Towson University Admissions and Acceptance Rate

Towson University Admissions and Acceptance Rate Towson University has a 74% acknowledgment rate and decently open affirmations. Understudies with strong evaluations (B or better) and SAT/ACT scores that are normal or higher will be on track for affirmation. All candidates must compose an article as a component of the application procedure; letters of proposal and an exercises resumã © are discretionary. Note that the Honors College and a few majors have extra confirmations prerequisites. Affirmations Data (2016) Towson University Acceptance Rate: 74%GPA, SAT and ACT diagram for TowsonTest Scores: 25th/75th PercentileSAT Critical Reading: 490/580SAT Math: 490/580SAT Writing: -/ - What these SAT numbers meanTop Maryland schools SAT comparisonACT Composite: 21/25ACT English: 20â /25ACT Math: 20/25What these ACT numbers meanTop Maryland universities ACT examination Towson University Description Towson Universitys 328-section of land grounds is found eight miles north of Baltimore. Towson is the second biggest state funded college in Maryland, and the school frequently does well in rankings of local state funded colleges. Investigate the grounds with the Towson University photograph visit The college offers more than 100 degreeâ programs, and among students calling fields, for example, business, education,â nursing and interchanges are very mainstream. Towson has a 17 to 1â student/workforce proportion. The school wins excellent grades for its security, worth, and green endeavors. On the athletic front, the Towson University Tigersâ compete in the NCAA Division I Colonial Athletic Associationâ and Eastern College Athletic Conference. Calculate your odds of getting inâ with this free apparatus from Cappex. Enlistment (2016) Absolute Enrollment: 22,343â (19,198 undergraduates)Gender Breakdown: 40 percent male/60 percent female88 percent full-time Costs (2016 - 17) Educational cost and Fees: $9,408â (in-state); $21,076 (out-of-state)Books: $1,080 (why so much?)Room and Board: $11,754Other Expenses: $3,094Total Cost: $25,336 (in-state); $37,004 (out-of-state) Towson University Financial Aid (2015 - 16) Level of New Students Receiving Aid: 80 percentPercentage of New Students Receiving Types of AidGrants: 56 percentLoans: 56 percentAverage Amount of AidGrants: $7,828Loans: $7,106 Scholastic Programs Most Popular Majors: Accounting, Art, Biology, Business Administration, Elementary Education, Mass Communication, Nursing, Psychology, Social Science, Sport ManagementWhat major is directly for you? Sign up to take the free My Careers and Majors Quiz at Cappex. Move, Graduation and Retention Rates First Year Student Retention (full-time understudies): 85 percentTransfer Out Rate: 21 percent4-Year Graduation Rate: 46â percent6-Year Graduation Rate: 71â percent Intercollegiate Athletic Programs Mens Sports: Football, Lacrosse, Swimming, Baseball, Basketball, GolfWomens Sports: Track and Field, Lacrosse, Soccer, Swimming, Field Hockey, Volleyball, Tennis On the off chance that You Like Towson University, You May Also Like These Schools Sanctuary University: Profile | GPA-SAT-ACT GraphPennsylvania State University: Profile | GPA-SAT-ACT GraphDrexel University: Profile | GPA-SAT-ACT GraphJames Madison University: Profile | GPA-SAT-ACT GraphGeorge Mason University: Profile | GPA-SAT-ACT GraphDelaware State University: Profile Hood College: Profile | GPA-SAT-ACT GraphMorgan State University: Profile Salisbury University: Profile | GPA-SAT-ACT GraphWest Virginia University: Profile | GPA-SAT-ACT GraphBowie State University: Profile | GPA-SAT-ACT Graph Towson University Mission Statement: statement of purpose fromâ https://www.towson.edu/about/strategic/ Towson University cultivates scholarly request and basic reasoning planning graduates who will fill in as viable, moral pioneers and drew in residents. Through an establishment in the aesthetic sciences, an accentuation on thorough scholarly gauges, and the formation of little learning conditions, we are focused on giving a collective, interdisciplinary and between proficient environment, greatness in instructing, administration improvement, municipal commitment, and applied and supported research openings at the undergrad and graduate levels. Our alumni leave Towson University with the vision, inventiveness and versatility to create arrangements that advance the way of life, society, economy, and condition of Maryland, the locale, and past. Information Source: National Center for Educational Statistics

Aristotle Essay Example | Topics and Well Written Essays - 500 words

Aristotle - Essay Example Aristotle contends that certified comprehension of a thing requires a grip of why that thing is essentially for what it's worth. Such understanding is best encouraged by or spoke to in an expressive contention. We should continue deductively from premises more completely clear than the end to the decision by method of a causally illustrative center term. The premises of showings are themselves indemonstrable and fill in as beginning stages or first standards (archai) inside the given space of request. As indicated by Aristotle, we show up at these standards by direct inference as a matter of fact, by what is some of the time called instinctive acceptance (epagoge), the aftereffects of which are gotten a handle on by a unique scholarly limit, nous. Let us follow Aristotle and state that each argumentative contention is either a logic or an epagoge (Topics I 12). By 'a rationalistic contention' let us mean, as Aristotle does, any contention set forward in discussion, continuing on premisses conceded by the other party, and not requiring any exceptional information. It follows that each Socratic elenchus is an argumentative contention.

5 of the Toughest Health Care Interview Questions - And How to Answer Them

5 of the Toughest Health Care Interview Questions - And How to Answer Them Choosing to pursue a career in health care is one of the noblest choices you can make in life. If you chose to do this, congratulations from all of us. You will literally be a life-saver.People who work in this field not only have to study for a long time to know everything they need to know, but they also work under a huge amount of pressure. Everyone needs a nurse, a doctor, a pharmacist and so on.If you are currently a student and want to know what awaits you, or if you just finished your studies in health care and you are looking for a job this article will help you be prepared.Weve looked at all the questions that can come up during an interview and compiled a list of the most common five.By reading this, you will know what to expect from the interview and how to answer the five toughest questions.Weve also covered other questions that might come up for which you should have the answers ready.With all of this, weve prepared for you some tips tricks which will help you leave a better impression on the interviewer.Hope you enjoy reading!PREPARATION FOR THE INTERVIEWYou got your degree and you are eager to finally start working. Or you want to move from your current job to a better one.Finding a new job is about luck, but also about preparation. Even though you really cant control how much luck you have, you can control how prepared you are, and we are here to help you with that!After youve submitted your cover letter and resume, you get a call asking you for an interview. Congratulations! You are one step away from your next job in the health care industry!In order for you to get that job, you need to prepare for the interview as best you can. Interviews can sure be weird sometimes, but we are here to guide you on how to prepare for it.Well cover everything, from how to dress to how to answer questions.1.  What should you know?Well, you should definitely research where youre going to. Every hospital and pharmacy have their own organizational culture which creates an internal working environment.First, you can check their website as well as their pages on social media. On the latter, you can see what people are saying and what their experiences are like.If during the interview you demonstrate that you know which values they have or which projects they did lately, you will leave the impression of being genuinely interested in working there. Interviewers often want to find out if you did the research or not.It goes without saying that you should know to describe everything you have in your resume. Be prepared to talk about everything you have written there.From your skills to your studies and past experiences. Remember to keep your answers honest, the interviewer will love if youre being genuine with them.2.  What should you wear?To decide what you should wear to the interview, its best to first do the research and match the clothes to the environment you’re going to.For most health care institutions, they wear scrubs but you shouldnt wear that before working there.Rather, choose a business casual combination. Iron your clothes and prepare them a day in advance. Trust us, avoid making the decision of what to wear on the day of the interview.You dont want to be late because you were caught up deciding whether its better to wear a blue shirt or a white shirt.Now lets see the five toughest questions that you can come across and how you should answer them!5 QUESTIONS AND HOW TO ANSWER THEM1. Why did you choose a career in health care?a) Why does the interviewer ask this question?This is the expected Why question. Of course, the interviewer wants to know your reason for being here and he or she wants a good answer to it. Health care is not one of the most popular career paths people take.It takes a lot of studying, patience and hard work. So, the interviewer wants to know why you chose health care, and not maybe economics, IT or law.b) How to answer this question?Its best that you give a brief overview of your experi ence of choosing your career path. Avoid shallow reasons like money, the uniform, or my parents forced me.Rather, point out how important it is for you to help others and those in need. There must be a deep reason why you chose to be a nurse, a doctor or a pharmacist.The answer should give the notion that you will be happy working there and that you see the purpose of the job. The employer wants someone who wants to do the job, not someone who is just there for the sake of being there.c) An Example of a Good AnswerMy first contact with health care was when I volunteered in a clinic. The patients Ive met there are real heroes for me and I saw how their treatment could be better. I talked to the employees about it and we implemented my ideas. The patients were happier and I felt great! I really believe that good health care makes a difference in peoples lives.2. How do you handle stressful situations?a) Why does the interviewer ask this question?Working in health care can be one of th e most stressful jobs out there. In cases where someones life depends on you, the ability to remain calm is crucial.Of course, the employer wants to check this before giving you the job. He doesnt want to find out that you cant handle stress very well after he had already given you the job.b) How to answer this question?Well, for starters, youll want to say that you handle it well and that you can keep a clear head in stressful situations.To prove so, its best if you mention some of the stressful situations that already happened to you in this field.If you have experience working in this field, it shouldnt be a problem for you to remember a situation where your calmness helped make the situation better than it is.If, however, you dont have any experience yet you can mention some situation that happened during your studies or your internship.Its also nice if you mention how you handle stress in everyday life traffic jams, electricity being cut off, running out of water and so on. It wouldnt hurt to mention if you meditate, do yoga, run or lift weights.These are all healthy ways of dealing with stress.c) An Example of a Good AnswerI think that I handle stressful situations quite well, and people have told me so as well. For example, I was once in the situation where I had to give epidural to a panicking pregnant woman. She moved around a lot and didnt let me do it right. I counted to 10, calmed myself first and then talked to her and calmed her as well. I explained to her why its important that we do this. She stopped panicking and the baby was born without a problem.3. What is your salary expectation?a) Why does the interviewer ask this question?For some of you, the most important question of all. In a world that runs on money, every one of us has this factor in mind when choosing a job.Doing a job we love is best, but we also need one which keeps our stomachs full and our bills paid.The employer here uses the chance to see how much you value yourself, and its tricky not to undervalue or overvalue yourself. Getting that perfect middle isnt easy.Its much easier for the interviewer to ask this question than it is for the candidate to answer, but we will tell you how to do it with confidence.b) How to answer this question?First and foremost, dont name a number you are not willing to work for. Know what the