The one-way ANOVA compares the means between the groups you are interested in and determines whether any of those means are statistically significantly different from each other.
Probability is a branch of mathematics that deals with calculating the likelihood of a given event’s occurrence, which is expressed as a number between 1 and 0. An event with a probability of 1 can be considered a certainty: for example, the probability of a coin toss resulting in either “heads” or “tails” is 1, because there are no other options, assuming the coin lands flat. An
Answer1a.Inferential statistics use a random sample of data taken from a population to describe and make inferences about the population. Inferential statistics are valuable when it is not convenient or possible to examine each member of an entire population. For example, it is impractical to measure
The internet is sometimes called simply net. It is basically a network of computers
Aspects to be kept in mind during job interview
When the interview is for recruiting for manager, it is definitely going to be a tough task. A manager, most significantly, should have good leadership, strategic planning, business communication, and
Types of Meetings
According to Deborah Tannen, “A meeting is any focused conversation thathas a specific agenda, especially but not only if it has been set up inadvance.”1 This definition implies that meetings are not aimless discussions,but they require careful planning and revolve around a specific topic
Types of presentations and their target audience:
There are four different types of presentations you can give and their purpose is to invoke different reactions
Q2. Discuss the components of a business letter.
Answer:
Definition of Leadership
Leadership is the art of motivating a group of people to act towards achieving a common goal. This definition of leadership captures the leadership essentials of inspiration and preparation. Effective
Answer: Attitudes
Attitudes are also known as “frames of reference.” They provide the background against which facts and events are viewed. It becomes necessary to know the attitudes of members of an organisation because they have to perceive specific aspects like pay, hours of work, promotion, etc. of their work life in the
Answer.
Definition of controlling
Controlling can be defined as measuring and correcting of performance to achieve the organisational goals. According to Brech, “Controlling is a systematic exercise which is called as a process of checking
Answer: Definition and Importance of Planning
Planning can be defined as a basic management function which enables one to select the purpose of the business, and how the resources should be mustered to achieve that purpose to include using the available resources optimally to do that. Planning implies goal setting for the organisation keeping in mind the constraints, (more…)
Answer: Definition
From the case and the introduction, we can realise that management has been happening right through the history of man and it is all about making things smooth or shall we say efficient. It is also about achieving our goals which in modern management literature we call ‘effectiveness’. According to Harold Koontz, “
Answer:
Strategy
“The art and science of planning and marshalling resources for their most efficient and effective use. The term is derived from the Greek word for generalship or leading an army. See also tactics.”
Companies with prospects of business in other countries should be sensitive to that particular country’s culture and business environment. Every country has its own style of communication, the way they treat women in business and dressing style. Let us now discuss the business culture followed by different nations with respect to communication styles, women in business, and dress code. The table shows how the business cultures differ from one nation to another nation. (more…)
Difference between international Vs global business
| Strategy | International | Global |
| Location | Selected target countries and trading areas | Most global businesses operate in North America, Europe, Asia Pacific, and Latin America |
| Business | Custom strategies to fit the circumstances of each host country situation | Same basic strategy worldwide with minor country customisation where necessary |
| Product-line | Adopted to local culture and particular needs and expectations of local buyers | Mostly standardised products sold worldwide, moderate customisation depending on the regulatory framework |
| Production | Plants scattered across many host countries, each producing versions suitable for the surrounding environment | Plants located on the basis of maximum competitive advantage (in low cost countries close to major markets, geographically scattered to minimise shipping costs, or use of a few world scale plants to maximise economies of scale) |
| Source of supply of raw materials | Suppliers in host country preferred | Attractive suppliers from across the world |
| Marketing and distribution | Adapted to practices and culture of each host country | Much more worldwide coordination; minor adaptation to host country situations if required |
| Cross country connections | Efforts made to transfer ideas, technologies, competencies and | Efforts made to use almost the same technologies, competencies, and |
| capabilities that work successfully in one country to another country whenever such a transfer appears advantageous | capabilities in all country markets (to promote use of a mostly standard strategy), new successful competitive capabilities are transferred to different country markets | |
| Company organisation | Form subsidiary companies to handle operations in each host country; each subsidiary operates more or less autonomously to fit host country conditions | All major strategic decisions closely coordinated at global headquarters; a global organisational structure is used to unify the operations in each country |
Answer:-
ETOP and EFEM focus only on the opportunities and threats from the environment. But, to exploit an opportunity or to consider a threat, a company should have required strengths or competence. A company also needs to know its weaknesses in terms of competence, because weaknesses may affect its capability to take advantage of an opportunity or negotiate a threat. So, simultaneously with environmental analysis orappraisal, organizations also need to assess their internal strengths and weaknesses. This is done through SWOT analysis. (more…)
Answer:-
The word ‘strategy’ comes from Greek strategies, which refers to a military general and combines stratus (the army) and ago (to lead). The concept and practice of strategy and planning started in the military, and, over time, it entered business and management. The key or common objective of both business strategy and military strategy is the same, i.e., to secure competitive advantage over the rivals or opponents. We will discuss the similarity between business and military strategies in detail later.
