Marketing and Operations

Marketing
1. Marketing is where a business tried to meet the needs and wants of customers
2. Product
  1. The marketing department must research what is in demand and what is wanted of the product
  2. They'll often have prototypes to demonstrate and give to a test market
  3. They'll will offer their research to production teams in order to better the product
  4. This can also decide the method of production
3. Place
  1. Where a business locates is important because they need to be located close to their customers
  2. They need skilled employees
  3. May get grants to reside in certain areas
  4. Need suitable infastructure
4. Promotion
  1. Branding
    1. Branding is where you use a name, colour scheme or logo to instantly recognizable to customers
      1. Can sell for a premium price
      2. Pushes customers to become 'brand loyal'
      3. New products can easily be introduced into the market
      4. If the brand gets a bad rep it can end in disaster
  2. Above the line (AKA Mass Marketing)
    1. TV Ads
    2. Radio Ads
    3. Billboards
  3. Below the line (Individual marketing)
    1. Mail
    2. Email
    3. Leaflets
    4. Flyers
5. Price
  1. Low Price
  2. High Price
  3. Destroyer pricing
  4. Skimming
  5. Promotional pricing
  6. Cost plus pricing
  7. Psychological pricing
6. Product life cycle
  1. Introduction
  2. Growth
  3. Maturity
  4. Decline
Operations
1. Suppliers
  1. Cost
  2. Qualtiy
  3. Delivery Time
  4. Quanitity
  5. Location
  6. Reliability/ Reputation
2. Stock Management
  1. Too little
    1. Production might have to stop
      1. Hence customer orders can not be fulfilled
  2. Too Much
    1. Money tied up in unused stock
      1. Higher risk of theft
      2. Trends may outdate stock
      3. Could preish
      4. Costs more: Lighting, insurance, security
  3. Just in time limits stock storage but still fulfills orders
  4. EPOS manages stock automatically
3. Methods of production
  1. Job
    1. Pro: High quality product
    2. Con: Expensive on all fronts
  2. Batch
    1. Pro: Different batches can suit different needs
    2. Con: A mistake could destroy a whole batch
  3. Flow
    1. Pro: Cheaper in long run due to economies of scale
    2. Con: Very expensive to set up
  4. Labour intensive
  5. Capital intensive
4. Quality
  1. TQM
  2. Quality circles
  3. Benchmarking
  4. Quality control

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Marketing and Operations

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