Factors Influencing The Relative Importance -Myassignmenthelp.Com

Question: Discuss About The Factors Influencing The Relative Importance? Answer: Introduction It is important to make suitable decision by real life experience whenever there is the introduction of new service or product in the market. In this report i have gained knowledge about smart Sims group which has helped me to acquire the final result and gave me the capability to make final decision. In this report I have illustrated why there is a need of marketing whenever new product is launched in the market. It has helped in enhancing personal experience to make business decision using Sims simulation. It has also cleared the point of view why branding of service is needed, importance of financial management. After this report, it is clear how some real life experience supports business for crucial progress. Marketing One of the most important thing for a business is management as it increases the awareness of a product which in turn increases the sale and engages more customer. For running the business successfully, services and the products should be marketed to increase potential buyers. As advertisement of a product, service boosts up the organisation sale and increases the chance sale (Coughlan, et. al, 2006). Marketing acts as a key component in providing information to the market and is vital when it comes to profit of an organisation. Marketing is a key to success, without marketing business doesnt get recognized in the market. This can be done by direct sale, advertisement or via social media. Marketing is the key to create the product awareness as it helps to develop customer relations (Jobber and Ellis, 2012). It also helps in building trust with customers. Marketing allows business to create awareness of product. It is extremely important to advertise the product to enhance the sale. As the experienced gained in simulation of smart sims helped in knowing changing the price can affect the market. Here are the decisions made thoroughly throughout different years.Here, when pricing increased from $700 to $720 the change reflected by amount of 18,500 which is more than the actual unit available for sales. When decreased the investment in advertisement and the highest decrement was on Internet over $250,000, Tv: 200,000 and Magazines: 150,000 which was totalled to $600,000. Importance of Marketing Marketing plays a important role for business enterprises as it focuses on getting more customers, increasing market share of the firm. As there is heavy completion in the market, marketing helps to stand out from other companies and it allows businesses to grow in the marketplace. Marketing is helpful for development of countrys economy (Wilson, et. al, 2016). It also plays a very major role in constructing relationship between the customers and the organization. Advertising and public relationships allows businesses to increase market awareness for particular product. Therefore marketing is very important when launching new products to make consumer aware of that particular product and allocation of sales (Slater, Hult and Olson, 2010.). It is initiated that major companies are spending a lot of money in marketing from last few years. Distribution helps in marketing Distribution helps in marketing of product, promotion of product and distribution of product. It is important to decide the flow of distribution of a service, as the flow of a distribution should be matched with the area of consumption of that product. If the distribution channel is selected correctly, it will increase the sale of the product. Branding helps to increases the marketing of the product by giving a particular identity. It increases the awareness of the business among the customers. Branding helps the organisation from differentiating it from other competitors; future increases the credibility by improving the business. In short, branding increases the value of the organisation and helps in connecting with more customers. As spending money on branding the product will work to increase awareness in the market (Wright and Watkins, 2010). Financial Management The aim of every business is to maximize the profit and minimize the expenses. So, financial management is used for proper planning and directing financial activities. Objective of financial planning is to look at the capital requirements of the organisation and reduce the uncertainties which may cause hindrance in the growth of the company (Brigham and Ehrhardt, 2013). Financial planning ensures the balance flow of funds so that stability is maintained in the organisation. It helps in maximizing the profit of the company, increasing efficiency and reducing operational risks (Brigham, E.F. and Houston, 2012). It provides the basic guidelines to set the goals by analysing the data so that proper decisions can be taken regarding capital, budgeting cost, money management. Financial management helps in making some sensible decisions regarding paying of debt and managing equality (Titman, Keowand Martin, J.D., 2017.). Several changes are made this year by deciding new financial decisions by increasing the price from $725 to $710 and forecasting the sale to 18,000 but the actual availability was $16,850. Expenditure for TV is 200,000 ; Internet: 500,000 and Magazines: 50,000 respectively. The expenditure increased to $750,000 this year. So ,total cash available after all financial decisions for 2020 is $7,425,328. Production planning and Equality Production planning is important to increases customer relations by planning the process for future production. By upgrading the quality of product helps in getting new customers and enlarging the business. Increasing the efficiency helps in getting new customers (Mitra, Grossmann and Arora, N., 2012). Reputation of business is gained by serving the best quality of product. Therefore, managing the quality is crucial. Serving good quality reduces the cost in terms of longer run. Efficiency is important for earning a good amount of profit or growth. By increasing the efficiency the time and money is automatically saved, thus making the business profitable. Efficiency of a business can be attained by proper planning and evaluation of ideas (Crama, Oerleman and Spieksma, F.C., 2012). The shares are equally divided and planned accordingly. Production planning is done as it allows controlling the amount of production. It also helps in forecasting sale and review to changes for specific segment of production unit. Proper production planning helps in indicating the wastage and time for the production unit. Meeting customer expectations is crucial, as satisfaction of customer and maintaining their loyalty on a long-term increases profit. Conclusion From this report it is concluded that marketing Is not just about sale and adverting of a product, rather it include activities such as public relations, sales promotion and distribution. Marketing is a process for creating, delivering and exchanging values for customers and society. To reach to more number of clients marketing is used, online advertising the product is very much cheaper than traditional methods. In short, marketing creates new doors for growth of the organisation, helps in communicating with large amount of audience, deliveries quality services, helps In advertising the product in the target market to increase the sale of the product and defiantly increase the profit of the company. References Brigham, E.F. and Ehrhardt, M.C., 2013.Financial management: Theory practice. Cengage Learning. Brigham, E.F. and Houston, J.F., 2012.Fundamentals of financial management. Cengage Learning. Coughlan, A.T., Anderson, E., Stern, L.W. and El-Ansary, A., 2006. Marketing channels. Crama, Y., Oerlemans, A.G. and Spieksma, F.C., 2012.Production planning in automated manufacturing. Springer Science Business Media. Jobber, D. and Ellis-Chadwick, F., 2012.Principles and practice of marketing (No. 7th). McGraw-Hill Higher Education Mitra, S., Grossmann, I.E., Pinto, J.M. and Arora, N., 2012. Optimal production planning under time-sensitive electricity prices for continuous power-intensive processes.Computers Chemical Engineering,38, pp.171-184. Slater, S.F., Hult, G.T.M. and Olson, E.M., 2010. Factors influencing the relative importance of marketing strategy creativity and marketing strategy implementation effectiveness.Industrial Marketing Management,39(4), pp.551-559. Titman, S., Keown, A.J. and Martin, J.D., 2017.Financial management: Principles and applications. Pearson. Wilson, A., Zeithaml, V., Bitner, M.J. and Gremler, D., 2016.Services marketing: Integrating customer focus across the firm. McGraw Hill. Wright, M. and Watkins, T., 2010.Marketing financial services. Routledge.