...Organisational control Control: track progress: -employees * Product * Strategies * Goals Control means reviewing, monitor, check * Managers monitor and regulate how efficiently and effectively an organisation and its members are performing the activities necessary to achieve organisational goals. * Managers keep an organisation on track, anticipate events, and change the organisation to respond to opportunities and threats Control systems Flexible because environment change Timely manner: for eg a 6 weeks reviews: will track, check and have reviews * Control systems are formal, target-setting, monitoring, evaluation and feedback systems that provide managers with information about how well the organisation’s strategy and structure are working. * A good control system should: * be flexible so managers can respond as needed * provide accurate information about the organisation * provide information in a timely manner. Example: Bank Input: money, customers, employees Conversion; transaction:debit, deposit, others, loan Output: delivered service, customers staified/ unsatisfied. EG 2: Cars Input: equipment,machines, raw materials, skills, employees, funds Conversion: car assembled Output: car What is control in each part: Input; quality, quantity of raw materials Skills of employees Conversion: -going it in a right manner, time Output: number, did imet the demand, satisfied the customers ThThree types...
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...efficiency: Concept of market efficiency An efficient market has been defined as one in which the prices of securities fully reflect all available information. This requires that the reaction of the market prices to new information should be instantaneous and unbiased. If such conditions exist, it will not be possible (except by chance) to employ either past information or a mechanical trading strategy to generate returns in excess of the returns warranted by the level of risk involved. In short, consistent excess profits will not be made. Or in an efficient market it is not possible to consistently make an abnormal return. Statement 1 What would cause a market to be efficient? The main argument in support of efficiency is the existence of a competitive market in which numerous investors are competing in an effort to make abnormal returns. It is suggested that, in such a market, investors will seek information and take immediate action to buy or sell securities based on any new information. As a result, information will be impounded very quickly in market prices. Market efficiency may be improved by an increase in the quantity and quality of information that is made publicly available, and a reduction in restrictions on insider trading. Statement 1 * New information regarding securities comes to the market in random fashion. * Profit maximising investors cause security prices to adjust rapidly to reflect the effect of new information. Methods used to test for market...
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...Objectives 3 * Introduction 4 Consumer Buyer Behaviour * Methodology 7 * Main Body 12 * Analysis/Findings 13 * SWOT Analysis 14 * Conclusions & Recommendations 15 * Bibliography 16 * Evidence of Research 17 Aims and Objectives Instructions have been given to the report writer to carry out a marketing survey for new Dental Practice which will specialise in providing treatment for kids. Primary and secondary research methods will have to be applied in order to investigate consumer buyer behaviour. All results will have to be evaluated in a form of report. Afterwards, SWOT analyses will have to be carried out. All findings should facilitate vital decision making and also reduce possibility of failure. Key questions to answer and points to complete: * Is there a market for a Child Dental Practice in Galway? * How many similar businesses/competitors do I have in the chosen location? * Need to explore consumer buyer behaviour and understand the requirements of consumer buyer behaviour. * Understand the importance of market research of this line of business. * Draw appropriate conclusions and recommendations which will provide prospectus for future actions regarding setting up this business Introduction Marketing is an essential part of the whole business world nowadays. It requires understanding the needs and wants of buyers, especially if new product or service will be introduced. Before setting up any business people have to carry out...
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...Inditex is one of the world's largest fashion retailers by owning eight brands - Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque. There are over 6,700 stores worldwide. It is started as textiles maker by Amancio Ortega Gaona in a small workshop back in 1963. After 12 years, Inditex is official a dressmaker when the first Zara store is established in 1975, located in La Coruña, Spain. The main goal of Inditex is to offer highest quality products to all its customers. All Inditex processes are following their code of conduct where 4 main principle is applied. There are clear to wear and safe to wear, tested to wear, green to wear and right to wear. These are the foundations of the Group's environmental and sustainable strategy. To ensure the stability of the global operation, Inditex has 11 logistics centre for each of the brands to make sure the merchandise are distributed twice a week. There are new designs are coming out once a fortnight in Inditex. It is also one of the company that practicing fast fashion. In 2014, the net profit of Inditex had grown 5 percent to 2.5 billion euro (Spain. Inditex S.A.,2014). Inditex is maintaining the aggressive strategy in 2015. Alexander's (2015) article indicates that, Ortega's net worth hit $80 billion as stock in his holding company Industria de Diseno Textil (Inditex) reached an all-time high of 33.99 Euros per share. As mentioned above, the first Zara store is opened in La Coruña in 1975...
