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Sample Business Write-Up

George’s Chicken Shack

Because I am an entrepreneur, a person willing to risk time, money and reputation, I am planning to start a new restaurant in Bossier City. My restaurant will be named George’s Chicken Shack.

business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs. My Chicken Shack will certainly accomplish this. I understand that nearly every family eats out a few times per week. There are numerous chicken fast food restaurants in town; therefore I know there is a need for great tasting chicken sandwiches, chicken fingers and grilled chicken.

I am thankful I live in the United States, where free enterprise is a key component of the economic system. I’m free to start my own business, free to make the products I want, free to sell them for the price I want to charge, and I’m free to choose my location. This freedom gives me confidence. Confidence that my knowledge, coupled with my business skills, will make my Chicken Shack a success.

How do I define business success? I’m thinking about profitability. Profit is the reward for taking the risks mentioned above. Profit is also the money that remains after I deduct my expenses from my sales revenue. With George’s Chicken Shack, I’m planning for a 25% profit margin.

I’m not afraid of competition. There is plenty of fast-food competition. Not only chicken, but hamburgers, tacos, BBQ, etc. I understand I am going to compete with every restaurant. Monopolistic Competition is a situation where there are numerous buyers and numerous sellers. Being different makes an impression with people, and I’m going to do things differently than most chicken restaurants. I’ll have “hot and spicy”, “super-crispy”, “grandma’s old time” and a nice “BBQ” flavor.

When I graduate, I hope the economy is in a full recovery (a period of economic expansion), so that I have a better chance of immediate success. People need to have money to spend on fast-food, and that usually happens when the economy is red hot.

Business Write-Up #2

Describe an interesting business (interesting to you) using the terminology from Chapters 8 through 16.

There is a sample write-up in the Course Information module. Please DO NOT copy the sample.

Please highlight your selected terms in bold (I need to know which terms you have chosen for discussion).  You should properly use and explain how your selected terms apply to the business.  I think students find this easier if they describe a local business, or a business they want to start, as opposed to writing about a big corporation.

The write-up should be typed, be at least 500 words long, and use at least eight terms from the book. A good method is this: 1-select a business term, 2-tell me the meaning and importance of the term, and, finally, 3-tell me how the term applies to the operation or vision of the business.  If you use this method of describing a term, you will have a couple sentences around each selected term, and you will not have any trouble getting to 500+ words.

Please check the feedback I gave you on the first write-up.

FEEDBACK FROM 1:

Nice work on this assignment. It includes the level of detail and effort I look for, and it is well written.

Chapter 16

Using Effective Promotions

©McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom.  No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.

1

Learning Objectives

LO 16-1 Identify the new and traditional tools that make up the promotion mix.

LO 16-2 Contrast the advantages and disadvantages of various advertising media, including the Internet and social media.

LO 16-3 Illustrate the steps of the B2B and B2C selling processes.

LO 16-4 Describe the role of the public relations department, and show how publicity fits in that role.

LO 16-5 Assess the effectiveness of various forms of sales promotion, including sampling.

LO 16-6 Show how word of mouth, viral marketing, social networking, blogging, podcasting, e-mail marketing, and mobile marketing work.

©McGraw-Hill Education.

2

Promotion and the Promotion Mix

LO 16-1

Promotion mix — The combination of promotional tools an organization uses.

Integrated marketing communication (IMC) — A technique that combines the promotional tools into one comprehensive and unified promotional strategy.

IMC is used to:

Create a positive brand image

Meet the needs of consumers

Meet the strategic marketing and promotional goals of the firm

©McGraw-Hill Education.

3

Figure 16.1 The Traditional Promotion Mix

LO 16-1

©McGraw-Hill Education.

4

Figure 16.2 Steps in a Promotional Campaign

LO 16-1

Identify a target market.

Define the objectives for each element of the promotion mix.

Determine a promotional budget.

Develop a unifying message.

Implement the plan.

Evaluate effectiveness.

©McGraw-Hill Education.

5

Advertising: Informing, Persuading, and Reminding 1 of 4

LO 16-2

Advertising — Paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message.

Impact of Advertising

Total advertising expenditures exceed $420 billion in 2016.

