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2.2 Standardised products

While Theodore Levitt's (1983) classic article about the globalisation of markets accepted that there are fundamental disparities across different local contexts that have to be accommodated (for example, Japan's auto exporters had to adjust to the fact that the USA and continental Europe, unlike Japan, drive on the right), he argued that there was an underlying uniformity in human tastes. Levitt's vision of the globalisation of markets was that it created opportunities for firms to offer glo
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Conclusion

The aim of the first section was to introduce you to the concept of the market-led approach to marketing (also referred to as pan-company marketing or marketing orientation) and to differentiate it from ‘marketing department marketing’. I used examples and case studies to make you think about the applicability of this concept to commercial (for-profit) and non-profit organisations, and gave you activities to help you apply it in your own organisation.

Five of the learning outcomes w
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4.3.2 Operational excellence

Companies that pursue this [value discipline] are not primarily product or service innovators, nor do they cultivate a deep one-to-one relationship with their customers. Instead, operationally excellent companies provide middle-of-the-market products at the best price with the least inconvenience. Their proposition to customers is simple: low price and hassle-free service.

(Treacy and Wiersema, 1996)


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4.2 Narrowing the focus

Offering a unique value proposition involves designing a value-driven operating model. This is a combination of operating processes, management systems, business structures and culture that will give the organisation the ability to deliver superior value. The value-driven operating model is the means of delivering the value proposition.

Organisations that are market leaders have value-driven cultures and management systems that treat all employees as ‘part-time marketers’ (Gu
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2.4 Marketing as a management process

This last definition is the one that most modern marketing writers support. Piercy (1997) makes a distinction between ‘marketing plan marketing' – the activities that traditional marketing departments do – and the concept of ‘going to market’ – a much more general management issue. He writes:

‘Marketing’ belongs to marketing specialists but ‘going to market’ is a process owned by everyone in th
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Learning outcomes

After studying this course, you should be able to:

  • describe the difference between marketing as a function and the concept of being market led

  • evaluate whether an organisation is market led

  • evaluate the relevance of marketing concepts to organisations, whether commercial (for-profit) or non-profit

  • identify customers and consumers

  • list the tangible and intangible elements of products and services.


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1.2 Working abroad

The extract from a newspaper article in Example 1 provides insight into the problems of working abroad.

Example 1

Working abroad is often considered the chance of a lifetime. Living and working in a foreign country with all expenses paid; what more could anyone want?


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4 Conclusion

This unit looked at the question of whether the financial markets are efficient in the sense that prices demanded are fair and reflect all known and relevant information about investments. The Efficient Markets Hypothesis defines such efficiency at three levels, depending on how much information is in fact incorporated into prices. The weak form states merely that the current price already reflects all information incorporated into previous prices, so that each successive price move is a reac
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5 Conclusion

In a financial context, risk is a synonym for uncertainty – the possibility that the actual outcome will differ from the mean expected outcome. It is therefore a neutral rather than a negative concept. Investors are risk-averse in the sense that they require more return for taking on more risk. Risk itself is measured by the standard deviation of actual returns around the mean expectation. In the real world, investment risk is created by a number of different factors that affect the certain
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1 What does ‘life sciences’ mean?

During the twentieth century, particularly in its second half, the provision of human healthcare changed significantly because of scientific and technological developments. Before then, medical practice was limited and scarcely differentiated from other trades; in fact, barbers often acted as surgeons or dentists. Throughout the 1900s, there were major advances in most countries in sanitation, nutrition, vaccination, surgery, medicines and medical devices. At the same time, there was an incre
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2.1 Exercising judgement

To understand how we make decisions, it is useful to start with the ways in which we make judgements about information we are presented with. Let's start this course with an activity designed to get you exercising judgement. The answers are at the end of the questions but please arrive at your own answers before checking them!

The questions in this activity are adapted from Bazerman (1998).


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Conclusion

This course has focused on managing projects through people and how important this is in relation to:

  • managing the relationship with stakeholders;

  • motivating the project team to get results;

  • dealing with senior management;

  • building relationships across the organisation in order to encourage co-operation;

  • satisfying the client and end user.

Recapping on the learning ob
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8 Satisfying the client and end user

Most projects have an identifiable client or customer group which will benefit from or use the outcome of the project. The client may be external to the organisation which is implementing the project, for example, the customer for whom a new building is being constructed. Or the clients may be internal, for example, the users of a new IT system. As we have already seen, it is important that the client or end user shares and endorses the project's objectives and is actively involved in its dev
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4.2 Assessing the strengths and weaknesses of a project team

Those involved in a project may have skills that fulfil more than one aspect of the project agenda. This is likely to be particularly important in small-scale projects, where management of the content, process and control agendas are just as important to the project's success, but where fewer people are involved.

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1.9 Conclusion

If we try to recapitulate what we have done in this course two main areas need to be considered: is there likely to be a European identity in the near future? and how important are national sentiments going to be?

While it could be said that by the end of the twentieth century the EU had become a reasonably integrated economic space politically, and especially at the cultural level, progress was limited. But even at the economic level, areas like labour mobility were still very low in t
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1.6.3 Summary

  • High culture tends to unite Europeans.

  • Education plays a key role in the construction of national identity. A common curriculum shared by all European peoples will be crucial in fostering the development of a European identity.


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