The emerging importance of material management is directly related the delivery of quality products and services in the market. According to OECD (2012) the aspects related to material management are integral to the system of service related functionalities. The importance and extensive use of material management is visible in the domains of engineering production, industrial manufacturing units, and financial institutions. The usability of material management lay emphasis over the supply of very perfectly analysed quality-oriented materials. Avoidance of all kinds of wastage is the responsibility of this department. The idea is to control the ‘cost of production’ (OECD, 2012).
It is the responsibility of the material management department to remain aware of the cost of the material and gain reasonable quotes for the business purpose. Use of scientific methods for initiating the same is highly recommended for the actions of material management. This department is very important for an organisation as it helps in keeping a check over the expenditure of indirect materials. Responsibility is also bestowed upon the adequate use of the equipments and offering restrictions to break downs, caused by non-supply of materials.
The usability of material management can be considered as very vital as it keeps a check over loss of any kind of direct labour and material wastages, at every level of production. The control and administration of material management assist the organisation is getting quality with maximum output from the input materials. Delivery and investments made in a business are under strict audit of material management. As a result, there is hardly any scope that the company will face mismanagement in its supply and demand chain.
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The steps to be followed for introducing a product can be marked under three very specific parts.
In the 1st part of product introduction, it is very important that the company plans a strategic way for the attainment of ultimate success. The act of planning must be based on an extensive way of understanding the target consumers and initiating exclusive research method for creating awareness of the product in the market. Implementation of SWOT analysis at this stage is highly recommended. Creation of product slogan, logo, symbols, etc. is part of this stage. All these things must remain integral to the mode of understanding the attitude and message that the product wants to communicate to the consumers.
The next step would be in creating advertising platforms for the product. This can vary in accordance to the gender, age, and educational levels of the consumers. In this part, the product must remain very appealing to the public. As advertisements will be the means to create the impression about the product, the company needs to remain very conscious and confident about its approaches. Considering the sentiments and the feelings of the population must be added in the list for priorities. Adding celebrity glamour to the product can be an added marketing edge at this stage.
The 3rd part of the product introduction is through the launching of the product in the right platform. Offering low rated samples and extensive marketing approaches for creating awareness among the public is very necessary. Adding a musical band to the programme and offering light refreshment to the guests can create a positive impression for the product. Inviting a celebrity in the launching platform can attract more people to the introduction programme.
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— The term ‘Product Life Cycle’ in itself explains the entire journey of a product from manufacturing to consumption. The entire process of considering the life cycle of a product gets counted from the day the entrepreneur thinks of launching a product and accordingly manages all the steps that will be followed to reach the consumer for ultimate consumption (Pangarkar, 2011).
As for instance, the Product Life Cycle of the international brand of cold drinks, Coca-Cola, follows a very systematic way of getting into the market and gaining immense hold over the international marketing scenario. Its foremost step is about introducing the product that is unique in its taste and can offer the required refreshment to the consumer. Followed by this is the act of commercialising the product and adding the profit margins at a very low level. These were stages where Coca Cola too faced lower ranges of profit as well as criticism in various market places. Questions were also raised in terms of its quality concerns/ however, irrespective all the downfalls, the company constantly concentrates in offering best of the product and services to the consumers. As a result, in the current international market, the company gets served ‘across more than 200 countries and territories’ (Coca Cola, 2016). The annual report as offered Coca Cola (2016) states that Coca Cola as a company it is very strong in maintaining its sustainability in the market and the key for its success lies in its systematic maintenance of the lifecycle of the product as per consumer-oriented demands.
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— Some of the best categorisation of the market segmentation have been led by Struhl (2013) as geographic, distribution, media, demographic, time, and lifestyle segmentations.
The geographic segmentation allows the organisations in gaining hold over the restricted marketing areas. As for instance a company handling product like chainsaw, can have its market in forest-related areas. However, through geographic segmentation it can also get into the agricultural market dealing with trees for paper production.
The next segmentation is that of the distribution preferences, whereby the company can expand in different markets through diversified distribution channels. This can be exemplified as the particular brand changes its name as per the target market. As in case of a mobile company, the same brand can sell its products with varied names to meet different kinds of consumers at every level of the social class (Weinstein, 2004).
