Posts Tagged ‘finance’

Marketing in the overall Business

September 29th, 2009

There are four areas of operation within all firms: accounting, finance, management, and marketing. Each of these four areas performs specific functions. The accounting department is responsible for keepingtrack of income and expenditures. The primary responsibility of the finance department is maintaining and tracking assets. The management department is responsible for creatingand implementing procedural policies of the firm. The marketing department is responsible for generating revenue through the exchange process. As a means of generating revenue, marketing objectives are established in alignment with the overall objectives of the firm.

Aligning the marketing activities with the objectives of the firm is completed through the process of marketing management. The marketing management process involves developing objectives that promote the long-term competitive advantage of a firm. The first step in the marketing management process is to develop the firm’s overall strategic plan. The second step is to establish marketing strategies that support the firm’s overall strategic objectives. Lastly, a marketing plan is developed for each product. Each product plan contains an executive summary, an explanation of the current marketing situation, a list of threats and opportunities, proposed sales objectives, possible marketing strategies, action programs, and budget proposals. » Read more: Marketing in the overall Business

Listening Skills in Business

September 29th, 2009

Expressive skills and receptive skills make up the two skills of communication. Speaking and writing are generally referred to as expressive skills they provide the means by which we express ourselves to others. The receptive skills, listening and reading, are the ways in which we receive information.

It has been reported that senior officers of major North American corporations spend up to 80 percent of their working time in meetings,discussions, face-to-face conversations, or telephone conversations. Most employees spend about 60 percent of the work day listening. Since such a large percentage of one’s waking time is consumed by listeningactivities, it is clear that we could increase our productivity through listening training.

Listening consumens about half of all communication time, yet people typically listen with only about 25 percent of their attention. Ineffective listeningis costly, whether it occurs in families, businesses, government, or international affairs. Most people make numerous listening mistakes every day, but the costs financial and otherwise are seldom analyzed. Because of listening mistakes, appointments have to be rescheduled, letters retyped, and shipments rerouted. Any number of catastrophes can arise from a failed communication regardless of the type of industry. Productivity is affected and profits suffer.

Research indicates that we hear only 25 percent of what is said and, after two months, remember only one-half of that. This has not always been the case. In first grade we heard 90 percent of what was said, in second grade 80 percent, in seventh grade 43 percent, and by ninth grade only 25 percent. It is imperative that we strive to improve our listeningskills. When havingdifficulty understanding a document that we’re reading, we can reread it for clarification. However, we cannot relisten to oral messages, unless they are mechanically recorded. The listener may misunderstand, misinterpret, or forget a high percentage of the original message. With proper training, though, listening skills can be improved. It has been proven that with extended, focused trainingin listening, one can more than double one’s listening efficiency and effectiveness. » Read more: Listening Skills in Business