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Organizational Environment

This environment of marketing is located within the organization. The organizational environmental factors are not easily controllable by the marketing manager. However, these forces can be the marketing manager in the long-run. The organizational environment consists of organization’s objectives, resources and structure.

Organizational Objectives

The organization’s objectives provide a frame work within which the marketing activities are conducted. For example, an organization with profit maximization objective does not allow freedom to the marketing manager to introduce an after sales program at the cost of profitability.

Resources

Resources available to the organization set a limit as how far the marketing program can go. Financial resource constrains the marketing budget, particularly for promotion. Human resources in term of skilled personnel often limit production and marketing of new product. Production capacity and raw material reserve affect the expansion of output.

Organization structure

The organization structure defines the status and determines the role and relationships of each individual working in the organization. The marketing department has to function within the set organization structure. The marketing activity is influenced by the current role and responsibility structure. The role assigned to other department such as finance, research and design, personnel, purchasing and production also affects marketing activity.

The marketing manager needs to persuade the top management to change the organizational goals and policy, increase the resources, and modify the organization structure according to the need of the market.

Marketing Environment and Segment Analysis

Needs and Trends Analysis in the Micro and Macro Environment

Marketing environment consists of forces that directly or indirectly influence the organization’s marketing activities. Marketing receives various inputs from the environment in the form of personnel, finance, raw materials and information. Marketing products various outputs to the environment in the form of goods, services, ideas, product images and communication. Marketing environment forces influence this process of exchange of inputs and outputs.

Marketing environment is dynamic. Every change in the marketing environment brings threats and opportunities. One of the most important task of the marketing management is to avoid threats and capitalize on the opportunities arising out of the changes in the environmental forces. In order to take advantage of the environmental dynamism, marketing management should carefully analyze the changed needs of the market and keep watch of new trends and mega-trends.

·         Needs: New needs arise out of new problems faced by the different categories of buyers. Marketing delivers products and services to solve customers’ problems and needs. A need is usually specific and of short duration.

·         Trends: A trend is a direction or sequence of event that have some momentum and durability. The demand for self-services stores. Compact disc players, digital watches, mini-skirts are trends. A trend is usually active for a period of two five years.

·         Mega Trends: Mega-trends are large social, economic, political and technological changes that are slow to form and are relatively stable for almost a decade. For example, adoption of western values in Asia could be a mega-trend. This trend may expand the Asian market for western clothing, environment, foods and many other products and services.

Marketing's relation with other departments

Marketing department has to coexist and work in coordination with other department within the organization. Marketing functions should interact harmoniously with other departments' functions. The success of the marketing department depends on the marketing manager's skill in working harmoniously with key people in the various functional departments, particularly research and development department, production department, finance department and personnel department.

Research and Development Department

In most companies marketing and research development department coexist but seldom cooperate. R & D people are mostly engineers who believe that "R&D makes and marketing takes." In realty, the two departments cannot function in isolation. R&D cannot operate without the marketing department's inputs about buyers' test and preferences, market trends and environmental opportunities, challenges and threats. Marketing also provides the outlet for testing and commercialization of the product developed by the R&D department. On the other side, marketing depends heavily on the R&D to come up with new product ideas that can be marketed profitably.

Production/ Operations Department

Most manufacturing companies have the production department while service organization all them operation department. The department has production/ operations specialists who are mostly technical people and who think in terms of productive utilization of men and machines. The department is not much concerned with the market needs and trends.

There are some areas on which the marketing department and the production/ operations departments mostly disagree. For example, the production department wants least changes on models due to technical difficulties, while the marketing department insists on frequent modifications on the product. Similarly, the production department wants to maintain an average quality of the product, while the marketing department wants very tight quality control. The production department wants a flexible production schedule while the marketing department insists on a tight delivery date. Despite these areas of differences some cooperation and give and take relationship is established between these two key departments.

Finance and Credit Department

An area of conflict with the finance and credit department is mainly centered on expenditure, budget and terms of sale. The finance department wants tight control expenditure, hard and fast budgets, tighter control credit and shorter payment cycles. On the other side, marketing department is more lavish in expenditure; want flexible budgets, and a flexible payment cycle. These two departments often disagree on the pricing. The finance department view that the price should cover all costs, while the marketing department likes to use the pricing for market development. In order to effectively coordinate with the finance department, the marketing manager should have a keen sense of the costs and financial methods adopted by the organization. The marketing department should also carefully watch the market development expenses of its sales people.