minimum you are ready to work for is before going to the interview.Do some digging on what is the average salary for the position you are applying for in your country. If you can find it, it would be great if you know how high the salaries in that company where you applied are.Once you know the average, you can boost it up a little so that it doesnt sound too rude 10-20% more is perfectly fine.Expect the employer to make a counteroffer with a lower amount, and then you should be prepared to meet somewhere in the middle.c) An Example of a Good AnswerI truly believe that I can bring value to you and this company/institution with my experie nce from working similar jobs. My skills like (insert your strengths here) have helped me in the past to accomplish (insert a successful story here) and will help me be a great employee here.4. How do you stay up to date with trends that are happening in the healthcare industry?a) Why does the interviewer ask this question?This question is very important for the employer because he needs to know that you will be in touch with new technological advances that happen, and other changes that are happening in the industry.Think of any industry, for which would you say that its not necessary to keep up to date with changes that happen in it? Exactly, there arent any.In order to be great at what you do you need to follow others who are better and what they are doing. Learning from others has never been easier.With social media and the internet connecting all of us, communities have never been more relevant and networking has never been so important.New technology, new knowledge and new tre nds change every industry from time to time, so its important that you know when they are coming and when they happen.b) How to answer this question?Point out how you continually educate yourself in the health care field. You may be taking a course, listening to podcasts, visiting conferences, events and meet-ups or reading books or health care magazines.Whatever your way of keeping up with the changes is, just explain what youre getting out of it.Its great if you prepare examples of something you have heard from these sources and implemented successfully.c) An Example of a Good AnswerI keep up with everything that is happening in the industry by reading books and taking education courses, like (insert the name of the book and course here). I also read magazines like (insert name here). I know how important it is to be updated about these things so I try my best to do so.5. What is the biggest failure youve had in your career?a) Why does the interviewer ask this question?This is one of the most uncomfortable questions you can face. It reveals your uglier side. The side of you which makes mistakes and sometimes complete failures.We all make mistakes and these questions request of us to admit to them. By asking you this question, the employer sees where you make mistakes and maybe more importantly, how honest you are.Keep in mind that your employer has made mistakes as well, like all people do. Dont be surprised when this question comes up. This is not a trick question and you are not being sabotaged.This is just a question which tells the interviewer how you handle situations when things are not going as planned. All of us know that such situations are very common, especially in health care.b) How to answer this question?It is very important that you explain what you learned out of this failure and what action steps you took so that it doesnt happen again.Keep in mind that its not important what the failure was, but how you handled it.This is where the focus of your story should be. You should definitely avoid placing blame on others because that will show you dont own up to your mistakes and responsibilities.If there are some major incidents that youve caused in the past, if there isnt a way for your employer to find out our advice is not to mention them. If you are asked about it, then, of course, talk about it honestly.Otherwise, choose a failure from which you really learn something and which you used to improve your work. Dont mention critical ones as examples; youll just make room for unnecessary questions.c) An Example of a Good AnswerOne time I was late for a really important meeting with my superior. I was stuck in traffic but honestly, I should have counted on that since I was driving during the biggest traffic hours. I apologized to her and made sure that I dont make the same mistake again. I now start all my trips earlier than usual and take into consideration the traffic conditions.OTHER POPULAR QUESTIONSThe interview will pr obably consist of more than five questions, so lets look at some of the most common ones that have appeared in the past.You can analyze question by question by asking yourself what do they want to get out of it and how would my perfect answer look like. Here are some common ones:Tell me a little bit about yourself that isnt written in your resume.Where do you see the future of health care?Why should we hire you and not someone else?Describe a situation where you disagreed with a co-worker.Describe a situation where a patients family member criticized your care for them.Describe a situation where a patients family member praised your care for them.How did you handle a situation where a patient didnt want to give you sensitive information?How do you prioritize when there is a lot of work to be done?Give me an example of when your communication with a patient was terrible.Which career accomplishment are you most proud of and why? TIPS TRICKSAdjust your resume to the job description f or some jobs, it might not be so relevant that you have a certificate in MS Office, while for others it might be one of the most important factors. Use the words theyve used in the job description so your awesome resume comes up on top if they use any resume sorting software.Anticipate what they might ask you read your resume and think from the perspective of the employer, what questions would you ask yourself? Maybe you have some time where you didnt work but you rested, be prepared to talk about that part of your life.Rehearse the answers with all the questions and answers youve read here, you have enough to be very well prepared for the interview. Reading this wont make you prepared though, it will just give you the direction of how to prepare. Remember to rehearse the interview with someone and simulate how you give your answers.Ask the interviewer questions candidates who ask questions during the interview leave a good impression because it shows that they are interested in the job. Questions like who youll work with, what room is there to grow, would you have a mentor or not, are very important not just for leaving a good impression, but also for your decision whether you would like to work there or not.Dont come empty-handed youre not going to a pub with friends, so bring a pen and a notebook to write down important things that come up. Bring a bottle of water and a pack of gum or breath mints. Just make sure to take it long enough before the interview so that you dont have it in your mouth while talking.Sleep enough consider going to bed earlier than usual, you might take longer to fall asleep if you are feeling excited. Nothing makes up for a good nights sleep and you want to look fresh at the interview. Aim to sleep for about eight hours and eat a good breakfast in the morning. Keep in mind, not too big so you dont feel bloated.Plan to spend extra time in traffic you never know when you might get stuck in traffic. Calculate the time needed to g et there or use an app that tells you, and add about 15-20 minutes to that. Its easier to arrive early than to be late. If you are late for your first meeting with the employer its one of the worst impressions you can leave.Relax have in mind that this is just a job interview. If you dont get the job, there will be plenty more. If youre anxious youre just narrowing your chances of getting it, so believe in the positive outcome. Youll either get the job or youll have one more experience at an interview. The important thing is that if it doesnt work out, you keep going. FINAL THOUGHTSWorking in health care feels amazing! The profile is in high demand everywhere and always will be.The working conditions are usually great salaries in health care are one of the most competitive ones out there.If you are good at it, you can really move up in the industry and make a name for yourself.One good perk about this industry is that there is mutual admiration everywhere for your work.It feels gr eat to help others and thats what this industry is all about.Being there for someone in need is one of the most beautiful feelings that a person can have.Jobs in health care bring people this exact feeling. Although sometimes it can be difficult to find a job here, and interviews might be a scary experience for some, we know that you can do it.With these bits of advice, you should definitely have a good interview experience and more awareness of what the employer is looking to get out of you. They say luck is when preparation meets opportunity.We hope that you will use the opportunity you have and that this article will help you prepare.Good luck, you got this!

The Servant As Leader, written by Robert K Greenleaf - Free Essay Example

Sample details Pages: 2 Words: 615 Downloads: 1 Date added: 2019/10/10 Did you like this example? The overall message that Greenleaf Servant Leadership sends out to followers is intrinsically a modernised, diluted version of the Old Testament. This idea is perfectly epitomised by Greenleaf Servant Leaderships key message that, The servant-leader is servant first, this statement which features in the opening passage of Robert K Greenleafs esteemed essay has all the hallmarks and bearings of archetypal biblical scripture, for example, in the bible in the passage, Luke 22:26, it states that, rather, let the greatest among you become as the youngest, and the leader as one who serves. These similarities within the realm of servitude prove whole heartedly that the basis for Greenleaf Servant Leadership is to put others before yourself and to ensure that others needs are catered to before your own, this striking resemblance to the passage, Luke 22:26 sends the exact same message about putting others before yourself to ensure greatness in servitude.. Don’t waste time! Our writers will create an original "The Servant As Leader, written by Robert K Greenleaf" essay for you Create order One of the main differences between Greenleaf Servant Leadership and the Bible is that the Bible does not have an air of militant leadership about it. Greenleaf Servant Leadership is more of a philosophical leadership style, whereas the Bible is quite literally a physical, spiritual accoutrement of a well-established religion, Christianity. Peter 5:3, states that not domineering over those in your charge, but being examples to the flock. This message is the polar opposite to what Greenleaf says are the fundamentals to his society, when Greenleaf says, some servant leadership-based outcomes, like profits and retention that are not difficult to measure (incidentally, research shows that both markers are improved in servant-led organisations. It is apparent from Greenleafs statement that his society, which has all the hallmarks of a right wing Cult, has an unhealthy obsession with growth, which could be perceived as being overly concerned with monetary gain, this is something which the Bible does not preach. This is an example of how innately different the two organisations are; For example, Acts 20:35 states, In all things I have shown you that by working hard in this way we must help the weak and remember the words of the Lord Jesus, how he himself said, It is more blessed to give than to receive. . This classic example highlights and reiterates how the Bible has an overwhelming penchant for assisting those in need and those in poverty, unlike Greenleafs philosophical militia that his followers need to allow him to be their servant for them to prosper. To draw the readers attention to a passage in the Bible, specifically Matthew 20:20-28, Matthew states, Instead, whoever wants to become great among you must be your servant,  and whoever wants to be first must be your slave — just as the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many. Contrary to what was just stated above, it does appear that elements of Greenleafs esteemed essay have their grassroots in the Bible, as Matthews mention of serving others, to become great is not too dissimilar from Greenleafs archetypal tagline, servant first. But alas, according to Greenleaf himself, Greenleaf Servant Leadership, is not based on the Bible at all, Greenleaf took his inspiration from a book he read, titled: Journey to the East. According to Andrey V.Shirin, this is a story about a group of people on a journey, and the central figure is Leo, who does menial chores and sustains the group with his songs and spirit. All goes well unti l Leo disappears, the group unravels and the journey is abandoned. After some years the author finds out that Leo is the leader of the Order that sponsored the journey. Thus Leo is both a servant and a leader.