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....................................................................... 01 ABSTRACT ...................................................................................02 ASSIGNMENT ...................................................................................03 REFERENCE ...................................................................................08 INRODUCTION 1] Description managerial economics relies on microeconomics and industrial organization to analyze business practices and design business strategies 2] Description the difference between price-taking and price-setting firms. ABSTRACT Overview of industrial organisation and micro economics related to managerial economics and difference between price taking and price setting. ASSIGNMENT 1. Why managerial economics relies on microeconomics and industrial organization? Answer: The new managerial economics design comprised three part that is: part 1: basic concepts [supply and demand analysis ,market demand analysis ,production and cost analysis and factor markets] part2: industrial organisation...
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...of reference. 13 Executive Summary The objective of this report is to identify the target market and position the product well in consumers mind so as to increase the sales and market share. For a product to be accepted in the market by consumers, an effective marketing strategy must be implemented. This report is divided into five parts which are introduction of the scenario, followed by identifying the consumer segment, business segment, merits and demerits of cost oriented pricing, branding and positioning and an alternative pricing approach for the eco shack. Behaviour segmentation variable for consumer market is an appropriate way to identify the consumer segment for the Urban- Eco Shack. This process of segmenting the market involves analyzing the behavior of consumers in terms of usage, price sensitivity and the response towards brands. The features of the Urban – Eco-shack can influence the behaviour of the customers like the size of the accommodation makes it suitable for city dwellers as it is highly occupied with buildings and houses, therefore, the volume usage in urban areas will high and this is an appropriate consumer segment for the Urban Eco-shack. On the other hand, retailers who are close to the market in the supply chain are the profitable business segment for Doug and Pauls Urban and...
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...motivation, personality, attitudes, learning, goals, expectation, perceptions, cognition. * Sociology: groups, status, hierarchy, influence, trust, reciprocity, social identity, social networks. * Economics: perfromance, efficency, effectiveness, incentives, monitoring, coordination. * Political science: power, governance, negotation, politics. INDIVIDUAL BEHAVIOR Managers achieve results by working with and through others. The abilitiy to undestand, predicit and control individual behaviour in the absence of direct monitoring is one of the most important- but also difficult managerial skill to master. FORMAL ORGANIZATIONS A formal organization is a social system with specific goals and usually consisting of several interrelated groups of subunits. Formal organizations are governed by clearly stated and enforced norms that typically survive the churning (mescolare) of organizational members. PURPOSE OF ORGANIZATIONAL BEHAVIOR The purpose of organizational behaviour is to inform the optimal design(progettare) of the organizational strcture and processes to promote improvement in the satisfaction and productivity of oganizational members while increasing the efficency and effectiveness of the organization as a whole ( nel suo complesso). SATISFACTION AND PRODUCTIVITY * Are happy, motivated workers also productive workers? * Under what conditions? * What are the trade off involved? * What drives individuals motivation? * How should individual...
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...Source type: Periodical ISSN/ISBN: 03090566 Abstract (Document Summary) In recent research on service quality it has been argued that the relationship between perceived service quality and service loyalty is an issue which requires conceptual and empirical elaboration through replication and extension of current knowledge. A study focuses on the refinement of a scale for measuring service loyalty dimensions and the relationships between dimensions of service quality and these service loyalty dimensions. The results of an empirical study of a large sample of customers from four different service industries suggest that four dimensions of service loyalty can be identified: purchase intentions, word-of-mouth communication; price sensitivity; and complaining behaviour. Further analysis yields an intricate pattern of service quality-service loyalty relationships at the level of the individual dimensions with notable differences across industries. Full Text (9407 words) Copyright MCB UP Limited (MCB) 1999 Josee Bloemer: Faculty of Applied Economics, Limburg University Centre, Diepenbeek, Belgium, and...
