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{\279326077Document created in earlier version microsoft office word.To view or edit this document,
please click ("Enable editing") from the yellow bar aboveASSIGNMENTMCS 473: MARKETING
MANAGEMENT & STRATEGYSTUDENT NAME: Frank HuttonSTUDENT No: 20724414INDEX No: 5056120CENTRE:
GREENFIELDS1. i. Guerilla marketing strategy refers to a surprising advertising strategy and
with unconventional interactions to promote the products and services. Guerilla marketing
strategy is publicity practices, low-cost marketing advertising, very much local target, and
getting quick attention. Consumer research is a systematic process to understand the
consumer's preferences, attitudes, motivations, buying behaviors of targeted consumers.
Consumer research is the scientific process that improves the demand for the product by
successfully observing and understanding the customer's practices. Consumer research keeps
focusing on consumer trends with the help of a variety of data, direct interaction with
customers, tracking company sales with the help of mathematical tools, and technique to
understand consumer behaviors. Guerilla marketing strategy very instant and for short term
attention but consumer research is a very wide concept and it has long term advantages to
business and experts. Guerilla marketing keeps focusing on the local market but consumer
research much large and focusing on a variety of customers and considering nations and also
internationally. Consumer research work on scientific analysis of data and interpretation of
information to produce and results that enhance the product's demand and consumers can get the
products they are looking for but guerilla strategy is an advertising practice work for
creating demand with the help of existing products in the markets. Consumer behavior is a
scientific process that works for producing new concept and new products and service that
fulfill the consumer's demand but guerilla strategy work for instant response from
consumers.ii. Each and every product has a life cycle. Each product should go through this
cycle. Manufacturers are investing huge amount of money in research and development activities
and conducting market researches timely to check the impact of their product in different
market conditions. Let us first identify how many stages are there for a product and what all
are the different marketing mix separately. Product life Cycle. Every product pass through
certain stages at different points of its life. They can be classified as below:
Developmental Stage
Introduction stage
growth stage
maturity stage
Decline stage. Every product will definitely pass through the decline stage or it will face
an end. This happens due to several factors like lack of proper market research, technological
degradation, changing preferences of the consumers, and certain natural factors that are
beyond the control of the manufacturers. Now let us get to know about the marketing mix. The
marketing mix is the set of tactical marketing tools used by the company to produce a desired
response from its target audience. It consists of everything that a company can do to
influence the demand for its product. The four Ps of the marketing mix are: - a) Product b)
Price c) Place d) Promotion Product is the good or service that the company is planning to
provide to its target customers. The product must be designed in such a way that it meets the
expectation of the customers. Aspect like quality, quantity, color, design, brand name,
packaging, etc. come into play. Price is the value that the company fixes for the product.
Credit terms, discounts, payment period, etc. will be given importance here, Place is very
much important aspect because the company should ensure that there is a proper channel of
distribution to reach the end customers. Lack of proper distribution channels can affect the
total sales of the company. Lat is the promotion area. Here the company should find different
ways to pump by the sales of its products using attractive advertisements and other campaigns.
This area covers sales promotion, personal selling, etc. The effective marketing mix combines
the four P's of the marketing mix. It is designed to meet the company's marketing objective
and by delivering value to its customers. Next, we get into the main part of the question.
What all are the different marketing strategies adopted by a company to boost its sales at
different stage in the product's life.? The developmental stage is a phase of selecting an
idea. The adequate marketing strategy that should be adopted by the firm is to conduct
thorough research and get an idea about the consumer's expectations about the product, their
taste, and preferences. Lack of adequate market research will lead to product failure. The
next stage is the introduction stage. Here the product gets introduced to the market. The
sales for the product will be very low during this time. The customers may not be aware of the
product during this phase. The marketing expenses at the introduction stage will be very high
because the company should undertake different strategies to create and image for the product.
The company should take care of the distribution channels and should heavily invest in
advertisements and other promotional activities. Growth Phases is a stage when the product get
into the minds of large number of target audiences. The people will become familiar with the
product. The marketing strategy should focus on product differentiation at this point of
time.This will help the company to create a brand image and differentiate its product from
that of the competitors. The maturity stage is a stage where the product gain over its
competitors. It is the stage where the product yield maximum sales. The strategy that should
be followed during this stage involves efforts to build customer loyalty, typical by giving
special promotions and incentives to customers to switch from competitors brand. The company
should surveillance the technology very closely and must be updated to changing technology.