Matrix of Philippines Presidents - 3020 Words

MKV TUA MATRIX OF THE PHILIPPINE PRESIDENTS | HISTORY | | PRESIDENT | POLITICAL PHILOSOPHY | POLITICAL EXPERIENCE | ACHIEVEMENTS | STRENGHTS, WEAKNESSES, THREATS | EVALUATION | EMILIO AGUINALDOYears of Administration:March 22,1897- April 1, 1901 | Dedicated to the expulsion of the Spanish and independence of the Philippines through armed force. | He was elected cabeza de barangay of Binakayan, QuezonHe also engaged in inter-island shipping, travelling as far south as the Sulu ArchipelagoThe first person to hold the title of capitan municipal of Cavite El Viejo. | He proclaimed the Philippine Independence on June 12, 1898He made Elementary Education compulsory and free.Local Government reorganization | STRENGTH:Strong will of giving†¦show more content†¦Announced the restoration of the Government of the Commonwealth of the Philippines and work out the salvation of the Philippines from the ravages of war.Rehabilitation of the Philippine National BankApproved the Bell Trade ActPresident Osmeà ±a created the Office of Foreign Relatio ns | STRENGTH:The aid of the US government was present during his short term, restored the Philippines from the ravages of war.WEAKNESSES:Overconfidence of winning the 1946 election, he did not campaign because he thought the Filipino’s knew his reputation of being faithful and honest to his deeds. | President Osmena restored the commonwealth government and continued fighting for the Philippine Independence, He was faithful and honest to his Presidency to the Filipinos that’s why he did not campaign for the 1946 elections, and unfortunately he did not won. | PRESIDENT | POLITICAL PHILOSOPHY | POLITICAL EXPERIENCE | ACHIEVEMENTS | STRENGHTS, WEAKNESSES, THREATS | EVALUATION | MANUEL ROXASYears of Administration:May 28, 1946- April 15 1948 | The philosophy of progressive taxation and the ability-to-pay principle was enshrined as a fundamental public policy. | Member of the municipal council of Capiz, he became the youngest governor of his province.He was elected Presiden t of the national league of governors during his term as provincial head.Elected to the Philippine House of Representatives in 1922, and for twelve consecutive years wasShow MoreRelatedCase Study Of Trumps One China Policy827 Words   |  4 PagesSo far, Trump has managed to antagonize the Mexican president and the Islamic world as well as harangue the Australian prime minister and the French president. 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Introduction to Marketing Revision Notes Free Essays

Chapter 1: Marketing Principles and Society Definitions: Chartered Institute of Marketing (CIM): The management process of anticipating, identifying and satisfying customer requirements profitably (CIM, 2001) The American Marketing Association: The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (AMA, 2007) These definitions stress the importance of considering the customer requirements and to delivering value. The difference between a customer and a consumer, is that the customer physically buys the product, and the consumer actually uses (or eats) it. We will write a custom essay sample on Introduction to Marketing Revision Notes or any similar topic only for you Order Now The Marketing Process Marketing comprises 4 phases of activity, which is a component in the process of creating value for the customer: 1. The design phase. Companies identify customer and consumer needs, and design the product offering around their needs to create value for the customer. 2. The development phase. Companies develop products, services, and ideas, which meet those needs and deliver the intended value. 3. The delivery phase. Companies distribute those products, services and ideas to their customers and consumers and customers receive the product offering and the value created 4. The determination phase. Companies determine whether or not what customers receive really fits their needs or not and it not, redesign the product until it does fit their needs, and provide the customer with real value (or the organisation goes out of business). This process is cyclical, because products usually begin with the determination phase. There is a feedback loop to determine whether this product suits customers’ needs. These processes are influenced and dependent upon society and are regulated by government. Marketing: Ancient or Brand New? Marketing as a coherent approach to business has been around since the early 1920s. 1. Production period, 1890s-1920s: focus on physical production and supply, where demand exceeded supply, there was little competition, and the range of products was limited. This phase took place after the industrial revolution. 2. Sales Period, 1920s-1950s: focus on personal selling supported by market research and advertising. This phase took place after WW1. . Marketing Period, 1950s-1980s: more advanced focus on customer needs. This phase took place after WW2. 4. Societal Marketing Period, 1980s-present: stronger focus on social and ethical concerns in marketing. Marketing as a discipline has developed through the influence of practitioners, and through developments in the areas of industrial economics, psychology, sociology, and anthropology, (see page 9 for theorists): * I ndustrial Economics Influences – our knowledge of matching supply with demand comes from the development of microeconomics. Psychological Influences – our knowledge of consumer behaviour comes principally from psychology, particularly motivational research in relation to consumer attitudes, perceptions, motivations, and information processing. * Sociological Influences – our knowledge of how groups of people behave comes mainly from sociology, with insights into areas, such as how people from similar gender and age groups behave. * Anthropological Influences – our debt to social anthropology increases more as we use qualitative market research approaches such as observation to research consumer behaviour. Differences between Sales and Marketing Selling: Product push Marketing: Product pull Marketing * Tends towards long term satisfaction of customer needs * Tends to greater input into customer design of offering (co-creation) * Tends to high focus on stimulation of demand Sales * Tends towards short-term satisfaction of customer needs. * Tends to lesser input into customer design of offering (co-creation) * Tends to low focus on stimulation of demand, more focused on meeting existing demand What do Marketers Do? . Provide marketing intelligence and customer insight 2. Provide strategic marketing direction for the organisation 3. Develop the customer proposition 4. Manage and provide marketing communications 5. Use and develop marketing and customer information 6. Lead marketing operations and programmes 7. Work with other business functions and 3rd parties 8. Manage and develop teams and individuals Marketers at different levels of organisation will undertake different components of t hese functions at different levels. Generally, senior marketer/marketing director will guide and direct these functions, while the marketing manager will manage them, the marketing executive will undertake the actions necessary to fulfil these functions, and the marketing assistant will support the marketing executive (CIM, 2OO5). The Marketing Mix and the 4 Ps There are some general concepts that help managers frame their actions as they develop their marketing plans and undertake marketing tactics. The marketing manager was a â€Å"mixer of ingredients†, a chef who concocted a unique marketing recipe to fit the requirements of the customers’ needs at any particular time. Eugene McCarthy (1960) simplified and amended the memorable 4ps from previous lists: 1. Product – the offering and how it meets the customers’ needs, packaging and labelling. 2. Place (distribution) – the way in which the product meets customers’ needs. 3. Price – the cost to the customer, and how the cost plus profit to the seller 4. Promotion – how the product’s benefits and features are conveyed to the potential buyer Extended Marketing Mix for Services: the 7Ps American scholars, Boom and Bitner (1981), incorporated a further 3Ps into the marketing mix: 5. Physical evidence – to emphasise that the tangible components of services were strategically important since customers used these to infer what the quality of the service might be e. g. students requesting brochures of different universities, to pick the course most suitable. 6. Process – because service delivery cannot be separated from the customer consumption process. Process is included because of the need to manage customer expectations, interaction and satisfaction. E. g. track and trace delivery services. 7. People – included to emphasise that services are delivered by customer service personnel, sometimes experts and often professionals who interact with the customer sometimes in an intimate manner (e. g. spa treatments). How they interact with customers, and how satisfied customers are as a result, is of strategic importance. Market Orientation * Marketing Orientation: a company that increases the importance of marketing within the organisation, e. g. by appointing a marketing person to its board of directors. * Market Orientation: doesn’t just involve marketing. Involves all aspect of the company, gathering and responding to market intelligence (i. e. customers’ verbalised needs and preferences, market research etc) Developing a market orientation means developing the following: * Customer orientation * Competitor orientation * Interfunctional orientation Organisations that manage to develop a market orientation are better at market sensing (understanding the strategic implications of the market for a particular organisation). Relationship Marketing Organisations must keep relationships with the parties exchanging value. 1. Suppliers 2. Potential employees . Recruiters 4. Referral markets – where they exist (banks rely on professional services i. e. estate agents for mortgage referrals) 5. Influence markets – e. g. government bodies for companies in the public sector 6. Internal markets – e. g. existing employees Relationship marketing concerns the integration of customer service and quality assurance. Customer re tention is more important to companies than customer acquisition. Research proves that retention is more profitable than acquisition: * Customers will increase their purchases over time * Customers cheaper to promote to Customers who are happy with their relationship with a company are happy to refer to others The Consumer Services Perspective Some commentators argue that products and services have significant differences and similarities: Services: * Cannot be protected by a patent * Do not make use of packaging * Lack a physical display * Cannot be demonstrated in the same way However there are major similarities, including the need to: * Work at full capacity * Develop trade and service marks * Use promotional media * Use personal selling techniques The five characteristics of service products Service industries are generally seen to have 5 important differentiating characteristics: 1. Intangibility – enhancing physical environment, producing brochures, leaflets, by obtaining service quality kite marks. 2. Inseparability – production and consumption are inseparable in service markets. There is a need to manage carefully relationships between clients and their customers, managing their expectations of the quality of the service that they receive. 3. Variability – the quality and standard of service products varies depending on the individual customer and the service provider. Can be difficult to monitor and control service production to ensure consistent service standards. 4. Perishability – services cannot be stored and consumed at a later date, unless they are recorded. Service-based businesses must maximise how much their facilities are used through yield management. E. g. offering discounts at specific times. 