Business, Management & Marketing Term Papers - 2

Business management:

The group of people from upward to down word and from down word to upward on collective basis their objective is the achievement of firm’s goals for its increase productivity. Every business needs a perfect management before going to start it. That’s why before any business work the managers are requires to put forward the specific management in an organization. The achievement of goals and objectives needs a setup which is going to be set by the managers in any organization by which the firm achieve its specified objectives, without management no one can run the successful business.

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For this I must say that every organization should have its effective and efficient management by which it can achieve the objectives within the specific time limits. For the efficient management the organizations can hire such persons who have the idea of each and every function of business or organizational management. This is necessary for its survival. It is better to run business on collective basis then on the individual basis in this way the loss burden will be too small. You should choose the right management for your business such as have shares from such companies who have the market value and status the chances of losses will be half and productivity increases

Marketing:

Marketing is the process of making people closer for decision making in order to purchase or repurchase a company's products. There are five competing (or historical) concepts in that they describe different approaches to marketing:

The Product Concept
The Selling Concept
Societal Concept
The Marketing Concept

There is a difference between marketing and selling: The selling concept concentrate on seller needs and marketing on the needs of the buyer. It can be said that the marketing concept is a market-focused, customer-orientated, coordinated effort designed to satisfy customers in order to achieve company goals. There are four pillars of marketing, namely:

Market focus
Customer orientation
Co-ordinate effort
Achieving company goals

A marketing maxim: Know your target market and how to satisfy it! The marketing environment is the sum of all the variables that have the real or potential effect on the marketing of a product. Three parts make up the marketing environment:

The micro-environment which includes the company itself, its suppliers and intermediaries, its customers, publics and the competition.
The market environment, which revolves around the consumers and product/s that, makes up that particular market. The buying behavior of consumers should be studied by the marketer in terms of a five stage process from need awareness to post purchase behavior.
The macro environment, which is, affected by factors such as politics, economics, nature, technology, local social demographic variables as well as international markets.

Market segmentation is the process by which the total heterogeneous market is divided into like homogeneous segments, which are attractive to the company. The segmenting of a market should occur in logical sequence. More detailed segmentation is known as customized marketing. There are two types of customized marketing, namely concentrated market segmentation and differentiated market segmentation. There are advantages to market segmentation which includes a greater degree of customer satisfaction but has disadvantages such as the development of separate products and marketing strategies are expensive. However, one the choice is made to target certain target market segments. Marketing strategies are developed taking into account the special attributes and preferences of that target market.

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Marketing management refers to the fact that marketing has to be managed together with other functions within the company, such as accounting, personnel, etc. An important component is a good marketing information system. This is a number of elements which form a well-ordered and inter-related entity. Market research is the purposeful and systematic gathering and analysis of data on specific marketing opportunities and threats. There is a logical process that it has to follow such as identifying and determining the problem to interpreting the data. There are various methods of research such as experimental, survey and observational research.

The word "product" can have different meanings - such as augmented product refers to all the benefits that the customer receives or experiences in using the product right from design to implementation stage. It is important that the timing of when to put the product on the market and the economic and effective adaptation of the product to existing conditions and expected changes in the market place. The depth, width and consistency of the product mix must also be decided on. Products are classified: Convenience goods, specialty goods and shopping goods. Brand image, packaging, and labeling are an extension of the product. The most suitable (and economical) distribution channel has to be chosen. Part of that choice includes the consideration the role and effectiveness of intermediaries.

In terms of consumer behavior, three groups of consumer behavior should be studies by the research, namely individual group and economic factors. Marketers have to study this because marketing is so aggressive and competitive that it helps the organization or bank to find out more about how consumers make buying decision. The more it knows, the more competitive the company can be. Group influence on a consumer's buying behavior includes the family, friends, opinion leaders, social class and cultural group. Economic issues include the disposable income available, the purchasing power and the willingness to purchase. Individual aspects affecting consumer behavior is motivation, perception, learning ability, attitude, personality and lifestyle. The buying process includes the consumer recognizing he has a need to finally actioning the decision and experiencing an element of post-purchase dissonance.

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There are four main elements of marketing communication: Personal selling, sales promotion, advertising and publicity. All these areas play a vital role in the overall marketing of the product and aspects such as the development of a publicity plan is important and the four types of sales promotions available. A strategic marketing process includes the formulation of a mission statement, setting objectives, scanning the environment, formulating market and marketing objectives, the preparing of plans the implementation and the review of these plans to determine success or problems.

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