tisdag den 22 september 2009 Fundamentals II

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1 Fundamentals II

2 This week Today - Marketing, Pricing & Distribution

3 The evolution of Marketing The Production Era (-1900) The Selling Era ( ) The Marketing Era (1945-) The Customer Relationship era stisdag den 22 september 2009

4 The CRM Era

5 New approaches Buzz-marketing / Viral The influentials Sampling Free

6 The Marketing Mix 1. Product 2. Price 3. Place 4. Promotion

7 Business-to-consumer (B2C) Market segmentation & Target marketing (demographic, psychoograpic, benefits, volume, nische) Brand avareness Mass-marketing or one-toone marketing

8 Business-to-Business (B2B) B2B is larger than the consumer market Smaller number of potential customers, but larger purchases More complex products (sometimes) Professional buyers.

9 Consumer-to-Consumer (C2C) Craigslistings ebay Google Answers etc...

10 What determines the total product offer? Past experience Price Brand Convenience Package Store surroundings Service Speed of delivery Reputation of producer Image created by adverticing Warranties...and so on.

11 Product line & Product mix Product line = group of similiar products (ipod nano) Product mix = combination of product lines offered by a manufacturer (all ipods)

12 Product Life cycle

13 Boston matrix

14 Ansoff matrix - Growth Strategies

15 Pricing objectives Achieving a target return on investment or profit Building traffic Achieving greater market share Creating an image Furthering social objectives

16 Pricing Cost-based pricing Demand-based pricing Competition-based pricing Break-Even Point = Total fixed costs / (Price of one unit - Variable cost of one unit) (Lock-in/Network effects)

17 Pricing strategies Skimming price strategy Penetration strategy Everyday low pricing High-low pricing Bundling Psychological pricing

18 Brand Categories Manufacturers brand names: Sony, Volvo, etc etc Dealer (private-label) brands Generic goods

19 Packaging Protect the goods inside and be easy to open and use Attract the buyer s attention Describe the contents and give information about the contents Explain the benefits of the goods inside Provide information on consumer matters Give some indication on price, value, and uses

20 Oriflame video

21 Reverse logistics Inbound logistics Outbound logistics Supplier s plants Manufacturers Wholesalers Retailers Consumers Third-party logistics Channel of distribution Supply Chain

22 Intermediaries

23 Intermediaries Distributing gives utilities

24 Intermediaries Form Distributing gives utilities

25 Intermediaries Form Distributing gives utilities Time

26 Intermediaries Form Distributing gives utilities Time Place

27 Intermediaries Form Distributing gives utilities Time Place Possession

28 Intermediaries Form Distributing gives utilities Time Place Possession Information

29 Intermediaries Form Distributing gives utilities Time Place Possession Information Service

30 Intermediaries Agents & brokers Form Distributing gives utilities Time Place Possession Information Service

31 Intermediaries Agents & brokers Wholesalers Distributing gives utilities Form Time Place Possession Information Service

32 Intermediaries Agents & brokers Wholesalers Full service Distributing gives utilities Form Time Place Possession Information Service

33 Intermediaries Agents & brokers Wholesalers Full service Limited function Distributing gives utilities Form Time Place Possession Information Service

34 Intermediaries Agents & brokers Wholesalers Full service Limited function Rack Jobbers Distributing gives utilities Form Time Place Possession Information Service

35 Intermediaries Agents & brokers Wholesalers Full service Limited function Rack Jobbers Cash-and-carry Distributing gives utilities Form Time Place Possession Information Service

36 Intermediaries Agents & brokers Wholesalers Full service Limited function Rack Jobbers Cash-and-carry Drop shippers Distributing gives utilities Form Time Place Possession Information Service

37 Intermediaries Agents & brokers Wholesalers Full service Limited function Rack Jobbers Cash-and-carry Drop shippers Agents & Brokers Distributing gives utilities Form Time Place Possession Information Service

38 Intermediaries Agents & brokers Wholesalers Full service Limited function Rack Jobbers Cash-and-carry Drop shippers Agents & Brokers Retailers Distributing gives utilities Form Time Place Possession Information Service

39 Intermediaries Agents & brokers Wholesalers Full service Limited function Rack Jobbers Cash-and-carry Drop shippers Agents & Brokers Retailers Store Distributing gives utilities Form Time Place Possession Information Service

40 Intermediaries Agents & brokers Wholesalers Full service Limited function Rack Jobbers Cash-and-carry Drop shippers Agents & Brokers Retailers Store Non-store Distributing gives utilities Form Time Place Possession Information Service

