CHAPTER 10: MOTIVATING EMPLOYEES
A.VALUE OF MOTIVATION:
- Employees’ satisfaction
- Engagement: level of motivation, passion and commitment
- Key function of manager: motivating right people, to work with
natural drive & willing to work hard if they feel their work is
appreciated and makes a difference.
- 2 kinds of reward:
+ Intrinsic reward: from personal satisfactions
+ Extrinsic reward: the reward other people give you (promotions,
praise…)
B. TAYLOR’S THEORY:
- Scientific management: improve worker’s productivity by time,
methods, rules of work
- Time-motion studies: Studies of which tasks must be performed to
complete a job and the time needed to do each task
- 4 key of Taylor’s principle:
+ Study how job is performed (gather time, motion information and
check different methods)
+ Codify the best method
+ Choose workers whose skill matches
+ Establish level of performance
C. HAWTHORN’S STUDY:
- Hawthorne Effect: People act differently when they know they are
being studied.
D. MASLOW HIERARCHY OF NEEDS:
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- Physiological needs: basic survival needs including the need for
food, water and shelter
- Safety needs: the need to feel secure at work and at home
- Social needs: the need for recognition and acknowledgment from
others, as well as self-respect and a sense of status or importance
- Self-actualization needs: the need to develop to one’s fullest
potential
E. HERZBERG MOTIVATING FACTOR:
- Motivators: Job factors that cause employees to be productive and
that give them satisfaction
- Hygiene factors: Job factors that can cause dissatisfaction if missing
but that do not necessarily motivate employee if increase
F. MCGREGOR’S THEORY X, Y & OUCHI’S THEORY Z:
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*William Ouchi’s Theory Z is the combination of theory A (focused on
the individual) and theory J (committed to the organization and
group)
G. GOAL SETTING THEORY:
- Setting ambitious but attainable goals can motivate workers and
improve performance if the goals are accepted, accompanied by
feedback and facilitated.
- Management by Objectives (MBO): Involves a cycle of discussion,
review and evaluation of objectives among top and middle-level
managers, supervisors and employees.
H. EXPECTANCY THEORY:
I. REINFORCEMENT THEORY:
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- Definition: Positive and negative reinforcers motivate a person to
behave in a certain way.
Positive reinforcement Negative reinforcement
Punishment Extinction
J. EQUITY THEORY:
- Equity Theory: Employees try to maintain equity between inputs
and outputs compared to others in similar positions.
K. JOB ENRICHMENT:
- Job enrichment: A motivational strategy that redesigns jobs to be
more challenging to the employee and have less repetitive work.
- 3 types of job enrichment:
+ Job simplification: Produces task efficiency by breaking a job into
simple steps and assigning people to each.
+ Job enlargement: Combine a series of tasks into one challenging and
interesting assignment.
+ Job rotation: moving employees from one job to another
CHAPTER 11: HUMAN RESOURCE MANAGEMENT
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A. SOME CRITICAL DEFINITION:
- Job analysis:
+ Job description
+ Job specifications
B. Summarize:
1. The five step in human resource planning:
(1) preparing a human resource inventory of the organization’s
employees
(2) preparing a job analysis
(3) assessing future demand
(4) assessing future supply
(5) establishing a plan for recruiting, hiring, educating, appraising,
compensating, and scheduling employees.
2. Methods that human resource managers use to recruit new
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employees: Recruiting sources are classified as either internal or
external.
- Internal sources include those hired from within (transfers,
promotions, reassignments) and employees who recommend others
to hire.
- External recruitment sources include advertisements, public and
private employment agencies, college placement bureaus,
management consultants, professional organizations, referrals, walk-
in applications, and the Internet.
3. Six step in the selection process:
(1) obtaining complete application forms
(2) conducting initial and follow-up interviews
(3) giving employment tests
(4) conducting background investigations
(5) obtaining results from physical exams
(6) establishing a trial period of employment.
