...Introduction “Nigeria is a country blessed with both abundant human and natural resources, and we therefore seek partnership not dependency; we seek to build capacity not undermine local initiative. Finally, while government can and should provide for its citizens, ultimately the private sector must be the engine of economic growth. If Nigeria can create an enabling environment for investment, including a frontal assault on corruption and lack of transparency, I am convinced you will find American businesses and investors eager to enter the largest market in sub-Saharan Africa, creating jobs here in Nigeria while offering expertise, innovation and some of the world’s finest products” (Ambassador Terence P. McCulley-July 1,2011) Throughout history, trade provided one of the first impulses for inter-state contacts and agreements. Though emissaries had been exchanged between kingdoms and empires since times immemorial in many world regions, the first form of modern permanent overseas representation took the shape of consulates, around the 16th century; these outposts were established in the Mediterranean, during the Ottoman Empire, when Italian principalities sought commercial markets, and the foreign traders themselves organized a form of joint representation in the ports, to deal with the local authorities. These early consulates saw the advantage of gaining support from their home administrations, and thus were born the first overseas representation offices – the resident...
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...Many experts believe that marketing is the most important function in a company. Discuss the reasons this is a true statement. Discuss the reasons this is not a true statement. Marketing is critical in that it is the clearest direct intentional connection between the culture built around a product, service, or firm and a potential customer. In a market-directed economy, where the dollar “vote” decides, marketing is the campaigning for those votes (FIT, 2012). Target Corporation has thrived on a very successful marketing strategy that has a keen understanding of their customers and an ability to reach them, delivering what they want (before they even know that they want it). Their annual report defines their customer profile as: • Median age of 40 • Median household income of approx. $64K • Approximately 43% have children at home • About 57% have completed college (investor.target.com) “Expect More. Pay Less” clearly sets the (marketing) stage. Target is well-known for market strategy that partners with current designers (like Jason Wu, Stella McCartney, Converse) and artists (like Taylor Swift, Michael Buble and Tony Bennett) to deliver limited-time offers that drive customer demand and interest and media buzz. Target recently partnered with Justin Timberlake to offer two exclusive recordings and appearances aligned with his recent album release. Even television viewers accustomed to ad-skipping have doubtless caught the latest Target commercial promoting Justin...
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...commodity approach of marketing is related to demand and supply of commodity. This approach is also related to channel of distribution and transportation. So, this approach establishes marketing system for products. It finds out necessary principle, strategy and technology for marketing goods and services. The commodity approach of marketing is practiced mostly in agricultural products, in cotton, jute, wheat, etc. 2. Functional Approach Functional approach of marketing indicates the study of the functions of marketing. Whatever function the marketing performs is called marketing as a whole. Marketing performs exchange function, physical distribution function and other auxiliary functions. The study of these functions is marketing. Exchange Functions: Exchange function of marketing include purchasing and selling. These are the basic functions of marketing. Physical Distribution Function: Physical distribution function includes transportation and storage. These functions transport goods/products to right place at right time as desired by the customers. Auxiliary Function: The auxiliary functions of marketing include, standardization and classification, financing, labeling, packaging, risk bearing, information flow etc. These functions simplify the exchange function. The functional approach of marketing is related to the study of flow of commodities and concerned organizations. It gives more emphasis to the functions that should be done by marketing. But it does not care...
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...Approaches to Marketing Management In common parlance, marketing is the process of selling something at a shop or market place. To some it has meant the study of individual commodities and their movement in the more place; to some it has meant the study of institutions and personas who move these products or study of the economic contribution; whereas to product movements and the way eh perosnas involved move them. Thus the study of marketing has, thus, been approached in more than one ways. However, these different approaches have immensely contributed to the evolution of the modern approach and the concept of marketing. To facilitate the study, these different approaches may be broadly classified as the commodity approach, the institutional approach and the managerial approach. Besides these well recognized and established approaches, of late, the recently developed societal and systems approaches have been attracting considerable attention. A brief description of these different approaches is given below, reflectionghtie respective focus and characteristics. (A) Commodity Approach : In the commodity approach to the study of marketing, the focus of study is a specific commodity, say, wheat, rice, approach, the subject matter of discussion around the specific commodity selected for the study; nature and extent of demand, the distribution channels used and the function, such as buying , selling , financing, advertising, storage repeating such studies in case of different...
