Class notes
class notes
- Course
- ECON MISC
- Institution
- Ball State University
Lecture notes of 2 pages for the course ECON MISC at Ball State University (class notes)
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https://www.youtube.com/watch?v=mUdrwHnJ7jU1. Sales Orientation-Is based on the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits.
(Chapter 1-2b)
This ring door company utilized advertising sales in order to attract customers and grow their
business. Their profits skyrocketed when they began advertising on a more aggressive level.
2. Societal Marketing Orientation- This philosophy states that an organization exists not only to
satisfy customer wants and needs and to meet organizational objectives, but also to preserve or
enhance individuals and society’s long-term best interests. (Chapter 1-2d)
This company aimed to meet individuals' long-term interests by having a product that mutes a
speaker during a conference call which is pretty unique. Having a product that silences the noise
in a sophisticated setting is a product that is intricate to the marketplace.
3. Strategic Planning- The managerial process of creating and maintaining a fit between the
organization's objectives and resources and the evolving market opportunities. (Chapter 2-1) The
company grew its business by producing more doorbells in different locations in order to meet its
profit goals. The demand grew and so did the product. They sold around 500 doorbells each
week on a daily basis.
4. Competitive Advantage- A competitive advantage is a set of unique features of a company and
its products that are perceived by the target market as significant and superior to those of the
competition. (Chapter 2-6) The doorbells have a number of advantages such as motion detection
settings, silencing speakers, and it has special notifications. Many doorbells don’t have this and
this is why their product is successful.
5. Cost Competitive Advantage- Means being the low-cost competitor in an industry while
maintaining satisfactory profit margins. (Chapter 2-6a)
The costs of these doors are very inexpensive and for this company they are charging at a cost of
$54.99. This is low compared to other doorbell companies, but it is high enough to where they
are still able to have customers. Having a good price that’s lower than your customers and still
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