The scope for media segmentation depends as per the kind of consumer attention the company is trying to gain. As for instance for general public, television can be a reliable media for publicity. However, to get hold of the younger generation, the social media platforms are more active and effective for the marketing proceedings.
Income and education levels, differences in gender and age, etc. are some of the keys that are used by the companies under demographic segmentation. As for instance targeting children or women by a company through a particular product, or particular skin colour through a fairness cream are all part of this segmentation.
The time segmentation is relevantly less popular in the marketing proceedings, yet gets counted as highly effective. Crackers in India during diwali are an example for such segmentation. Christmas related products during winter also represent this mode of marketing segmentation. Thus, though I appears very seasonal, yet the sale remains very effective.
Struhl (2013) added that segmentation of the market based on different lifestyle ranges is very effective as the same remains very close to the attitudes, emotions, behaviors, values, etc. of the target consumers of the population. The lifestyle segmentation under marketing proceedings gets used in a very wide range response. Companies like Chevrolet, Oldsmobile, etc. offer clearly-defined marketing strategies as per culture and temperament of the respective country.
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Forecasting means prediction for future. In reference to global marketing practices, the estimations related to the future interest variables, probable risks, rate of market consumption, etc. for any organisation is noted as forecasting (Ellis, 2010). As noted by Ellis (2010) uncertainty and risk management approaches of a company are all set as per the forecasts made by the analysts of the same field.
The most common types of forecasting are based on qualitative analyses and the quantitative assessments. Qualitative remains subjective in natures and assesses the consumer behaviours for forecasting. On the other hand, quantitative follows statistical analytical formulations for forecasting.
The predictions made through average approach consider the values of the future in accordance to the mean attained from past data. Then there is the naïve kind of forecasting that is very cost-effective and is applicable for financial data for time series. Forecasts made through naïve approach assess the economic patterns that are in general hard to predict appropriately.
A popular type of forecasting gets initiated by the drift method, where the amount is subject to change in course of time or drift to be precise. It is depicted by drawing the graph of fall and development and thereby extrapolating the forecasting act. Similar trend gets followed by seasonal naïve method, but on a periodic basis.
The time series assessment process for forecastinggets initiated on the basis of historical data like Autoregressive Moving Average (or the ARMA), Weighted Moving Average, Exponential Smoothing, etc. then there is the econometric forecasting type that is a casual way of forecasting. It follows the regular seasonal variations, along with customary probabilities as followed by the market. This type comprises analysis through regression and autoregressive moving average.
Judgmental type of initiating the forecasting process comprises of the intuitiveness related to subjective probability as well as opinionated statements. Delphi method, scenario building, etc., are some of its in core applicable tools for forecasting. In the contemporary scenario, the artificial intelligence is gaining a stronger grip, whereby data mining, machines to support vector, etc are used at large.
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- —- In order to make an induction programme effective, the company first need to receive all the newly recruits with warmness and sense of belonging. The root for integration with the company gets established in this session. Next, it is important for the company to determine the information as needed by the employee about the establishment. The information to the new employees should be presented in the most comprehensive manner. Queries and doubts must get cleared in instantaneous basis (Gryzagoridis, 2011).
- It is important to note that the design of the induction programme must concentrate in offering all kinds of information that the new recruits must know about the organisation and the respective job profile. In this process, the presentation of the information should be very precise and clear. Selection of the right instructor in this act is very important. It is necessary to understand that the personality of the instructor must remain in congeniality with the employees. the attitude and presentation style of the instructor is the key for adding effectiveness to a well structured induction programme.
- As the induction programmes comes to an end it is the sole responsibility of the instructor on the behalf of the company, to evaluate the effectiveness of the programme (Gryzagoridis, 2011). Based on such evaluation, it will be decided whether the programme can be continued in the future. The necessary modifications for the betterment of the programme can be derived through this last phase of evaluation, hence very significant for future effectiveness.
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— According to the reports of the Temporary National Economic Committee (2016), the significance of national income can be marked for the estimation of economic welfare of a particular nation. It is through national income that a country can compare its living standards and asses growth rates with other nations. The importance of national income also lies in the process of analysing the economic behaviour of various sectors of a nation. It supports in gaining comprehensive understanding about the deflation and inflation status of the country. Based on the statistics of national income, a country can forecast and further plan its strategies for economic growth. As a result of such planning, the country can opt for appropriate business initiatives and proceedings for overall development of the nation. Following the national incomes data, a country gains the responsibility to offer appropriate and proportionate means for structuring and restructuring its economic initiations.
