Economic Function

May 20th, 2015
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Many individuals have no clear understanding of economics. And yet it is an essential part of our lives. Almost always – if not all – human activities involve economics. For instance, earning money, buying goods and services, putting up a business, or saving money in a bank is an economic activity. Also, the major operations of the government like the collection of taxes from the people, the expenditures of the government, and how to achieve economic growth for the country require economic planning. In the same manner, a businessman has to supply basic economic principles in producing and marketing his goods.

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Basic Finance For MarketersThe marketing financial analysis circleFinancial analysis can be used to serve many purposes in an organisation but in the area of marketing it has four main functions: a) to gauge how well marketing strategy is working (situation analysis)b) to evaluate marketing decision alternativesc) to develop plans for the futured) to control activities on a short term or-day to-day basis.In effect these four functions comprise what can be called the "Marketing Financial Analysis Circle" (see figure 1.1) Figure 1.1 The marketing-financial analysis circleActivities associated with marketing financial analysis functionsFor each of the four functional areas where financial analysis is useful in marketing, there are a number of associated activities viz: a) Financial situation analysis (how well marketing strategy is working) This involves the study of: the study of trends comparative analysis assessment of present financial strengths and limitations for the whole business, brand or component of the business, e.g. transportation.b) Financial evaluation of alternatives This involves the study of a number of factors like the market place, competitors etc., and is used for decisions whether to: introduce new products/delete mature products expand the sales force or do more advertising delete a market operation e.g. close a Dairy Board depot or increase the sales fleet move into a new market or markets build a new gr

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