Business Goals, Business Research and Reporting, Retail Marketing and Industrial Marketing - Assignment Example

Core Business Topics I. Business Goals In the establishment and operation of the business, the goals are include in the core concepts. Business goals can be defined as the ends that are needed to be achieved by the business to survive and make profit. The goals encompass the services offered, the performance of the company, the manpower and the management of the people and the operation. There are four dimensions of business goals namely economic goals, quantitative goals, qualitative goals and development goals (Karlof, 1993, p.83). In the management and operation of any business it can be considered that every goal has important contribution to the success of the business. Although this is the case, the qualitative goals which are referring to the customer-perceived factors of quality on the basis of products or services, are considered as the most important. This is the goal to achieve customer satisfaction which can be related to the fact that quality of services and products can be translated to competitiveness of the company (Karlof, 1993, p.83). This means that targeting customer satisfaction is taking the strategic efficiency route as well as the competitive advantage to success instead of the operative efficiency (p.5-7). Examples of companies that operate on this philosophy are the up-market car brands such as Jaguar, Mercedes, BMW and Saab (Karlof, 1993, p.5-7). It is important in the changing modern economy though to have balance between customer satisfaction and cost efficiency to be able to survive. But if one factor should solely be chosen, quality of services offered and products manufactured should be the main priority. II. Difference between Business Research and Reporting The knowledge of the difference between business research and reporting can be considered as a fundamental business concept needed in the establishment and operation of any type of business. Business research can be defined as the data gatherings techniques undertaken in relation to business. It also covers the analysis of the data gathered with the aims in lined with the improvement of the business in terms of profitability and customer satisfaction (Bryman and Bell, 2007). Business reporting on the other hand, deals with the presentation, delivery and dissemination of the gathered data and information regarding the operation and management of the business. In the development of new technology, new ways are being used in the said discipline such as computer-based business reporting (Beattie and Pratt, 2003, p.155). One example of the development in business reporting is the EBR or the Enhanced Business Reporting which is aimed to increase the cost-efficiency and quality of the data gathered and analyzed (Tackett, Wolf and Kinsley, 2007). One example on business research is the focus on the policy-related research. In a study undertaken by Katzell and Yankelovich, the relationship of work on productivity and job satisfaction of the employees had been explored with the perspective on the governing policies (1975). The research resulted in programs related to job enrichment that focused on the improvement of skills and the job satisfaction of the workers (Katzell and Yankelovich, 1975). III. Difference between Retail Marketing and Industrial Marketing Marketing can be divided into the target buyer. Retail marketing can be defined as the type of marketing that target direct selling of products or services to the consumers, thus, referred to as business to consumer marketing. Types of retail stores are independent retailers, chain stores, department stores and consumer cooperative movements (Converse, 2008, p.191). Industrial marketing, on the other hand, is referred to as a business to business marketing on the basis of the fact that the products or services of one company is sold to another (Converse, 2008, 174). The two concepts can be differentiated through the mobile and telecommunication companies. One example of a company that applies retails marketing is Apple, Inc. specifically in selling the mobile phone iPhone. The said technique prioritizes the needs of the consumers to be able to achieve success in the market (Apple Inc., 2010). In terms of the industrial marketing one company that can be cited is the Qualcomm which became one of the most successful companies supplying technology to the mobile industry. It is a known supplier of products to Apple Inc. for the iPhone technology (Mock, 2005). IV. Perfect Competition and Monopolistic Models Perfect competition and monopolistic models are included in the different market structures. Perfect competition, also referred to as “pure competition,” can be characterized by the parameters applying to the different companies. Companies involved in a perfect competition have similar products and the said companies can be considered “price takers.” In terms of market share, each company only have significantly small market share due to the present of companies in the same niche with almost the same products and services offered. The sufficiency of the knowledge of the consumers on the nature and price of the products of