Component of Marketing Plan Essay Example for Free

Component of Marketing Plan Essay INTRODUCTION Marketing plan is the central instrument for directing and coordinating the marketing effort. The marketing plan operates at two levels: strategic and tactical. The strategic marketing plan lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities. The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service. Marketing plan is a written document that summarizes what the marketer has learned about the market place and indicates how the firm plans to reach its marketing objectives. It contains tactical guidelines for the marketing programs and financial allocation over the planning period. It is one of the most important outputs of the marketing process. Marketing plans are becoming more customer and competitor oriented and better reasoned and more realistic than in the past. Marketing planning is becoming a continuous process to respond to rapidly changing market conditions. What is a Marketing Plan? A marketing plan provides direction for your marketing activities. Marketing plans need not be long or cost a lot to put together. Think of it as a road map, with detailed directions on how to get to your destination. Sure there may be a few bumps in the road, perhaps a diversion or two, but if the marketing plan is carefully researched, thoughtfully considered and evaluated, it will help the organization achieve its goals. The marketing plan details what you want to accomplish with your marketing strategy and helps you meet your objectives. The marketing plan: †¢ Allows the organization to look internally in order to fully understand the impact and results of past marketing decisions. †¢ Allows the organization to look externally in order to fully understand the market in which it chooses to compete. †¢ Sets future goals and provides direction for future marketing efforts that everyone in the organization should †¢Understand and support. †¢ Is a key component in obtaining funding to pursue new initiatives? Components of a Marketing Plan A marketing plan consists of following components: 1. Executive Summary 2. Situation Analysis 3. SWOT Analysis 4. Marketing Goals and Objectives 5. Marketing Strategies 6. Budget 7. Marketing audit 8. Evaluation and Control Executive Summary The executive summary is the first part of the marketing plan, but should be written after all other parts are completed. It is a brief overview of the entire plan and covers only the main points. It is useful to people you approach with your plan, such as investors, who may want to read a synthesized version to determine if they are interested in it before taking the time to read it in depth. The executive summary is also useful internally, as it helps to remind you and your employees of the organizations desired marketing goals and how to achieve them. Situation Analysis The situation analysis helps you to determine where your organization presently stands. It should examine whats going on outside of the organization, whats happening with consumers, and how the business is functioning internally. External Analysis What changes are taking place in your city, county, state, country and around the world that could potentially impact your business? Some things to investigate are: †¢ Changes in political positions and legislation at the local, state, and national level. †¢ Changes in technology †¢ Trends in societys values and habits †¢ Identify competitors and list their characteristics †¢ Economic conditions Customer Analysis Before developing a marketing plan its important to find out what consumers want and how they make purchase decisions. This may require some marketing research. Think about these factors: †¢ Current and potential customers †¢ Trends in consumer buying habits †¢ Why do consumers purchase this product or service? †¢ Why do others not purchase this product or service? Internal Analysis Knowing the state of the organization and its resources helps to determine where it is strong and what areas need attention. Include the following in the marketing plan: †¢ Current state of financial and human resources †¢ Anticipated state of financial and human resources †¢ Your businesss performance in relation to competitors The 5 Cs of Marketing can be summarized as: Company The product time line, experience in the market, etc. Collaborators (or Partners) Distributors, suppliers, and alliances. These are any companies that you work with on a day to day basis to help your company run. Customers This is your market. Ask yourself what benefits they are looking for. What motivates them in the purchase process? Where the customer does actually purchases your product? How the product is purchased (impulse buys, internet, etc)? Understand the quantity a customer will purchase and even trends in consumer tastes. Competitors Both your actual and potential competitors and those that directly or indirectly compete with you. Understand their products, positioning, market shares, strengths and weaknesses. Climate (or Environment) These are governmental policies and regulations that affect the market. It is also the economic environment around your company; which is the business cycle, inflation rate, interest rates, and other macroeconomic issues. Societys trends and fashions are found in the climate. The technological environment is creating new ways of satisfying needs (i.e. using technology