In case of any civil or international crisis, the significance of national income increases manifold. In time of a crisis, the national income is capable of showing extensive possibilities for production and manufacturing in the particular country. The statistics of national income is also responsible for gaining awareness about the financial liabilities in the international network. The comparisons with other countries make it very easy to assess the status of the nation in the international scenario. Most importantly, it is through the derivation of the national income that a country can compare itself with other nations and thereby gain knowledge about the right means to attain economic reformations.
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— The sources for recruitment can be categorised under internal and the external sources of an organisation.
The internal sources for recruitment can be attained through transferring of the employees to the required department, as per his or her educational qualifications, experiences in the particular field and the enthusiasm to accomplish tasks from diversified field of action. The next provision can be tat of offering promotion to the right employee who is capable of managing the particular job profile. This is a very preferable way of recruitment as through promotion the company also gains retention power over the efficient employee. Training the current employees for the new openings is another way of internal recruitment, whereby the employees are offered with more responsibilities and added increment as per their performance.
In terms of eternal recruitment sources, the provisions are marked through advertisements, hand-picking candidates from employment exchange, campus interviews from institutes, following the thread of recommendations from current employees and even recruiting people through factory gates. The external recruitment sources are also initiated through casual employees, labour unions, contractors, central application forms and re-employing former employees
Some of the key differences between these
Figure 1 Difference between Internal and External Sources of Recruitment
Source: Surbhi (2015)
As noted in Figure 1, Surbhi (2015) internal sources of recruitment are cost effective, yet are limited. However, the external sources for recruitment are having innumerable options, though are expensive in nature. In many organisation seniority appears as a hindrance in offering internal recruitment scopes to the employees, whereas external sources can be recruitment from any age groups, especially younger generation for even high profile designation.
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— According to the illustrations of OECD (2012), the term marketing gets identified as a business action meant to promote the selling of particular service or product. This is a process that comprises of market research and various ways of advertisements.
Originally initiated by Johnson (2002) the modern concept of marketing is an amalgamated approach of understanding and dealing with the process of production, product, selling, marketing, consumer preferences, and societal marketing. The production concept is narrow way of concentrating over the organisational activities, whereby the companies think consumers are ready to products as available in the market. The product concept concentrates in gaining hold over product quality for gaining long-term consumer loyalty. Under modern concept of marketing, selling withstand the process of making the consumer aware of the product through diversified promotional means. The act of marketing is noted as important as hereby the entire market remains consumer-oriented. Understanding the changing behaviours and preferences of the consumers remain integral to this approach. Lastly, the participation of societal-marketing as a modern concept, emphasises that the companies must contribute in the development of respective society through CSR (Corporate Social Responsibilities).
Thus, the modern concept of marketing is about gaining profit margins by understanding the consumers and offering quality products. However, it is also about adding the SCR based programmes to the marketing proceedings.
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— The theoretical initiation of Keynes concentrated over the provisions of investment efficiency, as applied to the managerial structure, especially in gaining scopes for investment. The illustrations of this theory appear very revolutionary as it stands in contradiction with the classical and traditional ways of understanding investment related topics and the significance of managerial efficiencies. As per Long (2015) the Keynesian theory considered the classical theory of economics as limited and depressive in nature. The term ‘Keynesian Revolution’ is identified as a basic mode of restructuring traditional economic theory that concentrates in the means of determining the levels of employment in the entire economy of the nation. The Keynesian revolution focused on the key factors for generating levels of employment, as against Law of Say. According to Say’s Law, it is only under some special instance that the establishment of the free market with full employment is possible, and that there is no need for interference by government. For Keynes the element of uncertainty or the risk related circumstances in a person or business are subject to increase the possibilities of investment. For this purpose, the role of government is very important in terms of spending on investments and gaining the rail of economy on track. The structure for investment management, as led by Keynes seeks to maintain and optimise the ratio for communication and investment on a transparent platform of employment. The Keynesian Revolution is noted to be the replacement for the classical way of comprehending employment provisions where the proceedings of employment get marked in terms of demand, rather than supply.
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