...Institute of Marketing define that "Marketing is the management process responsible for identifying, anticipating and satisfying consumers' requirements profitably." (CIM). Taking a concern into this definition, it indicates that marketing begins before a product or service is developed. In additional, it also explain that marketing involves identifying an unsatisfied consumer need or want and determining if a profitable opportunity exists. Another definition is that “A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others." (Kotler et al., 2005). The basic idea of this definition is that core to all marketing activities is customer satisfaction, which means marketing is an ongoing process as consumer demands and the environment is constantly changing. Products need to adapt as demands change. At the same time, marketing does not involve misleading, tricking or manipulation the customer. The Jobber also define the marketing is "The achievement of corporate goals through meeting and exceeding customer needs and expectations better than the competition."(Jobber, 2010). This points out that the marketing involves understanding the customer better than the competition and tailoring the product or service offering to customer demands better than the competition. We can see that even the definition of marketing is not certainly. Therefore, it means this is definitely a...
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...Netscape’s Initial Public Offering Executive Summary Netscape Communications Corporation was founded in 1994 to provide client, server, and integrated applications software for the internet and other Internet Protocol (IP) networks. The company found early success capturing the browser market by offering its Netscape Navigator client product for free with the goal of generating revenue on the back end by selling server software to companies that wanted marketing access to these potential customers. Although the undisputed leader in the industry, Netscape anticipated significant competition from the pending release of Microsoft’s rival browser, Internet Explorer, and on-line computer serve providers such as America Online and Prodigy. Despite their dominant position in the industry, Netscape had yet to turn a profit and, in 1995 began to explore raising necessary capital through an initial public offering (IPO). The preliminary prospectus prepared by Morgan Stanley and H&Q suggested it might offer 3.5 million shares at $12 to $14 a share. However, a month later, the underwriters advised the Netscape board to increase the initial offering price 100% to $28 per share. At this new offering price, the firm's value would be $1 billion, raising many eyebrows since their 1995 revenues to date were only $16 million, the firm was only 16 months old, and they had not yet shown a profit. The board needed to decide whether the required annual revenue growth rate could support a...
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...Business succeeds when it cares about community “The primary objective of a firm is to maximise its profit and its primary accountability is towards its shareholders/owners” Although I can see how in most instances the main objective of a firm is to maximise it’s profit, I do not believe that it necessarily follows that the primary accountability is to the shareholders and owners. I would like to present the following argument that suggests real success can be achieved by working with and caring for communities and stakeholders. If we were to believe that companies would only succeed by looking after their shareholders we would surely limit the opportunities for any firm to have any community purpose and would remove any of the benefits that can be achieved by working with other key stakeholders. Firms can benefit greatly from interaction with wider stakeholders and can reap benefits when they care about their communities because these communities can be seen to work together with firms to support mutual success. In outlining my views I will refer to three theories, namely stakeholder theory, legitimacy theory and agency theory and make a case for how an interaction of these theories will support my views that business succeeds when it cares about its community. Stakeholder Theory, (Financial Times Lexicon, 2011), ‘Stakeholder theory suggests that...
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...want to dedicate this post to one of the most basic but important . When speaking to promote a product , brand or company , there is a range of possibilities , among which is advertising. But what really is advertising and what is its relationship to marketing? When I enter my students ( coming communicators , advertisers, marketers and public relations ) to the fundamentals of advertising , I was always useful to refer to what is supposed to know all the business environment : What is Marketing. Philip Kotler has saved us many great task of finding a sufficiently clear and comprehensive definition , defining it as "a social and managerial process by which people satisfy their needs through the exchange of products." In other words , marketing is not designed to sell a product ( or idea ) , but the satisfaction that people get through it . But always through a process of exchange , usually commercial , not something Peter Drucker said that the most important functions of a company were two, and only two , Marketing and Innovation, because they produce benefits, while the rest are costs. Now , how is that accomplished Marketing meet the needs of people ? It is known that the needs are not created , but these have always existed . The role of marketing, and usually achieved through advertising, is to identify a need ( from a deficiency ) and activate the desire to satisfy it through a product or service. When desire is activated request is generated , for which a product will...
