simmers down to having the confidence and implementing the elements towards your life. Achieving success is possible when executing the elements of will power, time management, concentration, and having faith in God. These elements that are needed to succeed and should be set in place for yourself whether personal, professional, or for spiritual success and provides inspiration and impact lives by generating the feelings of motivation and a sense of confidence. Will power is defined as self control or self discipline, acquiring the ability to have the strength...
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...Tydskrif vir Menslikehulpbronbestuur, 2006, 4 (1), 36-43 AN OPERATIONAL ’PROJECT MANAGEMENT CULTURE’ FRAMEWORK (PART 1) YVONNE DU PLESSIS CRYSTAL HOOLE yvonne.duplessis@up.ac.za Department of Human Resources Management University of Pretoria ABSTRACT The aim of this research is to develop an operational ‘project management culture’ framework, which can be used by project managers and organisations to support project work. One of the main causes of project failure is attributed to a non-supportive project management culture in organisations. A triangulation method is followed inclusive of a thorough literature review, a survey questionnaire and a concept mapping process. A project management culture framework with descriptive elements, based on Deal and Kennedy’s (1982) definition of organisational culture, comprising of four dimensions i.e. project process; people in projects; project systems and structure, and project environment was developed. Key words Project management culture The management of projects has become a strategic issue for many companies. Issues such as strategic alliances, rapid movement of labour and capital, and failure of projects are calling for the need of risk assessment and management from a new perspective. An organisation that wants to remain competitive in providing its customers with continually improved products and services has no choice but to use project management concepts and processes (Cleland, 1994). complex processes...
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...Projects should be more than just tactical or operational to take advantage of business opportunities. Important measures of project success such as building market share, extending product lines, increasing revenue, satisfying customers, and building for the future, to enable the projects to have an active element in the implementation of a company's strategic intent, achieve better results, and increase the company's competitive advantage or value should be included. Project success should be measured on more than the ‘triple constraint’ criteria of schedule, budget and specification. Shenhar developed four Success Dimensions that measure project success over time. These measures include "Efficiency”, which is measured immediately after project completion, it measures whether the project was completed on time and within budget. "Impact on the Customer", This is measured within a year of project completion, It measures if specifications were met and if customer satisfaction and quality was met. "Impact on the Business”, Is measured a year or two after project completion, it measures if the project efforts resulted in increasing revenue and profits, creating positive ROI and ROE. Lastly "Building for the future", which is measured in five year's time, it measures if the project created infrastructure, new core competencies, new market opportunities, or extend product lines. Project Strategy is essential to achieving better results and increasing the value obtained from a...
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...How would you Use the Systems Approach, and what Makes it so Critical to the Success of Project Management [Name] System approach is a strategic management concept which views the structure of a company as that of an interconnected and purposive system consisting of various business sections. It is a key approach to effective organizational management and structuring that groups elements on the basis that they can successfully be linked up together to give room for better management. System approach can be used in project management to evaluate both external and internal elements which affect the success of a business. According to Banathy, system approach is multi-directional (1964). This is because it allows an interactive approach to project elements. This management approach defines a project’s goals, objectives and the set procedures that are followed in successfully completing it. System approach is important to the success of any viable project. By interconnecting several elements of a project, this system provides a simplified base for management that reduces complexity. It also helps promote specialization and efficient coordination between different project departments. This results in efficient and specialized handling of project’s tasks and procedures, all which are critical to the success of project management. Moreover, through system approach, management strategies can be analyzed and evaluated for improvement. Simulations of new project management models...
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...financial stability within the company. The success of the company depends on how the financial reporting practices are followed and also how the ethical standards are implemented as well as how they incorporated into the company itself. Financial managing is the supervision of the business or organization’s finances in order to reach financial goals and success. The main intention of financial management is to generate capital for the organization, produce a progressive and increase cash flow into the company. This paper will discuss the four elements of a successful financial management that are critical to any health care organization. Any organization that is seeking success in the market must comply with all the regulations that are required by government, the market and very importantly by the consumers. Companies are not able to function without proper financial planning, it is important that all the accounting records are kept up to date so they follow specific guidelines. This also helps to keep track of how a company is doing to make sure that they are aware of where their money is going or coming from so that they know if they have a profit or losses. The four elements of financial management are planning, organizing and directing, controlling and decision-making. Every element is a skill implemented and plays an important part in the role of the financial manager whom has the responsibility to bring the organization to its success. Financial managers must know the short...
