Hyeonjin Lee- Business Marketing

Leadership A process whereby an individual influences a group of individuals to achieve a common goal.  Transactional Leadership A management style that uses a system of rewards and punishments to guide and motivate workers.  Relies on a clear chain of command, strict rules, and short-term goals.  Leaders tell workers what to do, check their work, and give bonuses or penalties based on results.  Transformational Leadership  Do not utilize the system of rewards and punishments to motivate employees.  Transforms employees to pursue organizational goals over self-interest.  Transformational leaders engender trust, seek to develop leadership in others, exhibit self-sacrifice and serve as moral agents, focusing themselves and followers on objectives that transcend the more immediate needs of the work group.  Foster higher levels of intrinsic motivation, trust, commitment, and loyalty from followers. Example:  Transactional Leadership:  Bill G...

 Industrial Revolution & Mass Production  Industrial Revolution The Industrial Revolution was a period of rapid scientific and technological development that transformed rural, agricultural societies into industrialized, urban ones.  Machines replaced handcrafting, allowing goods to be mass-produced in factories.  It began in Britain in the 1830s and 1840s and quickly spread to Europe, North America, and the rest of the world.  This period is known as the First Industrial Revolution and was followed by a Second Industrial Revolution in the late 19th and early 20th centuries, marked by advances in steel, electricity, and automobiles.  Effects of Industrial Revolution:  The Industrial Revolution had major economic, social, and cultural effects.  It brought unsafe working conditions and increased pollution, but it also improved clothing production, communication, transportation, and urban growth.  Despite its drawbacks, it transformed societ...

 ESG ESG (Environmental, Social, and Governance) is a set of standards measuring businesses' impact on the environment, society, and how transparent and accountable they are.  A tool for enterprises to show their non-financial performance to investors.  It is a social value issue, but capital-driven and investor-driven frameworks.  Environmental:  Focuses on how the business minimizes its impact on the environment.  Allows businesses to target different parts of their organization and implement more sustainable and ethical uses.  Social:  Focuses on how business impacts wider society and workplace culture.  Governance:  Processes of decision-making, reporting, and planning for running a business.  Good governance will appeal to investors and your supply chain.  It is an important component for the growth of businesses.   Seven Features of ESG Management  ESG Advantages and Disadvantages  Advantages Improves ...

 4p Mix (Product, Price, Place, Promotion)  Foundational framework that helps businesses bring a product to market successfully.  A well-balanced combination of these elements is fundamental for any successful business.  Product: A tangible or intangible offering that a business provides to customers.  Price: A fiscal value assigned to the product.  Place: Focusing on the availability of the product to customers at the right place and time.  Promotion: Communication and marketing strategies that advertise the product.  The goal of human activities is to satisfy human needs and desires through exchange processes, the act of obtaining a desired object from someone by offering something in return.  Supply and Demand  Supply refers to how much of goods and services are available  Demand refers to the willingness of consumers to purchase goods or services  Interaction between these two determines market prices and is essential for p...