Last is the declining stage. The good life of the product decline at this stage. The marketing
efforts to decline at this stage. This stage doesn't attract new customers but maintains loyal
customers. The company at this stage try to reinforce the image of product and attempts to
regenerating the sales. The company tries to maintaining the loyal by fulfilling their needs.
Each and every product must undergo this cycle provide the time period of each period will be
different. Adequate research and proper implementation of marketing strategy will help the
company in gaining a lot from its product. Hence there is a great underlying relationship
between the product life cycle and marketing mix strategies.2i(A)i)Knowledge of Accounting
PracticesThe bookkeeping significant will, most likely, come out as comfortable with the GAAP,
or the Generally Accepted Accounting Principles. These standards are intended to normalize
bookkeeping rehearses in organizations and enterprises across the United States. It is
additionally critical to know about the administrative guidelines connected with corporate and
public funds to guarantee prerequisites for monetary announcing are met and trustworthiness in
the association's bookkeeping rehearses is kept up with.ii. Capability in Accounting SoftwareA
significant part of the bookkeeper's occupation requires using normal calculation sheet
programming and record compromise programming. Different sorts of programming with which the
overall bookkeeper ought to have aptitude incorporate data set revealing, monetary announcing
and investigation, fiscal summaries, consistence, and venture the board. In the event that you
will plan charges, you will require a careful information on charge programming. Regardless of
whether you are not planning government forms, you will probably be giving monetary data and
getting ready reports for the individuals who do. Hence, having a functioning information on
charge programming can assist you with standing apart to an imminent business.iii)Ability to
Prepare Financial StatementsMaybe thought to be the bread and butter of the overall
bookkeeper, budget summaries narrative the association's business exercises and monetary
position. The three essential assertions you ought to have the option to plan going into a new
position are pay proclamations (benefit and misfortune), income explanations (development of
money resources), and monetary records (a continuous gander at resources, liabilities and
value). These assertions provide your association with a normal preview of its monetary
wellbeing.2i(B)i)CompetencyMost importantly, bookkeeping experts are known for their
particular information and abilities upheld by their bookkeeping capability. It is normal and
expected that they will keep this information and abilities forward-thinking all through their
vocations (undertaking ordinary proceeding with proficient turn of events - CPD) so they can
constantly convey work of the greatest quality, as per bookkeeping guidelines and applicable
regulations and guidelines.ii)Reliability and responsibilityGenuine experts plan ahead of time
and never go up to client gatherings ill-equipped. They honor their responsibilities and can
be depended upon to constantly take care of business - they convey what they said they would
convey, and on time. Be that as it may, on the off chance that things are not going precisely
to design, they don't search for pardons however give a valiant effort to return errands and
tasks on target. In the event that missteps are made, they acknowledge liability regarding the
part they played.iii)Honesty and respectabilityIndividual responsibility is firmly connected
to trustworthiness and honesty, one more two principle of amazing skill. Experts generally
come clean and never undermine their qualities. They will make the best decision consistently
and, in all conditions, regardless of whether it implies others will differ or object.2. i(C)
c)They could figure out how to assume a sense of ownership with what they do. Here are a few
instances of regular results: If your youngster will not put on a coat, your kid feels cold.
In the event that your kid will not eat, your youngster feels hungry.i)Related to the way of
behavingRelated: If your kid tosses a toy, you remove the toy Not related: you send her to
early bed.ii)Respectful towards the youngster and not include disgrace or faultConscious: If
your kid spills a beverage, you say, "Uh oh, seems as though you spilled it. iii)Reasonable in
both the youngster's and parent's point of viewSensible: If your kid causes problems at school
for not finishing a schoolwork task, you examine it with him and consent to cut TV or play
time by minutes to guarantee the schoolwork is finished. Non-sensible: you ground him for a
month.2. ii) Training is a process of increasing knowledge and skills for doing a particular
job. It is an organized procedure by which people learn knowledge skill and attitude for a
definite purpose. The purpose of training is basically to bridge a gap between job
requirements and present competence of an employee. It helps in improving the behavior and
performance of a person. Below are the three training needs of for the teller (Elizabeth)
Refresher Training-when existing training become obsolete due to lack of concentrations of an
individual employee or due to the advancement of method and technique then employee have to be
trained in the use of the technique or clarifying the ongoing technique. With the passage of
time employee may forget some of the methods of doing work refresher training is designed to
revive and refresh the knowledge and update the skills of the existing employee. b. Remedial
Training-Such training is arranged to overcome the shortcomings in the behavior and
performance of old employees. The experienced employee might have picked up appropriate method
and styles of working. Such employee is identified, and correct method and correct work
methods and procedure are thought to them. c. Mentoring is a relationship in which a senior
manager in an organization assumes the responsibility for grooming a junior person. Technical,
interpersonal and political skills are generally conveyed in such a relationship from the more
experienced person. A mentor is a teacher, spouse, counselor, developer of skills and
intellect, host, guide, exemplar, and most importantly, supporter and facilitator in the
realization of the vision the young person has about the kind of life he wants as an adult.
