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Understanding Marketing Practices And Finance Practices Add in library

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Question:

Describe about understanding marketing practices and finance practice?

 

Answer:

Introduction

The essay will identify the discussion on theoretical perspectives of business as well as organizational studies. It will focus on different marketing as well as finance practices. The paper will relate to both the practice for addressing the different processes successfully.

Accounting is not a difficult science and it is strictly dependent on the forms of trade in the globe. It is the art of storing, summarizing and classifying the matter with respect to money. The history of accounting is based on the existing and future practices. Thus the accounting practices were book keeping. Book keeping results with the need of ancient traders developed from advanced trading practices to deal with the costs as well as incomes.

Marketing is a process that involves the pricing, promotion and other attributes. All of the important activities should work together to assure successful marketing. It should offer the products and services to meet the needs of the customer. To meet the customer needs are likely to be successful in marketing. By meeting the customer needs successfully, the company can identify the target market and also gather the input from market research.

With the right pricing strategy, business can look for market effectiveness. Business is dependent on one on one interactions and customers feedback. It should decide whether to deal the products in high volume at low prices or at higher prices but low volume. Consumers are aware of the fact that access should be in accordance with the suitable location, convenience etc.

The business is dependent on the effective promotion and it should meet the desirable goals and objectives to deal with the correct place and time. Careful selections are made with the proper communication methods and tools to reach the target audience. Business could identify the market segments with the use of appropriate and best channels of communication to a target audience. Products promotion is based on the accurate information and also it helps the consumers to deal with the success. Marketing practices are based on the fact that the consumers should achieve the products with respect to best quality products and services. The marketer is required to provide the correct and the complete information to the customers. This will gain increase in the customers for long term and the marketer will be able to generate long term goals with quality.

This way, marketing practices help the marketer as well as the customer to deal with the products and services successfully for long term. It also helps the company to increase the sales and productivity. (Slater, 2000)

 

Discussion

Theories on finance practices

Numerous studies demonstrated the financial practices of firms all over the world. It has been found that the number of large companies who used new and modern techniques to evaluate the capital investment has increased over the years. (Berg, 2008)

Dividend policy

The dividend decision is based on the determination of the company’s earnings to be paid within the organization for further expansion. The finance manager is to deal with the maximum profit of an organization. This involves the investors to deal with the dividend payments that increase to an additional liability of taxes.

Theories on dividend policy

As per the research and evidence, high dividends increases exchange value theory and it increases the difficulty of the dividend puzzle. Dividends are irrelevant with regards to the distribution of income and the policy of dividend payout follows neither the current price nor the shares. Taxes also impact the demand for dividends. (Jacoby and Kyner, 1973)

Accounting theory

This theory is the simplest form of explanation that can be called as generalization of data into meaningful sense. It is supposed to be known with the set of values and beliefs. Webster defined this theory as a systematic statement of principles and it also offers much detailed description. Thus it also handles the future changes. This theory can also be applied to practical areas of interest in a more professional approach. (Albert, 2008)

The descriptive approach theories are developed with respect to the accountants and it also leads to positive approaches. This theory is concerned with the practices of existing accountants and it deals with the great interest in behavioral research in accounting during the 1970’s.

The empirical theory forms an increase in empirical evidence in accounting. The major objective of this research was to deal with the reliable outcomes and focus on positive decision making. The other theory i.e. normative theory concentrates on decision models that could be chosen by the decision makers in terms of logical decisions. The normative theory is very important in developing new accounting practices and it might change the practices in the future. (McAlexander, Kim and Roberts, 2003)

Theories on marketing practices

Marketing is a mix of important activities that affects the products and services. To elaborate, marketing is a function that undertakes to create, deliver and communicate with respect to values to the consumers. Marketing is dependent on different goals and objectives of the organization. The involvement of marketing to the success of the business cannot be ignored. A company which develops excellent product does not spread product awareness is always at a loss. Due to intense competition in the market, organization is different from the one offered by other organization. The organization’s growth is the biggest challenges faced by an organization are numerous. The demographic of the market influence the strategy of the marketing of an organization. Secondly, the competitors operate in the target market that influences the marketing plan. Therefore, a different marketing strategy is needed for every place the government has implemented a new regulation. (Fournier and Yao, 1997)

Theories of marketing

Marketing mix comprises the elements of marketing and it promotes the product with respect to potential customers. The elements of marketing mix comprises of marketing 5Ps. The 5Ps depend on product, place, promotion, and place and market segmentation can be done in different forms. It is reviewed periodically by the businesses and it meets their needs. (Jeuland, 1979)

Efficiency is marketing that can be achieved with the focus on the increase of competitive advantage.

 

References

1. Albert, N. (2008). 'When consumer love their brands: Exploring the concept and its dimensions'. Journal of Business Research, 61, 1062-1075.

2. Berg, L. (2008). 'Loyalty, Naively, and Powerlessness among Norwegian Retail Bank Customer'. International Journal of Consumer Studies, 32, 222-232.

3. Bryman, A. and Bell, E., 2007. Business Research Methods. 2nd ed. Oxford: Oxford University Press

4. Fournier, S. and Yao, J.L. (1997). 'Reviving Brand Loyalty: A Reconceptualization within the Framework of Comsumer-Brand Relationship'. International Journal of Research in Marketing, 14, 451-472.

5. Jacoby, J. and Kyner, D.B. (1973), 'Brand Loyalty Versus Repeating Purchasing'. Journal of marketing research, 10, 1-9

6. Jeuland, A.P. (1979). 'Brand Choice Inertia as One Aspect of the Notion of Brand Loyalty'. Management Science, 25(7), 671-678.

7. McAlexander, J.H., Kim, S.K. and Roberts, S.D. (2003). 'Loyalty: the Influences of Satisfaction and Brand Community Integration'. Journal of Marketing Theory and Practice, Fall 2003, 1-8.

8. Slater, J.S. (2000). 'Collecting the Real Thing: A Case Study Exploration of Brand Loyalty Enhancement Among Coca-Cola Brand Collectors'. Advances in Consumer Research, 27, 202-207
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