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...food because of health problems such as obesity issues. McDonald’s need to add vegetarian meals in their menu. For example when the customer order vegetarian meal will take another one free to encourage people to eat healthy food containing low calories. We can compare that by other companies like Pepsi and Cocacola we find there is diet cola without sugar to fight obesity. Culture of society has a big impact on organization sales. For example Muslim only eats Halal. McDonald’s in UK or USA there are meals by ham burger another meal Halal but other hand McDonald’s in Arab countries cannot find Halal meal or not Halal meals because everything is Halal. When McDonald’s decided to open in Arab country commit by rules of country. Achieving happiness is very important by satisfy all needs of customers. Satisfaction of customer needs = happiness = more profit Fast food industry is very competitive. People can choose another source to eat like Burger king or KFC or other local shops. So variety of products help McDonald’s to be unique and compete the rivals. In each country should have popular meal that people famous to eat it in that country. Price is very important to customer to identify the product. In other words the price reflects the quality of the product. When the customer buys a meal by accepted price with good taste it will satisfy his needs. Promotion is the best way to contact public through advertisements on TV and magazines, internet and cinemas to get...
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...the business organization is to serve and satisfy its customers. The organization’s vision statement provides the future state of the organization to strive to reach. With the good leaders in the organization, it will create synergy and vision. An organisation is an organized group of people with a particular purpose, such as a business or government department. A business organization is an individual or group of people that collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for owners. Other business organizations, called nonprofits, are formed for public purposes. These businesses often raise money and utilize other resources to provide or support public programs. Here are some examples of organisations. • A multinational car manufacturer (eg Toyota) • A local authority • An accountancy firm (eg Ernst and Young) • A trade union (eg TUC (trade union congress) • A charity (eg Oxfam) • An army An organisation is an organized group of people with a particular purpose, such as a business or government department. A business organization is an individual or group of people that collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for owners. Other business organizations, called nonprofits, are formed for public purposes. These businesses often raise money and utilize other resources to provide or support public programs. There are many types of organizations...
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...Marketing is a process used to satisfy and consider what products or services are needed by the consumers. There are many alternative definitions of marketing such as the charted institution of marketing “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably”. The American Marketing Association believe that “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organization goals”. Philip Kotlerinterprets that marketing is 'satisfying needs and wants through an exchange process the common interest in all three definitions is fulfilling customer needs and providing benefits The small business enterprise that I have chosen to discuss is called ‘Hair Today ‘this is a professional hair salon that is situated in the heart of Kentish town for over 30 years. Hair today has a total of 20 employees, including hairstylists, hair washers and administration staff, including a cashier. The salon offers many services such as styling hair, men haircuts, colouring, perming. The marketing process consists of four elements Situation Analysis, Marketing Strategy, Marketing Mix Decisions and Implementation & Control. Situation analysis is when through an analysis the company finds the customer needs but in order to do this the company must recognise its own potential and the environment in...
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...1.1 Marketing process is the process where the company start analyzing and identifying the potential opportunities of the company selecting the target market, and managing the marketing effort. Marketing process is a series of actions and reactions between the customers and the company. The steps of the marketing process are: Analyzing marketing opportunities It is the first step of the marketing process, and the main goal here is to analyse what kind of opportunities can you have is the market and to identify the customer’s needs and wants and try to satisfy them. This step is useful to understand the environment in which the company is operating and to analyse the long- run opportunities in this market. Marketing analysis is indispensable because it allows the company to get enough information about the competitors, costumers, government, and changes in the environment to be prepared and decide and determine what are their opportunities, Selecting target markets Now the company knows how is the market they will deal, they must be customer centred; they have to know what they want and start competing the costumers with the competitors, but they need to know specifically who are they customers. This process is called market segmentation and is the process where the company define and divide the market into different and smaller groups with different needs and behaviour. And market targeting is the processes of analyse and select one or more of the markets segments...