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...Strategic Management Process Kimberly Bruno MGT 498 October 29, 2012 Homer Johnstone Strategic Management Process For an organization to achieve success a successful product or service is necessary. However, a successful organization requires much more than that. An organization needs a full-scale management plan. This displays plans for the future and allows an organization to run like a well-oiled machine. To fully understand the management process one must examine all necessary elements and examine an organization with a solid process. The Elements The basic components or basic models of strategic management include four elements. These elements are environmental scanning, strategy formulation, strategy implementation, evaluation, and control. However, evaluation and control is actually element, and there are multiple steps within each element. Environmental scanning includes the process of monitoring, evaluating, and dissemination of information from both external and internal environments to the correct people within and organization (Wheelen & Hunger, p. 16, 2010). The easiest way to do this is to conduct a SWOT analysis. Strategy formulation involves developing long-range plans to manage environmental opportunities and threats properly. The long-range plans include defining the corporate mission, specifying achievable objectives, developing strategies, and setting policy guidelines (Wheelen & Hunger, p...
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...Marketing Mix Crystal Watson MKT/421 February 6, 2013 Brandon Miller University of Phoenix Marketing Mix Marketing is a commonly misrepresented term in today’s business environments. Some organizations and most individuals believe marketing is just about sales and advertising. Often times having such a vague understanding of marketing can determine the success or failure of an organization. In fact, marketing is a much more complex subject and area of business. Known as the four P’s, the marketing mix is a set of four decisions that an organization must make before launching a new product or service. The marketing mix consists of four elements: Product, Place, Price, and Promotion (University of Phoenix, 2011).These four elements work together to assist in making the strategic decisions necessary to ensure a smooth introduction of a product or service. An organization must have a thorough understanding of these four elements as each play a key role when developing an organization marketing strategies and tactics. The pet industry is a steadily rising niche business sector. Climbing up to $50.82 billion in 2011 from $23 billion in 2000, makes the pet industry a hot topic for entrepreneurs and pet lovers alike. Although the pet industry continue to see an increase in revenue, according to the American Veterinary Medical Association (AVMA) American households owned 2 million fewer dogs at the end of 2011 than at the end of 2006 (U.S Pet Ownership & Demographics Sourcebook)...
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... and elements utilized to help ensure that a company can stay at a high level of ethics. One article discusses how companies with high levels of ethics tend to be more successful than those that do not have a high level of ethical standard. Ethics play a large part in the financial management of a company. Elements of Financial Management The first element of financial management is planning. Planning consists of upper level management setting forth what needs to be done for a facility to come out in the ‘green’ and break even or have a profit. This plan should also have details on how to do it on top of the objectives. Planning is needed so that a company knows what it wants and the route they plan to take to get to where they want. The next element is controlling. Controlling is where upper level management does a checks and a balance by comparing past financial reports to current ones to see that the financial objectives and goals are met. This can help to narrow down exactly which departments are in need of assistance to meet their goals. If a company has kept accurate and detailed financial reports it is more likely that the company can heavily rely on these reports to help control which path is taken next to reach success. Organizing is the next element of financial management. Organizing helps upper level personnel to know what resources should be utilized where in order to reach the goals, objectives, and plans set forth for the organization. The last element is decision...
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...Table of Contents Introduction 2 Human Resource Defined 3 Strategic HRM Elements 3 Strategic Planning 4 Strategy 4 Strategic HRM and Goals & Objectives 4 SHRM – A tool to achieve organization’s goals and objectives 6 Case Study 7 Company Information 7 Company background 7 Core strategic aims and values 7 Pest Analysis 8 Political Factors 8 Economic Factors 9 Social Factors 9 Technological Factors 9 Employee and human relations 10 Human Relations 10 Key Success Variables 10 Employee Relations 10 Key Success Variables 11 Global market value and competitive advantage 11 Internal & external customer satisfaction 11 Key Success Variables 12 Conclusion 12 List of Figures Figure 1: Strategic Human Resource Management Model 6 Figure 2: Traditional HR versus Strategic HR 7 Figure 3: Pest Model 9 Introduction In the current global business environment, the role of HR cannot be neglected. HR consideration is equally important as the knowledge economy expects from their workforce to share their contribution in building the structure of the ideas for the benefits of organization as a whole and at the same time support in compliance of its strategy. HR competent people working in an organization set the benchmark in value additions for the business activities that are undertaken in return to have the desired achievements of goals and objectives. Hence it has been pretty crucial to acquaint with the dynamic HR changes that are happening in an economy. ...