41

42 Transportation Railroad Trucks Pipeline Ships Airplane Cost HL H L LL HH % Used Speed L H HL LL HH On-time HL H HH LL L Flexibel H HL LL HH L Frequence L H HH LL HL Reach H HH LL L HL H = High, HH = Highest, L = Low, LL = Lowest, HL = Medium

43 Transportation Most used & Medium Railroad Trucks Pipeline Ships Airplane Cost HL H L LL HH % Used Speed L H HL LL HH On-time HL H HH LL L Flexibel H HL LL HH L Frequence L H HH LL HL Reach H HH LL L HL H = High, HH = Highest, L = Low, LL = Lowest, HL = Medium

44 Transportation Faster & more flexibel Railroad Trucks Pipeline Ships Airplane Cost HL H L LL HH % Used Speed L H HL LL HH On-time HL H HH LL L Flexibel H HL LL HH L Frequence L H HH LL HL Reach H HH LL L HL H = High, HH = Highest, L = Low, LL = Lowest, HL = Medium

45 Transportation Continuous but inflexible Railroad Trucks Pipeline Ships Airplane Cost HL H L LL HH % Used Speed L H HL LL HH On-time HL H HH LL L Flexibel H HL LL HH L Frequence L H HH LL HL Reach H HH LL L HL H = High, HH = Highest, L = Low, LL = Lowest, HL = Medium

46 Transportation Inexpensive but slow Railroad Trucks Pipeline Ships Airplane Cost HL H L LL HH % Used Speed L H HL LL HH On-time HL H HH LL L Flexibel H HL LL HH L Frequence L H HH LL HL Reach H HH LL L HL H = High, HH = Highest, L = Low, LL = Lowest, HL = Medium

47 Transportation Expensive and fast Railroad Trucks Pipeline Ships Airplane Cost HL H L LL HH % Used Speed L H HL LL HH On-time HL H HH LL L Flexibel H HL LL HH L Frequence L H HH LL HL Reach H HH LL L HL H = High, HH = Highest, L = Low, LL = Lowest, HL = Medium

48 Distribution strategies Intensive distribution - sell to as many retail outlets as possible (Coca cola) Selective distribution - only sell to a selected group of retailers (Volvo-retailers) Exclusive distribution - Only sell to a few stores (Ferrarri, Rolex, etc.)

49 Other channels Telemarketing Vending machines, kiosks, carts Bundling with newspapers Direct sales (visit people in their home) Multilevel Marketing (Oriflame)

50 Wal-mart

51 Emerging trends ERP-systems RFID-sytems for logistics Specialized distribution partners (UPS, DHL, Maersk - full responsability) E-procurement - more automated purchasing

52 Costing - How much do a product cost to produce?

53 Let s look at the value chain

54 Costing

55 Breaking down costs

56 Costing

57 Costing From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

58 Costing Concepts: Opportunity costs. Sunk costs From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

59 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

60 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

61 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead Indirect-material, Indirect-labour From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

62 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead Indirect-material, Indirect-labour Non-manufacturing costs: From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

63 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead Indirect-material, Indirect-labour Non-manufacturing costs: Selling, Administrative From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

64 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead Indirect-material, Indirect-labour Non-manufacturing costs: Selling, Administrative Methods: From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

65 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead Indirect-material, Indirect-labour Non-manufacturing costs: Selling, Administrative Methods: Absorption From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

66 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead Indirect-material, Indirect-labour Non-manufacturing costs: Selling, Administrative Methods: Absorption Variable (Marginal, Direct) From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

67 Costing Concepts: Opportunity costs. Sunk costs Direct Materials, Direct Labour Manufacturing overhead Indirect-material, Indirect-labour Non-manufacturing costs: Selling, Administrative Methods: Absorption Variable (Marginal, Direct) Activity-Based From: Hilton, Maher & Selto: Cost Management (used in course 4D1163)

68 CVP, Cost Volume Profit

69 CVP, Cost Volume Profit Analysing volume

70 CVP, Cost Volume Profit Analysing volume Revenues

71 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed

72 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs

73 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed)

74 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease

75 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease Analysing drivers

76 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease Analysing drivers Unit-level

77 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease Analysing drivers Unit-level Batch-level

78 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease Analysing drivers Unit-level Batch-level Product-level

79 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease Analysing drivers Unit-level Batch-level Product-level Customer-level

80 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease Analysing drivers Unit-level Batch-level Product-level Customer-level Facility-level

81 CVP, Cost Volume Profit Analysing volume Revenues Usually variable, sometimes fixed Costs Fixed Step (or Semi-fixed) Variable Increase Decrease Analysing drivers Unit-level Batch-level Product-level Customer-level Facility-level Driver = What causes this cost to be that high?