2 How strategic planning and strategic management are interrelated to each other? Which comes first?
Answer: –
Strategic planning and strategic management are intimately related to each other. Where strategic planning ends, strategic management takes over; but, both are complementary to each other. They form vital links in an integrated chain in corporate management. Both are continuous processes. Strategic management may be more continuous, because it involves implementation and monitoring also. (more…)
Answer:
When a draft bill is drawn on a foreign firm, it is termed as a foreign draft or bill of exchange. It is prepared either in an international currency or Indian rupee depending on the terms of contract. Accordingly, the bill is known by the name of currency in which it is drawn. For example, the bill drawn in US dollars is known as “Dollar Bill” and when prepared in rupees it is termed as “Rupee Bill”. (more…)
Answer: Sales promotion
Sales promotion is one of the most important aspects of marketing. Selling is as important as producing. Every manufacturer has to sell his product in the market – domestic or international. Selling products in the international market is more difficult than selling them in the domestic market. (more…)
Step One – Country Identification
The World is your oyster. You can choose any country to go into. So you conduct country identification – which means that you undertake a general overview of potential new markets. There might be a simple match – for example two countries might share a similar heritage e.g. the United Kingdom and Australia, a similar language e.g. the United States and Australia, or even a similar culture, political ideology or religion e.g. China and Cuba. Often selection at this stage is more straightforward. For example a country is nearby e.g. Canada and the United States. Alternatively your export market is in the same trading zone e.g. the European Union. Again at this point it is very early days and potential export markets could be included or discarded for any number of reasons (more…)
Franchising is basically a specialized form of licensing in which the franchiser not only sells intangible property to the franchisee, but also insists that the franchisee agree to abide by strict rules as how it does business. The franchiser will also often assist the franchisee to run the business on an ongoing basis.
While licensing works well for manufacturers, franchising is often suited to the global expansion efforts of service and retailing. McDonald‟s, Tricon Global Restaurants (the parent of Pizza Hut, Kentucky Fried Chicken, and Taco Bell), and Hilton Hotels have all used franchising to build a presence in foreign markets. (more…)
Answer:
GATT
GATT is a multilateral treaty among the member countries that lays down certain agreed rules for conducting international trade. The member countries contribute together to four-fifth of the total world trade. It is interesting to note that underdeveloped countries form a sizable majority in GATT.
The basic aim of GATT is to liberalise world trade negotiations among members countries and, for the last forty seven years, it has been concerned with negotiations on the reduction, even the elimination of trade barriers – tariff and non-tariff – between countries and improving trade relations so that the international trade flows freely and swiftly. It also provides a forum to member countries to discuss their trade problems and negotiate to enlarge their trading opportunities. (more…)
Customer metrics includes numerical scores or indices that summarize customer feedback results. These scores are normally based on customer ratings (e.g., average satisfaction rating with product quality) or open-ended customer comments (via sentiment analysis). Customer metrics reflect the underlying characteristic/mental processes about your customers: their opinions, attitudes, and behaviour about and intentions towards your company or brand. Some of the common tools employed to measure customer metrics are: (more…)
Answer: – Word-of-mouth marketing, also called word-of-mouth advertising, is one of the most credible, unpaid forms of marketing—oral or written—wherein satisfied customers tell other people how much they like a business, product, service, or event. Word-of-mouth techniques of e-marketing include: (more…)
Answer: – a) Explanation to the 4 P’s in E-Marketing
The term ‘marketing mix’ was coined by Neil H. Borden of Harvard Business School, who explained the concept in his article The Concept of the Marketing Mix in 1964. The article elaborated the elements of the marketing mix, which he explained were necessary ingredients for creating a balanced and attractive offering to customers. It was Professor E. Jerome McCarthy who divided the mix into the 4Ps – product, price, promotion and place.
Product
The product may be an item for sale or a service, and these may be direct to the consumer (B2C) or to businesses (B2B). The product is the most important part of the business. Thus, it is crucial for a business to showcase its products to potential customers. In an online business, the product and its specifications should be shown clearly. In case of electronics, the technical details, model specifications, compatibility, etc., should be displayed. In case of apparel, the size, fabric and colour should be given.
In case the product is a service, the USP of the service should be highlighted. Since it cannot be shown, user testimonials and examples can be shown to win the customer’s confidence. While showing the product, the seller must ensure search engine optimization, so that it comes out on top of online searches.
Price
The price of a product or service is a key element of the marketing mix; it must be acceptable to target customers and it must reflect the other components of
the mix accurately. The price of the service is the value attached to it by the service provider and it must correspond with the customer’s perception of value. If the service is priced too high, customers who will not buy it will see it as poor value for money. On the other hand, if the price is too low, the service or product may be perceived as inferior in quality.