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...A RESEARCH STUDY TO DETERMINE THE REASON CHANGE MANAGEMENT HAS A 70 PERCENT FAILURE RATE by Craig W. Johnson A research project report submitted to the faculty of Brandman University in partial fulfillment of the requirements for the degree of Bachelor of Arts in Organizational Leadership December 2012 TABLE OF CONTENTS Page Abstract 3 Introduction 6 Statement of the Issue 6 Background 6 Purpose 7 Research Questions 8 Significance of the Study 9 Conclusions 9 Literature Review 10 Research Question 1 10 Research Question 2 16 Research Question 3 23 Conclusions and Recommendations 26 Conclusions: Research Question 1 26 Conclusions: Research Question 2 28 Conclusions: Research Question 2 29 Recommendations 31 References 33 Abstract The purpose of this paper is to review current information on the reasons and circumstances why change management projects have a 70% failure rate. Since change management projects are perceived, planned, approved, communicated, and implemented within organizations at an alarming rate, it is important to reveal individual and group interests behind the ideologies of change management. This research provides insight into the characteristics of management, management’s approach to effective communication, the politics, power, and ideologies of change management implementation, the behavior of organizations...
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...A Comprehensive Comparison between Service Brand and Product Brand Contents Introduction 1. What is brand 1.1. Elements of Brand 1.2. Benefits of branding 1.3. Significance Of Adopting Proper Branding Strategy 2. Service brand: 2.1. Features Of Service Brand 2.2. Role Of Employers In Success Of Service Brand 2.3. Role Of Consumer In Success Of Service Brand 2.4. Challenges Service Branding Is Facing 3. Product Brand: 3.1. Features Of Product Branding 3.2. Role Of Manufacturers In Success Of Product Brand 3.3. Role Of Consumers In Success Of Product Brand 3.4. Challenges Product Branding Is Facing 4.1. Brand Positioning 4.2. Brand Equity 4.3. Brand Identity And Personality 4.4. Brand Image 4.5. Brand Audit 5. Recommendation References Introduction: The current era is considered the age of competition and the branding is one of the most convenient ways to establish a positive image in the mind of the consumers. However, it is rather difficult task to formulate an image without pondering upon each element that is indulged in the promulgation of some brand. Nevertheless, the brand can be promulgated if proper strategy is applied after selecting the best brand type. This paper throws light upon the significance of brand and two types of brands. The first section is the clear cut mouthpiece of what the brand actually is and what the benefits of using this term. Furthermore, this section also throws light upon two types of brand, ie service...
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...college success Shelly GEN/200 July 28, 2014 April Hakins Personal responsibilities to college success Personal responsibilities and a college education are the key elements that will ensure a prosperous future. Personal responsibilities in my opinion are the responsibility to do whatever is necessary to achieve a successful future. Setting goals is an essential element in achieving success. Short, as well as long-term goals, need to be set and achieved in a timely fashion. Time management is critical even though it may be enormous concern using the correct amount of thought goals can produce in time. Setting goals is extremely crucial for success both for short and long term goals are needed. The definition for goals in the dictionary is: “the end toward which effort or ambition is directed.” According to http://unabridged.merriam-webster.com/unabridged/goals. First you would need to devise a plan and put the goals in place. Then using time management and personal responsibility you would achieve those goals. Short term goals should be used as a stepping stone to reach long term goals. As an example, you would set a short-term goal like earning an associate’s degree so that you can earn a bachelor degree which would be a long-term goal. When it’s all said and done setting and reaching goals is an essential element in achieving a college education which will ensure a successful future. The relationship between personal responsibility and college success is very simple...
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