Consumers benefit because production costs of TV programs, radio programs, newspapers, and magazines are paid for by advertisers.

Marketers choose ad media that will reach the target market.

©McGraw-Hill Education.

Figure 16.3 Major Categories of Advertising 1 of 2

LO 16-2

Retail advertising —to consumers by various retail stores

Trade advertising —to wholesalers and retailers by manufacturers

Business-to-business advertising —from manufacturers to other manufacturers

Institutional advertising — to create attractive image for organization rather than for product

Product advertising — to create interest among consumer, commercial, and industrial buyers

©McGraw-Hill Education.

Figure 16.3 Major Categories of Advertising 2 of 2

LO 16-2

Advocacy advertising — supports particular view of issue

Comparison advertising — compares competitive products

Interactive advertising — enables customers to choose the information they receive

Online advertising — appear on computers as people visit different websites

Mobile advertising — reaches people on their smartphones

©McGraw-Hill Education.

Figure 16.4 Estimated U.S. Advertising Expenditure in 2016 by Medium (in Billions of Dollars)

LO 16-2

©McGraw-Hill Education.

Advertising: Informing, Persuading, and Reminding 2 of 4

LO 16-2

Television Advertising

TV advertising is still the dominant media.

DVRs and OnDemand services challenge TV advertising because viewers can skip ads.

Product Placement

Product placement – Putting products into TV shows and movies where they will be seen.

©McGraw-Hill Education.

Advertising: Informing, Persuading, and Reminding 3 of 4

LO 16-2

Infomercials

Infomercial — A full-length TV program devoted exclusively to promoting goods or services.

Online Advertising

Online ads are attempts to get potential customers to a website to learn about a product.

Interactive promotion — Promotion process that allows marketers to go beyond a monologue, where sellers try to persuade buyers to buy things, to a dialogue in which buyers and sellers work together to create mutually beneficial exchange relationships.

©McGraw-Hill Education.

Advertising: Informing, Persuading, and Reminding 4 of 4

LO 16-2

Social Media Advertising

Companies can measure how many times a post is viewed or shared.

Social media allows marketers to test promotions before bringing them to traditional media.

Global Advertising

Requires marketers to develop a single product and promotional strategy to implement worldwide

Problems can arise in global markets with using one advertising campaign in all countries—especially bad translations.

Many marketers are moving from globalism to regionalism.

©McGraw-Hill Education.

Personal Selling: Providing Personal Attention 1 of 4

LO 16-3

Personal selling — The face-to-face presentation and promotion of goods and services.

Salespeople need to listen to customer needs, help reach a solution, and do everything possible to make the transaction as simple as possible.

©McGraw-Hill Education.

Personal Selling: Providing Personal Attention 2 of 4

LO 16-3

Steps in the Selling Process

Prospect and qualify

Preapproach

Approach

Make a presentation

Answer objections

Close the sale

Trial close — A question or statement that moves the selling process toward the actual close.

Follow up

©McGraw-Hill Education.

Personal Selling: Providing Personal Attention 3 of 4

LO 16-3

Steps in the Selling Process continued

Prospecting and Qualifying

Prospecting — Researching potential buyers and choosing those most likely to buy.

Qualifying — Making sure that people have a need for the product, the authority to buy, and the willingness to listen to a sales message.

Prospect — A person with the means to buy a product, the authority to buy, and the willingness to listen to a sales message.

©McGraw-Hill Education.

Personal Selling: Providing Personal Attention 4 of 4

LO 16-3

The Business-to-Consumer Sales Process

Most of these sales take place in retail stores.

The salesperson does not have to do much prospecting or qualifying.

Retail salespeople don’t usually need a preapproach step.

Follow up if the product is to be delivered or installed.

©McGraw-Hill Education.

16

Figure 16.6 Steps in the Business-to-Consumer (B2C) Selling Process

LO 16-3

©McGraw-Hill Education.

Public Relations: Building Relationships 1 of 3

LO 16-4

Public relations (PR) — The management function that evaluates public attitudes, changes policies and procedures in response to the public’s requests, and executes a program of action and information to earn public understanding and acceptance.

Three steps of a good PR program:

Listen to the public.

Change policies and procedures.

