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Marketing management is the function that every business needs to fulfill at the best way possible. Marketing means promoting a product by knowing the needs and requirements of the valued customers of the organization. The communication of the customers and the association is required to satisfy the needs of the customers at the foremost without any delay. Marketing and management in combination is a process of planning a product, controlling the product and then channeling the product to meet the desire of the customers in exchange of value that both pay the each other (Logistics / supply chain, 2013).
The decisions regarding the product and designing a structure for profit making through the utilization of optimum resources is the main function of marketing management assignment. Managing organizational resources of the organization means defining the resources available with the business society and managing them in such a manner that the outcomes appear efficiently and effectively (Harrington, Boyson and Ccorsi, 2010). This report defines some of the part of the marketing channels of the product along with the distribution channels. The report also describes the needs of the costing and some of the feature of the marketing strategy. The report is inclusive of the management of the resources of the business society.
DQ1. MARKETING CHANNELS: DESCRIBE THE MAIN FUNCTIONS OF THE MARKETING CHANNELS. WHY THESE FUNCTIONS ARE BETTER ACCOMPLISHED THROUGH COMBINED EFFORTS OF CHANNEL MEMBERS?
Marketing channel is the structure that helps the organization to deliver the produced goods to the ultimate customers for satisfying their needs and requirements. The producer manufactures the products for satisfying the needs of the consumers but can meet the profit level when the goods are delivered to the consumers at their door step. This major concept of marketing channel is the way that connects the production and consumption. It also helps to complete the task of sales, promotion and advertising for a company. Marketing channel helps to motivate and communicate the producers for delivery of the goods and services as soon as possible at a reasonable price (Nestlé Re-balancing Case Study, 2013).
The major functions of the marketing channels are as follows:-
The marketing channel is a group effort. The members of the channels are responsible and accountable for completion of the task. As the members of the channel are connected with each other so the whole process is incomplete without any single member. This is the reason why the channel members’ selection is sophisticated task for the management of the company. The channel members help to motivate the channel and the product design. They also show their full support towards monitoring the management of the channels in different regions for the increment of the sale. The channel members are helpful for promoting the product on behalf of the producers by penetrating the market and can also generate the demand for a new product by providing information of the market trends.
DQ2. SUPPLY CHAIN MANAGEMENT (SCM): PROVIDE AT LEAST THREE REASONS WHY SUPPLY CHAIN MANAGEMENT IS AN IMPORTANT PART OF THE VALUE DELIVERY NETWORK
The supply chain management is the transfer of the finished products from the producers to the ultimate consumers. The delivery is supported by distribution of the product at the right place, right time and right price. The distribution of the goods through the proper supply chain management is the major tool for the reduction of the cost and increment of the revenue. There are new trends for the improvement of the supply chain management named as Radio frequency identification, business intelligence, stimulation modeling and business assignment process management (Chaffey,2009).
The supply chain management is responsible for the reduction of cost of the product and it also protects the quality while minimizing the price incurred. The main role of the supply chain management is as follows:
The value delivery network is the network that is created for the increment of the value of the customers. Firstly, the customer’s value is an exclusive part for the value chain of the company and is not focused while deciding the product for the customers. Secondly, the supply chain management helps to increase the customer’s value for the company. Thirdly, the management of the supply chain is related to the value delivery network because the supply chain is responsible for the customer’s satisfaction through the value based goods, for the suppliers through regular income, for producers through profit, for market through regular demand and supply maintenance etc. The supply chain not only provides this facility but also retain the value of the product regular for the customers. The bridge that connects products actual needs fulfillment power to the customer’s need is the supply chain management (Stadtler and Kilger, 2007).
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DQ3.COMPARISON OF ANALYTICAL METHODS: IN A FOUR PARAGRAPH ESSAY USING THEORY AND YOUR EXPERIENCE, COMPARE AND CONTRAST THE USE OF COST-VOLUME-PROFIT ANALYSIS, BREAK-EVEN ANALYSIS AND CONTRIBUTION MARGIN ANALYSIS
Cost-volume-profit analysis is helpful for the business managers to make best business decisions of the company. CVP analysis helps the manager to analyze the market condition and situations, which automatically make the manager efficient in making predictions for future goals and vision. This also provides support to the managers to answer specific pragmatic questions, which have a relation in business analysis. Manager has an idea of the breakeven point of the company and he can change the level of spending and increase production efforts, which will automatically increase the profitability of the company. Cost-Volume-Profit analysis is based on statistical issues of the maintenance process and the decisions related to the future goals (Turban,2009).
Break even is among the most widely used tools employed for the evaluation of economic feasibility of a company or a product. It is the point where revenues are equivalent to costs. In simple terms, no profit is made nor is any loss incurred at this point. This breakeven point is generally expressed in unit sales. It means that the extent of sales, which are needed to cover up the cost, is indicated by breakeven units. This analysis is dependent on two types of costs i.e. fixed and variable. This analysis gives answer to queries like “the amount of sales to be reduced while still maintaining the profitability of the company (Weth, 2007).
Contribution margin analysis is a cost accounting concept that determines the profitability of every individual product. It is a gross operating cost of a product, which is calculated as product price minus its total variable coast. Contribution margin is associated with the product and it is the amount, which is left out after the deduction of sales revenue. It is an important cost accounting concept (Kalubanga, 2012). It is helpful in making much important decision in the business. A business manager determines that a particular product has a 30% contribution margin, which is less than the company’s other product. The manager can determine whether variable cost for the specific product must be reduced or the sale price of the product could be increased. If both of these options are not attractive, manager can take a decision to drop this product. The contribution margin analysis can be used to remove or add products and product lines or to make informed pricing decision.
DQ4. FULL COSTING: WHAT IS FULL COSTING? DEFINE AND COMPARE JOB COSTING AND ACTIVITY-BASED COSTING
Costing is the process of systematic calculation through which we can get the actual cost of the production. There can be some circumstances that the cost needs estimation at the beginning of the investment. The four M’s of the business, which are the most useful thing to be managed on the basis of cost. At every step of production the cost of the raw material and man-force matter a lot for the company to minimize it. In every organization, there is a need for installing the cost system, which automatically forecast the possibility of uncertainties regarding cost of the production (Christopher and Lee, 2004). To systematize the cost factor, the company should firstly find out the main objectives as a list. Secondly, the current working system should be analyzed. Then the structure for the records of the cost should be prepared. Followed by this the determination of the different factors of the cost rate is examined. Further, according to the structure of the records the cost records should be classified and organized (Croom, 2005). This will automatically make an integrated system between the cost departments and the other departments of the organization who are directly or indirectly related to the cost. The costs are of two types such as:
Along with this the other that are the part of the costing system are actual cost, opportunity cost, sunk cost, incremental cost, explicit cost, implicit cost, book cost, out of pocket cost, accounting cost, economic cost, direct cost, indirect cost (Evaristo and Zaheer, 2012).
The main relation and the difference between the job costing and the activity based costing are as follows:
Activity based costing
It is a method in which the cost is calculated and examined in every part of the activities involved from the raw material input to the finished gods as output (McGuffog and Wadsley, 1999).
It is method in which the cost related to every job of the customers specification are analyzed and examined. Job costing is mixture of direct and indirect costs.
Activity Based Costing (ABC) is related to one of the concept of job costing. Traditionally, job costing use to measure the direct as well as the indirect costs. The traditional method was based on labor-intensive. Activity Based Costing identifies the drivers of indirect costs and relates them to particular activities. Under traditional job costing overheads are concentrated and maintained. But in the ABC costing the management of the direct cost and indirect cost is linked to the drivers and the drivers are in relation to the activities of the process.
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