3.2 Managers, leadership and decision making

This document explores management and leadership in depth. It covers the roles of managers across different levels, leadership styles including the Blake Mouton Leadership Grid, decision-making processes such as intuition-based and scientific methods like decision trees, stakeholder management and mapping, and the Tannenbaum & Schmidt leadership continuum, which categorizes leadership styles based on managerial authority and subordinate freedom.

The document discusses Price Elasticity of Demand (PED) and its relevance to marketing. PED measures how changes in price affect demand, which is crucial for sales revenue. It highlights the inverse relationship between price and demand: increasing prices decrease demand, while decreasing prices increase demand. PED is always negative, reflecting this inverse relationship. Additionally, the document differentiates between elastic (demand changes significantly with price changes) and inelastic (d...

The document "3.2.1 Market Research" outlines two types of market research: primary and secondary. Primary research involves firsthand data collection for specific purposes, using methods like surveys, interviews, focus groups, and observations. It is specific and controlled but can be time-consuming and expensive. Secondary research utilizes existing data from sources such as government statistics, market research organizations, and academic institutions, which is quick and accessible but may b...