2. Is it possible to manage a business operation without accurate and timely accounting information?
3. Who needs accounting information? Explain why.
4. What is the basis for accounting process?
5. State the standard form of the accounting equation.
6. What is a balance sheet? Give a short definition.
7. What must a balance sheet show?
8. What is an income statement?
9. What can be computed from the information contained in a balance sheet and an income statement?
10. Do the ratios computed from this information provide a picture of a firm's profitability and its financial position?
11. Is this information for the competitors?
TEST III
Marketing
1. GENERALITIES
One of the areas of management is marketing. 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.
Marketing makes products available where customers want them by transferring the ownership of products to buyers. The entire business organization is involved in a dual process of satisfying customer needs and achieving organizational goals.
Implementation of marketing concept begins and ends with marketing information about customers - first to determine what customers need, and later to evaluate how well the firm is meeting those needs.
A market consists of people with their needs, the ability to buy, and the desire and ability to sell. Markets are classified as consumer and industrial markets.
2. A MARKETING MIX
A business firm controls four important elements of marketing which are called a marketing mix.
A firm's marketing mix is the combination of the product, the price of the product, the means for its distribution, and the promotion of the product to reach a firm's target market.
A firm can vary its marketing mix by changing any one or more of these ingredients. Thus a firm may use one marketing mix to reach one target market and a second, somewhat different marketing mix, to reach another target market. For example, most automakers produce several different types of vehicles and aim them at different market segments based on age and income.
1) The product ingredient of the marketing mix includes decisions about the product's design, brand name, packaging, warranties, and the like.
2) The pricing ingredient includes both base prices and discounts of various kinds. Pricing decisions are intended to achieve particular goals, such as to maximize profit or even to make room for new models. The rebates offered by automobile manufacturers are a pricing strategy developed to boost low auto sales.
3) The distribution ingredient involves not only transportation and storage but also the selection of intermediaries.
4) The promotion ingredient focuses on providing information to target markets. The major forms of promotion include advertising and publicity.
The "ingredients" of the marketing mix are controllable elements. A firm can vary each of them to suit its organizational goals, marketing goals, and target markets.
3. A MARKETING STRATEGY
A marketing strategy is a plan for the best use of an organization's resources to reach its objectives. Developing a marketing strategy involves selecting and analyzing a target market and creating and maintaining a" marketing mix that will satisfy that market.
A target market is chosen through the market segmentation approach. A market segment is a group of individuals or organizations within a market that have similar characteristics and needs. The market segmentation approach directs a marketing mix at a segment of a market.
Market measurement and sales forecasting are used to estimate sales potential and predict product sales in specific market segments. Strategies are then monitored and evaluated through marketing research and marketing information system, which stores and processes internal and external data in a form suitable for marketing decision making.
Exercises
I. Translate into Russian.
Pricing; distribution; promotion; goods and services; customer; ownership of products; buyer; seller; ability; consumer market; industrial market; target market; marketing mix; price of the product; promotion of the product; distribution; ingredient; product ingredient; pricing ingredient; distribution ingredient; promotion ingredient; market segment; segmentation approach; profit; rebate; pricing strategy; storage; transportation; intermediary; advertising; publicity; marketing research; income; marketing information system; internal and external data; evaluate; create; satisfy; involve (in); achieve; determine; buy; sell; reach; boost; meet needs; select; maintain; estimate; forecast; predict; monitor; produce; develop.
II. Find the English equivalents.
Процесс планирования; продвижение и распространение; товары и услуги; индивидуальные и организационные цели; наличный; потребитель; двойной процесс; потребительский рынок; целевой рынок; элементы маркетинга; продукция; составная часть (компонент); компонент продукта; ценовая составляющая; ценовая стратегия; рекламирование (в газетах); широкая реклама; скидка (уступка); скидка (с исходной цены); сегмент рынка; посредник; покупать; продавать; удовлетворять нужды; прогнозировать; определять; оценивать; достигать; производить; разрабатывать; достигать; выполнять.
Ш. Fill in the blanks.
1. Marketing is the process of ... and... the conception, pricing, promotion and distribution of ideas, goods, and services to create... that satisfy individual and organizational objectives.
2. Markets are classified as... and... markets.
3. А... ... is the combination of the product, its price, distribution, and promotion.
4. The... ingredient of the marketing mix includes decisions about the product's design, brand name packaging, ..., and the like.
5. The major forms of the product promotion include... and... .
6. The distribution ingredient involves not only transportation and storage but also the selection of... .
7. The ingredients of the marketing mix are... elements.
8. A marketing strategy is a... for the best use of organization's resources to meet its... .
9. A market segment is a group of... or... within a market that have similar characteristics and needs.
10. Strategies are monitored and evaluated through marketing... and... ... .
IV. Translate into English.
1. Рынок состоит из людей с их потребностями, способностью покупать и желанием и способностью продавать.
2. Маркетинг делает продукцию наличной там, где она нужна потребителям.
3. Комплекс маркетинга — это сочетание продукции, ее цены, средств распределения продукции и ее продвижения.
4. Основные виды продвижения продукции включают рекламирование (в газетах) и широкое оповещение.
5. Составляющая распределения включает не только перевозку и хранение, но также выбор посредников.
6. Составляющая ценообразования включает как базисные цены, так и различные скидки.
7. Развитие рыночной стратегии включает отбор и анализ целевого рынка, а также создание и поддержание элементов маркетинга, которые будут удовлетворять этот рынок.
V. Questions and assignments.
1. Define the term marketing.
2. What does implementation of marketing concept begin and end with?
3. What does a market consist of?
4. Define the term a marketing mix.
5. Can a firm vary its marketing mix?
6. For what purpose may a firm vary its marketing mix?
7. Give an example when a firm changes its marketing mix.
8. List all the ingredients of the marketing mix.
9. What does a product ingredient include?
10. What means is used to boost low sales?
11. What do the major forms of a product promotion include?
12. What does developing a marketing strategy involve?
13. State the purpose for which market measurement and sales forecasting are used.
14. How are strategies monitored and evaluated?
VI. Speak on the following.
1. Marketing (Generalities).
2. A Marketing mix.
3. A Marketing strategy.
VII. Read and translate this newspaper article.
ADVERTISING AND MARKETING IN THE FUTURE
Fundamental changes take place in many industrial societies. The main factors are the following:
The raw materials cost increases. Shortages and the high cost of raw materials produce an economic and moral pressure to avoid wastes.
Advertising and marketing men can expect rapid changes in a variety of markets and industries. In energy, there will be a decrease in competitive advertising between the various types. We will probably see a switch to more educational advertising for coal, gas and electricity. Advertising campaigns will be directed towards eliminating waste rather than increasing consumption. In consumer durables there will be a move a way from planned obsolescence. Cars, for example, will be replaced every five to ten years rather than every three. Total consumer expenditure will fall and price will become an even more important factor. In manufacturing, smaller companies will be squeezed out of existing markets.
In packaging, many products, like personal deodorants with their excessive use of raw materials, will change or disappear as paper and aluminum shortages push up the cost of packaging.
As advertising budgets are cut, advertising agencies themselves will be involved even more into marketing and management consultancy. And in marketing, manufacturers will demand quicker returns on less capital investment. Innovations will be marketed much faster (and copied much faster by competitors). Brand life cycles will be much shorter. Agencies will have to be much faster in their response to marketing problems and work longer hours for less money.
VIII. Retell the above article.
TEST IV
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