Human Resources Department

The marketing department relies heavily on the HRD for the supply of component marketing and sales people. The HRD is also responsible for providing training to the marketing people within the organization. There are fewer areas of conflicts between the HRD and the marketing department. However, the success of the marketing department depends heavily on the proper selection, recruitment, training, placement and motivation of its personnel which are in the domain of the HRD.

Marketing Management

Marketing Organization

Evolution of the marketing department

Marketing organization has undergone significant change and modifications over the years. The changes have resulted mainly on account of two factors: changes in business philosophies and approaches, and changes in marketing's environment. Marketing need to take advantage of the recent developments in the business environment particularly resulting from the process of globalization, liberalization, and technological advancements in every sphere of business operations. Philip Kotler has identified six distinct stages in the evolution of the marketing department.

Stage 1.                    Simple Sales Department

Organizations operating under the production and product concepts have simple sales department organization. Under this structure marketing assumes the simple selling role. The organization structure shows production, finance and personnel departments at the upper levels while the selling function is handled by a sales department which has a lower status than the three departments. In the sales department, the sales manager handles two divisions: The sales force management division and other selling functions departments. The role of pricing and distribution are handled by the finance and production departments respectively. This organization structure is also adopted by small organizations.

Stage 2.                    The Sales Department with Marketing Functions

Organizations adopting the selling concept give higher weight to the sales department. The department is further strengthened by adding some of the marketing functions such as marketing research, promotions and distribution under a marketing manager. In this stage the status of the sales department is also enhanced and the department is placed on equal footing with the production, finance and personnel departments.

Stage 3.                    The Marketing Department

When an organization adopts the marketing concept it starts by installing a separate marketing department with added responsibility in the area of new product development, advertising and consumer services. Despite the establishment of the marketing department the organization also maintains the sales department in order to handle the sales force management and promotion functions.

Stage 4.                    Modern Marketing Department

In the evolutionary process, functioning of the two separate departments-sales and marketing – becomes complex and often results in interpersonal conflicts. Thus, two departments are merged. Under this organization structure the sales department is placed as a major division under the marketing department.

Stage 5.                    Effective Marketing Company

Organizations adopting the customer oriented approach change their total focus from marketing to customers. The customers become the focal point for all organizational activity. Organizations add customer service division and market research division under the marketing department.

Stage 6.                    Process and Outcome Based Company

Currently, organizational focus has shifted from departments to key processes such as new product development, order fulfillment and customer relations. The departmental heads are replaced with process leaders and the interdepartmental boundaries are dismantled.

Basic Principles of the modern marketing concept

The modern marketing concept is based on the following four fundamental principles:

Target market focus

The principle of marketing concept emphasizes that no organization-business or non-business, big or small-can operates in every market and satisfy every category of needs of the market. An organization can do better if it can define the boundaries of its operation and follow a market tailored business strategy. The target market focus is achieved through the following activities:

·         Organization begins applying marketing concept with the definition of its target market.

·         The organization has to use the tool of market segmentation and targeting in order to define its target market.

·         The value of the market has to be correctly assessed through market analysis.

Customer Orientation

The principle of customer orientation calls for the organization to carefully and accurately define customer needs from the customers’ point of view. Once an organization adopts the marketing concept customer satisfaction becomes its main focus. Customer orientation is achieved through the following realizations:

·         Customer satisfaction is possible only when the organization correctly assesses the needs and wants of the customers.

·         Customers should be allowed to say what they need and prefer.

·         Organization should realize that its success depends on satisfied customers who make repeat buying of the organizations product and also relate their good experience to friends and acquaintances so that the organization gets new customers.

·         Organization must use the tool of market research to understand the customers’ needs.

Integrated Marketing

The principle of integrated marketing calls for a full coordination and integration of the various marketing activities performed within the organization. The coordination has to be achieved at the following three levels:

·         First, all marketing activities such as product development, marketing research, pricing, distribution, sales-force management, advertising and customer relations should be coordinated and integrated to achieve the marketing goals.

·         Second, the marketing activities need to be coordinated with the activities of the other departments within the organization such as purchasing production, personnel, and finance.

·         Third, there should be effective coordination of the organization’s activities with the external institutions such as marketing intermediates, transporters, advertising agencies, market research companies, etc.