to enhance the demand for existing products). SWOT Analysis Conducting a SWOT (strengths, weaknesses, opportunities, threats) analysis is essential in assessing the companys position and serves as a guide to developing marketing plans. Benefits of a SWOT Analysis A SWOT analysis provides a fairly simple, low-cost way of assessing the company’s position. It presents information that is important in developing business and marketing plans, as well as setting organizational goals and objectives. It tells you where the company currently sits, and where it needs to go in the future. [pic] When conducting your SWOT analysis, you should: †¢ Examine your company’s strengths, weaknesses, opportunities, and threats from a customers’ perspective. If you’re having trouble viewing issues that way, ask customers what they think or conduct surveys. †¢ Separate internal issues from external issues. The company’s strengths and weaknesses are internal; opportunities and threats are external. The key test to differentiate the two environments is to ask, â€Å"Would this issue exist if the firm did not exist?† If the answer is yes, the issue should be classified as external. Some things to consider about your company when determining your strengths and weaknesses are: †¢ Size and financial resources †¢ Scale and cost economies †¢ Customer Perceptions You will probably have to do some research on your competitors, your industry, and the environment in order to complete the opportunities and threats portion of your SWOT analysis. Here are some topics to consider: †¢ Trends in the competitive environment †¢ Trends in the technological environment †¢ Trends in the sociocultural environment Once you’ve finished a SWOT analysis for your company, include the resulting strategy in your business and marketing plans. Some key actions to take include: Transform strengths into capabilities by matching them with opportunities in the environment. Example Strength: The company has a very efficient order fulfillment and distribution process Opportunity: There is an unfulfilled need for the companys product in other countries Capability: The company is capable of distributing its products worldwide †¢ Convert weaknesses into strengths by investing strategically in key areas. Example Weakness: Employees are not familiar with the latest technology in the companys industry Investment: The employer sends employees to classes, workshops, and conferences Strength: Employees now have inside information on cutting edge technology relevant to the industry †¢ Weaknesses that cannot be converted into strengths become limitations. Example Weakness: A start-up company that has a tight distribution budget and no connections in the industry may have difficulty getting shelf space in stores Meaning to consumers: Consumers may not be able to find the companys products Minimization: Allow consumers to purchase products through other channels, such as a web site or mail order catalog. Marketing Goals and Objectives After determining your companys strengths, weaknesses, opportunities, and threats, youll have a better idea of what marketing goals and objectives should be set. Goals are the overall accomplishments that youd like to make and objectives are benchmarks to meeting those goals. You might say that goals are more qualitative and objectives are more quantitative. For example: Marketing Goal: Increase awareness of Product X Corresponding Objectives: Increase last years direct mail distribution by 20% this year; develop a web site for Product X by June 1st; participate in five trade shows by the end of the year. Goals must be realistic and consistent with the firms mission. Objectives must be measurable and time-specific. You may also want to include the person responsible and the budget required for each objective. Marketing Strategies In this section, youll define your primary, secondary, and tertiary target markets and their purchasing characteristics. Next, discuss the marketing mix elements (product, price, distribution, and promotion) as they relate to your product or service. Some questions you may want to answer for each target market include: Product †¢ What are the features and benefits of your product? †¢ What is your competitive advantage? †¢ How will you position and differentiate your product? †¢ What complementary products are available? †¢ What customer services are available? Price †¢ What are the costs associated with the product or service? †¢ What will your pricing strategy be? †¢ Will you give discounts? Distribution †¢ Who are your suppliers and intermediaries? †¢ How will you make the product or service conveniently available to consumers? †¢ What partnerships can be developed to distribute the product? Promotion †¢ Where will you advertise? †¢ What public relations activities will be involved? †¢ If you will be involved in personal selling, what is your sales strategy? †¢ What types of promotions will you run? †¢ What sponsorship opportunities are available? Setting the Promotion Mix When deciding how to properly utilize the marketing communications mix to meet your marketing objectives, it is important to consider the relative strengths and weaknesses of each component of the mix. Further, you must always define your total budget first (generally defined in the Marketing and/or Business Plan) and then decide upon the best way to leverage the different elements of the mix