Promotion
Promotion is used to communicate information about goods and services to target market audiences, thereby facilitating the exchange process by closing the information gap. It is sometimes argued that effective marketing – offering the right service at the right price in the right locations to meet target customers’ needs and wants – should not require extensive promotional activity as the products or services will ‘sell themselves’. There is an element of truth in this, as the purpose of developing a finely tuned marketing mix is to match offerings and benefits very closely to the needs of identified target groups of customers. The result of this, in theory, is that customers will favour one particular organization over competitors and will actively seek their service offerings.
Place
Most producers of physical goods do not sell directly to their end consumers in today’s market. They can make choices about where to produce the goods, based on lower labour costs and other considerations, together with decisions about which markets to sell the goods in and how to get the goods to the consumers. Distribution, or the ‘place’ element, of the marketing mix is concerned chiefly with two main issues: accessibility and availability.
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Internal considerations include organizational structure and culture, SWOT analysis of workforce, existence of competitive advantage, and budget.
Organizational Structure and culture: The organizational structure and culture play a major role in how an e-marketing plan shapes up. For example, a company with a flat organization and one with less hierarchy or an open culture has greater openness, sharing, transparency and team-fostering among employees.
SWOT analysis: Before making an e-marketing plan, the strengths and weaknesses of the workforce must be studied carefully. (more…)
Answer: –
An e-mall is an online shopping centre in which there are many online, or virtual, stores. The basic four types of online stores have been explained below:
These are general stores that have a presence in the online market. They include stores like Junglee.com and infibeam.com which act as an interface between the buyer and seller. They are stores that have a variety of items for sale and are thus called general stores. They do not specialize in selling any one item. (more…)
Front-end
Front-end is the portion of an e-seller’s business processes through which customers interact, including the seller’s portal, electronic catalogues, a shopping cart, a search engine and a payment gateway. For example, when we book a hotel through a Website, we find the brand through the search engine, go through the electronic catalogue, and make the payment through the payment gateway maintained by entities such as HDFC or Axis Bank.
Answer: – Role of advertising in marketing mix Positioning
Marketing has been defined by various experts as that which covers all activities from product conception to the last step when it reaches the consumer. An exhaustive list of its primary activity includes:
Answer: – Various factors, such as the following, have to be considered while setting the budget:
Product
Various factors related to the product such as the product type, stage in the product life cycle, complexity of features, (more…)
Answer: – Advertisers need to know the different theories of persuasion and how one message can greatly differ from another simply because of the persuasion strategy used. Following are some of the best-known ones that attempt giving some answers. (more…)
Answer: – There are some factors which deeply influence our thinking about advertising in India. These factors are entirely different from the last century and perhaps from other developing countries.
1 Industrial growth
Industrial growth is difficult to measure in absolute terms because when one sector is doing well, another may not be. Industrial lending is a key indicator. Big industries have been in a tight spot since 2008–09 due to global recession, forcing closures and retrenchments. And the financial health of the urban industrial worker segment is a major influencer of the urban market. (more…)
Explanation of the concepts Strengths and Weakness
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The concern about malpractices in market transactions, intended or otherwise, is great. Especially in case of rural consumers, the law had to step in to protect the interest of this segment. The primary concerns of the government are that consumer protection measures should be concerned with:
The Consumer Protection Act, 1986
The enactment of the Consumer Protection Act, 1986 and setting up of Consumer Protection Councils passing the Right to Information Act have brought relief to the consumer. The Website of the Consumer Protection Act hails it as a “milestone in the history of socio-economic legislation.” The product may be a screw or a car, but defects require redressal. The Act defines clearly how to seek relief. (more…)
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The basic idea of e-CRM comes from e-commerce. Essentially, e-CRM differs from CRM in terms of the technology and the syntactical nature of interface with customers. Typically an e-CRM would provide customers with a self-service browser based window on which they may have greater autonomy to surf different schemes and offers. Additionally, an e-CRM will also be able to generate a history of purchases, e-mails where they will get updates and such like. In other words, e-CRM has been designed to monitor all forms of managing relationships with customers using IT or information technology. (more…)
Answer: Service marketing is marketing based on relationship and value. It may be used to market a service or a product that is defined under service activities discussed earlier. Marketing a service-based business is different from marketing a goods based business. For one, it is not easy to put a price to the service. Also, service firms are organized in a different manner in terms of structure. Determining costs becomes even more difficult in the non-profit sector wherein there are many limitations. All these reasons make it essential for marketing of services to be done in a different manner. (more…)
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NIIT is the most poignant case in point o highlight the importance of IT in the education sector. It has allowed IT to emerge as a discipline in the existing patterns in schools and colleges. In other words, with due recognition to NIIT, education itself has undergone several positive transformations. (more…)
Answer: Making a service purchase decision is seldom a solitary enterprise, that is to say, many people are involved in the decision-making process. For this purpose, key players need to be identified so that a specific service format can be developed. Additionally, it is task of service managers to see to it that some degree of equilibrium is maintained between people’s needs and promotional messages. Sometimes, buyers of any given service do not exercise complete rationality. (more…)