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...Defining Marketing Paper Christopher Davis MKT 421 August 14, 2012 Willie Larry Jr. Defining Marketing Paper This paper will describe the definition of marketing according to Chris Davis and two other sources. The reader will also learn how marketing in an organization the key component to that organization’s success is. Finally, it will provide examples from the business world to support his explanation. Marketing Marketing is having a product that the consumer wants and is willing to pay a profit for it; this is the definition of marketing to Chris Davis. “Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client.”(Perrault, Cannon, & McCarthy, 2011, p. 6) “Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.” (Kotler & Keller, 2012, p.5) The American Marketing Association offers the following formal definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Kotler & Keller, 2012, p.5) Marketing in an Organization Marketing in an organization is a key component because without it there would be no profits and an organization would not exist...
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...A TERM PAPER ON POLITICAL MARKETING INTRODUCTION Political marketing is a marketing designed to influence consumers about political issues, particular candidates for public office, or public issues. Although political marketing uses many of the same techniques that other forms of marketing do, it is actually used to promote a concept or an idea, rather than a specific product or service, and to motivate people to vote for that idea. The word “Political Marketing” emerge from the key words ‘politics’ and ‘marketing’. Politics simply means an activity which is concerned with governing a society or country. It has to do with the government or public affairs of a community or a state (that is a particular boundary). While, Marketing is a process of planning and executing the conceptions, pricing, promotion and distribution of ideas, goods and services, to create exchange that satisfy the individual and organizational objective. Marketing is often described as “selling of product”, but the fact is that marketing entails more than this. Kotler (2001) offers a definition that presents a comprehensive meaning of marketing as “a process by which individuals and groups, obtain what they need and want through creating, offering, and freely exchanging products and services of value with others”. The American Marketing Association (1995) also described Marketing as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to...
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... The most commonly stated functional areas of business are Marketing, Operation Management, Human Resources, and Finance. In addition communication plays an important role in the organizations function. Even though communication is not designated as separate function, communication play a cross functional role. Functions are very important for developing goods and services and making it reach to the consumers which are called task functions. Task functions are basic activities that relates to the completion of the product. Also, there are other functions which are not directed towards are the end results which is known as element function. Some examples of element function are Human Resources, IT, Quality Control, and Maintenance. For each function there is a manager that oversees the work and helps with the coordination of activities and make sure the activities are completed effectively. In addition, there is also a function in management which consists of planning, leading, organizing and controlling. Even though there is a manager in all area of the business, each manager has their way of managing their functional area of the business. Though a business has many functions, a business cannot be viewed as a set of functions which include the following reasons. * There are overlapping functions. For instance a Product manager may do a lot of marketing activities though marketing is a separate function area. * There needs to be communication among the functional...
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...Scribd ------------------------------------------------- Top of Form Bottom of Form Explore * Sign Up * | * Log In We've updated our privacy policy! Click here to read about it. MBA-Marketing Industrial Marketing Pricingenvironment:Therelationshipbetweenbuyer, seller andcompetitorCharacteristics of Industrial Prices: Morris has identified sevendistinguishing characteristics of Industrial prices.1. Price is not an independent variable. It is intertwined with product promotionand distribution strategies.2. The real price an industrial customer pays is quite different from the listprice; this is because of the factors like delivery and installation cost, trainingcost, discounts, financing cost, trade in allowances etc. AcroPDF - A Quality PDF Writer and PDF Converter to create PDF files. To remove the line, buy a license. MBA-Marketing Industrial Marketing3. By changing the quantity of goods & services provided by the seller,changing the premiums and discounts that are offered, changing the time andplace of payment and also in numerous other ways prices can be changed.Compare to product and distribution decisions, the decision regarding pricing ismore flexible.4. The complimentary and substitute product sold by the same company shouldbe considered at the time of deciding price for industrial goods.5. Prices can be resolved through negotiation in many a cases. In most of thecases the industrial prices are established by competitive bidding on...