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...4 Section 2: Organisational culture 5 Section 3: Business strategy 6 Section 4: Change 7 3. Conclusion 9 1. Introduction: J D Wetherspoon Company based on pub that offered cheap beer, good conversation and solid architecture which was opened by Tim Martin in 1979. The company motto is “cleanliness, beer, service and maintenance. It becomes a plc in 1992 and it now has over 600 pubs. In 2000, it opened over 90 new pubs and in 2002, about 10 years after flotation, its share price rose to more than ten times its original value. This report illustrates the external environment, culture, strategy and change in J D Wetherspoon which focuses on the deep analysis of the company and explains them from an objective point of view. 2. Findings Section 1：External environment Political: The “tied house” system had been broken by the rule from Monopolies and Mergers Commission between brewing companies and pubs. J D Wetherspoon chooses pub at a new start and change the strategy for it but may loss the profit and business and increase the cost. Economic: Tim Martin agrees with euro-sceptic and takes some actions while the union leaders and others condemned his actions. The people who support the euro may change their idea to choose other pubs which may cause the reduction in sales and profit. Legal: Public and government concern about binge drinking may cause anti-social behavior. This would bring the J D Wethersppoon bad publicity and the number of new openings...
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...the performance of business activities that direct the flow goods and services from organisations to their customers. This is simplest statement which explains Marketing very generally as a “business itself”. The aim of any business organisation is to sell goods to the customers, therefore Marketing is a way to reach those customers. • Marketing involves the business understanding the needs and wants of customers and adapting the operations to deliver the right goods and services more efficiently than its competitors. There is big competition on a global business market, so to be ahead of competitors, the company is spending more money and time in order to find the right way of how to reach the right customers and send them the right information about the product to gain their interest. • Marketing is concerned with the matching of an organisations capabilities with consumers wants. Marketing plays the central place in business process by identifying the needs of consumers and then analysing whether is that particular organisation is able to satisfy these needs or not. • Marketing is the process of determining consumer demand for a product, motivating its sale and distributing it into ultimate consumption at a profit. Sale and profit is the key objectives at most organisations (except Charity run organisations). The cost of Marketing spenditure should be properly controlled and the sales income should exceed costs to maintain the financial balance...
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...1. INTRODUCTION The society and public need rules and regulations to maintain the peace and regular developments of the general public. However, there are many of the things could not be implement with laws or regulations to ensure people behave in the correct ways. Therefore, the ethics are used to ensure that people should behave in the proper attitudes and behaviors. Business ethics are the ethics are to ensure moral guidelines which govern good business behaviors, such ethics applied to various field of business managements (Ferrell, O. C., & Ferrell, L. 2011) . For instance, the decision making processes of BOD would consider the ethical effect of the decision made and implemented without harming any of the individual around and related. Supply chain management is the management of products and services that how they are converted from materials to products and then finally deliver to the final users and customers. In the entire processes of supply chain activities, there are many of interrelated individuals and stakeholders are affected and related, therefore satisfy each stakeholder is to ensure the effectiveness of the supply chain management system. Due diligence is the duty and responsibility of managements and directors to act prudently in evaluating associated risks in all transactions and business activities in order to ensure that business are going concern and healthy in comply with legal standards. The relationship between due diligence, business ethics and supply...