Inform people you’re responsive to their needs.

©McGraw-Hill Education.

Public Relations: Building Relationships 2 of 3

LO 16-4

Publicity: The Talking Arm of PR

Publicity — Any information about an individual, product, or organization that’s distributed to the public through the media and that’s not paid for or controlled by the seller.

Advantages of publicity:

Free

Reaches people who would not look at an advertisement

More believable than advertising

©McGraw-Hill Education.

19

Public Relations: Building Relationships 3 of 3

LO 16-4

Publicity: The Talking Arm of PR continued

Disadvantages of publicity:

No control over whether the media will use a story or when they may release it.

It can be good or bad.

Once a story has been run, it is not likely to run again.

©McGraw-Hill Education.

20

Sales Promotion: Giving Buyers Incentives

LO 16-5

Sales Promotion — The promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities.

Categories of Sales Promotions:

B2B sales promotions

Consumer sales promotions

Key Consumer Promotions

Samples

Coupons

Contests and prizes

©McGraw-Hill Education.

21

Figure 16.7 Sales Promotion Techniques

LO 16-5

©McGraw-Hill Education.

22

Word of Mouth and Other Promotional Tools 1 of 4

LO 16-6

Word-of-mouth promotion — People tell others about products they have purchased.

Viral marketing — Paying customers to say positive things on the Internet or setting up multiple selling schemes whereby consumers get commissions for directing friends to specific websites.

Many viral marketing programs give away free products or services in exchange for e-mail addresses.

©McGraw-Hill Education.

23

Word of Mouth and Other Promotional Tools 2 of 4

LO 16-6

Social Networking

Steps to launch a successful promotional campaign:

Know your customer base.

Post something new every day.

Develop fun, suitable hashtags.

Use a publishing calendar.

Engage with customers through contests and entertainment.

Follow back and reply to commenters.

Familiarize yourself with new site features.

Measure the effectiveness of posts.

©McGraw-Hill Education.

24

Word of Mouth and Other Promotional Tools 3 of 4

LO 16-6

Blogging

Blogs are a great way to interact with customers and improve the company’s website ranking.

Podcasting

Podcasting — A means of distributing audio and video programs via the Internet that lets users subscribe to a number of files, also known as feeds, and then hear or view the material at the time they choose.

©McGraw-Hill Education.

25

Word of Mouth and Other Promotional Tools 4 of 4

LO 16-6

E-Mail Promotions

E-mail promotions increase brand awareness among commercial suppliers.

Mobile Marketing

Marketers make use of smartphones to text customers about product offers and other company information.

©McGraw-Hill Education.

26

Managing the Promotion Mix: Putting It All Together

LO 16-6

Promotional Strategies

Push strategy — The producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise.

Pull strategy — Heavy advertising and sales promotion efforts are directed toward consumers so that they’ll request the products from retailers.

©McGraw-Hill Education.

27

Appendix of Long Image Descriptions

©McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom.  No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.

28

Appendix 1 Figure 16.4 Estimated U.S. Advertising Expenditure in 2016 by Medium (in Billions of Dollars)

From highest to lowest projected advertising spending:

TV: approximately 37 billion dollars

Digital: approximately 35 billion dollars

Radio: approximately 8 billion dollars

Newspapers: approximately 7.5 billion dollars

Magazines: approximately 7 billion dollars

Outdoor: approximately 4 billion dollars

Directories: approximately 2 billion dollars

Return to original slide

©McGraw-Hill Education.

©McGraw-Hill Education.

29

Appendix 2 Figure 16.7 Sales Promotion Techniques

B2B promotion techniques include trade shows, portfolios for salespeople, deals (price reductions), catalogs, and conventions.

B2C promotion techniques include coupons, cents-off promotions, sampling, premiums, sweepstakes, contests, bonuses (buy one, get one free), catalogs, demonstrations, special events, lotteries, and in-store displays.

Return to original slide

©McGraw-Hill Education.

©McGraw-Hill Education.

30

Chapter 10

Motivating Employees

©McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom.  No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.

1

Learning Objectives

LO 10-1 Explain Taylor’s theory of scientific management.

LO 10-2 Describe the Hawthorne studies and their significance to management.