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...Market Leader Issue 27, Winter 2004 www.warc.com What Do CEOs Want From Marketing? Anthony Freeling McKinsey Fiona Stewart Antennae Fran Cassidy The Cassidy Media Partnership Top of the CEO agenda is the need to deliver consistent top-line growth within an existing business portfolio, rather than from a continued reliance on acquisition. This objective was identified from our research into the opinions of CEOs and CMOs and highlights the importance of good marketing in running a successful company. We identified five consistent themes and these were: strong brands as a significant asset; more effective use of consumer data; the role of innovation, the need for better implementation and continued focus on business efficiency. Each area has significant implications for the role of the marketing function. Brands as a company asset In an increasingly clamorous society with a proliferation in the sheer volume of offerings, strong brands are significant assets in enabling companies to compete effectively. The challenges are building and maintaining brand equity by keeping brands refreshed and relevant and restoring trust in brands, particularly in sectors under attack from regulatory or consumer groups. Fmcg businesses typically have a strong brand focus across the organisation, but there is no room for complacency. Here, the main challenge is optimising resource allocation. As a result, a number of CEOs and CMOs talked about further rationalisation of the brand portfolio so that...
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...330 Running head: FUNCTIONS OF MANAGEMENT Functions of Management Holli showers University of Phoenix MNG 330 Lane Roos July 14, 2009 Functions of Management Ever wonder what skills it takes to be a successful supervisor in a small or large corporation? There is a strategy to the success of these supervisors. In this paper, I am going to identify the skills and strategy to such success, by identifying and defining the four functions of management; planning, organizing, leading, and controlling. I am also going to explain how I implement them into my company and my office, and how these four functions help me to be successful at my job. H&R Block’s office managers need to follow and implement these four management functions in everything they do, to insure success in their offices. Take the marketing aspect of the job, for example. Without implementing these functions, there would be little success. Planning is used to specify the goals to be achieved, and deciding in advance the appropriate actions needed to achieve those goals. You use planning to analyze current situations, anticipate the future, determine objectives, and decide which activities are needed to reach company goals. When marketing for H&R Block, this management function helps to get ideas on the way to the implementation stage. Marketing takes time and detailed planning in order to be successful, and meet set goals. When planning, managers need to make specific goals on...
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...Chapter 1 Marketing Research: It’s Everywhere! e 1. Marketing research a. generates information in the firm's environment. b. transmits information from the environment to the firm. c. interprets feedback information. d. makes decisions based upon information from the environment. e. does a, b, and c. b 2. Marketing research a. is simply asking consumers for their likes, dislikes, needs, and wants in a one-on-one situation. b. spans the informational boundary between the firm and its environment. c. can only be employed to assess the impact of past or contemplated adjustments in the marketing mix. d. is most generally used for marketing control purposes. e. is b and d. c 3. Which of the following is NOT a common activity of a marketing research department? a. assessing the impact(s) of changes in the marketing mix for a good marketing promotion b. identifying the legal constraints on advertising c. determining the most efficient production sequences for a plant d. establishing sales territory quotas e. c and d c 4. Which of the following is FALSE? a. The basic purpose of marketing research is to assist marketing managers in making more informed decisions. b. Marketing research became a significant business activity after World...