The main objective of mentoring is to help an employee attain psychological maturity and
effectiveness and get integrated with the organization. In a work situation, such mentoring
can take place at both formal and informal levels, depending on the prevailing work culture
and the commitment from the top management. Formal mentoring can be very fruitful, if
management invests time and money in such relationship building exercises. These training
could help Elizabeth to solve this issue as behaving immorally with the major customer of the
bank can lead to the heavy losses or she could be terminated by her job as the bank would
never want to lose the major shareholder rather than having a loss of job to its employee.
ii)In this particular situation Elizabeth could be queried by the organization is well known
that behavior depends upon circumstances and there are certain triggers, emotions which
controls the individual behavior. If Elizabeth misbehave only once, then a warning was
sufficient but if Elizabeth continues this and became habitual then termination may happen
according to law. If the bank lost the customer, then bank could take strict action against
Elizabeth May Marian could be charged with the fines. It is advisable to provide all the dues
of the employee and help to find a new job. If possible, try to re-appoint provide a better
training to deal with the customers. iii)It is important to deliver to best to the customers
as it creates a positive impact on customer's mind. Service management includesservice
culture, service quality, employee engagement and customer experience which is the key to
success. The main barriers in achieving higher level of customer service are an emphasis on
achieving short term goals, a lack of commitment and lack of training. This may only be
improved by developing and building quality organizations that are outcome focus and customer
centric. This includes several processes such as Offer 24/7 customer support to customers
without any downtime this create a belief in the customer for easy accessing thebasic
operations, by improving the overall customer experience by training frontline staff. Also
include a customer journey map to see all the critical points when customer feels good about
the service. This helps in filling the gaps in the customer service and to analyze the
customer experience analytics. Expand the portfolio with risk management and human capital
management and service management such as non-underwritten insurance policy. Developer a truly
omnichannel customer experience as it would be easy to assume how attached people are to their
mobile phones, banking is on trajectory to becoming entirely are not remediated must continue
to be communicated in writing until the deficiency is corrected.Other internal control
deficiencies identified during the audit that are not considered severe enough to be
significant deficiencies or material weaknesses need not be communicated in writing. If
auditors determine the deficiencies are important enough to merit management
s attention, they
may choose to orally communicate them. Unlike material weaknesses and significant
deficiencies, once the other internal control deficiencies are communicated to management,
auditors are not required to repeat them, even if the deficiencies have not been
remediated.Auditors may choose to include the other internal control deficiencies in written
communication for various reasons. It can be a way to ensure that all appropriate parties are
aware of a deficiency and have the opportunity to address it. Written communication also
serves as a reference document for management in its ongoing evaluation of the nonprofit
internal controls.Other internal control deficiencies, such as failure to consistently
maintain proper supporting documentation for expenses, may become significant deficiencies if
not corrected by management. This depends, in part, on the pervasiveness of the deficiency.
Auditors may include such other internal control deficiencies in their annual written
communications to prompt continued monitoring by management or those charged with
governance.During the course of an audit, the auditors might also identify other matters that
t considered deficiencies in internal control, but are opportunities for strengthening
procedures and/or operating deficiencies. There is no requirement for the auditors to
communicate other matters in writing, although this is sometimes done as a value-added service
to the organization.While it may often feel as if the auditors have examined your
organization
s internal controls with a magnifying glass, it
s important to note that their
consideration of internal control over financial statement reporting is not conducted for the
purpose of identifying all deficiencies in internal control that might be material weaknesses
or significant deficiencies, or for the purpose of expressing an opinion on your internal
controls. Material weaknesses or significant deficiencies may exist that were not identified
during the audit, and auditors are required to disclose this in their written
communication.It
s sometimes difficult to perceive the auditors
written communication,
commonly referred to as a Management Letter, as anything other than a black mark on an
otherwise clean audit report. But it may help to understand its purpose. The Management Letter
is intended to provide management and those charged with governance with valuable information
regarding their organization. Used properly, the Management Letter can be a beneficial tool
for assisting management or those charged with governance in fulfilling their
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