LO 10-3 Identify the levels of Maslow’s hierarchy of needs and apply them to employee motivation.

LO 10-4 Distinguish between the motivators and hygiene factors identified by Herzberg.

LO 10-5 Differentiate among Theory X, Theory Y, and Theory Z.

LO 10-6 Explain the key principles of goal-setting, expectancy, reinforcement, and equity theories.

LO 10-7 Show how managers put motivation theories into action through such strategies as job enrichment, open communication, and job recognition.

LO 10-8 Show how managers personalize motivation strategies to appeal to employees across the globe and across generations.

©McGraw-Hill Education.

2

The Value of Motivation 1 of 5

Intrinsic rewards — The personal satisfaction you feel when you perform well and complete goals.

Examples of intrinsic rewards:

Pride in your performance

Sense of achievement

Extrinsic rewards — Something given to you by someone else as recognition of good work.

Kinds of extrinsic rewards:

Pay raises

Praise

Promotions

©McGraw-Hill Education.

The Value of Motivation 2 of 5

LO 10-1

Frederick Taylor: The “Father” of Scientific Management

Scientific management

Studying workers to find the most efficient ways of doing things and then teaching people those techniques.

Three key elements to increase productivity

Time

Methods of work

Rules of work

©McGraw-Hill Education.

The Value of Motivation 3 of 5

LO 10-1

Frederick Taylor: The Father of Scientific Management continued

Time-motion studies — Studies of which tasks must be performed to complete a job and the time needed to do each task.

Led to the development of the Principle of Motion Economy — Theory developed by Frank and Lillian Gilbreth that every job can be broken down into a series of elementary motions.

©McGraw-Hill Education.

The Value of Motivation 4 of 5

LO 10-1

Frederick Taylor: The Father of Scientific Management continued

Taylor and UPS

UPS drivers work under strict rules and work requirements.

How to get out of their trucks:

Right foot first

How fast to walk:

3 ft per second

How many packages to deliver a day

125 to 175 in off-peak seasons

How to hold their keys:

Teeth up, third finger

©McGraw-Hill Education.

The Value of Motivation 5 of 5

LO 10-2

Elton Mayo and the Hawthorne Studies

Researchers studied worker efficiency under different levels of light.

Productivity increased regardless of light condition.

Researchers decided it was a human or psychological factor at play.

Hawthorne Effect — The tendency for people to act differently when they know they are being studied.

©McGraw-Hill Education.

Motivation and Maslow’s Hierarchy of Needs

LO 10-3

Maslow’s Hierarchy of Needs — Theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to self-actualization needs.

Needs that have already been met do not motivate.

If a need is filled, another higher-level need emerges.

©McGraw-Hill Education.

Figure 10.1 Maslow’s Hierarchy of Needs

LO 10-3

©McGraw-Hill Education.

Herzberg’s Motivating Factors 1 of 2

LO 10-4

Herzberg’s research centered on the question:

What creates enthusiasm for workers and makes them work to full potential?

Herzberg found job content factors were most important to workers. Workers like to feel they contribute to the company.

Motivators

Job factors that cause employees to be productive and that give them satisfaction.

©McGraw-Hill Education.

Herzberg’s Motivating Factors 2 of 2

LO 10-4

Job environment factors maintained satisfaction, but did not motivate employees.

Hygiene factors — Job factors that can cause dissatisfaction if missing but that do not necessarily motivate employees if increased.

©McGraw-Hill Education.

Figure 10.2 Herzberg’s Motivators and Hygiene Factors

LO 10-4

Motivators

(These factors can be used to motivate workers.)

Work itself

Achievement

Recognition

Responsibility

Growth and advancement

Hygiene (Maintenance) Factors

(These factors can cause dissatisfaction, but changing them will have little motivational effect.)

Company policy and administration

Supervision

Working conditions

Interpersonal relations (co-workers)

Salary, status, and job security

©McGraw-Hill Education.

Figure 10.3 Comparison of Maslow’s Hierarchy of Needs and Herzberg’s Theory of Factors

LO 10-4

©McGraw-Hill Education.

McGregor’s Theory X and Theory Y 1 of 3

LO 10-5

Douglas McGregor proposed managers had two different sets of assumptions concerning workers.

