Mastering Business Knowledge: Your MBA Notes Companion
Definition and Scope Financial management encompasses coordinating, planning, supervising, and controlling financial activities, including acquiring and utilizing an organization’s funds. It applies fundamental management principles to the financial resources of a company. Elements of Financial Management Investment Decisions involve allocating resources to fixed assets (capital budgeting) and current assets, known as working capital decisions. Financial Decisions: These…
Definition of ‘Product’ A product is an item that is offered to purchase. A product could be an item or service. It may be physical or in cyber or virtual forms. Each product is created at a cost, and everyone is offered at a cost. The price set is based on the market and the…
The Six Stages of the Consumer Buying Process and How to Market to Them Many times, sellers believe that buying from consumers is random. That certain products appeal to certain people and the purchase will either happen or isn’t. They approach to service and product marketing the same way that is based on trial and…
Consumer behavior in marketing—Patterns, Types and Importance How often do you make choices in the morning? What outfit should I put on today? What scent should I wear? What should I take for lunch? If you consider it, we make several purchasing decisions every day, without thinking about them. However insignificant as they may appear…
What is Market Segmentation? Market segmentation refers to a term used to describe the process of grouping potential customers into segments or groups that share a common need and react similarly to a marketing decision. Market segmentation allows companies to focus on different types of customers who view the complete worth of specific products and services differently…
How to Execute a Marketing Plan? We can use a marketing plan at any point based on the results from the metrics. If digital ads are carrying out better than expected, for example, we can adjust the budget for a campaign to fund an advanced execution platform or the company can initiate a new budget. You…
What Is a Marketing Plan? A marketing plan is a working document that plans a marketing strategy that an organization will implement to make leads and reach its target market. A marketing plan facts the outreach and PR operations to be started over a period, with how the company will portion the effect of these…
What is Marketing Mix? Jerome McCarthy introduced the 4Ps marketing mix idea (also known as the 4ps of marketing) in his book: “Basic Marketing A Management Approach”. It states the considerately planned combination of policies and practices a company used to promote business and successful product promotion. Initially 4P, these elements are product, price, place,…
Modern marketing vs Traditional Marketing Marketing has an important role to play in the business’s brand positioning and ensuring the visibility of the brand in the market. In the digital stage where companies depend on digital media to promote their content so there has been a new argument has come about traditional marketing vs modern…
Functions of Marketing Marketing is a very comprehensive term and cannot be clarified in a few words. Marketing is an important business function that supports making the customers aware of the products or services that are offered by a business. The definition of marketing as defined by the American Marketing Association is as follows. “Marketing…