4. Some training activities: Training activities include employee
orientation, on- and off-the-job training, apprentice programs, online
training, vestibule training, and job simulation.
5. Methods that help develop managerial skills: Management
development methods include on-the-job coaching, understudy
positions, job rotation, and off-the-job courses and training.
6. How managers evaluate performance:
(1) establish performance standards;
(2) communicate those standards;
(3) compare performance to standards;
(4) discuss results;
(5) take corrective action when needed;
(6) use the results for decisions about promotions, compensation,
additional training, or firing.
CHAPTER 13: MARKETING BUILDING CUSTOMER RELATIONSHIP
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A. DEFINITION*:
Marketing is “the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at
large.”
- KEY: Marketing is about managing potential relationships with
customers.
B. FOUR ERAS OF US. MARKETING:
Production era Goals centered on production.
Selling era Develop mass-production techniques; turn
from producing to selling.
Marketing Customer Orientation: Finding out what
concept era customers want and then providing it.
Service Orientation: Strive to customer
satisfaction.
Profit Orientation: Focusing on the goods and
services that will earn the most profit to serve
for customer’s wants and needs.
Customer The process of learning as much as possible
relationship era about present customers and doing everything
you can over time to satisfy them or even to
exceed their expectations with goods and
services.
C. MARKETING MIX*: Include Product, Price, Place, Promotion.
Marketing research Find opportunities.
Conduct research.
Identify a target market.
Product Design a product to meet the
need based on research.
Do product testing.
Price Determine a brand name, design
a package, and set a price.
Place Select a distribution system.
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Promotion Design a promotional program.
Build a relationship with
customers.
D. MARKETING RESEARCH PROCESS*:
Consists of at least four key steps:
1. Defining the Environment Global - Trade agreements (Các hiệp
question (the -al scanning factors định thương mại)
problem or - Competition
opportunity) - Trends
and - Opportunities
determining - Internet
the present
situation. Technologic - Computers
al factors - Telecommunications
- Bar codes
- Data interchange
- Internet changes
Sociocultural - Population shifts
factors - Values
- Attitudes
- Trends
Competitive - Speed
factors - Service
- Price
- Selection
Economic - GDP
factors - Disposable income (thu
nhập khả dụng - thu nhập
sau khi đã trừ đi thuế nhà
nước)
- Competition
- Unemployment
2. Collecting Primary Interviews, surveys, observation, focus group,
research data sources online surveys, questionnaires, customer
comments, letters from customers.
Secondary Government Publications
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sources - Commercial Publications
should find
first Magazines
Newspapers
Internal Sources
General Sources
3. Analyzing the research data.
4. Choosing the best solution and implementing it.
E. MARKET SEGMENTATION*:
F. MARKETING METHOD*:
METHOD Niche marketing One-to-one
marketing
Market Small, profitable. Large, but still focus
segments on individuals.
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METHOD Niche marketing One-to-one
marketing
Products Specific, unique Mix
Examples Big Size fashion clothes Package tour.
METHOD Relationship marketing Mass marketing
Market Custom-made goods and Products, promotion
segments services, focus on long- that please large
term/ loyalty customer group of people (as
engagement many as possible)
Examples Spa Coca Cola.
G. B2B MARKET & CONSUMER MARKET* (read more in slides)
CHAPTER 14: DEVELOPING AND PRICING GOODS AND SERVICES
I. 4Ps - PRODUCT:
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A. TOTAL PRODUCT*:
- Total product: wide range of tangible and intangible benefits that
buyers gain from a product
- Primary characteristics: basic features of the core product (range,
shape, color, quality, quantity, compatibility…)
- Auxiliary dimensions: supplementary benefits (special features,
aesthetics, packaging, brand name…)
B. PRODUCT’S IDENTIFICATION:
- A product item: is a specific product that has a unique brand, size, or
price
- Product Line: A group of products that are physically similar or
intended for a similar market. Product lines often include competing
brands.
- A Product Mix: the combination of all product lines offered by a
company or service provider.
