Question

SUBJECT-HUMAN RESOURCE MSMT//BUSINESS FOUNDATION

1.What is the marketing process, and how do businesses use it? Why is it important? Also, explain in your own words how market research works.

2.What are the 4 “P”s, and how do they fit in with the marketing process? Describe a marketing campaign that has caused you to purchase a product.

3.Explain the steps in the accounting cycle. Name and define the three essential financial statements accountants create for businesses. Is this information of interest to the company only? If not, who else would use that info?

4.What is the financial planning process? How important is financial management to running a successful business? In your opinion, are there similarities to an individual’s financial management and that of a company? Explain why or why not.

Answer 1

Answer 1

Marketing process involves various steps from analysing marketing opportunities and the selecting the target audience or the target market for our products, then varuious marketing techniques are to be developed and finally product marketing has to be done.

Businesses use marketing process to develop marketing plan and lauch their product effectively to boost sales based on needs of audience.

Marketing research is important as it helps the organisation to know needs of the audience and enables them to deliver their products to active markets. It helps in avoiding loss due to decrease in demand for their products.

Answer 2

The 4 P's of marketing are as below:-

Product - Product is the base for planning the marketing activity since it is what is to be sold ultimately to the customers. The use, life cycle etc. play vital role in determing the marketing plan. Eg. Marketing of milk will be different than markeing for a car.

Price - Price is another important aspect the determining the target audience.Eg. Luxury cars have different cunsumers as to other cars.

Promotion - Promotion can be done using multiple initiative like discounts, special offers, public relations, advertising etc.

Place - The supply chain for the product is vital to undertand its impact on costs and demand.

Pedigree started its campaign with a social cause, also aiming to help move on the people who are stuck under depression.

Pedigree’s sentimental “Brings it back” aimed to raise awareness on the benefits of a dog and encourage adoption with a clever and touching way.

Answer 3:

Steps involved in Accounting cycle are:-

1. Analyze and record transactions.
2. Post transactions to the ledger.
3. Prepare an unadjusted trial balance.
4. Prepare adjusting entries at the end of the period.
5. Prepare an adjusted trial balance.
6. Prepare financial statements.

The three essential financial statements that accountants create for the company are:-

Balance Sheet - It displays the net worth of the company and the financial situations incluing the assets held by the company, the liabilities and loans to be paid by the company and monies receivable by the company etc.

Profit and Loss Statement - This statement shows the profit earned by the company from the revenue received and after reducting various costs incurred .

Cash Flow Statement - It shows details of sources of receipt and payments made by the company, thereby showing the net cash lying in the hands of company.

All the above information is not only important to the company but also to other stakeholders like employees, investors, creditors, debtors, government etc.

Answer 4:

Financial planning is a continuous process followed by a company to determine its capital requirements for running the company and also credting budgets and funds to manage business activities.

Importance of Financial Planning:-

.1. Managing income effectively.

2. Managing cash flows

3. Building Investments securly

4. Boosting savings. etc.

There might be some similarities in planning initiatives, however individual and company requirements are different, thus the planning and financial management is different.