MARKETING RESEARCH: Meaning, Definition, Features, Objectives, and Itsimportance to Government

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In this article we will discuss about MARKETING RESEARCH: Meaning, Definition, Features, Objectives, and Its importance to Government.




Marketing Research



Marketing research refers to a process in which the information related to market gathered, analyzed and interpreted. The word MARKETING RESEARCH consist of two words Market and Research, Where Market means a place where the things are buying and sells and Research means systematic and complete study of a problems by experts.

So we can say that marketing research is a process in which systematic study of solving market problems.

Definitions

According to The American Marketing Association, “The systematic gathering, recording and analysis of data about problems relating to the marketing of goods and services”

According to Richard Crisp, “The systematic objective and exhaustive research for and study of the facts relevant to any problem in the field of marketing.”

Features



  1. Continuous process: Marketing research is a continuous process in which information is gathered, recorded and analysis for solving market problems.

  2. Wider scope: Marketing research has wider scope because it has product research, packaging research, price research, Market research, sales research, etc.

  3. Collect data: Marketing research is a process in which professional expert collect market information and analyses data to reduce errors.

  4. Analysis of data: It also helps in analysis of data related to market and analyze systematically.


Objectives



  1. Reduction in market cost: Marketing research is a process which helps in reduction of marketing cost like selling cost, marketing cost, etc.

  2. Collection and analysis of data: Marketing research is a process in which professional expert collect market information and analyses data to reduce errors and it helps in analysis of data.

  3. Determines proper price policy: Marketing research determines proper piece policies regarding to the product and services.

  4. Analyses of market competition: Marketing research helps in analysis of marketing competition. Marketing research also aims at knowing the quantum of competition prevalent in the market about the product.

Importance of Marketing Research to Government



  1. To Decide and provides different social services: Social services are mainly those services which are directed toward the welfare of the society.

  2. To Allocation of limited resource: Marketing research is process which helps in allocation of scare resource and utilization of that scares resources toward welfare of society.

  3. To regulate market: Marketing research helps to provide information to government about production, distribution, consumption of market and regulates economic activities.

  4. To Estimates cost benefits: Cost benefit analysis is an analytical program which helps government to estimate costs benefits.

  5. To know money and capital market for fiscal policies: Money market and capital market helps government to understand various aspects in market and helps to encourage market aspects.





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Difference between Market Research and Marketing Research with itscomparison chart

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In this article we will discuss about Difference between Market Research and Marketing Research with its comparison chart.






Market Research

Market research refers to a process in which information related to market is collected like customer need, market demand, interests, latest fashion, etc. It is a branch of marketing research and it depends on marketing research. It helps to collect market information and it has main focus on place. Market research is a way to improve business organisation by collecting,analysis of information.





Marketing research refers to a process in which the information related to market gathered, analyzed and interpreted. It also involves scientific and objective overall study of market. The word MARKETING RESEARCH consist of two words Market and Research, Where Market means a place where the things are buying and sells and Research means systematic and complete study of a problems by experts.


Difference between Market Research and Marketing Research



BasisMarket research  Marketing research


Meaning


Market research refers to a process in which information related to market is collected like customer need, market demand, interests, latest fashion, etc.


Marketing research refers to a process in which the information related to market gathered, analyzed and interpreted. It also involves scientific and objective overall study of market.


Purpose


To get information about customer, product, competition.


To get information about product and customer.


Scope


It has limited scope


It has wider scope


Nature


It has specific nature


It has generic nature


Branch of


Market research is a branch of marketing research.


Marketing research is a branch of Marketing information system.
FocusThe main focus of market research is only on place.The main focus of marketing research is to focus on product, price, promotion, etc.

So we have discussed Difference between Market Research and Marketing Research with its comparison chart. For any query comment below.



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RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF Organizing

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In this article we will discuss about RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF Organizing.

RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF Organizing: Meaning and steps involved.


Organizing

Organizing means a systematic process of business organization in which various activities are coordinated which helps in achievement of goals.

According to Theo Haimann,
"Organizing is the process of defining and grouping the activities of the enterprise and establishing the authority relationships among them."

According to Louis Allen,
"Organizing is the process of identifying and grouping the work to be performed, defining and delegating responsibility and authority and establishing relationships for the purpose of enabling people to work most effectively together in accomplishing objectives."


The steps involved in organizing process are:



  1. Achievement of  Mission, Objectives and Goals: Every organisation have its own mission, Mission is the reason for which company is established. When the process of business planning starts, firms analyses both internal and external environment. Internal environment helps in analysis of strength and weakness.External environment helps in analyses of technical, economical and other factors. In business organization when both the factors are analyzed it revels opportunities for business. The main aim of an organisation is to achieve its goal effectively and efficiently.