to maximize the return on your investment. You will balance the various parts of the mix to not only create an integrated approach to your marketing communications but you must also devote enough resources for each component to be successful. Here are some things to keep in mind: [pic]Reaches large, geographically dispersed audiences, often with high frequency; Low cost per exposure, though overall costs are high; Consumers perceive advertised goods as more legitimate; Dramatizes company/brand; Builds brand image; may stimulate short-term sales; Impersonal, one-way communication; Expensive [pic]Most effective tool for building buyers’ preferences, convictions, and actions; Personal interaction allows for feedback and adjustments; Relationship-oriented; Buyers are more attentive; Sales force represents a long-term commitment; Most expensive of the promotional tools [pic]May be targeted at the trade or ultimate consumer; Makes use of a variety of formats: premiums, coupons, contests, etc.; Attracts attention, offers strong purchase incentives, dramatizes offers, boosts sagging sales; Stimulates quick response; Short-lived; Not effective at building long-term brand preferences [pic]Highly credible; Very believable; Many forms: news stories, news features, events and sponsorships, etc.; Reaches many prospects missed via other forms of promotion; Dramatizes company or product; Often the most under used element in the promotional mix; Relatively inexpensive (certainly not free as many people thinkthere are costs involved) [pic]Many forms: Telephone marketing, direct mail, online marketing, etc.; Four distinctive characteristics: Nonpublic, Immediate, Customized, Interactive; Well-suited to highly-targeted marketing efforts Budget: †¢ The goal of your marketing budget is to control your expenses and project your revenues. †¢ It also assists in the coordination of your marketing activities within your organization. †¢ A realistic budget establishes a standard of performance for your actions, and communicates those standards to others responsible for implementing your marketing strategy. †¢ A well-designed budget is also a tool to keep you on target and indicate when there is needed modification of your marketing plan, especially if something goes really right or very wrong. Budgeting Approaches Where do you get budget numbers? How do you set a budget and organize it? What are some standard ways to measure your budget? There are several approaches you can take to create your budget. Examples of these approaches may include basing your budget on: †¢ Percent of projected gross sales. †¢ Percent of past gross sales. †¢ Per unit sales. †¢ Seasonal allocation. †¢ Projected cash flow. Select a budget methodology that will work best for your business. You may want to make this choice based on how you track your sales and revenues, or based on industry standards. Marketing Audit The Marketing Audit is committed to improving strategic decision making when companies are faced with specific business challenges. Our market research studies provide clarity and insight, often on the most important questions faced by top executives, corporate managers, and strategy professionals. Here are 10 of 25 key dimensions a marketing audit should assess: 1. Key factors that impacted the business for good or for bad during the past year. Including an evaluation of marketing surprises—the unanticipated competitive actions or changes in the marketing climate that affected the performance of the marketing programs. 2. The extent to which each decision in the marketing plan—e.g. targeting, positioning, pricing, advertising, etc.—was made after evaluating many alternatives in terms of profit-related criteria. 3. Marketing knowledge, attitudes, and satisfaction of all executives involved in the marketing function. 4. The extent to which the marketing program was marketed internally and bought into by top management and non-marketing executives. 5. Customer, distributor, vendor, and intermediary satisfaction based on research among key target groups. 6. The performance of advertising, promotion, sales force, and marketing research programs in terms of ROI. 7. The performance of non-traditional programs, particularly digital offerings, in terms of ROI. 8. Whether the marketing plan achieved its stated financial and non-financial goals and objectives. 9. Which aspects of the plan that failed to meet objectives with specific recommendations for improving next years performance. 10. The current value of brand and customer equity for each brand in the product portfolio. Evaluation and Control Many business owners forget the importance of evaluating their marketing plan. This is extremely important, because it serves as a guideline for what to do or not to do in the next marketing planning period. It is also ensures that the plan will be implemented properly. Some questions to be answered include: How will employees be evaluated and compensated for their work? †¢ How can communication between employees be improved? †¢ Do the employees share the firms values? †¢ Is management committed to the implementation of the marketing plan? †¢ What can be done if the product or service does not meet performance standards? †¢ What corrections can be made if the pricing, distribution, and promotion strategies do not accomplish the marketing goals and objectives? †¢ How will marketing activities be evaluated?