each company can also be considered as an important indication of the said market structure. In general, the said market can be described as one with “freedom of entry and exit” (Investopedia, 2010c). Monopolistic model of market structure on the other hand can be referred to as monopolistic or imperfect competition. This is characterized by the presence of many companies or participants, has easy entry and the products are not identical. These factors make the difference since one or more products can be recognizable more than others, thus, market advantage can be gained (Hoag and Hoag, 2006, p.217). In terms of examples, perfect competition is almost improbable in real scenarios, but closely competing companies can be found in the market. An example for the said market structure is the competition between Colgate-Palmolive and Procter & Gamble, two companies that started similar products and business type and had been continuously competitive since. The said type of model is advantageous for the consumers since they would have better choices with high quality and fair price but the said scenario can be considered significantly volatile in terms of company performance due to the demands brought about by competition. On the other hand, the monopolistic practice had been observed in the operation of the Cola-cola Company. In the said model, it is considered disadvantageous for the consumers and the other companies in the same field since only the leading company controls the trend and the price of the products in the market (Hoag and Hoag, 2006; Investopedia, 2010c). V. Mismatch between Supply and Demand. Matching supply and demand can be considered as one of the important dynamics on the operation of any business to be able to achieve the success in the market. It is related to the capability of the company to determine and respond to the need of the customers. In case of the mismatch between supply and demand, the said concept had not been optimized. One event that can be cited is the express production of goods as compared to the demand of the market. Moderate amount of production can be considered as one of the strategies that can be undertaken to be able to minimize the effects of mismatch or to prevent this. The clothes industry is one example of the tendency to have mismatch of supply and demand. This can be observed specifically for seasonal goods (Gattoma, 1998). VI. Financial Accounting and Managerial Accounting Financial accounting is the periodic presentation of financial performance of a company through financial statements for groups outside the company to perceive. Managerial accounting differs on the basis of the objectives of the target group. The company’s performance is presented to the groups within the organization to be able to improve the performance of the workforce and to determine ways to further progress (Investopedia, 2010a). It can then be defined as the study of the company’s performance for better attainment of the set objectives, thus, it is an internal force (Investopedia, 2010b). Financial accounting then is used for the determination of the performance of the company as compared to other companies. Forbes and other organizations that present lists of companies on the basis of performance can be considered included in the external groups for which the process is done. On the other hand, managerial accounting is a standard process within the company to be able to periodically determine the performance, whether it is achieving profits or losing capital. VII. Organizational Change, Personnel Training and Role of Leadership For the improvement of a company organizational change can be considered inevitable and so thus the resistance of the workforce and the personnel to the said change. On a personal note, resistance is not always irrational since every decision and action implemented in the company is needed to be checked and studied prior to application. In such cases, factors such as personnel training and leadership can be considered fundamental to the success of the company (Margerison, 1978). Personnel training are required to be able to ensure that the personnel of the company gained knowledge on the nature of work and the possible changes in the systems that may be implemented. The objectives of personnel training can be classified on the purpose. One is undertaken during the entry to a new company after application and another is the training to be able to implement a new technology or system. In the said process, the leader has a crucial role in terms of motivating and guiding the workforce (Margerison, 1978). Skill-based companies such as medical care providers can be considered as one of the organizations in need of continuous personnel training since they are directly involved in treating people. The personnel need to have updated medical knowledge at all times (Margerison, 1978). VIII. Cost leadership and Differentiation Cost leadership and differentiation are can be attained simultaneously through total quality. Although challenging, high quality innovations and organized system are the main ways to be able to achieve cost leadership or low cost of quality and differentiation. Examples of companies that used low cost of