Business revision course - Monday

It's necessary that we need to be clear with what's marketing (Identifying, Anticipating, Satisfying.) Therefore I started the course with Marketing Mix.

Obviously we all know about what's including in marketing mix, for example...

• Advertising


• Promotion


• Branding


• A.S.S (After Sales Services)


• Product life cycle --------->


• Pricing

And there are still other things that's involved. Meanwhile the 4Ps are important as well.

• Product


• Place


• Price


• Promotion

Then next we went on to the different types of pricing.

• Skimming - High price


• Penetration - Low price


• Psychological - Setting a price based on the expectations of the consumers within your target market.


• Predatory - Setting a price that is low enough to drive competitors out of the market.


• Loss leader - Price beneath the cost of product.

Also we talked about the differences between enterprise and entrepreneur. Thus the following related topics have been discussed as well.

• The characteristics of entrepreneur


• Risks and Rewards


• Opportunity cost of being an entrepreneur


• Government support

Finally came to the crucial part of starting up a business, MOTIVATIONS.

• Maslow - 5-level hierachy


• Herzberg - Praise and achievements; Motivators and Demotivators.


• Taylor - Tooling, Training, Pay and Organisation


• McGregor - The X & Y theory


• Mayo - Hawthorne effect


• Vroom - Expectancy theory

I hope that it would be a bit helpful for who came to the lesson. =)