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Final Exam MGT 123 - Essay Example

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The process entails identification, selection, and development of the product; price determination; selection of a supply chain; and development and…
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Download file to see previous pages 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).
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 ...Download file to see next pagesRead More
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