Engineering Management

Topics: Finance, Debt, Marketing Pages: 6 (1274 words) Published: October 18, 2011
Chapter 11
1. How may the marketing concept be explained? Is it applicable to engineering firms?

* The marketing concept state that the engineer manager must try to satisfy the needs of his/her clients by means of set of coordinated activities. * It I applicable to an engineering firm because, same in other firms they need to survive, to be able to do so they must continuously generate income by selling enough quantity of their products or services.

2. What is meant by the term “product”?

* The term Product is including all tangible or intangible items and its capacity to satisfy a specific need.

3. How may an engineer manager meet the threat of a competitor’s product?

* The Engineer manager must know the four P’s of marketing. * To meet the threat of a competitor’s product they need to focus on the price of their product, because it is a strong competitive tool.

4. Why is price I said to be a strong competitive tool?

* It is because; it can be the other way of convincing a costumer to buy a specific products or services. The price will be a strong factor on whether or not a sale will be made.

5. What are some possible measures to make products easily available to customers?

* By considering the place they will establishing their company or firms, because costumers usually refer to buy from firms easily accessible to them. * The company can also;
* Hires sales agents to cover specific areas.
* Selling the dealers in particular areas.
* Establishing branches where customers are located.
* And establishing franchises in selected areas.

6. How may an engineer manager convince the buyer or client to patronize the firm?

* The engineer manager must know the proper management of marketing function and he/she must also know how to use effectively the four P’s of marketing, because it will help the manager to come up with the ideas that will help them to convince customers’ to patronize their firm.

7. What is advertising? What are the types of advertising media?

* Advertising media is a paid message that appears in the mass media for the purpose of informing or persuading people about product, services, beliefs or action. * There are several types of advertising media, they are as follows; * Television

* Magazine’
* News papers
* And even in internet.

8. May the Engineer Manager Use publicity in promoting the firm? Cite an example.

* Yes, because publicity is a promotional tool that publishes news and information about a product and services, and with this it will help the engineer manager to promote their product or services. * An example of this is a brand of cell phone “the cherry mobile” where in the show “will time big time” the host is promoting the said brand of cell phone and giving some of its model to the audience. Because of this, cherry mobile becomes more popular to the mass.

9. In selecting a target market, what must the engineer manager do?

* In selecting target market, the following steps are necessary; * Divide the total market into groups of people who have relatively similar products or services needs. * Determine the profit potentials of each segment.

* Make a decision on which segment or segments will be served by the company.

10. What Factors must be used in selecting a target market?

* In selecting a target market, the following factors must be taken in consideration;

* The size of the market and
* The number of competitors serving the market.

Chapter 12
1. What is finance function? How important is it to the engineering firms?

* Finance function is referring to procurement and administration of funds with the view of achieving the objectives of business. It is a very important management responsibility because in financing an engineering firm, there is a need to assure everyone concerned that funds are...
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