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...– DQ 1, What is the definition of marketing? What are the benefits and drawbacks of incorporating marketing into the sales function of an organization? Do you think that marketing should be included as part of the sales organization within a company? Explain why or why not. Marketing is the foundation, direction, and/or functions an entity uses to produce a product, service, or idea and makes certain that the product, service, or idea they produce reaches consumers. There are a couple benefits and drawbacks to incorporating marketing into the sales function of an organization. The benefits of incorporating marketing into the sales function of an organization is the marketing function can decrease operating expense defining the consumer’s needs and wants which will decrease the cost. The drawbacks of incorporating marketing into the sales function of an organization deals with micro marketing and macro marketing. Being socially responsible and ethical to both, consumers and non consumers, may increase sales costs, due to production costs, and decrease sales profits (Perreault, Cannon, McCarthy, 2011). I do feel that marketing should be included as part of the sales organization within the company because services that the company provides in a marketing sales aspect can apply the analysis so that the consumers needs and wants can be analyzed. Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2011).Basic marketing: A marketing strategy planning approach (18th ed...
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...Consumer attitudes Abstract This paper studies the dimensions of brand image, focusing on the functions or value of the brand as perceived by consumers. In this way, four categories of functions are identified: guarantee, personal identification, social identification and status. By way of hypotheses, it has been proposed that these functions have a positive influence on the consumer's willingness to recommend the brand, pay a price premium for it and accept brand extensions. The hypotheses have been tested in the Spanish sports shoes market and were partially supported. The results obtained confirm the convenience of analyzing brand associations separately and enable the ascertaining of the brand associations that are the most relevant in order to attain certain consumer responses. Introduction Over the last decade, firms have markedly increased their investments in the creation and development of brands. In fact, in most economic sectors a gradual brand generalization can be observed, even in those markets that have traditionally been more reluctant to use them (as is the case of food and agriculture or high tech product markets). A certain brand image The creation of a brand implies communicating a certain brand image in such a way that all the firm's target groups link such a brand (and thus the products sold using its name) with a set of associations. Brand equity research in marketing, as exemplified by Aaker's (1991, 1996)...
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...CMO of a large company The Chief Marketing Officer (C.M.O) of a company should be a person who plays a leadership role within the firm with a number of required functions in order to accomplish the objectives related to marketing department that include: increase the level of sales, enhance the image of the brand, improve the understanding of the customers behavior. Key Functions 1. Analyze the key trends of the industry in which the company is operating in order to perfectly comprehend the behavior of the clients/customers as well as the future performance 2. Coordinate and deal with several areas included in the marketing department such as product development, sales management, corporate communication 3. Create strong relationship and interact with different areas of the company to ensure that the marketing strategic plan will be reached 4. Improve the customer retention Required skills 1. Experience with high tech marketing software 2. Persuasive and self-confident in order to maintain the loyalty of the existing clients/customers 3. Experience in leading teams with strict deadlines 4. Advanced graduate studies specialized in marketing 5. Results oriented and analytical skills 6. Flexible and be able to change the direction from creative to analytical tasks 7. Track record of implementing and growing new business CMO of a startup company The Chief Marketing Officer (C.M.O) of a company should be a person who plays a leadership...
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...This is the most critical function of a business. Its primary aim is to meet company’s goals through a proper management of employees. This function has at least six main functions. Recruitment. The number of vacant positions filled and the time it takes to fill those positions determines the efficiency of human resource function. In order to achieve company’s objectives, the human resource department must take full control of recruitment to avoid possible cases of underemployment or overemployment. Safety. Employees’ safety is a very important factor in any business, human resource therefore ensures that the Occupational Health and Safety Act of 1970 is strictly adhered to. In addition, it conducts training and also manage company’s compensation issues in case of accidents. Employee Relations. It works hard to ensure that the employee and the employer agree. It also links employees to trade unions. It therefore helps in resolving labor union contract issues and familiarizing employees on the collective bargain agreement. Companies that have a strong employer-employee relationship perform fairly well. Compensation and Benefits. In this section, the compensation structures are evaluated. It includes such things as retirement benefits and insurance covers for employees. Its role is to negotiate rates for health insurance to ensure that all employees feel comfortable with the agreed rates. Compliance. This is yet another critical human resource function. It ensures strict adherence...
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