Profitability

The principle of profitability calls for an analysis of every business opportunity from the view point of profitability and survival of the organization. Profitability concept is applied with the following realizations:

·         Profit is a major goal of every business organization and the organization can not sacrifice profit in any situation.

·         The organization sacrifices short-term profit opportunities and target at long term profit through creating and retaining satisfied customers.

·         For non-profit organizations, the quality of service offered to public becomes the survival factor.

Meaning and concepts of marketing

Meaning

According to American Marketing Asociation¹: “Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.” This definition focuses on the following aspects of marketing:

·         It recognizes marketing as a process. The process involves planning and implementation of the marketing activities, such as conception, pricing, promotion and distribution of products (ideas, goods and services).

·         These marketing activities are undertaken to create exchanges that meet individual and organizational goals. The individual goals include satisfaction and utility from the product. The organizational goals include profit and long term survival of the organization.

According to Philip Kotler “Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others. ”² This definition focuses on the following aspects of marketing:

1.      Peter D. Bennet(Ed), Dictionary of Marketing Terms, AMA, Chicago, USA, 1995.

2.      Philip Kotler, Marketing Management, 9^th ed., Prentice Hall India, p.9

·         Marketing is a social process performed by individuals and groups.

·         Marketing is performed for meeting needs and wants of products.

·         Marketing is concerned with creating, offering and exchanging product and services.

Financial Structure

Financial Structure

There are persistent differences across industries in the financial structure of the liabilities side of their balance sheets. Understanding these differences and why they persist is a central, and as yet unresolved, issue in financial economics. If there is an optimal capital structure for a company it will minimize the opportunity cost of capital and maximize shareholders’ wealth. Debt is a two edged swords- it increases shareholder returns when the firm has high operating income, but makes them worse than they otherwise would be when the firm has low operating income.

Key chapter concepts

·         Financial structure refers to the way the firm’s assets are financed. Financial structure is represented by the entire right hand side (in USA) and left hand side (in Nepal) of the balance sheet. It includes short term debt and long term debt as well as shareholders’ equity.

·         Capital structure or the capitalization of the firm is the permanent financing represented by long-term debt, preferred stock and shareholders’ equity. Thus a firm’s capital structure is only a part of its financial structure.

·         The optimal capital structure occurs at the point at which the overall cost of capital is minimized and firm value is maximized.

·         Leverage involves the use of fixed operating costs (depreciation, salaries, rent etc.) and fixed capital costs (interest, preferred stock dividend) by a firm.

·         The use of operating fixed cost creates operating leverage and this shows the relationship between sales and EBIT. The degree of relationship is measured by degree of operating leverage (DOL).

o        The degree of operating leverage (DOL) is defined as the percentage charge in EBIT resulting from 1 percent change in sales.

o        DOL also indicates the business risk and all other things being equal the higher a firm’s DOL, the greater is its business risk.

o        The degree of operating leverage approaches towards maximum as the firm comes closer to operating at its breakeven level of output.

·         The use of financial fixed cost creates financial leverage and this shows the relationship between EBIT and EPS. The degree of relationship is measured by degree of financial leverage(DFL)

o        Degree financial leverage is defined as the percentage change in earnings per share (EPS) resulting from 1 percent change in EBIT.

o        The degree of financial leverage approaches a maximum as the firm comes closer to operating at its loss level, the level were EPS = $0.

o        The DFL also measure the financial risk of a firm. All other things being equal the higher a firms DFL, the greater is its financial risk.

o        Financial risk, the additional variability of a firm’s EPS that results from the financial leverage, can also be measured by various financial ratios, such as the debt to total assets ratio and the times interest earned ratio.

·         The combined (total) leverage creates due to the use of total fixed cost and this leverage shows the relationship between sales and EPS. The degree of relationship is measured by degree of combined leverage (DCL).

o        The degree of combined leverage (DCL) is defined as the percentage change in earning per share resulting from a 1 percent change in sales. It is equal to the DOL for a company times that company’s DFL. The degree of combined leverage used by a firm is a measure of the overall variability of EPS due to the use of fixed operating and capital costs, as sales levels change.

·         EBIT-EPS analysis is an analytical technique that can be used to help determine the circumstances under which a firm should employ financial leverage.

·         The indifference point in EBIT-EPS analysis is that level of EBIT where earnings per share are equal at two different alternative of financing alternatives.