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...BACKGROUND TO PRINCIPLES OF MARKETING INTRODUCTION TO MARKETING Every business, service or product oriented organization must complete its operation by disposing of its products or rendering its services to the customers. Various marketing concepts hold that customers will generally not buy a product they don’t know or they have not been asked/convinced to buy. It is therefore the role of the marketing function in any business to fill this gap and complete the business operation. Definition of Marketing The Chartered Institute of Marketing of the United Kingdom defines marketing as, “The management process which identifies, anticipates, and supplies customer needs efficiently and profitably.” Kibera (1996) defines marketing as “the performance of business and non-business activities which attempt to satisfy a target individual or group needs and wants for mutual benefit or benefits.” Kotler (2006), the American marketing guru provides the definition of marketing as “A social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.” Kotler and Armstrong (2008) define marketing as “The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.” Core Marketing Concepts 1. Needs – The basic concept underlying marketing is that of human needs. Needs comprise of those things...
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...Part A ‘The one thing that unites all human beings, regardless of age, gender, religion, economic status or ethnic background, is that, deep down inside, we ALL believe that we are above average drivers’ (http://www.enginesofmischief.com/makers/evan/sigs/barry.html). This is particularly true for young drivers. Judging by their continuous cognitive, emotional, social and biological growth, young drivers are more prone to engage in impulsive behaviours which often can be unsafe. This is because young drivers lack adequate practical experience in driving which in turn contributes to their inability to steadily identify the conditions that are risky when driving. For instance, they tend to drive more commonly during night times and with multiple passengers. As such, such factors significantly add to the likelihood of accidents (Association of British insurers, 2012). There is a wealth of research and official accident figures showing that young drivers -especially males- are at a considerably higher risk of being involved in a crash which will often involve life-changing injuries, than older drivers. Consequently, this has resulted in the continuing rise in the cost of insurance premiums for young drivers. Studies show that 17-24 year old drivers with less than 2 years of driving experience are more likely to make catastrophic claims of crashes that have severe consequences for the driver, the passengers and other road users (Association of British insurers, 2012). That said, unless...
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...Lecture 1 – Chapters 1 and 2 Chap 1 Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return * Deal with customers, satisfying customers’ needs * Attract new customers by promising superior value * Keep and grow current customers by delivering satisfaction Marketing Process Understand the marketplace and customer needs and wants * Customer needs, wants and demands * Needs: status of felt deprivation, Maslow hierarchy of needs (Physiological, Safety, Belonging – Love, Self-esteem, Self-actualisation) * Wants: form that human needs take as they are shaped by culture and individual personality * Demands: humans wants that are backed by buying power * Conduct consumer research and analyse the large amount of data * Marketing offerings * Combination of products, services, information or experiences offered to a market to satisfy a need or want * Marketing myopia: mistake of sellers paying more attention to the specific products offered by a company rather than to the benefits and experiences produced by these products ~ focus on existing wants and lose sight of the underlying needs * Value and satisfaction * Satisfied customers will make repeated purchases and tell others about their good experience * Dissatisfied customers will switch to competitors and disparage the product to others ...
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...1 Question one: Key factors to consider in locating a business. 1.1 Introduction The location of any business, big or small, new or established can make or break the business. Rina, as you battle with the issue whether to locate your proposed business at home or at some commercial site you should thoughtfully consider the following extremely important factors: your customers, materials and other resource availability, infrastructure, the availability of facilities and costs associated therewith, and the off course your personal preferences as the business owner. 1.2 Your customers I’m sure you intend to establish this business because your have sported a window of opportunity in the market, which you would want to exploit profitable. This market is made up of customers with unmet needs which you will have to satisfy at a reasonable profit. Your customers will expect you to deliver exceptional services and good quality products timely. Therefore you need to locate your business where it would be much easier, faster and cost effective to get to your customers. 1.3 Availability of materials and other resources Another very important factor which calls for your thoughtful and thorough consideration is the availability and steady supply of much needed resources. You need also to consider the location of your suppliers, their proximity to the business, and their reliability in terms of supply of good quality materials. Availability of labour as a valuable resource for...
