Description
Accounting
What is the theory of constraints?
What is forecasting? Explain with an example.
What is cash budgeting?
What is variance analysis?
Describe and explain the break-even analysis.
What are the main financial statements that every organization uses (list three)?
Describe and explain the regulatory environment.
Research, define, describe, and explain the above-mentioned.
Do not type an introduction or a conclusion to this paper. This make-up comprehensive test paper should only include your research, definitions, descriptions, and explanations of the above-mentioned concepts and tools within each of the four major disciplines.
Explanation & Answer
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Running head: MBA COMPREHENSIVE PAPER
MBA Comprehensive Paper
Student’s Name
Institutional Affiliation
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MBA COMPREHENSIVE PAPER
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MBA Comprehensive Paper
A. Marketing
Metrics and Control Measures Mechanisms in Marketing
Marketing controls and metrics monitor the proposed plans as they proceed and make
necessary adjustments if need be. In the usual business operations, the set objectives will define
where a business wants to be whereas the plan provides the roadmap. The marketing controls and
measures conveys to the management whether they are on the right route. There are many
approaches to control which include but not limited to customer feedback, market share
milestones, budgeting and monitoring spending, target market sales, sales revenue traffic-to-lead
ratio, organic traffic, customer lifetime value, and social media traffic plus conversion rates.
Determinants of Consumer Business Purchasing
The contemporary competitive market compels firms to pay greater attention on customer
purchase behavior with the aim to maintain their reputation and advance the customers’ goodwill
and particularly in the worst economic times. Businesses understand that customer loyalty is a
great source of revenue despite the prevalent economic situation. Therefore, it is the firm’s
responsibility to align its strategies with the factors that influence customer purchase intention.
Purchase intention refers to the customers’ preference to buy the product or service (Younus,
Rasheed, & Zia, 2015). In this case, the purchase intention becomes the dependent variable while
the factors are the independent variables. There are numerous factors that influence customers’
desire to buy a commodity.
Innate psychological factors such as motivation and perception are vital considerations.
Motives are the desires that create the drive for which an individual seeks to satisfy. It is an inner
urge that coerces one to make the purchase. Motives are considerable forces in consumer
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behavior because they have to appear prior to almost every other purchase. On the other hand,
perception arises from the information that the five senses of a human being feed the mind
(Ramya & Mohamed Ali, 2016). Despite the fact that the information entering the brain is
inadequate, the remaining part is left to imagination and experience thereby providing an almost
complete picture for the individual to make the purchase. Perceptions play a contributing role in
the perceived value a customer may get from the product, perceived price they are determined to
sacrifice to have the products and the perceived quality of the product they want to purchase
(Nguyen & Gizaw, 2014). Perceptions create a meaningful picture of the world through careful
selection, organization, and interpretation of information.
Besides the psychological influential factors, there are social factors such as family,
reference groups, and roles and status that influence consumer behavior (Martinez & Polo,
1999). The family’s part comes in two designs ether as a nuclear family or a joint family. In the
India culture, for instance, the family has a high significance in the decision making process
where they easily overwhelm personal decisions (Thamizhvanan & Xavier, 2013). The group of
people an individual associates with is likely to influence their purchasing decision because they
are central to the person’s attitudes, values, and behavior. In the current marketplace, social
media plays an even greater role in the swaying people’s decisions on what they should
purchase.
The most influential factors among them all are the economic factors. Economic factors
include but not limited to consumer credit, liquid assets of the consumer, savings, income
expectations, family income, and personal income (Pawar & Naranje, 2016). The variables in
this list determine the amount of income that is available to an individual at any particular
moment. Also, these are factors that a person has a certain level of control. External economic
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factors include business cycles and inflation which are fundamental in determining the price of
related commodities.
Market Segmentation
Marketing is a vital element for any business in the modern world. Otherwise, failure to
integrate marketing is an ultimate plan for the exit of the business from the market. A firm that
incorporates the right marketing strategy is a guaranteed to achieve is its marketing objectives
which translates to the accomplishment of the organization’s overall objectives. In line with this
ideal is the fact that the management is conscious that they are incapable of serving all customers
in large, broad, or diverse markets. Therefore, every firm wants to place significant focus on the
customers within their capacity and at the same time, those with undoubted customer intimacy.
The process of dividing customers into groups of consumers or segments with distinct needs and
wants or else what scholars and academicians would refer to as a homogenous group is referred
to as segmentation (Goyat, 2011). Marketing segmentation provides clarity on where the frim
should concentrate its energy and force with the intent to gain competitive advantage with their
line of business. This idea is analogous to the military peoples’ principle of concentration of
force to overwhelm energy. Segmentation aids a firm in achieving optimal customer satisfaction
and ultimately, customer retention.
Competitive Intelligence
The rapidly changing business climate compels firms to act in ways that place their firms
in favorable positions in regards to the economic dynamics and competitor’s actions. Although it
is advised that the latter should be substituted by key focus on the consumer (an example is
Amazon and the Bezos’ insistence on customer focus), it is undeniable that these watching the
market closely gives the entrepreneur’s a significant advantage. According to Nikolaos and
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Evangelia (2012), competitive intelligence (CI) is defined as the as a necessary and ethical
business discipline which is vital for a business in its decision making process based on the
understanding of the competitive environment. Thus, CI activities are information-gathering
activities which are done in the real-market economy instead of seeking much clarity from
science literature of the mainstream library.
The 4 Ps of Marketing
The 4 Ps of marketing define marketing mix eloped by the phrase “putting the right
product in the right place, at the right price, at the right time.” Thus, the marketing mix is simply
a blend of the various factors that are highly integral in developing a successful marketing
strategy for any entrepreneurial idea (Misra, 2015). These 4 Ps of marketing include the product,
place, price, and promotion.
The product refers to the item or commodity that a firm has developed and intends to
offer to the customers. A product encompasses services. Vital considerations in this case include
demand for the product, satisfaction of customers’ needs through the product, similar
competitive products in the market, determinants of its demand and its ability to adapt to a
changing environment among others. The price is also an essential factor and comprises of
relative determinants such as cost of the product, value to the customer, price sensitivity of the
product, possible discounts and incentives, and the prices for competitors’ products (Isoraite,
2016). On the other hand, the place extends beyond the physical location of the business to
distribution channels the business adopts. Moreover, the business has to consider the feasibility
of creating an online presence of the product. Promotion is the last marketing mix which refers to
all the methods the firm employs to advance the publicity of the product to potential consumers.
B. Management
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Conflict and Conflict Management
Conflict is the existence of a struggle or contest between two parties who have opposing
goals, val...