5. Non-ownership – customers cannot own the service they receive because ownership is not transferred from the seller to the buyer as it is with a tangible good. The Business to Business Perspective The emphasis in b2b markets is strongly focused on the development and building of mutually satisfying relationships based on commitment and trust, to win the contract in the first place. B2b marketers can create a competitive advantage if they develop a linkage between the marketing and logistics functions, developing a strong customer service proposition on the following items: * Reduction in order cycle times * Simple accurate invoicing procedures * Consistent and reliable delivery * Simple and effective claims procedures * Availability of inventory Good condition of goods and effective service delivery * Flexible delivery times * Strong after-sales support What Impact Marketing has on Society It is important to be critical of marketing. As beneficial as it can be, by providing wants and needs of customers and consumers, with higher technology, more ethical products, with it can also come by marketing bad products, such as alcohol. Cigarettes have been banned to be advertised, but it is important to recognise that not all companies market products for the greater good, but because they can make a profit. Chapter 2: The Marketing Environment . External Environment 2. Performance Environment 3. Internal Environment The external environment consists of the political, social, and technological influences, and organisations have relatively little influence on each of these things. The performance environment consists of the competitors, suppliers, and indirect service providers who shape the way an organisation achieves its objectives. Here, organisations have a much stronger level of influence. The internal environment concerns the resources, processes, and polices an organisation manages in order that it can attempt to achieve its goals. These elements can be influences directly by an organisation. Understanding the External Environment The Political Environment The political environment relates to the period of interaction between business, society, and government before those laws are enacted, when they are still being formed, or are in dispute. Political environment analysis is a critical phase in environment scanning because companies can then detect potential legal and regulatory changes in their industries and so they can have a chance to impede, influence, and alter that legislation. The Economic Environment Companies have to develop an understanding of the economic environment in which they operate and trade. The external environment of a firm is affected, but not exclusively, by the following items: * Wage Inflation * Price Inflation * Gross Domestic Product (per capita) – combined output of goods and services in a particular nation and is a useful measure for determining relative wealth between countries * Income, sales, and corporation taxes – taxes run at different levels all around the world, substantially affecting how we market goods and services * Exchange rates Export quota controls and duties All these factors can change the amount a company charges for its products and services. Companies need to understand how prices or labour costs change if we are importing goods and services, or even components, from another country. The difficulty comes in comparing prices from one country to another. Firms usually have little impact on the macroeconomic environment since t hey have little control over macroeconomic variables, e. g. oil prices, which might affect their business. The Socio-Cultural Environment Lifestyles are constantly changing and consumers are constantly shifting their preferences over time. Companies who fail to recognise this will ultimately fail. Companies must consider the nature of households, lifestyles and the family structure, and the changing values in society or in a consumer group as important variables in their scanning process. The Technological Environment The emergence of new technologies can substantially affect not only high-technology businesses but non-technology businesses as well. Examples include those aspects of technology which impact upon productivity and efficiency. New technology is increasingly changing the way that companies go to market through moves towards more email and web-based marketing. The difficulty for most firms is how to determine whether or not to invest in radical new technologies, since the potential benefits are far from clear at the outset. The Legal Environment The legal environment covers every aspect of an organisation’s business. Laws and regulation are enacted in most countries ranging from the transparency of pricing, minimum wages, business taxes, product safety, packaging and labelling, the abuse of a dominant market position. All of these come under the umbrella of the legal environment. The Ecological Environment Concept of sustainability in marketing and corporate (social) responsibility. Increasingly, customers are being worried about the impact of companies on their ecological environments. Consumers are equally concerned with ensuring that products are not sourced from countries with poor and coercive labour policies. Orsato (2006) suggested that a company should adopt one of the following four different green marketing strategies: 1. Eco-efficiency – developing lower costs through resource productivity (e. . energy efficiency). This approach should be adopted by companies which need to focus on reducing the cost and environmental impact of their processes. 2. Beyond compliance leadership – the adoption of a differentiation strategy through organisational processes such as certified schemes to demonstrate their ecological credentials. This approach should be adopted by firms which suppl y industrial markets, such as car manufacturers. 3. Eco-branding – the differentiation of a firm’s products or services to promote environmental responsibility. For example, BP – formerly British petroleum – who changed their logo to make it green and yellow in a flower petal and sun synthesis, which they call the Helios, and slogan to â€Å"beyond petroleum† to reflect their intended shift in meeting the world’s energy requirements to more sustainable sources. 4. Environmental cost leadership – the offering of products and services which give greater environmental benefits at a lower price. This strategy suits firms operating in price-sensitive ecologically sensitive markets, such as the packaging and chemical industries. Chapter 3: Marketing Psychology and Consumer Buying Behaviour Diffusion Process Consumers purchase products at different times in the product life cycle. 1. Innovators: kick starts adoption process 2. Early Adopters: speeds up adoption process. Opinion leaders. 3. Early Majority: more risk averse than other 2 groups. This group requires reassurance. 4. Late Majority: sceptical of new ideas. Only adopt products due to social/economic factors. 5. Laggards: opinions hard to change. Small majority. Lowest income and social status. Suspicious of new ideas Innovators: 2. 5% of population Early adopters: 13. 5% of population Early majority: 34% of population Late majority: 34% of population Laggards: 16% of population It is likely that a promotional campaign should only be targeted at innovators and the early majority. Word of mouth and reputation will get round to the late majority and laggards. People are classified into these groups, but the type of people in the groups can swap and change depending on the type of product. Consumer Product Acquisition Motive Development Information Gathering Product Evaluation Product Selection Acquisition Re-evaluation Motive Development: the model begins when we decide we need to acquire a product. This involves initial recognition that some sort of problem needs solving, i. . need a new dress Information Gathering: the next stage requires us to look for alternative ways of solving our problem. We are open to ways of solving our problem, i. e. looking online Product Evaluation: once we feel we have all the information that we need to make a decision, we evaluate the products, i. e. choose between 2 dresses Product Selection: the pr oduct we eventually select is the one that we evaluate as fitting our needs best beforehand. This is a separate stage because there are times when we must re-evaluate, because what we want may not be right, or not available, i. . pick best dress Acquisition: once selection has taken place, different approaches to product acquisition might exist. It is important for the marketers to ensure that their customer value the product that they receive, i. e. buy online, with chance to return within 14 days, free delivery etc. Re-evaluation: the theory of cognitive dissonance (Festinger, 1957) suggests that we are motivated to re-evaluate our beliefs, attitudes and opinions. To reduce dissonance, we might: * Selectively forget information * Minimize the importance of an issue, decision or act Selectively expose ourselves to information which agrees with our existing view * Reverse a purchase decision (take product pack) Perceptions Consumer understanding very much depends on how effectively the message is both transmitted and perceived. In any one day, consumers receive thousands of messages. AMA, 2007: Based on prior attitudes, beliefs, needs, stimulus factors, and situational determinant, individuals perceive objects, events of people in the world about the. Perception is the cognitive impression that is formed of â€Å"reality† which in turn influences the individual’s actions and behaviour toward that object. The process of screening such meaningful information from the non-meaningful is known as selective exposure (Dubois, 2000). The implication for marketers is the importance of determining what media your customers use, and which they ignore. Perceptual mapping is a useful tool to determine how consumers perceive competing products and services, by comparing labels, brands and products, by rating those using semantic differential questions. Learning Consumers are continually learning about new product characteristics, their performance and new trends. Learning is the process by which we acquire new knowledge and skills, attitudes and values, through the mediums of study, experience, or modelling others’ behaviour. There are numerous theories of human learning, including classical conditioning, operant conditioning, and social learning. Classical Conditioning: Ian Pavlov stated that classical conditioning occurs, because we learn by associating one thing with another, in Pavlov’s case, the sound of the bell and arrival of food made the dogs salivate, so eventually, just by the sound of the bell, the dogs assumed that food would arrive. Operant Conditioning: Skinner (1954) argued that learning was the result of operant conditioning, which is learnt through behaviour reinforcement, through punishment or reward. Social Learning: Bandura (1977) suggested humans are much more thoughtful and less animalistic than the Skinnerian behaviourist school of learning suggested. Also contrasting to operant conditioning, Bandura argued that we can delay gratification and dispense our own rewards our punishment. In other words, we have more choice over how we react to stimuli than Skinner proposed. We can reflect on our own actions and change our future behaviour. In social learning, we learn by observing the behaviour of others. Memory Knowledge develops with familiarity, repetition of marketing messages, and consumers acquisition of product/service information. According to Bettman (1979) our memories are highly complex, there are a variety of memorisation processes which affect consumer choice, some of which include the following: 1. Recognition and recall – less frequently used words in advertising are recognised more. The more unique a campaign’s message, the better it is recognised, but the worse it is recalled. 2. Effects of context – memorisation is strongly associated with the context of the stimulus, and while information may be available in memory it will be inaccessible in the wrong context. 3. Form of coding and storage of objects in memory – subjects may store information in the form it is presented to them, either by object (brand) or dimension (product/service attribute). 4. Effect of processing load – this concept operates from a capacity allocation theory of memory suggesting that we are likely to find it more difficult to process information into our short and long term memories when we are presented with a great deal of info at once. . Effects of input mode – short term recall of auditory input (i. e. sound) is stronger than the short term recall of visual input (sight) where the 2 compete for the consumers attention. 