82 Activity based costing

83 This week (http://www.gorling.se/me1000) Today - Accounting Monday - Money and financial markets If you haven t mailed your group information --> If you have no group members, mail me and I will match-make.

84 Are you here? Christos Feidas Andreas Grindeland Omar Haddad Pär Halvorsen Greger Sundqvist Masahiro Hirai Gong Qing Emdadul Hoave (?) Nima Najari Moghadam Anarasan Thamizharasan (?) Joao Amiral Neto Stothakis Efthymios Zhou Qiong

85 About the seminar & Report Total 15 minutes for each group - 10 minutes presentation, 5 minutes slack +Q&A me report & powerpoint (if you want) 24 hours before seminar. Report format: Business report / school report, not formal academic.

86 Sample outline Short summary Introduction (Presentation of the topic) Discussion/Conclusions References

87 Ex. Medical Tourism Short summary Medical Tourism The concept The trend Discussion/Conclusions The reasons behind (price, quality, etc.) The effects on Developed/non-developed countries References

88 Todays agenda Mainly book chapter 17 & 18 The need for financial information General principles of financial accounting Basics of financial management 42

89 The Story of MPman Worlds first MP3 player Stored 8-64 songs SEK 43

90 10 years... Stored 8-64 songs SEK Stored songs SEK 44

91 Lack of cost control Hard to track costs Selling more important than billing Many small costs adds up. Where did the money go? 45

92 Why Accounting Keeping track of the money! Internal (Managerial Acc.) External (Financial Acc.) Formal vs. Practical requirements 46

93 Financial Accounting Telling the story about the business Must us standardized methods & principles Audited to eliminate fraud Provides information for government (ex. taxes) Provides information for other stakeholders (owners, customers, suppliers) 47

94 Internal Accounting Are products profitable? Tracking Cash-flow Improve decision making 48

95 49

96 Accounting documents Annual Reports (at least) Income statement Balance sheet Cashflow statement Supporting documents 50

97 Income Statement Jan through Dec 2006

98 Balance Sheet as of December 31, 2006

99 Cashflow statement A statement of cash flows is a financial statement of a company that shows the cash inflows, cash outflows, and net change in cash from its operating, investing, and financing activities during an accounting period, in a manner that reconciles the company's beginning and ending cash balances. 53

100 Cash Flow Statement* Jan through Dec 2006 Uses of Cash Sources of Cash * Easy rule: Increases in Assets decrease cash and increases in Liabilities increase cash

101 Other information Key indicators Liquidity ratios Debt ratios Performance ratios (earning per share, return on sales, return on equity) Activity ratios (inventory turnover) 55

102 Better accounting.. Determine where the money went...(analyse profitability) Show unpaid debts and risks Determine what was unbilled 56

103 Part 2: Financial Mgmt. Not all my problems could be solved by better accounting... Companies often fail due to Undercapitalization Poor cash-conrol Inadequate expense control 57

104 The environment Bank collapse in Korea in 98 Variable USD/SEK rate Problems with customs Pre-production payments 58

105 Long cash lag Korean companies had proble acquiring funds, required preproduction payment Customers requires 1 month credit... had to find someone who could lend me cash for 3 months for each unit... 59

106 Financial planning Therefore, we need to plan. 1. Forecast long- & short-term 2. Create a budget 3. Establish controls 60

107 Role of financial mgr. Auditing Managing taxes Planning Budgeting Obtaining funds CASH Controlling funds (funds management) Advicing management Collecting funds (credit management) 61

108 Forecasting Short-term forcast (<1 year) Revenues and expenses, how much and when (cash-flow) Often a part of Budget Process Log-term forcast (>1 year) How will market and business look in 5 years? 62

109 Operating funds Short-term needs (<1 year) Montly expenses Emergencies Cash flow Inventory increase Temporary programs (hiring, firing) 63

110 Operating funds Long-term needs (>1 year) New product development Mergers or acquisitions Expansions into new markets Building new facilitites Investments (machinery etc.) 64