Their attitudes about motivating workers were tied to these assumptions.

McGregor called them Theory X and Theory Y.

©McGraw-Hill Education.

McGregor’s Theory X and Theory Y 2 of 3

LO 10-5

Theory X

Assumptions of Theory X management:

Workers dislike work and seek to avoid it.

Workers must be forced, controlled, directed, or threatened with punishment to get them to perform.

Workers prefer to be directed and avoid responsibility.

Primary motivators are fear and punishment.

©McGraw-Hill Education.

McGregor’s Theory X and Theory Y 3 of 3

LO 10-5

Theory Y

Assumptions of Theory Y management:

People like work; it’s a part of life.

Workers seek goals to which they are committed.

Commitment to goals depends on perceived rewards.

Most people will seek responsibility.

People can use creativity to solve problems.

Intellectual capacity is only partially realized.

People are motivated by a variety of rewards.

©McGraw-Hill Education.

Ouchi’s Theory Z

LO 10-5

William Ouchi researched cultural differences between the U.S. (Type A) and Japan (Type J).

Type J are committed to the organization and group.

Type A are focused on the individual.

Theory Z is the hybrid approach of Types A and J.

©McGraw-Hill Education.

Figure 10.4 Theory Z: A Blend of American and Japanese Management Approaches

LO 10-5

©McGraw-Hill Education.

Figure 10.5 A Comparison of Theories X, Y, and Z 1 of 2

LO 10-5

Theory X Theory Y Theory Z
1. Employees dislike work and will try to avoid it. 1. Employees view work as a natural part of life. 1. Employee involvement is the key to increased productivity.
2. Employees prefer to be controlled and directed. 2. Employees prefer limited control and direction. 2. Employee control is implied and informal.
3. Employees seek security, not responsibility. 3. Employees will seek responsibility under proper work conditions. 3. Employees prefer to share responsibility and decision making.

©McGraw-Hill Education.

Figure 10.5 A Comparison of Theories X, Y, and Z 2 of 2

LO 10-5

Theory X Theory Y Theory Z
4. Employees must be intimidated by managers to perform. 4. Employees perform better in work environments that are nonintimidating. 4. Employees perform better in environments that foster trust and cooperation.
5. Employees are motivated by financial rewards. 5. Employees are motivated by many different needs. 5. Employees need guaranteed employment and will accept slow evaluations and promotions.

©McGraw-Hill Education.

Goal-Setting Theory and Management by Objectives 1 of 2

LO 10-6

Goal-setting theory — The idea that setting ambitious but attainable goals can motivate workers and improve performance if the goals are accepted, accompanied by feedback, and facilitated by organizational conditions.

©McGraw-Hill Education.

Goal-Setting Theory and Management by Objectives 2 of 2

LO 10-6

Applying Goal-Setting Theory

Management by objectives (MBO) — Involves a cycle of discussion, review, and evaluation of objectives among top and middle-level managers, supervisors, and employees.

Managers formulate goals in cooperation with everyone in the organization.

Need to monitor results and reward achievement.

©McGraw-Hill Education.

Meeting Employee Expectations: Expectancy Theory 1 of 2

LO 10-6

Expectancy Theory — The amount of effort employees exert on a specific task depends on their expectations of the outcome.

Employees ask:

Can I accomplish the task?

What’s my reward?

Is the reward worth the effort?

Expectations can vary from person to person.

©McGraw-Hill Education.

Figure 10.6 Expectancy Theory

LO 10-6

©McGraw-Hill Education.

Meeting Employee Expectations: Expectancy Theory 2 of 2

LO 10-6

Researchers Nadler and Lawler modified expectancy theory and suggested five steps for managers:

Determine what rewards employees value.

Determine each employee’s performance standard.

Ensure that performance standards are attainable.

Tie rewards to performance.

Be sure employees feel rewards are adequate.

©McGraw-Hill Education.

Treating Employees Fairly: Equity Theory

LO 10-6

Equity Theory — The idea that employees try to maintain equity between inputs and outputs compared to others in similar positions.

Workers often base perception of their outcomes on a specific person or group.

Perceived inequities can lead to lower productivity, reduced qual