6. Effects of repetition – recall and recognition of marketing messages increase the more times a consumer is exposed to them alth ough there are decreasing increments in memory performance and repetition increases. Personality How and what we buy is also based on our personalities. Personality: the aspect of our psyche that determines the way in which we respond to our environment in a relatively stable way over time. 3 main approaches: . Psychoanalytic approach – stresses self-reported unconscious desires 2. Trait theory – stresses classification of personality types 3. Self concept approach – concerned with how we perceive ourselves as consumers. Psychoanalytic Approach Freud (1927) stated that someone’s personality is determined by their sexual development through the oral, anal, phallic, latent, and genital stages. An adult’s personality is developed according to how well they cope with crises that occur during these 5 phases. ID – instinctual drives and urges Ego – attempts to find outlets for the urges in our id and acts as a planning centre. Moderated by superego. Superego – controls how we motivate ourselves to behave to responds to our instincts and urges, so that we do in a socially acceptable manner, and avoid any feelings of guilt or shame. Social conscience. Trait Approach This approach categorises people into different personality types. There are 20 needs. E. g. autonomy, aggression, and achievement. Maslow (1943) suggested a hierarchical order of human needs: Self-actualisation Needs The need to fulfil our potential Esteem Needs Valued and respected by self and others Belongingness Needs Affection, attachment, friendship Safety Needs A predictable non-threatening environment Physiological Needs Food, water, oxygen, sex, and shelter from the elements The importance of each level ranges from country to country, as some needs are more readily available than others. Chapter 4: Marketing Research and Marketing Information Systems Marketing research is used to obtain information that provides the management of a company with sufficient insight to make more informed decisions on future activities. For a business to be successful, an organisation must understand the motivations, desires and behaviour of its customers and consumers. Marketing research specifies the information required to address certain issues; design methods for manage and implement the data collection process; analyse the results and communicate the findings and their implications. (ESOMAR 1995) Even though marketing research is the foundational element of modern marketing practice, market research is valued by some companies more than others. Commissioning Marketing Research Conducting market research depends largely on the size of the company and the type of product or service being sold. Some large companies employ market research agencies to conduct their research for them. The main advantage of using agencies is that it is relatively cheap compared with undertaking the research in-house and collecting the data independently. The main disadvantages of using agencies are that the agency sometimes cannot achieve the depth of knowledge of the client’s problems or market unless it offers a niche specialism in this area. In many syndicated surveys, (retail audits etc) several rival organisations buy the same data from the agency, so a cost effective survey can be carried out. However the survey could be less specific to each business. The Marketing Research Brief Typical contents might include the following: * Background summary – brief info and details about the company and its products it offers * Management problem – clear statement of why the research should be undertaken and which business decisions are dependent upon its outcome * The marketing research questions – a detailed list of the information necessary in order to make the decisions outlined above * The intended scope of the research – the areas to be covered, which industries, type of consumer etc. Should be provided. Should give an indication of when the info is required and why that date is important * Tendering procedures – the client organisation should outline how agencies are to be selected as a result of the tendering process. Specific info may be required such as CVs from agency personnel to be involved in the study, and referee contact address The Marketing Research Process Stage 1 – define the problem Stage 2 – decide the research plan Stage 3 – undertake the data collection Stage 4 – undertake the data analysis/interpretation Stage 5 – write the report and deliver the presentation See book for detailed descriptions, page 144 Competitive Intelligence and Marketing In formation Systems It’s no good having lots of data unless you know how to use it. Companies are frequently swimming in data but have no means to convert the data into intelligence or no means to store it and provide it to end users. Competitive Intelligence – the organised, professional approach to collection, analysis, and distribution of timely, accurate and useful information as intelligence products – intelligence that contributes materially to the achievement of strategic and tactical business objectives (Nolan, 1999). There are various techniques used which include: * Use remote psychological assessment tools to build profiles of business opponents * Collecting competitive intelligence at conferences and trade shows * Collecting information on rivals from their customers and suppliers using elicitation techniques * Collecting intelligence on rivals from 3rd parties using elicitation techniques Marketing Research and Ethics Many supermarkets adopt loyalty cards. The major value of such schemes is the provision of consumption information. This data is analysed by a 3rd party, and sold to the company. Since marketing research is based on the cooperation of the individuals or organisations that provide the answers or fill in the questionnaires, marketing research should be carried out in an objective, unobtrusive, and honest manner. Researchers have been particularly concerned about the public’s increased unwillingness to take part in market research. Marketing research should neither attempt to induce sales of a product or service, nor influence customer attitudes, or intentions of behaviours. The general public and other parties are entitled to assurances that no information collected in a research survey will be used to identify them, or disclosed to a 3rd party without their consent. In conducting any marketing research, researchers have responsibility for themselves, their clients and the respondents from whom the information is being gathered. International Marketing Research Marketing researchers need to understand how culture operates in international markets and how this impacts upon research design. More variables need to be considered. Difficult to decide whether to use the same sampling frame, or study using different scales, sampling methods and sizing. The key issue faced by international researchers is to ensure comparable data are collected, despite differences in sampling frames, technological development and availability of interviewers. Conceptual Equivalence – when interpretation of behaviour or objects, is similar across countries. Functional Equivalence – a concept has similar functions in different countries Translation Equivalence – words in some languages have no real equivalent in other languages The International Marketing Survey Research Process . The project is discussed at length with the client 2. The fieldwork agencies for each country are selected 3. The questionnaire is developed centrally 4. The questionnaire is translated locally and the translation is checked centrally 5. The questionnaire is piloted locally 6. The questionnaire is finalised centrally 7. The interviewe rs are briefed locally by an executive of the central company 8. A coding and editing plan is provided for the local agencies 9. The edited and coded questionnaires are returned to the head office 10. A coding and editing check is carried out centrally 11. Data processing is carried out centrally Chapter 6 : Market Segmentation and Positioning The STP Process The method by which whole markets are subdivided into different segments is referred to as the STP process. STP refers to the 3 activities that should be undertaken. These are: 1. Segmentation 2. Targeting 3. Positioning Marketers are increasingly segmenting markets and indentifying attractive segments in order to identify new product opportunities, develop suitable positioning, and communicate strategies (i. . what message to communicate), and effectively allocate resources to key marketing activities (i. e. how much should we spend and where? ). Organisations operating in highly dynamic environments seek to conduct segmentation research at regular intervals to keep in touch with changes in the marketplace. Key benefits of STP process include: * Enhancing a company’s competitive position by providing direction and foc us for marketing strategies – such as targeted advertising, new product development and brand differentiation. Examining and identifying growth opportunities in the market through the identification of new customers, growth segments, or new product uses. * More effective and efficient matching of company resources to targeted market segments promises the greatest return on marketing investment. The Concept of Market Segmentation Market segmentation is the division of a market into different groups of customers with distinctly similar needs and product/service requirements. The purpose of market segmentation is to leverage scarce resources, to ensure that the elements of the marketing mix are designed to meet particular needs of different customer groups. With an increasing proliferation of tastes in modern society, consumers have increased in disposable incomes. As a result, marketers have sought to design product and service offerings around the consumer demand (market segmentation) more than around their own production needs (product differentiation) The process of Market Segmentation There are 2 main approaches to segmenting markets. 1. Breakdown Method – this adopts the view that the market is considered to consist of customers which are essentially the same, so the task is to identify groups which share particular differences. 2. Build-up Method – considers a market to consist of customers that are all different, so here the task is to find similarities. The breakdown approach is perhaps the most established and well recognized and is the main method used for segmenting consumer markets. The build up approach seeks to move from the individual level where all customers are different, to a more general level of analysis based on the identification of similarities. The aim of both methods is to identify segments in the market where identifiable differences exist between members within each segment (member homogeneity) The segmentation process varies according to the prevailing conditions in the marketplace and the changing needs of the parties involved, not simply the needs of the selling organisation. Market Segmentation in Consumer Markets To segment the consumer goods and service markets, we use market information we have collected based on certain key customer/product/situation related criteria (variables). These are classified as segmentation bases, they include profile, behavioural, and psychological criteria. The 4th segmentation criteria is contact data. The population can be segmented and analysed through various ways: * Demographics * Lifecycle * Geographics * Geodemographics * Psychographics * Behavioural criteria Transaction and purchase: the development of electronic technologies has facilitated the rapid growth in the collection of consumer purchase and transactional data, providing an additional consumer characteristic upon which to base market segmentation. Segmentation in Business Markets There are 2 main groups of interrelated variables used to segment business-to-business markets: 1. Organisational characteristics: organisational size/location/industry type (SIC codes). 2. Buyer characteristics: Decision-making unit structure/choice criteria/purchase situation. Organisational size: by segmenting organisations by size, it is possible to identify particular buying requirements. Geographic location: particularly useful since it allows sales territories to be drawn up around particular locations which salespersons can easily service. SIC codes: Standard Industrial Classification (SIC) codes are often used to get an indication of the size of a particular market. Easily accessible and standardised across most western countries. Decision-making unit: a decision making unit may have specific requirements that influence their purchase decisions in a particular market, i. e. policies, purchasing strategies, attitudes towards vendors and towards risk. Choice criteria: business markets can be segmented on the basis of the specifications of product/service that they choose. Purchase Situation: there are 3 factors associated with the purchase situation. 1. The structure of the buying organisation’s purchasing procedures (centralised, flexible etc). 