Information Sources in Marketing - Term Paper Example

Information Sources in Marketing Information Sources in Marketing Introduction The discipline whose sources of information are being studied is Financial Management. This field of Business Studies is essential in creating managers of financial institutions, among them banks. Financial management is a major discipline that helps one understand banks and how they work. It defines them and their purpose in the economy. There are many sources of information on Financial Management. These sources provide data and statistics on the various activities taking place in the financial sector of the economy. Good sources of this information contain up-to-date information if their purpose is to relay current trends in the financial sector. They also contain accurate information on past financial activities and thus act as reliable historical sources of information on financial management (Mort, 2003). Information sources in financial management also dwell on financial accounting, its principles and its assumptions. These sources analyze the international accounting standards that are upheld in terms of analysis and presentation of financial information. Some of them give a good analysis on currencies in Financial Management. The world has many currencies; as many as the number of countries available. These currencies vary in their market strength, and studying them is essential in establishing their relationship. It also enables one to compare the imports and exports of countries in terms of foreign exchange and international trade. To add to this, one gets to understand the various Fiscal policies and their implications in the modern financial markets. The information sources in this field of business are easily available. They exist in both soft and hard copy, with some being exclusively digital sources. Audit and government institutions provide this information through the critical analysis of the economy. There are various communication structures in Financial Management. These include associations, societies and journals. Some of the major associations include the Financial Management Association. This association supports scholars in various financial grounds and activities. It assists in the professional, academic and day-to-day life development of college students who are interested in banking, real estate, investment management and financial management. It gives them a firm background and foundation in their business studies, enabling them to be among the best in the financial industry. The European Financial Management Association is another association that is used as a communication structure in Financial Management. It encourages research in the areas of finance and disseminates knowledge on critical analysis and financial decision making. These relationships are done in regards to capital markets, financial institutions such as investment banks, financial societies and European corporations. This association provides membership opportunities. The members meet once every year, and in these meetings, they exchange financial ideas as well as present and discuss their financial research. The Association of Professional Accounting and Tax Consultants is another association in the field of Financial Management (Shiller, 2003). It consists of self-employed individuals who work towards assisting their clients in financial issues, especially those related to the filing of tax reports, submitting the reports and paying for the same tax. There are also major societies in the Financial Management discipline. One of them is the Financial Managers Society. This society is involved in connecting, educating and informing financial professionals. The information they share is about banks and credit unions, their functioning, and how to maximize their profitability. Another Financial Management society is the SIFMA. This society has a regional conference in which it provides information on the development of financial management and financial services. It does this through educational forums and online assessments, whose aim is to improve the common accounting practices of its members. It also gives auditors and professional accountants insights on the current financial trends and their future implications. A third society in Financial Management is the Honors Society. This society is involved in recognition of exemplary performance in the global financial sector. The awarding of honors encourages financial improvement in other individuals working in the financial sector. Some of the Financial Management journals that exist in the modern financial world include The Journal of International Financial Management and Accounting. This is a certified journal that provides valid information on trading, financial markets and industries. It also outlines the key industry players and their successes giving and insight on the best financial practices that can be applied towards excellent financial performance. Another communication structure is the journal of Multi National Financial Management. As the name suggests, this journal talks about international matters of finance. It discusses international trade and global financing of projects that affect worldwide economic development. It touches on international trade, the current barriers affecting it and the key players in this sector. It also outlines the operations of multi-national corporations and explains how some of them managed to get the international market. This journal can act as a guideline for companies wishing to spread their reach to other countries. The innovations listed in this journal are the key developments and projects, being run and managed all over the world in addition to space and satellite ventures. The journal of risk and financial management is a key source of information in this discipline. The fact that it is an open-access journal enables leaders to review it and provide information on risk in the financial sector. This journal contains articles that help financial managers in dealing with financial risk assessing it and knowing how to handle it by either transferring it, accepting it or diminishing it. Major reference sources used in financial management include dictionaries, directories and almanacs. One of the key dictionaries used in financial management is the dictionary of finance and banking. This source is a product of Oxford University. It has key definitions and explanations that revolve around the field of finance and banking. It is the most current Finance Dictionary in terms financial updates. It is considered one of the best references for students and professionals dealing with financial courses and investments (Kohli, 2008). The Financial Dictionary of Finance Terms and Conditions is a reference used by Wall Street investors in identifying the regulations imposed by various stocks and trading options. It is a key source for investors in enabling them know the terms of the investments they are making. It is important to go through this dictionary when investing in Wall Street so as to avoid legal battles that come with misunderstanding of the conditions of an agreement. Another major source of reference is the Almanac of Business and Industrial Financial Ratios. This source has comparative financial data of millions of international companies. It gives accurate performance data on international investments and companies, and is a good basis for competitive performance analysis. The California Local Government Finance Almanac is another major source of Financial Management information. It touches on municipal financial health and growth, giving details of the state’s developments and profitability. The specialized information sources related to Financial Management include digital libraries, databases and repositories. One of the key repositories is the Financial Information Repositories. This source of information deals with digital data. It reports on Federal Government Financial information. It also touches on Non-Profit Organizations and the way they manage their finances, including investments, grants and funds. This repository gets its information from various businesses that provide the data in digital form. We also have databases that contain reliable information on financial management. One of them is the Hyperion Financial Management Database (Abiad, 2008). Sources of Financial Management information in the Arabian Gulf region include The Arab-Irish business forum Arabian Gulf meet with those from Ireland in sharing business and marketing ideas. The first of it took part on the 11th of March, 2015 (Jain, 1999). Another is the Arabian Gulf Association that allows and supports trading across Arabian countries. The Deep-Trade Arabia journal consists of all international corporations based in the Arabian Gulf and assists financial managers in locating viable markets for certain specialized businesses. The Journal of Development and Economic Policies talks of business expectations in the Gulf region. An example of such information is the call for a common currency in this region. The Gulf Yearbook contains information on businesses and the big steps they have made in the Arabian Gulf. This information is useful in Financial Management since it provides information on viable markets that exist within this region. Specialized information sources include the Commodity Trade Statistics Database. It contains all the financial statistics of businesses operating in the Arabian Gulf. It also gives statistics on the economy of this region. This database provides information that can be used in the comparison of data with other corporate investments and corporations. Another example is the Databank for Arab Stock Markets. This database contains all the information a financial manager would love to know about stock markets and their trends. References Abiad, A., & Detragiache, E. (2008). A new database of financial reforms. Washington, D.C.: International Monetary Fund. Jain, A. (1999). Marketing information products and services a primer for librarians and information professionals. Ottawa [Ont.: International Development Research Centre. Kohli, H. (2008). Growth and development in emerging market economies international private capital flows, financial markets and globalization. Los Angeles: SAGE. Mort, D. (2003). Business information handbook 2003. Mnchen: K.G. Saur. Shiller, R. (2003). The new financial order: Risk in the 21st century. Princeton, NJ: Princeton University Press. Read More