  2. Coordination: Coordination is an essential element of management in which various activities are coordinated to achieve organisational goal.

  3. Performance: It is a major responsibility of manager to coordinate with the performance of  manager and subordinates.

  4. Communication channel: Communication have vital role in business organisation to integrate activities. Proper communication channel helps in exchanging of verbal and non verbal information within organisation.

  5. Utilization of resources: Manager helps organisation to integrate activities and utilization of resources  efficiently and effectively. If the resources are used effectively it helps in development of management and achieve organisational goal.

So we will discuss RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF Organizing: Meaning and steps involved. For any query comment below.


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RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF PLANNING

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RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF PLANNING




In this article we will discuss about RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF PLANNING: Meaning of Planning and steps involved in planning process.

PLANNING


Planning means thinking in advance what to do, how to do and when to do and by whom it should be done. It also means, planning is abridges or gap between where we stand today and where we want to reach. It helps management to think in advance and help them to achieve organizational goal. For eg. When an organization introducing a new product, they think in advance about product.

The steps involved in planning process are:






  1. Be aware of opportunities and strength: When the process of business planning starts, firms analyses both internal and external environment. Internal environment helps in analysis of strength and weakness.                                                                                                               
                                                                                                                                                External environment helps in analyses of technical, economical and other factors. In business organization when both the factors are analyzed it revels opportunities for business.

  2.   Objectives and Goals: Formulation of objectives is the end function of planning process, it represents that for which organization is commenced, organized, controlled. The organizational objectives are formulated for the development of the business organization. The objectives which are formulated in organization provide direction for the achievement of organizational goal.

  3. Development of Premises: The next step in planning process is to planning premises. All the persons who are included in organization have common understanding regarding planning premises. The most important planning premises is Forecasting like; estimation of population, technology, product, employees, etc.

  4. Determining alternative courses: In business organization managers develop alternative courses which help in achievement of organizational goal.

  5. Evaluating alternative courses: Manager has to evaluate alternate courses which help in development of organization. It also helps to analyze strength and weakness and analysis of SWOT (Strength, Weakness, Opportunities and Threats).

  6. Selection of course: After evaluation of alternative courses, the manager has to select best course which helps on development and achievement of business goals.

  7. Formulation of derivatives plans: Manager has to formulate derivatives plan after finalizing and commence that plan into business which helps in development and achievement of organizational goals.

  8. Budgeting: Budgeting is the last and final step in planning process, it includes finalized business strategies in numerical terms and it includes financial, capital, sales, production budget or other budgets.

 So we have studied RESPONSIBILITIES OF A PROFESSIONAL MANAGER IN THE PROCESS OF PLANNING , if you have any query, Comment.


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Concept of Depreciation: Meaning, Definition, Features, Needs orobjectives and its Causes

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In this article we will discuss about Concept of Depreciation Meaning Definition Features Needs or objectives and its Causes.




Meaning of Depreciation


The word Depreciation means decrease in the value of fixed assets from its actual value. According to Accounting standards of Indian charted Accountant of India (ICAI) deprecation is a restricted to decline the value of tangible assets and a measure of wearing out, consumption, or other value of appreciable asset.

“Depreciation refers to the process of estimating and recording the periodic charges to expense due to expiration of the usefulness of a capital asset”– Malchman and Slavin.

Depreciation is defined as “a permanent, continuing and gradual shrinkage in the book value of a fixed asset due to use, wear and tear, obsolescence or efflux ion of time.”

The Depreciation is charged due to



  • Usage

  • Passage of Time

  • Wear and Tear

  • Outdated technology

  • Obsolesce

  • Other factors.

Features of Depreciation



  1. Decrease in value of fixed assets

  2. Continuous process

  3. Loss should be constant

Objectives or Need of depreciation

  1. To determines net profit or loss: Depreciation helps in determines net profit or loss due to the examination of books of accounts.

  2. To ascertain true profits: Depreciation is the decrease in the value of fixed assets and it helps to ascertain true profits of the business organization

  3. To examine assets proper value: Depreciation is a process which helps in ascertaining fixed assets value and provides proper value of assets which are used in organization.

  4. To ascertain true and fair value of financial position: Depreciation helps in ascertain the true and fair value of financial position of business by reduction of value of fixed assets.

Causes of Depreciation



  1. By constant use: The depreciation is charged when the asset is constantly used and its value started reduced.

  2. By Expiry of time: Depreciation on fixed assets is charged when the time of fixed assets is passed.

  3. By obsolesce: The old assets will become obsolete due to new inventions, improved techniques and technological advancements.

  4. By abnormal factor: Depreciation may be charged due to expiry, accident, or any other damage.


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