2. What type of buying situation is present (new task, modified re buy, straight re buy) 3. What stage in the purchase decision process have target organisations reached? Target Markets It is important to determine which, if any, of the segments uncovered should be targeted and made the focus of a comprehensive marketing programme. It needs to be judged which markets are selected and exploited, and which markets are ignored. Kotler (1984) suggested that for market segmentation to be effective, all segments must be: * Distinct Accessible * Measurable * Profitable Targeting Approaches Once identified the company needs to select its approach to target marketing it is going to adopt. Four differing approaches can be considered: 1. Undifferentiated marketing e. g. UK post office, targets mass market. 2. Differentiated marketing e. g. Levi’s, targets multiple market segments. 3. Focu sed/concentrated marketing e. g. Jordan cereal targets consumers interested in organic. 4. Customised marketing: B2B markets (e. g. marketing research or advertising services) Market Segmentation: Some Limitations The process involves approximating product/service offering to the needs of customer groups, rather than providing an individual customised offering, there is a chance that our customers’ needs are not being fully met. * There is insufficient consideration of how market segmentation is linked to competitive advantage. Market segmentation has not tended to stress the need to segment on the basis of differentiating from competitors. * It is unclear how valuable segmentation is to the manager. Suitable processes and models to indicate how to measure the effectiveness of market segmentation processes are not yet available. Process issues – lack of experience, guidance and expertise concerning the way in which segmentation is undertaken and managed. Positioning Ha ving segmented the market, determined the size and potential of market segments, and selected specific target markets, the 3rd part of the STP process is to position a brand within the target market. Positioning is important because it is the means by which goods and services can be differentiated from one another and so give consumers a reason to buy. It’s about how customers judge a product’s value relative to competitors and its ability to deliver against the promises made. . Physical attributes – functionality and capability that a brand offers. 2. Communication – the way the brand is communicated and how consumers perceive the brand relative to other competing brands in the marketplace. Perceptual Mapping Perceptual mapping represents a geometric comparison of how competing products are perceived. The further apart the positions, the greater the opportunity for new brands to enter the market, because competition is less intense. Repositioning Strateg ies Markets, consumer tastes, fashions and competitors change. There are four main ways to approach repositioning a product. . Change the tangible attributes and then communicate the new product to the same market. 2. Change the way a product is communicated to the original market. 3. Change the target market and deliver the same product 4. Change both the product attributes and the target market. Chapter 9: Products, Services, and Branding Decisions The 3 levels of a product: 1. The core product – consists of the real core benefit or service. May be a functional benefit in terms of what the product will enable you to do, or an emotional benefit in terms of how it will make you feel. E. g. cars provide transportation and a means of self-expression. 2. The embodied product – consists of the physical good or delivered service that provides the expected benefit. E. g. features, durability, design, packaging, brand name etc. 3. The augmented product – consists of the embodied product plus all other factors necessary to support the purchase. E. g. credit and finance, training, delivery, installation, guarantees. Consumer Products Durable goods: can be used repeatedly and provide benefits each time they are used e. g. ike, Ipod Non-durable goods: limited duration, often only capable of being used once e. g. yoghurt, newspaper Convenience products can be sub-divided into 3 categories: 1. Stable products: bread, milk, petrol 2. Impulse products: chewing gum, chocolate, magazines 3. Emergency products: bandages, umbrella, plumber in the middle of the night when there’s a leak. Unsought products refers to a group of products which people do not normall y anticipate buying or want to buy. For example, insurance sold on the streets, double glazing, and timeshare holiday (mainly products pushed to buy from salespeople). Business Products There are 6 main categories identified according to how organisational customers (business people) use them: 1. Equipment goods 2. Raw materials 3. Semi-finished goods 4. Maintenance repair and operating goods 5. Component parts 6. Business services Product Lifecycles Product lifecycle is the belief that products move through a sequential, predetermined pattern of development. It consists of 5 distinct stages: 1. Development 2. Introduction 3. Growth 4. Maturity 5. Decline Speed of movement through the stages will vary but each product has a limited lifespan. The lifespan can be prolonged and extended, but the majority of products have a finite period. It does not apply to all products in the same way. E. g. some products reach the end of the introduction stage and then die as it becomes clear there is no market to sustain the product. Some products get to decline, and then get recycled back to growth stage by repositioning activities. Usefulness of Product Life Cycle The plc (product life cycle) concept allows marketing managers to adapt strategies and tactics to meet the needs of evolving conditions and product circumstances. It is a well known and popular concept and is a useful means of explaining the path a product or brand has taken. Clear, simple and predictable. However, in practice the PLC is not great use. Difficult to tell when the product has hit each stage in the cycle. Historical sales data does not help managers identify when a product has moved from one stage to another, so it is difficult to forecast sales and determine the future shape of the PLC curve. Great care is required when using the PLC. Idea Generation Idea Generation Screening Business Plans and Market Analysis Product Development and Selection Test Marketing Commercialisation The Process of Adoption The process through which individuals accept and use new products is referred to as the process of adoption (Rogers 1983). The process starts with people gaining awareness of a product and moves through various stages of adaptation before a purchase is eventually made. 1. Knowledge 2. Persuasion 3. Decision 4. Implementation 5. Confirmation Branding Branding is a method through which manufacturers and retailers help customers to differentiate between the various offerings in a market. It enables them to make associations with certain attributes or feelings with a particular brand. Brands are products and services that have added value. This value has been deliberately designed and presented by marketing managers in an attempt to augment their products with values and association that are recognised by and are meaningful to customers. It is customer perception and the brand’s value which is important. AMA definition: a name, term, sign, symbol, design or a combination, intended to identify the goods, or services of one seller or group of sellers, and to differentiate them from those of competitors (2006). There are 2 main types of attributes: 1. Intrinsic – functional characteristics of a product, such as shape, performance etc. 2. Extrinsic – brand name, price, packaging, marketing communications etc. Benefits of branding for consumers: * Assists people to identify their preferred products * Reduces level of perceived risk * Help people gauge the level of product quality * Reduces amount of time spent making product based decisions, decreases shop time. * Provide psychological reassurance or reward, especially for products bought on an occasional basis (e. g. esigner handbag) * Inform consumers about the source of a product (country or company) Benefits of branding for manufacturers and retailers: * Enable premium pricing * Help differentiate the product from competitive offerings * Encourage cross-selling to other brands owned by the manufacturer * Develop customer loyalty/retention and repeat purchase buyer behaviour * Assist the development and use of integrated mark eting communications * Contribute to corporate identity programmes * Provide some legal protection Types of Brands * Manufacturer brands: Persil, Heinz, coca-cola, Cadbury. Promoted heavily. Distributor (own label) brands: Argos, Harvey Nichols, Sainsburys. Sell manufactured and own label. * Generic brands: plain flour. Packaging only displays info required by law. Sold at prices substantially below normal price. Only firms in pharmaceutical sector use this type of brand now, as popularity elsewhere has declined. Brand Policies Individual branding: requires that each product offered by an organisation is branded independently of all the others. E. g. Unilever uses individual branding with Cif, Knorr and Dove. Advantages: * Easy to target specific segments and to enter new markets with separate names. If a brand fails or becomes subject to negative media attention, other brands are not likely to be damaged. Disadvantages * Heavy financial cost as each brand needs to have its own prom otional programme and associated support. Family branding: requires that all the products use the organisations name, either entirely or in part. E. g. Microsoft, Heinz, and Kellogg’s. Advantages: * It is hoped that customer trust will develop across all brands. * Promotional investment need not be as high as there will be a halo effect across all the brands when one is communicated. Disadvantages: * Damage to one product or operational area can cause problems across the organisation. Corporate branding: Single umbrella brand, based on the name of the organisation. Used by major supermarkets, business markets, and financial services. Advantages: * Promotional investments are limited to one brand. Disadvantages: * The risk is similar to family branding where damage to one product or operational area can cause problems across the organisation. Co-branding is where two established brands work together, either on one product or service. Brand Equity is a measure of the value of a brand. It is an assessment of a brand’s wealth, sometimes referred to as goodwill. Brand equity is considered important because of the increasing interest in trying to measure the return on promotional investments and pressure by various stakeholders to value brands for balance sheet purposes. A brand with strong equity is more likely to be able to preserve its customer loyalty and so fend off competitor attacks. There are 3 parts associated with brand equity: 1. Brand value, based on a financial and accounting base 2. Brand strength, measuring the strength of a consumer’s attachment to a brand 3. Brand description, represented by the specific attitudes customers have towards a brand Packaging There is a societal and political pressure to ensure that packaging and the materials used are appropriate and capable of being recycled. Packaging has 2 main roles to be, functional and communicative. * Protection * Preserved * Convenience * Clear messages about content, features, and dangers * Good design (complement physical attributes) * Brand identification and reassurance * Layout Labelling Labels are important. Deliver information about product usage * Help promote a brand * Enable brand owners to comply with various regulations and requirements * Good design Chapter 10: Price Decisions Price: the amount of money expected, required, or given in payment for something Price: something expended or endured in order to achieve an object In marketing terms, we consider price as the amount the customer has to pay or exchange to receive a good or service. Customer Perceptions of Pricing, Quality and Value Quality is defined as the standard of something as measured against other things of a similar kind. Consumers have differing views of the quality of the product they have purchased. Value is defined as the regard that something is held to deserve importance of worth. In marketing terms, perceived value refers to what we get for what we pay. Value = Quality/Price Although products might be perceived as expensive, they can still be perceived as value for money (e. g. Panadol is an expensive drug, but is more effective than own-label aspirin) Reference Prices: when customers have some idea of what they think is a fair price to pay for a certain good or service, or what they would expect to pay. When customers assess prices, they estimate value using pricing cues, because they do not always know the true cost and price of the item that they are purchasing. Odd Number Pricing: also known as psychological pricing. ?1. 