Union budget 2017-18

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— Rosenfield (2015) illustrated that decisions related to facility location are very vital in terms of offering added benefits to the organisational profit margin. A wrong decision in this domain can harm the growth plan of the company at large. There are some basic types under which the company must make its decision related to the location, and in case it meets the demands of the company the location turns into the facility location.

Consideration related to the proximity of the consumers is the major type of facility location. As this location gets selected, the company saves expenses related to transportation of carrying the goods to the customers.

Selection of the right business area is very important. For this purpose the facility location needs to identify an area that has similar businesses around it. With similar businesses in the neighbourhood, the business become conducive as buyers prefer to visit a place where choices can be made (Karakitsiou, 2015).

The next type of facility location refers to factory establishment, where the availability of labour in a particular location appears very helpful for the company. In terms of manufacturing units, or even educational institutions, the availability of skilled population offers huge facility of growth to the company (Rosenfield, 2015).

Agreements related to free trade and availability of suppliers are other two types of facility location. Agreement with the particular zone for trading and gaining relevant suppliers for the same zone are the two basic essentials for the expansion of any business. These facilities also needs to keep a check on the trading policies of the particular nation.

Lastly, keeping in tally with environmental policies of the location is very important for a company. Following the rules of global regulations and the regulations the by the particular nation are significant aspects to be noted by the company.

The Judging and the Perceiving types of personality have been well established by the Isabel Briggs Myers. According to Myres and Myres (1995), “It is up to each person to recognize his or her true preferences”. The judging personality is the one who is much involved in making decisions for almost all kinds of situation. It is the trait of decision-making, in terms of feeling a context or thinking about something, that a personality gets recognised as a Judging type. This is a type of personality prefers to remain more planned and systematically organised.

On the other hand, perceiving type of personality is more active with intuitions and sensitivities. This type of personality is more related to the wider perspective of looking into a situation. This is a personality that is relatively more flexible and accepts the spontaneity of life.

Thus, judging type is more involved in organised functionalities, along with well controlled steering in every walk of life, whereas perceiving type remains open to all kinds of experiences and accepts lessons in life.

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— An illustrative understanding about the types of leaderships prevalent in the contemporary society has been well identified by Raza (2016). According to Razaq, there are 12 types of leadership styles. These leadership styles can be well perceived through the research led by Vroom (2007).

The foremost style is that of the autocratic leadership style that is recognised as boss-oriented. This style can be exemplified by the autocratic ruling as practiced by Napoleon Bonaparte in 18^th century. This style locks all the ways of consultations with subordinates.

The next is the democratic style of leadership. In this style, the subordinates are part of the decision making process, yet the ultimate decision is taken by the head in agreement with the subordinates. However, as exemplified by the democratic governance in the political system, like India.

In the modern international marketing scenario, the trend of cross-cultural leadership is getting tremendous hold. As exemplified by the leaders of the companies like McDonald and KFC, it is under this trend that the organisational leaders are very particular in mixing up with the culture of the market and follow the cross-cultural trend among the employees for controlling any kind of discrimination.

The laissez-faire kind of leadership can be noted in the organisational systems like advertising agencies and product design firms, where the employees are offered with enough liberty to develop the organisation (Gill, 2014). In these companies, the leaders offer least possible interference in the developing strategies of the departments, though remain fully aware of the same.

The transactional leadership trend as maintained at Hewlett-Packard, where the management is very strict in maintaining its status quo with the employees (Spahr, 2014). As reported by Spahr (2014), at Hewlett-Packard the followers of management are liable to gain immediate reward, and are idealised for keeping the orders of the leaders.

The trend of coaching leadership comprises the process of training and further supervising the subordinates. It is under this trend that Bersin & Associates derived the process of maintaining internal strategic management building structure, for a stronger futuristic foundation (Greene, 2012). Being highly-operational in character, this is a trend that emphasises in developing in-house staff as future managers.

The essence of charismatic leadership can be marked in the case of leadership trends as established by Richard Branson. It is under his charismatic leadership trend that Virgin as a company attained new heights.

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As noted by Armstrong (2006) miscalculation in the prediction of uncertainty and risks in the field of economics can bring in great fall to the entire existence of an organisation or the nation as a whole, it is therefore very important to have well balanced and assessed forecasting data. This is the reason that it is very important to have a forecast with minimal errors. For this purpose, Thomopoulos (2016) recommends Delphi method of forecasting as the most comprehensive of all. There are some added recommendations for minimising the errors in forecasting are judgmental decomposition, simulated interaction, damped causality, and structured analogies.

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1.     Explain the impact of environmental forces on marketing.

— Micro and Macro are the two environmental forces that lay serious impact over marketing. The macro factors get noted through social forces, economic forces, political forces, legal forces, demography forces, and technological forces, as noted through PESTLE. Micro factors on the other hand are concerned with suppliers, resellers, target consumers, competition, and general population.

Under the factors of macro environment, the marketing approaches are more concerned in gaining demographic forces, whereby the issues of age, education, ethnicity, culture, and lifestyles of the population are analysed for strategic marketing implementations. In this pursuit, the economic and the technological domains of the company remain in association with the target market. The decisions of marketing are based on the physical, social and natural relevance as maintained by the particular population of the market. The companies are subject to abide with the legal as well as political norms of the respective nation, where the market has been planned for further growth of the organisation.

At micro level, the roles of the suppliers and resellers (inclusive of wholesalers and retailers) remain very strong. These factors control organisational success and hold the reputation of the company in initiating the marketing strategy of the product. The micro environmental forces are much serious about the participation of the consumers. Whether it is at the B2B level or the B2C level, at the local stand or at the international platform, the importance of the consumers are the most significant force in the marketing approach of any company. Appeal to the public in general remains as the key thread to all the marketing approaches under micro environment proceedings.

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