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

Marketing Process is the process which follows the series of steps to create value of product to the customers in order to satisfy their requirements. This involves the following steps such as analysis market strategically, planning based on market mixed strategy, marketing implementation and then controlling. Business employees follows the steps in the marketing process strategy. They define the problem and based on these steps they create a marketing strategy for achieving the success.

Marketing process is important because it specifically defines the way marketing should be started. It gives direction for the marketing and also helps in understanding of different roles in the marketing.

Market Research is collective analysis of the data and information regarding consumers and competitors. It also find out how effective the prevailing strategy is in the market. Market researches are used by the business in the following way:

1. To do the feasibility analysis of the marketing strategy.

2. This is used in the monitoring of economic trends.

3. In the testing of product or service in the market can be implemented by market research.

4. The survey can be also done by the market research.

5. Market research with product trials.

6. Research on online or Web Savvy business can be done.