The Death Penalty :: essays research papers

The Death Penalty Is the death penalty just or unjust? It has been argued that capitol punishment is imposed merely to gratify a desire for revenge. Whether or not a punishment is legal depends upon whether or not it serves a valid goal or purpose of a policy. The death penalty is usually defended on two grounds; is useful and that is just . Is capitol punishment moral or immoral? Is the death penalty moral? Capitol punishment is imposed to spare future victims of murder by carrying out the threat of execution upon convicted murderers. The death penalty punishes them not for what they may or may not do in the future but what they have already done. It's unclear that the murderer has the same right to live as their victim. " Our ancestors... purged their guilt by banishment, not death. And by so doing they stopped that endless vicious cycle of murder and revenge." (Euripedes, Orestes 408 B.C.) By 1500 in England only major felonies carried the death penalty. Reform of the death penalty began in Europe by the 1750's. By the 1850's these reform efforts bore fruit. Michigan first abolished the death penalty in 1847. Various public opinion polls report that more than 70% of Americans favor the death penalty for murder. By 1991, some 2,350 persons were under the death sentence in 36 states. The death penalty should be moral because, " a life for a life." Is the death penalty immoral? Life imprisonment without the possibility of parole is a realistic alternative for the small number of offenders who are likely to be executed in any given year. Justice does not demand death but justice does demand that murderers be punished. If punishment is justifiable as for restoring justice and the moral order, it does not necessarily follow that capitol punishment is moral. " The death penalty only allows us to extend the pain. It allows us to continue to blame one another, to turn against one another, to learn to hate better" . Many people think that by executing some criminals, we will deter others. The cost to send a murderer to a death penalty is about 3 million dollars. The cost is dramatically lower to keep a criminal in for life imprisonment without the possibility for parole. The death penalty is just " cruel and unusual punishment." Personally, the death penalty is moral and just. If you take a life you should have yours taken. It is here to show that the death penalty punishes the murderer for what they have already done.

1. Discuss Four Building Blocks for Achieving Competitive Advantage in an Organization.

PRINCIPLES OF MICROECONOMICS No: 12 PED 1113 1. | Name of Subject | PRINCIPLES OF MICROECONOMICS| 2. | Code of Subject| PED1113| 3. | Synopsis| This course will give students good exposure to basic economic concepts. They need to be able to understand, analyse and implement the theoretical conceptual into the existing economic situation. | 4. | Name of Teaching Staff | Rezal [email  protected] com| 5. | Semester and Year Offered| Year 1, Sem 1 | 6. | Credit Value | 3 credits (2 hours lecture and 1. 5 tutorial) | 7. | Prerequisite (if any) | Nil| 8. Rationale for the inclusion of the subject in the program | The need for economics knowledge in all fields of studies. | 9. | Mode of Delivery| Lecture and Tutorial| 10. | Subject Objectives| To equip students with basic economics knowledge so as to be able to apply in day to day tasks. Able to understand and analyse economics theories and conceptual. | 11. | Learning Outcomes| Upon completing this course, students will be able to: 1. Un derstand the basic concept of economics. 2. Apply the concepts demand and supply to identify how market reached its equilibrium position. 3.Identify various coefficients in elasticity and understand how rational consumers behave. 4. Identify the production process and how cost is determined. 