Business Measurement Objective Definitions

Do they really mean to put us on our toes or off balance?. Do they conscientise the focus we have on some business wave, standard to attain?  Yes, it is or they are pointing towards business code – ideal code.

NOTICE TO BE ACCORDED THE FOLLOWING BUSINESS EXPRESSIONS:

  • Prosperity in business is measured by turn over and profit.
  • Growth in Business is measured by the share of the market arising from expansion and turn-over.
  • An objective may change in emphasis over a period of time.  In the present, the objective may be to stimulate mass-production to sustain control of the market.  Later it may be to maintain existing outlets.  What is the intendment is to explain that objectives though usually long time, can change within a short period.
  • Measurements of synergy are similar to the evaluation of strengths and weaknesses.

WHAT IS A DECISION?

A decision is the desired conclusion taken about a solution or matter. That point at which opinion confront plans, policies and objectives is referred to as decision point.

The purpose of decision taking or making is to direct human behaviour towards the goals. However, it is interesting to remark that decisions occur or take place only where there are alternatives.

Types of Decisions:

Are two types of decisions. Tactical and Strategic Decisions. Tactical decisions are routine in nature, as it concerns itself on economic use of resources. All forms of tactical nature conform to economic applications. Strategic Decisions are principally management behaviour in arresting business wave, the pursuit of their business plans to contain competitions.

Marketing Mix:

These are rules which ensure a combination of policies and procedures.  It also perfects a company in its marketing and distribution progress.  Marketing Mix is usually patent because it is adopted as a peculiarity to a company. Every company has its own formula.  Marketing Mix applies the seven P’s.  These are Product, Price, Promotion, Place, People, Process, Physical Evidence.

Marketing Philosophy:

This is an attitude of big marketing companies which regulates how the firm cares for customers.  It is tagged “clients as very important”.  Sometimes it is loosely called and crowned as “CUSTOMER ORIENTATION”.

RESALE PRICE MAINTENANCE:

Resale Price Maintenance is the practice whereby a manufacturer fixes the price the retailer is to charge the customer. An example is Bottling Companies specify how much a bottle of their product goes to the customer. This dispels the fear of higher price.

PRODUCT RESEARCH:

Product research or product testing is designed to test the acceptability of the product in the market. This process creates awareness, branding/ brand efficiency knowledge among clients or customers. A good marketing strategy for pushing competitors away from close range.

ADVERTISING RESEARCH:

This involves the scrutiny of all the adverting platform. The media and otherwise which the company uses to project its products to the public. The Research is with the view of finding which can serve the advertising needs best. This is for the firm or company to have widest coverage and audience.

MERCHANDISING:

This means simply assisting the retailer on how to display the company’s product. A manager is usually in-charge who makes visits to the various outlet. This process, therefore, is assisting the publicity at the display, to help maximise display efficiency and sales. This process instructs the retailer on the best use of his shelves space.

Costing Process:

This often forms the basis for price setting. It provides a measure for discussion and comparison of other prices of the similar product in the area.

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