MANAGING THE MARKETING AND FINANCE FUNCTION Flashcards
the interface between the firm and its customers.
At its simplest, it is the exchange of money for the output produced by the firm.
Is vital to any firm since it is the activity that produces revenues that sustain the enterprise.
Process of developing, promoting, and distributing products to satisfy customers’ needs
and wants.
Marketing
consists of four basic marketing strategies known as the 4 P’s
Marketing Mix
4 P’s namely
product,
promotion,
place and
price.
one of the most important things you’ll do during the process of starting a company.
Company name.
5 rules for choosing a company name:
- It has as to be memorable– but easy to spell.
- It needs a visual element.
- It should have a positive connotation.
- It may include information about what your company does.
- It has to be fairly short.
a name, symbol or trademark designed for easy recognition.
graphical representation of the company. It consists of symbols, illustrations and / or graphic print design.
Logos
A specific group of consumers at which a company aims its products and services
are those who are most likely to buy from you.
Target Market
Types of Marketing Relationships
Transaction-Based Relationships.
More Sustained Relationships.
Highly Committed Relationships.
Marketing is generally assigned the market to sale, such as identifying the customer, studying the customer’s needs, obtaining an opportunity to make an offer to the potential customer, and closing a deal.
Transaction-Based Relationships.
Where the contact between the parties to a transaction is more
sustained, as in delivery of components over time from a single contract, or several concurrent
contracts, the tasks of marketing may be more encompassing, including informing the
customer of the status of the order, determining the disposition of damaged or below-standard deliveries, determining the user satisfaction with deliveries, and so on
More Sustained Relationships.
Often the relationship between the customer and the firm is more involved than simply the transfer of standard goods or services. Where there is substantial and rapidly advancing technology, as in the case of computers, numerically controlled
machining systems, or medical diagnostic equipment, the customer’s choice to do business
with a particular supplier involves a long-term commitment to the technical idiosyncrasies of the supplier
Highly Committed Relationships.
are large custom constructions such as buildings, punch presses, ovens and kilns, automated assembly lines, and the like. They are expensive, often single-purpose, designed for optimum performance, and typically complex.
Installation
are capital items of lesser durability, mostly depreciable in five or
seven years. These items include standard office machinery such as copiers and Scanners,
small computers, desks and other furniture, and similar items.
Accessories
are the crude products of extractive and agricultural enterprises.
Raw materials
are basic manufactured goods that change form after they reach the industrial customer.
Process materials
This are catalog items, designed and produced by a supplier and offered for sale to a broad spectrum of customers, either directly or indirectly through distributor
Component parts
This are custom-made items. They are also discrete items used in the assembly of larger products. They are being done by bids. Engineers makes the design and collaborates with the specifications.
Fabricated items
are those used in maintaining machinery, such
as air filters, spark plugs, and the like, which wear and must be replaced periodically and
predictably.
Maintenance/Repair/Operating
are marketing offerings that are characterized by only incidental use of product.
Services
The majority of the tasks with which marketing deals are oriented toward the obtaining of revenue, that is, with making sales.
After-Sales Service
Engineers in Service Organizations
Computer applications
Government services
Colleges & Universities
Research
Biomedical
Health services
Characteristics of Service Sector
- More intangible
- Performed in real-time (scheduling)
- Most professional & consulting services are customized, personalized, & labor intensive
- Infrastructure (electricity, transportation, communication, etc.) providers are capital intensive
Each of the finance activities originate from
organizational activities and focus on the production and use of information to meet the
following purposes:
- Accounting
- Compliance
- Management and Control
- Strategy and Risk
- Funding
