Marketing, Finance, and Human Resources - Essay Example

Management Marketing is a concept through which goods and services are transferred from the source to the (Farrell et al., 24). The process entails identification, selection, and development of the product; price determination; selection of a supply chain; and development and implementation of a promotional strategy. The marketing concept can be based on creating a demand for the product to meet customer specifications and needs. Finance is the science that defines the management, creation, and study of money, credit, investment, banking, assets and liabilities (2013, p. 49). The system includes the private, public, and government finance systems that have a direct influence on each financial space. Human resource is the business component that entails the knowledge, the skills, and the motivation of people (2013, p. 67). Unlike other factors of production, human resource improves with age and experience, hence termed as the most crucial facet that holds the advantage for an organisations business objectives. The human resource can be used to mobilize other resources that will help achieve organisations profitability goals. Manufacturing encompasses the process of converting raw materials, parts, or components into finished products that meet customer specifications and expectations (2013, p. 92). Manufacturing involves the collaboration between human resource and machines in a well-defined structure to realize production. The prosperity of an enterprise relies on the seamless integration of the four facets discussed, because of the strong interrelationship between them. Human resource plays a pivotal role because it stimulates manufacturing based on the market specifications, after that creating the finance that will help in sustaining the enterprise. Marketing helps in guiding detailed manufacturing specifications that will meet the clients needs. The mutual relationship between the four parts will channel the organisations objectives to its target when they are implemented under good business leadership from the human resource (2013, p. 109). Types of Information Used In marketing, the information of the target market regarding its demographics, segments, needs, and purchasing decisions will help define pricing, promotion, and the most strategic places for the business. The other information regarding the strengths and the weaknesses of the competition will help in designing products that leverage the competition to the benefit of the company (2013, p. 152). Pricing information will help in developing a proficient pricing strategy based on the current market forces of demand and supply. The pricing concept is fundamental as it can be used to drive demand for the product based on the target markets purchasing power. Lastly, the identification of product location will help wade off unnecessary eventualities. Regular market research ensures that the enterprise is conscious of the market trends, demographic changes, and shifts in the economy. The information will enable the business evolve accordingly, and grow steadily by increasing profitability. The Finacial information provides a cost-benefit analysis used in making business decisions in the corporate structure. The profit and loss accounts information provides details concerning efficient utilization of the financial resources available (2013, p. 198). The information on the current inflation rates will govern cost adjustments that will sustain the profitability of the enterprise in the economic climate changes. The financial policies information in the business location is critical to understanding the legalities like taxation laws and other business laws that govern business operations in the place. The information can be used to protect the venture from any economic uncertainties that may result from the legislative changes in a given location or country of operation (2013, p. 202). Finally, the information about the financial statistics of the competitors can be used in developing strategies that will help the organisation get to the top business echelons in that business location and beyond. Human resources information can be used to check the performance of the employees in relation to the strategic goals of the organisation. The Employment records of staff hired on a temporary, or permanent basis will help in assigning duties that are suitable for the full-time or part-time labour. The income tax registration information will ensure that the company complies with the national taxation policies, hence avoiding friction resulting from tax defaulting. Contractual information defines the job specifications of each employee, therefore, can be used to track performance, and make appraisals. Attendance information can be used to evaluate the productivity of each employee, and after that used for preparing performance records. Lastly, the information of national labour policies can be integrated into the organisations employment policies to meet its strategic objectives. There are several manufacturing information that guides the process of product development. The knowledge of product specification is guided by the market research done prior to the development of the product (2013, p. 266). The information will guide the human resource and machines to develop a product that is in cohesion with customer needs and the organisations strategic goals. The information on the current market trends is also critical in evaluating the best manufacturing approach that will produce the market needs. In addition, the awareness of the cost implications of the product will be useful in utilizing the limited resources to meet both customer and the companys needs. Lastly, the usability of the proposed product in relation to market reception can be used to adopting the most profitable development approach that will shield the financial interest of the organisation in the current business atmosphere. Motivation Motivation is the level of desire that drives one to perform, regardless of the level of happiness (2013, p. 480). Motivated people are more productive and are more interested in the activity they are engaged. Intrinsic motivation is driven by interest in the task and emanates from the individual. The extrinsic motivation comes from the external factors that enable the individual to be more productive in their work. Motivation is pivotal in the management of people. First, it improves the performance level of the individuals. The willingness to do work is much more important than the ability to do work because it will determine the quality of the work that will be done. Motivation, therefore, will improve the efficiency of the person, reflected through an increase in their productivity. Secondly, motivation helps eliminate negative attitudes of the employees by spreading team-building responsibility. Motivation will change the demoralized attitude of employees who feel their hard work is under appreciated in the establishment. Motivated people will work for longer time out of personal enthusiasm and the desire to get more rewards in future. The concepts will have a boosting effect on the overall performance of the organisation. Motivation inspires high turnover at the workplace by reducing absenteeism. By removing departmental deficiencies in the organization and motivating the people, the workplace will become a favourable to spawn high performance (2013, p. 491). Lastly, motivation can be used as a factor in reducing resistance to change in the organisation. Whenever there is a plan for change, it would be necessary to prepare the individuals by way of motivation among other ways, to reduce passive response to change. In summary, the aim of motivation is to inspire performance and productivity in the given area under consideration. Subliminal motivation originates from the internal actors that inspire one to perform or do a laudable job. The internal factors may be instigated to elevate ones self in the career path, by giving an outstanding performance (2013, p. 532). Optimal motivation is required when both the intrinsic and extrinsic factors are used simultaneously to give optimal performance. The concept takes into consideration all the internal factors that are needed to stimulate the external factors towards realizing the organisational goals. Several ways in existence can be used to assess ones level of motivation. Participation can be enhanced by encouraging group assignments that will get all the students involvement. Collective learning concept will also develop team building in the class, and prepare the students for the corporate working environment. Growth can be achieved by continuous performance in the class assignments and engaging an active interaction session with the instructor to further enhance understanding of the concepts. Personal Reflection and Class Summary The learning experience presented a score of challenges and opportunities that can be useful in other business classes and the business world. It is complicated to select the most valuable portion of the learning process as they are all deemed useful. However, it was interesting to understand the concepts of the marketing because it would be important in conceptualizing the actual concept application in a corporate world. The attributes acquired from the class can also be used to shape ones future as an established market economist and consultant among other areas of specialization. The other concept involved understanding the facets of production. All factors of production are important. Therefore, it was useful to grasp the basic and detailed concepts that drive the sides. All concepts grasped in the session are important in helping one make critical business decisions in the corporate world. The knowledge of product development and the shifts in the market dynamics presents a powerful tool that can be used to design products that will be profitable. The other concept involved instigating critical thinking and problem-solving qualities that are useful in the other business classes as well as in the corporate world. The value of an employee is evaluated by their contribution to the venture; this can be in the form of productivity or by providing critical solutions to problems that confront the enterprise. In order to gain more from the class, the learner would have considered setting up more class forums to debate on some business concepts in marketing and motivation. Motivation as mentioned before, can be intrinsic or extrinsic; the two models remain widely debatable, therefore through an interactive engagement in the class, more opinions regarding the two ideas would have been factored. In summary, the next class should instigate debates on the mentioned concepts ti instill deeper understanding of the theoretical models. Works Cited Ferrell, O.C. et al. Business: A Changing World. 9th ed. New York: McGraw-Hill Higher Education, 2013. Print. Read More