99, we think is a lot cheaper than it is. Purchase Context in Pricing: starting off with cheaper prices before adding in extras (easy jet), or gym memberships with a small monthly fee but with a yearly contract. Consumers are drawn in more if they initially see a low price. Price Bundling: bundling other products together, e. g. magazines with free CD’s or DVD’s. This is pure price bundling. Mixed price bundling is when different products can be bundled together through choice, such as mobile phone packages with international call packages, SMS packages, and email, which can also be available independently or with other offers. Price bundles can also include â€Å"cash back† not just offering products. For example banks offer cash back schemes on money spent and inputted in their banks (Halifax pay ? 5 every month is ? 1000 is put into a current account). Pricing Approaches The setting of prices depends on a number of factors, such as demand, sales revenue, costs etc. There are 4 types of pricing approaches which can be used: 1. Cost-oriented approach (prices are set based on costs) 2. Demand –oriented approach (prices are based on price sensitivity and levels of demand) 3. Competitor-oriented approach (where prices are set based on what competitors charge) 4. Value-oriented approach (prices are set based on what customers believe to offer value) Pricing Policies Although there are 4 main types of pricing approaches, there are in fact many different possible pricing policies which could be used: 1. List pricing: unsophisticated approach to pricing. A single price is set for a product or service. 2. Loss leader pricing: the price of a product is set at a lower level than actual cost to product it. This entices customers into stores, and the loss incurred on these items is made up by increasing costs elsewhere on less price-sensitive items. 3. Promotional pricing: when companies temporarily reduce their prices below the standard price for a period of time to raise awareness of the product, to raise brand awareness in the short term. 4. Segmentation pricing: where varying prices are set for different groups of customers, e. g. tesco finest, tesco value, George asda, etc. Economists call this price discrimination. 5. Price skimming: the start of a product’s life cycle, a product is charged a lot higher, to recoup the costs of research and development, and to make the product â€Å"exclusive†. 6. Price penetration: the start of a product’s life cycle, a product is charged a lot lower, to gain market share and generate a large volume of sales to recoup research and development investment. Pricing in the B2B Setting B2B markets exist on the basis that firms sell products and services to one another rather than to end users. From the B2B seller’s perspective, there re numerous approaches to pricing products and services including the following: * Geographical pricing – where customers are located * Negotiated pricing – set according to specific agreements between company and client * Discount pricing – reduce prices on the basis that customer is prepared to bulk buy * Value-in-use pricing – price foc uses attention upon customer perceptions, what they expect to pay * Relationship pricing – understanding of customer’s needs, helps generate relationship * Transfer pricing – large organisations, internal dealing between different divisions of the company and across national boundaries. Economic value to customer – works on basis that a company prices a good according to its value to the client through comparison with a reference or market leading product, taking everything into consideration (start-up and post-purchase costs) Price Elasticity of Demand It allows us to determine how the quantity of a good or service relates to the price at which it is offered. Inelastic goods and services are defined as such, because a change in price has little effect in sales volumes, whereas elastic goods have large effects. We need to understand this concept in order to understand demand-orientated pricing mechanisms. Chapter 11: An Introduction to Marketing Communications Marketing communications or promotion is one of the 4ps of the marketing mix. It is used to communicate elements of an organisation’s offering to a target audience. Communication is the process by which individuals share meaning. There are 3 main models or interpretations, of how communication works. 1. Linear model 2. Two-way model 3. Interactive model Linear Model of Communication – page 434 Regarded as the basic model of mass communications. First developed by Wilbur Schramm (1955). The linear model emphasises that each phase occurs in a particular sequence, to enable to transmission of information, ideas, attitudes and emotion from one person or group to another. The goal is to create a message that is capable of being comprehended easily by the receiver. once encoded, the message must be put in a form that is capable of transmission. Once the receiver has received the message, they decode it, to make sense of it. Once understood, receivers react and provide a response, with feedback. The final component is understanding. The source and receiver understand each other. Increasing numbers of people now engage with interactive based communications, so companies and individuals cannot be involved in real dialogue. The linear model therefore is no longer entirely appropriate. The Two-Step Model of Communication People can have a significant impact on the communication process, and the two-step model goes some way to reflecting their influence. It recognises the importance of personal influences when informing and persuading audiences to think or behave in particular ways. There are 2 main types of influencer: * Opinion leader – ordinary person who has a heightened interest in a particular topic. * Opinion former – involved professionally in the topic of interest. These both have enormous potential to influence audiences. Messages from personal influencers provide reinforcement and message credibility. The Interaction Model of Communications Model is similar to two-step model but contains one important difference. Mass media is not the only source of communication. Interaction model recognises that messages can flow through various channels and that people can influence the direction and impact of a message. Interaction is about actions that lead to a response and much attention is now given to the interaction that occurs between people. The development of digital technologies has been instrumental in enabling organisations to provide increased interaction opportunities with their customers. (e. g. press the red button to get more info). News programmes now encourage viewers to phone or send in their emails and pictures about particular issues. This gets audiences to express their views and in doing so, promoting access to, and interacting with the programme. The Role of Marketing Communications The success of marketing communications depends upon the extent to which messages engage their audiences. These audiences can fall into 3 groups: * Customers * Channel members – suppliers, retailers, wholesalers, value added resellers * Stakeholders – shareholders, employees, local community There are many types of exchange, but 2 of particular importance: 1. Transactional Exchanges: transactions that occur independently of any previous exchanges. Short term orientation. When a consumer buys an mp3 player, a brand they have not bought from before, then a transactional exchange can be identified. . Collaborative Exchanges: longer term orientation. Develops between parties who wish to build long-term supportive relationships. When a consumer buys their 3rd product from the same brand as the mp3 player, perhaps from the same dealer, collaborative exchanges are taking place. Audiences who prefer transactional exchanges will engage better with advertising and mass media-base d communications, as messages are impersonal and product focused. Companies by adding extra touches, can convert a shopping experience from transactional to collaborative, by putting in extra effort to maintain relationships. The Tasks of Marketing Communications There are 3 main aspects associated with marketing communications: 1. Engagement 2. Audience 3. Responses Communications can be used to differentiate brands and companies, to reinforce brand memories and expectations, to inform (make aware and educate audiences), and finally to persuade them to do things or to behave in particular ways. The Marketing Communications Mix The traditional marketing communications mix consists of a set of 5 primary tools: 1. Advertising 2. Sales promotion 3. Direct marketing 4. Public relations 5. Personal selling These 5 primary tools are used in various combinations and with different degrees of intensity in order to achieve different communication goals with target audiences. Word-of-mouth Word-of-mouth communication is â€Å"interpersonal communication regarding products or services where the receiver regards the communicator as impartial†. Integrated Marketing Communications IMC is concerned with harmonising the messages conveyed through each of the promotional tools, so that audiences perceive a consistent set of meanings within the messages they receive. Cultural Aspects of Marketing Communications Culture is important because it provides individuals within a society with a sense of identity and an understanding of what is deemed to be acceptable behaviour. Within businesses various types of culture arises: * National culture * Industry/Business culture * Organisational culture * Individual behaviour Corporate Concentration – a few large organisations own more and more media properties. Chapter 12: Marketing Communications: Tools and Techniques The marketing communications mix is a set of 5 tools that can be used in various combinations to communicate with target audiences: 1. Advertising 2. Sales promotion 3. Public relations 4. Direct marketing 5. Personal selling There are 6 key classes of media: 1. Broadcast 2. Print 3. Outdoor 4. In-store 5. Digital 6. Other (which includes both cinema and ambient media) The Role and Purpose of the Marketing Communications Mix Media fragmentation: the expansion of media where different classes of media have recently been used in different ways and developed. Advertising Advertising is a non-personal form of communication. It reaches large, mass audiences in an impersonal way. * Can be used to influence demand for products Can be used to manage perceptions and understanding about the organisation as a whole. Strong theory of advertisement – Jones (1991) Weak theory of advertisement – Ehrenberg (1997) Other Promotional Methods and Approaches * Sponsorships * Product placement * Branded entertainment * Field marketing * Exhibitions * Viral marketing Chapter 13: Managing Communications: Strategy, Planning, a nd Implementation There are 3 core marketing communication strategies, each based on broad target audiences: * Pull strategies – used to communicate with end user customers. Consumers and organisations within a B2B context. * Push strategies – How to cite Introduction to Marketing Revision Notes, Papers

Managing Financial Information

