Marketing Principles and Strategies for Business Success
5A. What is Marketing?
Marketing is the process that connects producers or providers of goods and services with the consumers of those offerings.
Marketing Concept
The marketing concept centers around a business prioritizing the satisfaction of customer needs and wants over simply selling a product or service.
Market-Oriented Approach
A market-oriented approach is a business strategy that prioritizes understanding and fulfilling the needs and wants of consumers. Businesses adopting this approach develop
Read MorePrinciples of Business Organization and Structure
2 The Principles Common to All Businesses
Unit Address
Predominantly a single standard across the enterprise.
Control Unit
Each subject will have one leader, to whom he is responsible.
Balance
There will be a harmonious relationship between the horizontal and vertical development of the organization, including the scope and content of jobs.
Authority and Responsibility
The authority and responsibility shall be equivalent in every job.
Location of Authority
The authority will be located in the most appropriate
Read MoreDifferent Business Types: Pros, Cons, and Conversions
Different Business Types and Their Pros and Cons
A) Sole Trader
A business where one person provides permanent capital and has full control of the business.
Pros:
- Easy to set up
- Owner has full control
- Close relationship with consumers
- Flexible working hours
- Secrecy in finance
Cons:
- Unlimited Liability
- Lack of Capital
- Cannot Specialize
- Lack of continuity
- Long working hours
- Lack of economies of scale
B) Partnership
A business formed by 2 or more people to carry out business with shared responsibility and capital.
Pros:
Read MoreReal Estate Valuation Fundamentals & Appraisal Process
Valuation Fundamentals: Market Value
Market value is the most probable price a property will sell for under the following conditions:
- Buyer and seller are typically motivated.
- Parties are well informed/well advised and acting in their best interest.
- Reasonable time in the market.
- Payment in cash or its equivalent.
- Traditional financing.
The Appraisal Process
The appraisal process is performed by appraisers and others seeking to establish value. It involves:
- Physical and legal identification of the property.
Market Risk, RiskMetrics Models, and Loan Types in Financial Institutions
Market Risk and Risk Management in Financial Institutions
Market Risk
Market risk is the risk associated with the uncertainty of a financial institution’s (FI) earnings on its trading portfolio due to changes in market conditions. These conditions include interest rate risk and foreign exchange (FX) risk. Market risk emphasizes the risks faced by FIs that actively trade assets and liabilities rather than hold them for long-term investment, funding, or hedging purposes. It represents the estimated
Read MoreIntroduction to Financial Accounting Principles and Concepts
Accounting
The information system that identifies, records, and communicates the economic events of an organization to interested users.
Annual Report
A report prepared by corporate management that presents financial information including financial statements, a management discussion and analysis section, notes, and an independent auditor’s report.
Assets
Resources owned by a business.
Auditor’s Report
A report prepared by an independent outside auditor stating the auditor’s opinion as to the fairness
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