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...An organization, or small business, that provides services must participate in the art of understanding the human psyche. Since services are not tangible items, companies must dive deep into the human brain and understand how a person interprets quality and trust by using only sensory cues. This comes in a plethora of options: An office environment, the music playing overhead, an ambiance that provides comfort, the taste of food, and the feeling of meeting a company representative for a consultation. These are just a few examples that consumers confront while researching a provider of services. In order to produce customers, a service provider must produce forms of advertising. These marketing tactics must entice the consumers’ senses, create strong perceptions of trust, loyalty and quality, and influence their behavior in order to gain a client. “The stimulus-organism-response model (SOR) was developed by environmental psychologists to help explain the effects of the service environment on consumer behavior” (Hoffman & Bateson, 2008). This model consists of several aspects; a set of stimuli, an organism component and a set of responses or outcomes. Stimuli, in this case, is defined by our five senses of sight, sound, touch, taste and smell. When all of these senses are combined successfully, a consumer in a pastry shop would conclude that the business is of higher quality, the food is exceptional and worth the extra expense. The organism component describes the...
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...University of Toronto Faculty of Arts and Science and Rotman School of Management RSM 260H1S – Organizational Behaviour Duration: 110 minutes Aids allowed: one aid sheet (front side only of an 8.5”x11” piece of paper) Paper foreign language dictionary for international students Please answer all questions in this exam. Answers to the multiple choice questions need to be filled in on the scantron sheets (remember to use pencil to fill in the circles) and also circled on the exam itself. Answers to the short answer questions should go in the exam booklet provided. All three components (scantron sheets, exam booklets, paper copy of exam) should be turned in at the conclusion of the exam. This exam consists of 25 multiple choice questions, 10 true/false questions and 2 short answer essay questions – you must answer ALL questions. The exam consist of 9 pages (including cover sheet) Name: ___________________________________________________________ Student #: ___________________________________ Question | Grade | 25 multiple choice questions(2 points each) | /50 | 10 true/false questions(1 point each) | /10 | Essay question #1 | /20 | Essay question #2 | /20 | Total: | /100 | Note that all page numbers refer to the 8th edition of John and Saks SECTION 1: Multiple choice questions (25 questions x 2 points each = 50 points total) Answer all multiple-choice questions. Circle the ONE best answer to the question, and fill it in on your...
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...Healthy By Nature Marketing Strategy Report Prepared by Rosanne Critelli – 992342X For Ms. Janet Bradley 1 Madeup Street Melbourne VIC 3000 Australia 9/25/2013 Page |1 Executive Summary The purpose of this report is to conduct a market analysis and propose a market strategy for Ms Janet Bradley to assist her in establishing a new fast food chain Healthy By Nature, which be centred around providing nutritional, low calorie food to its customers. The first step undertaken in conducting the market analysis was to analyse and determine the behaviours and characteristics of consumers who purchase both fast and low calorie foods. The microenvironment surrounding the market was then considered and potential suppliers, intermediaries, publics and direct and indirect competitors were analysed and identified. An analysis was then undertaken of the macroenvironment and factors and trends relating to the demographic, economic, natural, political, and cultural factors were considered and identified. The findings from the market analysis concluded that the target market for Ms Bradley’s new business was likely to include single professionals, parents with children aged between 5 and 12 years, and adults aged between 45 and 54 years. The direct competitors were considered to be Boost Juice, Subway and Nando’s and the indirect competitors, McDonald’s, Domino’s Pizza and Woolworths. A marketing strategy was prepared which identified three target market segments and characteristics of each...
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