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...different companies that came in mind which are Oxford Academy, Wellstar Hospital, and Wendy’s. These employers do their task a little bit different than the next. At the Oxford Academy the task for this company is to satisfy the children making the parents happy by greeting them every day. The goal for the company are to teach the children the bible and focus on teaching them different things they may not learn in public schools. As far as the hospital the task is to make sure the patients are taking care of. Making sure the hospital is in good standards to others when coming in to see the doctor. Wendy’s tasks are to take care of the customers and making them want to come back for more. All three of these companies have different task but there goals is to satisfy the person or the customer. In this essay we would be talking about the difference in operations, the natures of the operations are the employees organized, and etc. The costs of the companies are major. They all need the computers this is what makes the company run a little better than usual. The companies must have what they need to do the right thing for the job and for them to compete with other companies like them. People are really thinking about prices and how much things are going to cost them. This is why sometimes people go to the emergency room instead of seeing a doctor, or sending their child to a daycare that is cheap or even going to Wendy’s getting the dollar menu. The employees are different when it comes...
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...IPO When a business is growing, but not as quickly as it could, the next best thing to do instead of borrowing capital is going public. A company can do so by creating an initial public offering, or IPO where they sell ownership shares of the business to the public. The IPO can open windows of opportunities for a business in terms of financial growth and public awareness. On the downside, an IPO can restructure a company’s management and everything about the company must be disclosed and viewed even by competitors. With this in mind, many companies who are deciding between whether to go public or not may have their second thoughts. I will be discussing the advantages and disadvantages that come with IPOs and the results that some companies have seen from going public. What is an IPO? The initial public offering or IPO according to CNNMoney.com is “the first time that a company’s shares are traded on a public market.” It is the process where a privately owned company issues shares of stock to the public, in other words, the company is “going public.” Small private companies have IPOs to raise capital and gain public awareness, while large, well-established companies have IPOs to become publicly traded companies. A person who is interested in a particular company can buy one of two types of shares: common or preferred stock. When a company only issues one class of stock, it is called common stock. Common stocks are generally less expensive to purchase than preferred...
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...regional office for FJN Incorporated has been tasked by one of their regional store managers in trying to help solve a scenario that may cause internal or external discrimination if not properly address. FJN Inc. needs to find a happy median that satisfies all the parties involved and ultimately gives the customer first class service. FJN Inc. wants to ensure that their regional offices are meeting the policies that they have put into practices. Three things that have the owner must do: adhere to policy, don’t discriminate, and meet the customer’s needs. To ensure they meet all these needs the regional managers need to refresh Bob’s memory on Title VII of the Civil Rights Act of 1964 and also abide by public policy that protects any harm to the employee or the customer’s satisfaction. To ensure Bob thoroughly thought the issue out FJN Inc. management advised Imelda that Tom will be available to assist her in choosing the best shoes that meet all her expectations. If Imelda insists then FJN Inc. management will explain to her in a professional manner about our company policy and how is upholds equality within the company. Management will also let her know that in order for the company to continue to have good relationship with their employees is to enforce the company policy which includes employees rotate on a daily basis. By law, it is the person’s ability to perform, not his or her gender that must be basis of workplace decisions (Bennett-Alexander & Hatman, 2007, p. 267)...
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...foundation for future decision-making. The following are criteria for a good mission statement: The Mission Statement is Focuses on Satisfying Customer Needs A mission statement should focused on satisfying customer needs rather than being focused on the product. Products and technologies eventually become outdated, but basic market needs may last forever. A market-oriented mission statement defines the business in terms of satisfying basic customer needs. For examples refer to the following “Market-Oriented Business Definitions” table. (Kotler p.49) The Mission Statement Tells “Who” Our Customers are. (Thompson Strickland, p.30) Who is being satisfied? A company should define the type of customers it wishes to serve. Which customer groups it is targeting. Customer groups are relevant because they indicate the market to be served, the geographic domain to be covered, and the types of buyers the firm is going after. The Mission Statement Explains “What” Customer Needs Our Company is Trying to Satisfy. What customer needs is the company trying to satisfy? A company should define the particular needs of those customers groups it wishes to satisfy. A product or service becomes a business when it satisfies a need or a want. The Mission Statement Explains “How” Our Company will Serve its Customers. How customers’ needs are satisfied? A company should define the means or technology by which it will serve the target market...
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