quality are Procter & Gamble and Xerox. This had been advantageous for these companies because it can cope in the market even in the presence of competitions from the international business community in terms of the increasing trend of quality products at reasonable prices (Stahl and Grigsby, 1997). IX. Priority of Operating Manager Cash flow can be considered of more priority due to the fact that it can present the specific movement and details of the funds and capital of the company over a specific period of time. This can be attributed to the fact that cash flow can also be the basis of the periodic income statements (Albrecht, Stice, Stice and Swain, 2007). In a company of electronic products for example, the operating expenses, materials and the profits during a particular period of time are presented in details. X. Strategic Planning Strategic planning covers the company’s strategy in terms of operations, capital and workforce. One of the methods that can be undertaken is the SWOT analysis (Albrecht, Stice, Stice and Swain, 2007). The primary phase is the gathering of information which is divided into external and internal analysis. External analysis includes the environmental opportunities and threats while the internal analysis includes organizational strengths and weaknesses. The succeeding level is the evaluation of information with the company’s social responsibility as the external factor and the managerial values of management as the internal factor. The next steps are strategy evaluation, strategy selection and strategy implementation (Pearce, Burgoyne and Humphrey, 1977). In a mining company there are different issues that are crucial in the strategic planning. The primary phase is the exploration stage wherein the proposed site is investigated and analyzed. External environmental factor on the basis of the effect of waste products is determined. The internal factors such as the skills of the workforce and the administrative and management systems are planned. Upon the gathering of the said preliminary information, evaluation of the factors is undertaken. Possible environmental effects are analyzed on the social responsibility context. Strategies on the basis of operation and management are then planned prior to the operation. Selection and implementation then would follow. XI. Business Plan Business plan can be defined as the totality of the operational and management goals and methods that would be used to achieve the set goals. It is referred to as the summary of the business endeavor in an organized manner (Abrams and Kleiner, 2003). An example of a business plan that can be given is that for mobile phone retail business. Included in the business plan are factors such as the brands to be sold, the skills of the personnel, the additional services needed to be offered such as troubleshooting, the management and administrative operation and the recording and accounting of finances. Policies of the different divisions in the business are also important in the business plan. XII. Business Decision-Making Process In the emergence of a business problem or any issue that requires resolution, the process of decision-making is required. Basically, the preliminary phase involves background study specifically on the sources of the problem or issue. Presentation and generation of solutions are then required. Upon the completion of the said phases, the decision-making phase itself is undertaken. In the said process, it is important to check and observe the effects of the strategies undertaken and the solutions implemented to be able to be able to avoid strategic mistakes in your decisions (Pearce, Burgoyne and Humphrey, 1977). One example is the business decision-making process involved in cases of expansion of business either through additional products or additional branch established. References Abrams, R. and Kleiner, E. (2003). The Successful Business Plan: Secrets & Strategies. The Planning Shop. Albrecht, W.S., Stice, J.D., Stice, E.K. and Swain, M.R. (2007). Accounting: Concepts and Applications. Cengage Learning. Apple Inc. (2010). iPhone. Retrieved July 5, 2010, from http://www.apple.com/iphone/ Beattie, V. and Pratt, K. (2003). Issues concerning web-based business reporting: an analysis of the views of interested parties. The British Accounting Review, 35.2, 155-187. Bryman, A. and Bell, E. (2007). Business Research Methods. New York: Oxford University Press. Converse, P.D. (2008). Introduction to Marketing – Principles of Wholesale and Retail Distribution. NY: Read Books and Prentice-Hall, Inc. Gattoma, J. (1998). Strategic Supply Chain Alignment: Best Practice in Supply Chain Management. Gower Publishing, Ltd. Hoag, A.J. and Hoag, J.H. (2006). Introductory Economics. World Scientific. Investopedia (2010a). Financial Accounting. Retrieved June 5, 2010, from http://www.investopedia.com/terms/f/financialaccounting.asp Investopedia (2010b). Managerial Accounting. Retrieved June 5, 2010, from http://www.investopedia.com/terms/m/managerialaccounting.asp Investopedia (2010c). Perfect Competition. Retrieved June 5, 2010, from http://www.investopedia.com/terms/p/perfectcompetition.asp Karlof, B. (1993). 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