Showing posts from January, 2021

Marketing Notes - The Marketing Mix

Question - Define the term marketing mix. Explain structure of marketing mix and its elements. Answer The Marketing Mix Summary  Introduction to Marketing Mix Definition of Marketing Mix   Meaning of Marketing Mix 4P's - Producer-oriented Model 4C's - Consumer-oriented Model Introduction to Marketing Mix Marketing is the process of identifying, anticipating, and satisfying customers' requirements with the purpose to make profits. In this process marketing managers and marketing representatives have to take various marketing decisions to make the operations profitable. They have to decide what combination of marketing policies and procedures be adopted to bring about desired behaviour of trade and consumers at minimum cost. They have to decide how can advertising, personal selling, pricing, packaging, channels, warehousing, and the other elements of marketing be manipulated and mixed to make marketing operations profitab

Nature and Scope of Business Economics

Question : What do you mean by Business Economics? Also explain the nature and scope of business economics. Answer Business Economics , also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making; and business economics serves as a bridge between economic theory and decision-making in the context of business. Economic theories, economic principles, economic laws, economic equations, and economic concepts are used for decision making. Definition of Business Economics According to Spencer and Seigelman , “Managerial Economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.” According to Douglas , “Managerial economics is concerned with the application of economic principles and methodologies to the decision making process within the firm or organization. It seeks to establish rules and pri

Meaning, Objectives, and Scope of Production and Operations Management

Question : Explain the terms - Production Management and Operations Management. What are the objectives of Production and Operations Management? Also describe the scope of Production and Operations Management. Answer Meaning of System System consists of elements or components. The elements or components are interlinked together to achieve the objectives for which the system exists. For example - a human body is made up of group of organs, called organ system, that work together to keep the body in balance, or a business organisation is made up of many administrative and management functions, products, services, groups and individuals.  Business System Business organisation is classified into different subsystems based on the functions like marketing, finance, human resource, or production and operation. Each subsystem will have more sub-subsystems. In this post we'll study in detail the production/operation system. Concept of Production Any process which involves conversion of raw