HONB 200 Reflection

Week 6 Reflection Dan Cushing 2/25/2018 In week 6 we learned about methods to determine the best way to allocate resources to maximize profit on a per product basis. The Boston Consulting Group (BCG) created a portfolio analysis to categorize products into four potential places. The placement of the product depends on both market growth and market share of that particular product and market. For a high market growth and high market share product, the product is placed in the Star category. This means that it is a very successful product that the company should continue to attempt to maximize revenue on. Next is low market growth but high market share. This product is known as a Cash Cow which means that although there is low potential for growth, the product is dominating the market share. The company here should continue to pump money into the product for as long as possible. A perfect example of this would be the Coca Cola product Coke. The market is dominated by Coke and Peps...

HonB 200 Reflection Week 5 Dan Cushing Over the past five weeks, there have been many new marketing concepts presented to our class through discussions and video posts. While there are many important concepts that have been presented, the most important include Marketing Mix, Consumer Buying Process, 4 Degrees of Competition, SWOT Analysis, and Market Segmentation. The most fundamental idea in marketing is the idea of the Marketing Mix . The Marketing Mix is made up of Price, Product, Promotion, and Place. By combining the 4 P's, a business can influence consumer behavior to buy their product. Price: The monetary value that a company is willing to sell it's product for Buyer must give up this amount of money to purchase good Most flexible Indicator of quality (High price; high quality, low price; low quality) Product: Tangible good or service Includes brand, packaging, extra services Purchased due to their benefits Promotion: How companies infor...

Dan Cushing Week 4 2/11/2018 Our class discussed business evaluation that goes into the purchasing decision. The 3 factors of the evaluation are quality, service, and price. Quality refers to the actual product including performance, durability, the dependability of the business, etc. Essentially quality refers to the technical side of the business. Next is service. Service refers to the employees in the product. Specifically the sales department. If the salesmen are well trained and knowledgeable then the business will appear in a positive manner to potential buyers who contact them. Finally, price is the price that the business is willing to sell their good or service for. In my BIS class, the service we use to learn Excel is a product that my teacher had to determine was most beneficial. Additionally, the college would have a say in what product is used. This is a business to business interaction between WNEU and Pearson. WNEU had to determine that MyITLab was a top product in a...

HONB 200 Reflection Dan Cushing 2/4/2018 Business to Business transactions vary from Business to Consumer transactions. One of the main differences is who is involved in the transaction. In a B2C transaction, the consumer is the only person involved in the transaction on the buying side. In a B2B transaction, there are 6 different roles in the process which collectively called the Buying Center. The Initiator is the person who recognizes the need for the purchase. The Influencer/Evaluator who helps evaluate the product and usually has extra information or expertise needed to help make the decision. The Gatekeeper is responsible for making sure only the best companies are allowed to pitch their product to fulfill the transaction. The Decider is given the power to chose which supplier to use. The Purchaser is the person who actually has a transaction of money to receive the product. Finally, those who use the product are called the User and they can provide feedback to help judge the...