Introduction The modern day business environment is characterized by many challenges that require the management to be apt in making decisions that will ensure that the businesses achieve their set goals and objectives (Ambrose Schminke, 2003, p. 56). The performance of management is measured by its ability to steer the organization to the right direction in line with the set strategy mission and vision.Advertising We will write a custom assessment sample on Managing Financial Information specifically for you for only $16.05 $11/page Learn More There are numerous means of measuring the success or failure of organizations. These range from the traditionally known financial measures such as profitability to the modern day combination of both the financial and the non-financial measures (Allen Gregory, 2011, p. 180). This consultancy report provides an analysis of J Sainsbury Plc. The Statements Consulted In this analysis of J Sainsbury Plc, there were tw o financial statements that were consulted in order to come up with the financial analysis. The income statement is the premier financial statement that indicates whether a company is making profits or not (Madura, 1999, p. 48). The second financial statement that was consulted is the balance sheet. This is a financial statement that indicates the financial position of a business entity at a given time. The essence of a balance sheet is to point out the sources and uses of funds that have been invested by owners and indicate the health position of the company in terms of cash availability, debt ratios and the returns on the capital employed (Supranyam, Hasley, 2007, p. 86). Ratios to Measure the Performance of the Company There are three main ratios that are used to indicate the financial performance of a company. The ratios are the current ratio, the net profit ratio, and the return on capital employed (ROCE). The importance of the current ratio is that it allows the business to k now its ability to meet its current liabilities using the current assets available (Wendy Mayer, 2003, p. 88). The non-current assets are the most illiquid assets and in a situation where the business wants to pay off the liabilities owed, it would be almost impossible to the business to convert these fixed assets to cash at their market prices (Vance, 2003, p. 102). It is therefore admirable that a business maintain current assets that are more than the current liabilities so as to ensure that the business is able to fund the liabilities as they fall due. From the calculation below, the current ratio of J Sainsbury Plc seems okay since the company can pay off its currents liabilities using the current assets and as such, the liquidity position is healthy.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The other financial ratio used is the net profit ratio, which measures the Net pr ofit over sales and shows the percentage of net profit per a unit of sales. For Sainsbury Plc, it is given by the following formula. The net profit percentage of the company is very low. A 4% net profit margin means that there could be other viable options where money can earn better returns than investing in J Sainsbury Plc. The final financial ratio to be used in the appraisal of the viability of Sainsbury Plc is the return on Capital Employed (ROCE). This shows the amount of benefit the capital contributors gain for the returns by the company and is used to evaluate the appropriateness of investing in that particular company (Baker, 1998, p. 113). Investors like putting their money of projects or investment options that given a higher rate of return that the market cost of capital or even the interest earned by depositing money in banks savings (Elspeth Peter, 2002, p. 201). The return on capital employed of 16% is a good indicator that the company is performing well. This is b ecause not many other investment options can guarantee a 16% return on investment and as such, the ‘predator’ company may be interested in taking over the company. Non Financial Factors In doing investment appraisal, the financial analysis may not be the only basis for making decisions (Henry, 2007, p. 95). This is because of the fact that the business entities operate in vast environments some which are non-quantifiable.Advertising We will write a custom assessment sample on Managing Financial Information specifically for you for only $16.05 $11/page Learn More While a business premier aim is to maximize the shareholders’ wealth and/ or profit maximization, there are other important considerations that the business must put in place before undertaking the various projects that it intends to or making the decisions that spell out the investment path. These factors include: Training requirements; machine B may be cheaper than machine A yet it requires specialized manpower that may be very expensive to recruit and train. Because of this, an expensive machine can be selected if it has less training requirements. Availability of spare parts and Servicing costs; some machines are quite expensive to service, in addition, their spare parts may not be readily available and this influences the choice of which machine the organization selects (Pauline Sidney, 2007, p. 154). Availability of after sales service; some companies may have favorable terms of sale for their machine. For instance, they can offer after sales services and training to staff on how to use the machine. This influences the choice of the machine to be acquired. The machines useful life; one machine may provide service to the organization for a long period compared to the other. For example, machine A may be more expensive but it provides 10 years of service. This will definitely influence the choice of the machine to be bought. Recommendation From th e above analysis, the overall performance of Sainsbury Plc is indicative of healthy operations and the takeover process can commence. The main indicator of this is the return on Capital employed (ROCE) which indicates a 16% return in the year. This is a good performance and with the right strategic measures put in place, the company health performance can be predicted with a high degree of certainty that it will be healthy. Investment Appraisal Net Present Value Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The net present value is a discounted cash flow method appraisal that takes into considerations the present value of the future cash flows to choose an investment decision that is acceptable (Buckley, 2000, p. 206). A project that offers maximum net present value of returns is considered the most preferred and as such, it is chosen as the preferable one. The importance of using the net present value is that it takes into consideration the cost of capital and also the all the cash flows involved (Eitemann Stonehill, 1998, p. 128). Using the net present value investment appraisal technique, the best machine to purchase will be machine A since it results in a higher net present value of  £ 17,912.00 compare to machine B’s  £ 16,185.00. Payback Method This is an investment appraisal method that is used to indicate the investment option that will recover the amount of money invested soonest (Shaprio, 2000, p. 188). This is used more so because businesses operate and decisio ns are made under uncertainty and as such, when finances are invested, the option that pays back earlier is considered less risky and hence preferable. When appraising a single project, the management sets a predetermined payback period where the project’s viability is determined by its ability to pay back the money invested within the predetermined period otherwise the project is rejected (Shleifer Vishny, 1992, p. 136). Using the payback period method the following information is obtained Using the payback period method, the company should purchase machine B since its payback period is shorter than that of machine A. Average Rate of return This is an investment appraisal method that looks at the investment cash outlay as a deposit and the net cash flows as an interest thus evaluating the amount the outlay generates (Van-Lelyveld Knot, 2008, p. 108). To obtain this, the net cash flow is divided by the total investment and the rate is obtained. Machine A Machine B Unde r the rate of return method project B is preferable since it offers a higher rate of return of 47% compared to the one of 43% on project A. Implications of the Differences between Machine A and Machine B The two machines are mutually exclusive meaning if we choose A, we reject B and if we select â€Å"B† we reject â€Å"A†. The company will have to pay more in the acquisition of machine â€Å"A† compared to machine â€Å"B†. Machine A costs 20,000 while machine â€Å"B† costs 15,000 even though both machines perform the same function. Even though Machine A is relatively expensive compared to â€Å"B†, the cash flows it generates in year 1, year 3, year 4 and year 5 are higher than the cash flows generated by machine B. for year 2, the cash flows from both machines are equal. Machine â€Å"A† compensates for its higher price by yielding a higher cash flow to the company. Similarly, when we take into account the terminal cash flow that both machines will yield at the end of their useful lives, we observe that machine â€Å"A† gives a total of 6000 while machine â€Å"B† gives only 2000. Similarly, if we take into account the total cash flows generated by each machine over their useful lives, machine â€Å"A† generates a total of 43,000 while machine B generates a total of 35,000. Machine A yields 8,000 more compared to machine â€Å"B†. The 8000 is greater than 5000 (20,000-15,000) which is the initial difference in the cost of the two machines. Investment Recommendation The NPV suggests that machine â€Å"A† is the best, while the payback period and the average rate of return indicates that machine â€Å"B† should be purchased. All investments are affected by time yet both the payback period and average rate of return ignore the time value of money. The payback period ignores the total return from machine â€Å"A†, and the timing of return before the payback period . It is true that machine â€Å"B† pays back in a shorter time, however, machine â€Å"A†, produces slow but significant returns. It should therefore not be rejected on the basis that it delays in producing returns. Similarly, the average rate of return gives a yearly average. Even though machine â€Å"B† has a high average return, machine â€Å"A† is much superior because its returns at the later stages are quite high compared to â€Å"B†. The method ignores the fluctuations in profits from year to year. Machine A should be selected based on the NPV results because it recognizes the fact that a dollar today is worth more than a dollar tomorrow, it takes into account absolute changes in cash flows, and can be effectively applied on non conventional cash flows. Machine A should be purchased. Public Sector Investment Decisions As opposed to the private sector, Public sector finance management is not a profit oriented undertaking. This therefore diffe rs from the business activities where the investment appraisal is geared towards making profit. In the public sector, finance decisions are made based on the investment option that will result into a better and a more valuable social benefit to the public (Alan, 1963, p. 102). Cost-Benefit Analysis Benefit Values Value of travel time savings $60.1 Reduced auto operating/ownership costs 14.4 Reliability 7.9 Road capacity for drivers 4.6 Reduction in car-related accidents 4.0 Reduction in auto-related accidents 3.0 Non-Financial Factors Relief of Congestion Traffic incidences account many of the much congestion on the road. For each minute that a road is blocked during a peak-hour travel, more than four minutes of travel delay. The traffic system may be economically unviable but its potential in reducing travel delay is a key benefit that can compel the police to invest in the computer aided traffic management system. Life Saving Similarly, computer-aided traffic sy stems increase the efficiency in detecting highway incidents. Such a system can save lives especially for individuals who are seriously injured in an accident. If these systems can help the hospital personnel to arrive at the scene within the shortest time possible, then more lives can be saved. For example in incidences of head trauma, the quick arrival of medical personnel can dramatically increase survival chances. List of References Alan, H 1963, Public finance and budgetary policy, Praeger Publishers, New York. Allen, N Gregory U 2011, ‘The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle’, Journal of Banking Finance , vol.7, pp. 236-49. Ambrose, M Schminke, M 2003, ‘Organizational structure as a moderator of the relationship between procedural justice, interactional justice, perceived organizational support, and supervisory trust’, Journal of Applied Psychology , vol. 5, no. 3, pp. 60-8 8. Baker, J 1998, International finance, Prentice Hall, New York. Buckley, A 2000, Multinational finance, Prentice Hall, New York. Eitemann, Stonehill, A 1998, Multinational business finance, Addison-Wesley, London. Elspeth, J Peter, R 2002, Fast forward: organizational change in a 100 days, Oxford University Press, London. Henry, A 2007, The internal environment of an organization, Oxford University Press, London. Madura, J 1999, International financial management, International thomson, New Jersey. Pauline, W Sidney, J 2007, ‘International financial analysis and comparative corporative performance’, Journal of International Financial Management and Accounting ,vol. 3,no. 10, pp. 111-30. Shaprio, A 2000, Multinational financial management, Wiley Sons, New York. Shleifer, A Vishny, R 1992, ‘Liquidation values and debt capacity: a market equilibrium approach’, The Journal of Finance ,vol. 6, no. 3, pp. 1343-66. Supranyam, K Hasley, R 2007, Financial st atement analysis, Mc Graw Hill, New York. Vance, D 2003, Financial analysis decision making: tools and techniques to solve management problems and make effective business decisions, McGraw Hill, New York. Van-Lelyveld, I Knot, K 2008, ‘Do financial conglomerates create or destroy value? Evidence for the EU’, Journal of Banking and Finance , vol.8, pp. 2312-21. Wendy, C Mayer, C 2003, ‘Finance investment and growth’, Journal of Financial Economics , vol. 69, pp. 110-326. This assessment on Managing Financial Information was written and submitted by user Alyvia N. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.