Insurance

It is superior dealing board to defend the property of your trade against unforeseen actions. This defense frequently comes in the form of insurance. An insurance policy may be generally clear as a agreement beneath which the insurer agrees, in come again for a best, to cover the insured for loss suffered as a result of the occurrence of specified events which cause the destruction, loss or injury of something in which the insured has an interest. Here is a list of some of the types of business insurance available.

Input person

It is common in small business for the successful operation of the business to hinge on the well being of one person. Insurance cover can be taken against loss of income, in the event of injury, disability or death to the key person.

Public liability

Provides insurance cover against accidental injury to clients, customers and visitors to your business premises.

This cover is considered essential to all businesses and cover of up to $5M is normal for a small retail operation.

Cash

It is possible to insure against theft of cash held on the business premises, in transit or held at home.

Loss of profit

If your business is unable to trade, due to the occurrence of an insurable event, this cover can provide for loss of profits incurred during the period of non-trading. Of course you will have to provide evidence of actual profits lost.

Contents

This should cover all plant, equipment, fixtures and fittings as well as business stock.

Product liability

This indemnifies the manufacturer and/or distributor against injury caused by their product, or the use of their product.

Professional indemnity

Provides insurance protection against negligence for professionals and experts delivering services, advice and information to clients.

Motor vehicle

Vehicles owned and used by the business should be insured, as would your own personal vehicles. If you are using your personal vehicle in the business, the insurer should be notified so that the policy can be noted.

Workers’ compensation

Accident and sickness insurance cover must be provided for employees through an approved insurer. Self-employed persons provide accident and sickness insurance through a private insurer.

Superannuation

It is significant for all people to provide for their giving up work years, together with business owners. Superannuation is generally the vehicle used to provide for a retirement plan. For detailed advice and information on the type and cost of insurance to best suit your business, you should consult reputable insurance agents or brokers. On the other hand, speak to your Industry Association for referrals to an agent who can provide the right insurance. No responsibility for any loss or damage howsoever caused by reliance on any of the information or advice provided by or on behalf of the State of South Australia or the providers of this service or damage arising from acts or omissions made is accepted by the State of South Australia, the providers of this service or their officers, servants or agents.

Building

Generally only required if you own the premises in which your business is located.

NOTE: It is common for a tenant to be required to insure plate glass against breakage in leased premises.

If you are conducting a business from your home, the insurer of your home should be notified so that the policy can be noted and the premium adjusted if necessary.

Travel Insurance for you family

By means of the cost of travel insurance at all time lows, and the wide choice of coverage that’s on hand, it doesn’t make sense to hit the road lacking swap over a travel insurance system. Travel insurance isn’t just for skilled travelers anymore. Everyone, particularly families heading out on holiday, can buy a lot of harmony of mind for a few dollars.

Here’s a look for when people selecting a travel insurance procedure:   
If medical coverage is provided, does it cover all actions that you are expected to become concerned in such as scuba diving or parasailing? 
Is your travel insurance provider a valued company with a first grade rating from an insurance rating organization such as A.M. Best?     
Are there necessities for medical coverage if you happen to sick or injured in a country where your health insurance is not accepted?        
Does the policy provide arrest bond coverage in case you are involved in a legal incident while you are away from home?            
Will you travel insurance give money back you for fares and hotel cost in the event that your tour is cancelled or seriously broken up?      
Are policy restrictions high enough to give money back you for all fatalities?      
Does the travel insurance policy have any limitations or restrictions that would make buying it not suitable for your exacting conditions?      
Does the travel insurance plan make available coverage for all family members traveling together?
Does the policy cover lost baggage as well as smash up to personal assets if the carrier mishandles your baggage?         
Does your travel insurance supplier have 24-hour help line that can be reached from the places that you will be roaming to?           
Does the travel insurance policy also cover reimbursement for normal attorney and legal operating cost that may be associated to an event that occurs at the same time as you are on the road?       
Does the travel insurance provider offer yearly policies for people who travel often?      
Can your claims be processed from anywhere in the world or do you have to stop until you come back home to get remunerated?   

Not all insurance companies provide each of this coverage and services and, in fact, you might not in point of fact require coverage from all of these perils. Your best bet is to use these guidelines to make a list of the items that are important to you and then look for a provider that meets all of your needs. That way you’ll end up with the most coverage possible for the least amount of money. Then all you have to do is hope that you never actually have to use your travel insurance.