C. DIFFERENTIATING PRODUCTS*:
- Product Differentiation: The creation of real or perceived product
differences.
- Sometimes, marketer use a creative mix of
pricing/advertising/packaging to create different image (e.g: bottled
water, aspirin, fast-food, laundry detergent, shampoo)
D. CONSUMER PRODUCT CLASSES*:
1. Consumer product:
Types Price Place Product Purchase Goals in
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(distribution behavior of Promotion
) consumer
Convenience Low Widespread, Staples/ - Impulse, Focus on
(Sản phẩm always emergency in frequent price,
tiện lợi) available life: Medicine, - Accept availability,
Toothbrushes, subtitudes awareness
Magazines
Shopping Fairly Large Clothes, shoes, - Infrequent Focus on
products (Sản high number of Appliances and and seek for brand image,
phẩm mua outlets (cửa furniture, information/ differentiation
sắm): Included hàng bán lẻ Childcare, Home comparisons from
Homogeneous do chính remodeling… - Prefer strong competitors
& brand sở brand image
Heterogeneou hữu) but also
s products accept
subtitudes
Specialty (Sản High Limited/ Unique - Infrequent, Build brand
phẩm chuyên connect with products: Tiffany needs large status and
biệt) retailers jewelry, Rolex research, pay unique
watches, lot of effort products
Lamborghini, - Brand
automobile, Ritz identification
Carlton Hotels s, don’t
accept
subtitudes
Unsought Vary Often limited Requires much - Infrequent, Raise
products (Sản advertising and some may awareness
phẩm thụ personal selling. have and develop
động): comparisons personal
Included New Eg: funeral - Will accept selling
unsought service, car substitudes
products and towing service
Regularly (dịch vụ kéo xe)
unsought
products
E. PACKAGING, LABELING, BRANDING* (đóng gói, dán nhãn)
1. Packaging & labeling:
Packaging Labeling
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Goals - Attracting Promote a product
attention
- Describing the
product
- Making the sales
Objectives 1. Cost effective 1. Provide information
2. Protect the 2. Promotes the product
product
3. Assist in
marketing of the
product
2. Branding:
- Brand: Name, symbol, design that identifies from the goods or
services and distinguishes them from competitor’s offerings.
- Trademark: A brand that has exclusive legal protection for both its
brand name and design.
F. THE NEW-PRODUCT DEVELOPMENT PROCESS:
G. KEY BRAND CATEGORIES:
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H. BRAND EQUITY AND LOYALTY
I. PRODUCT LIFE CYCLE*
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J. 4P - PRICE:
I. Pricing strategy*:
+ Target costing: Making the final price of a product an input in the
product development process by estimating the selling price
consumers will pay.
+ Competition-Based Pricing -- A strategy based on what the
competition is charging for its products.
+ Skimming Price Strategy -- Pricing new products high to recover
costs and make high profits while competition is limited.
+ Penetration Price Strategy -- Pricing products low with the hope of
attracting more buyers and discouraging other companies from
competing in the market.
II. Pricing strategies of retailers:
+ Everyday Low Pricing (EDLP) -- Setting prices lower than competitors
with no special sales.
+ High-Low Pricing -- Using regular prices that are higher than EDLP
except during special sales when they are lower.
+ Psychological Pricing -- Pricing products at price points that make a
product seem less expensive than it is.
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CHAPTER 15: DISTRIBUTING PRODUCTS
A. DEFINITION*:
- Marketing intermediaries: are organizations that assist in moving
goods and services from producers to businesses (B2B) and from
businesses to consumers (B2C)
- A channel of distribution consists of a whole set of marketing
intermediaries, such as agents, brokers, wholesalers, and retailers,
that join together to transport and store goods in their path (or
channel) from producers to consumers.
- Agents/ brokers are marketing intermediaries who bring buyers and
sellers together and assist in negotiating an exchange but don’t take
title to the goods—that is, at no point do they own the goods.