111 Sources of funds Short-term Trade credit Factoring Family and friends Commercial bank credit Credit cards 65

112 Sources of funds Long-term Debt-financing (Bank loan or bonds) Equity financing - Selling stock - Using saved funds 66

113 MPMan - End of story? Large order made in Autumn 98 Biggest customer backed == Large inventory Increased competition - new, better, competing producs Avoided catastrophy, mainly by luck... 67

114 MPMan - End of story! 68

115 Understanding money, financial institutions and federal reserve Stefan Görling, Department of Industrial Economics and Management, KTH 69

116 History No single origin Barter deals Livestock Exchange value The market place First step towards specialization 70

117 Problem with barter Hard to split Hard to store Each transaction required haggling 71

118 First money Shells 1200 B.C in China 72

119 Commodity money Metal money Standardized sizes of metal (gold, silver) Commodity money - the value was in the coin itself. 73

120 Paper currency year in china. Not in europe until much later Representative money (could be changed into gold or silver) I owe you.. Initially printed by each bank - evolved towards national banks. 74

121 Gold standard England 1816-, US Pegg money to gold for stability Will pay bearer on demand Used back and forth during Evolved into Bretton Woods post WWII USD -> Gold, other currencies -> USD 75

122 Today: Fiat money Fiat - lat. let it be done Not tied to commodity, backed by government In times of war - gov. printed more money Leads to inflation In the US finally and officialy made the switch Due to inflation, vietnam war and oil costs. 76

123 Today: Fiat money 77

124 Today: Fiat money Currency has become a commodity of itself All money theoretical (Can Bill Gates sell?) Currencies exists not only for countries but everywhere -- videogames? Only a fraction of money exists in bills Value regulated by exchange value Stimulated by federal reserves Central banks and federal reserves still has a lot of gold. 78

125 Today: Fiat money 79

126 Still same function Common measure of value Medium of exchange Means of payment Store of value Liquid asset Framework for market allocative systems Controller of the economy 80

127 The financial crisis Let s look at the subprime crisis

128 Borrowed from: CDO-Powerpoint-SubPrime-Primer

129

130

131

132

133 Not only subprime More retirement savings on the financial markets. An ever increasing level of debt in countries such as USA. Banks going from transactional income on others taking risks to taking risk themselves. Amount of money in the world doubled between (?)

134 But why does it all fall? All financial markets are interconnected. They follow eachother, they invest on eachother. Companies have operations in multiple countries.. As we said previously - money are made up. And markets are ruled by expectations (of expectations)

135 Movie?

136 Timeline ca The tulip bubble The great depression Savings and loan crisis Increased deregulation fo banking Dot-com bubble (fun, fun, fun!) ,4,5 - The burst of the bubble - (not as fun) House prices starts to fall, market slows down April - New Century Financial files for bancrupcy (largest US subprime lender) August - Worldwide credit crunch, Federal reserve injects $100 billion of money supply

137 Timeline (2007) August - More mortage lenders files for bancrupcy. (3-5) September - UK s Northen Rock gets liquidity problems, gets support from government (taken over in feb. 2008) US tries to stimulate economy by lovering rates. Things keep looking bad, but fairly stable during rest of the year.

138

139 Spring 2008 Feb. - UK - Northen rock is taken over by the government. March - Bear Stearns gets acquired by JP Morgan (backed by Federal reserve)

140 September Federal takeover of Fannie Mae and Freddie Mac 14- Merril Lynch sold to Bank of America 15 - Lehman Brothers files for bankcruptcy protection AIGs credit rating is downgraded. 16 (evening) - Governent takeover of AIG.

141 What happened? Largest financial crisis since WW II There were signs beforehand - that there was too much lending, but when and how would it burst? In the beginning it was considered local - Then other economies reacted - China introduced huge stimulus packages. Everything stopped. (Bank-Bank loans, Corporate loans, cash lag, bancrupcies.) Hong kong exports still down 23% in feb US Car industry was broken long before...

142 Taxpayers, saving the market

143 Today? 1 year after Lehman Brothers bancrupcy The Worst is over? (OMXS +40%, Moscov +100%, positive GDP) Swedish banks expansion to the baltic countries A call for more regulation (but focus on the simple = bonuses) Capital markets working due to government support - when to pull out? Protectionism? (US customs on chinese tires)

144 Today? Next week - G20 meeting in Pittsburgh Everyone wants change. Nobody knows how. Too quick turnaround to make real structural changes. USA still has large deficits. How long will China pay for it? Remember 1971!

145 Let s end with some comedy..

146 See you next week!

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