Marketing, Operations, and Human Resource Management
Marketing
Marketing involves identifying and satisfying customer needs profitably. The marketing mix (4Ps: Product, Price, Place, Promotion) is fundamental. Market segmentation divides markets into groups with similar needs; targeting selects segments; positioning creates a distinct image. Market research (primary and secondary) informs decisions. The product life cycle (introduction, growth, maturity, decline) guides marketing strategies at each stage.
Operations Management
Operations management oversees the production of goods and services. Key concepts include quality management (TQM, Six Sigma), inventory management (just-in-time), supply chain management, and capacity planning. Productivity measures output per input. Lean production aims to minimise waste.
Human Resource Management
HRM covers recruitment, selection, training, performance appraisal, and reward. Motivation theories (Maslow's hierarchy, Herzberg's two-factor theory, Vroom's expectancy theory) explain employee behaviour. HR planning ensures the right people are in the right place. Employment law governs rights and responsibilities.
Traps
A common trap is confusing marketing (customer-focused) with sales (transaction-focused). In operations, JIT reduces inventory but increases vulnerability to supply disruptions. In HR, Maslow's lower-order needs (physiological, safety) must be met before higher-order needs. Another trap is mixing training (current job skills) with development (future roles).
Worked Example
A company launches a new smartphone. In the introduction stage, it uses penetration pricing and heavy promotion to build awareness. As it enters growth, it may expand distribution (place) and differentiate features. In maturity, it focuses on competitive pricing and reminders. In decline, it may harvest or divest. For operations, adopting JIT reduces holding costs but requires reliable suppliers.
Rule of Thumb
Apply the 4Ps consistently with the target market. For motivation, use Maslow to identify unmet needs and Herzberg to ensure hygiene factors (pay, conditions) are adequate before motivators (achievement, recognition) can work.