- A wholesaler is a marketing intermediary that sells to other
organizations, such as retailers, manufacturers, and hospitals.
- Retailer is an organization that sells to ultimate consumers (*)
B. WHY MARKETING NEEDS INTERMEDIARIES*:
- Because intermediaries perform certain marketing tasks faster and
more cheaply.
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- Three basic points about intermediaries:
1. Marketing intermediaries can be eliminated, but their activities can’t,
because consumers or someone else would have to perform the
intermediaries’ tasks. Plus, not all organizations use all the
intermediaries; some intermediary functions can be done in-house.
2. Intermediary organizations have survived because they perform
marketing functions faster and more cheaply than others can. To
compete, they now must adopt the latest technology.
3. Intermediaries add cost to the product, which is offset by the value
they create.
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C. THE UTILITIES CREATED BY INTERMEDIARIES:
1. Utility*: In economics, is the want-satisfying ability, or value, that
organizations add to goods or services by making them more useful
or accessible to consumers than they were before.
- There are six kinds of utility: form, time, place, possession,
information, and service.
Kind of Advantages Example
utility
Form utility Change raw materials into + A farmer separates the wheat from the
useful products. chaff (tách lúa mì khỏi vỏ trấu)
+ The processor turns the wheat into flour
(chế lúa mì thành bột)
+ Butchers cut pork chops from a larger
piece of meat and trim off the fat (cắt
sườn từ một miếng thịt lớn hơn và loại bỏ
chất béo không cần thiết)
+ Baristas at Starbucks make coffee just
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the way we want
Time utility Making a product available Get groceries at midnight because the
when consumers need local deli was open 24 hours a day.
them.
Place utility Placing a product where Convenient places for vacationers
people want them
Possession Doing whatever is Both the real estate broker and the
utility necessary to transfer savings and loan are marketing
ownership from one party intermediaries that provide possession
to another, including utility. They help the customer who
providing credit. Some doesn't want to own goods but still have
activities associated with the right to use it through renting or
possession utility include leasing.
delivery, installation,
guarantees, and follow up
service.
Informatio Opening two-way flows of Newspapers, salespeople, libraries,
n utility information between websites, and government publications
marketing participants. are all information sources made available
by intermediaries.
Service Providing fast, friendly Helpful, friendly service we received from
utility service during and after the the salesperson in a store and the service
sale and by teaching from the techies at the Genius Bar.
customers how to best use
products over time.
2. Wholesale intermediaries:
Retail sale Wholesale sale
The sale of goods and services to The sale of goods and services to
consumers for their own use businesses and institutions, like
schools or hospitals, for use in the
business, or to wholesalers or
retailers for resale.
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Full service
Wholesale sale
Limited Rack jobbers
function
Cash-and-carry wholesalers
Drop shippers
Agents & Agents
Brokers
Brokers
3. Retail intermediaries:
D. RETAIL DISTRIBUTION STRATEGY*:
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Intensive Distribution that puts
distribution products into as many
retail outlets as possible
Selective Distribution that sends
distribution products to only a
preferred group of
retailers in an area
Exclusive Distribution that sends
distribution products to only one
retail outlet in a given
geographic area
E. NON STORE RETAILING*:
a) Electronic retailing: Consists of selling goods and services to
ultimate consumers online
b) Social commerce:
+ A form of electronic commerce that involves using social
media, online media that supports social interaction, and
user contributions to assist in the online buying and
selling of products and services
+ Types of social commerce:
c) Telemarketing: The sale of goods and services by telephone
d) Vending machines, kiosks, and carts:
+ Vending machines dispense convenience goods when
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consumers deposit sufficient money.
+ Carts and kiosks have lower overhead costs than stores
do, so they can offer lower prices on items such as T-
shirts, purses, watches, and cell phones.
e) Direct selling: reaches consumers in their homes or workplaces.
f) Multi Level Marketing
g) Direct Marketing: any activity that directly links manufacturers or
intermediaries with the ultimate consumer.
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