5. Understand various market structures and its profit position both in the short and long run. | 12. | Transferable Skills| From this course, students will acquire additional transferable skills namely: * Analytical Skill – students were given questions and analyse the outcome that arises due to the situation given. * Research skills – Students are required to conduct assignment on selected topics either individually or in groups. Social skills – Students will develop basic social skills through class discussions and group assignments. * Time-management skills– Students will learn to practice and manage their time to balance between their academic and social responsi bilities. * Critical thinking skills– Students will develop critical thinking ability through coursework completion, problem solving exercises and class discussions. | 13. | Teaching Learning and Assessment Strategy | | Teaching & Learning Methods| Assessment Strategy | | Discussion| /| 1. Peer evaluation 2.Student assessment feedback| | Problem solving| | 3. | | Case study | /| | | Project | /| | | Lecture| /| | | Tutorial | | | 14. | Assessment Method and Types | Final Examination : 40%Course Work : 60%Course work comprises of the following items : – 2 Test : 30% – 4 Quizzes : 20% – Group Assignment : 10%| Content outline of the course/module and the SLT per topic| | TOPIC (S)| Lecture| Tutorial| Lab/ Practical| Independent Study| Student Learning Time (SLT)| | 1. 0 INTRODUCTION TO ECONOMICS 1. 1 Basic economic concepts: scarcity, choices and opportunity cost. 1. 2 Basic economic problems 1. 3 Economics system comprises free market, planned economy an d Mixed economy. | 2| 1. 5| | 5| 18| | 1. 0 Demand, Supply and Market Equilibrium. 1. 1 Demand 1. 2. 1 Definition of demand 1. 2. 2 Law of demand 1. . 3 Market demand curve 1. 2. 4 Determinants of demand 1. 2 Supply 1. 3. 5 Definition of supply 1. 3. 6 Law of supply 1. 3. 7 Market supply curve 1. 3. 8 Determinants of supply 1. 3 Market Equilibrium 1. 4. 9 Definition of equilibrium 1. 4. 10 Condition of equilibrium 1. 4. 11 Changes in demand and supply| 8| 6| | 20| 28| | 1. 0 Elasticity and Consumer Behavior 1. 1 Elasticity 1. 2. 1 Price elasticity of demand 1. 2. 2 Cross lasticity of demand 1. 2. 3 Income elasticity of demand 1. 2. 4 Elasticity of supply 1. 2 Consumer Behaviour 1. 3. 5 Ordinal Approach 1. 3. 6 Cardinal Approach| 6| 4. 5| | 16| 26| | 1. 0 Theory of Production and Costs of Production 1. 1 Theory of production 1. 2. 1 Definition of production 1. 2. 2 Variable input and fixed input 1. 2. 3 Short-run and long-run period 1. 2. 4 Total product, average product and marginal product 1. 2 Cost of production4. 2. Calculation of seven (7) types of cost of production the in the short-run period| 6| 4. 5| | 14| 24| | 6. 0 Market Structure 5. 1 Perfect competition5. 1. 1 Characteristics5. 1. 2 Profit maximization in the short-run5. 1. 3 Profit maximization in the long-run 5. 2 Monopolistic Competition5. 2. 1 Characteristics5. 2. 2 Profit maximization in the short-run5. 2. 3 Profit maximization in the long-run 5. 3 Monopoly5. 3. 1 Characteristics5. 3. 2 Profit maximization in the short-run5. 3. 3 Profit maximization in the long-run| 6| 4. | | 16| 24| | Total of Student Learning Time (SLT)| 28| 21| | 71| 120| | Main Reference supporting the course 1) Deviga, V and Karunagaran, M. (2007) Principles of Economics, 1st edition, Shah Alam: Oxford Fajar Sdn. Bhd. | 20. | Additional References: 1) David Begg, Stanley Fischer and Rudiger Dornbusch, 2003, Economics, 7th ed. , McGraw-Hill. 2) Baumol W. J and Blinder, 1998, A. S. Economics: Principles and Policy, Harcour t. 3) Sadono Sukirno, 1998, Mikroekonomi, Edisi ke-3. 4) Colanderm D. C. , 1995, Economics, Irwin. 5) Campbell R. Mc Connel & Stanley L.Brue, 1993, Economics, McGraw-Hill. 6) Lipsey, R. G. , 1992, The Fundamentals to Positive Economics, Harper and Row. 7) Hashim Ali (2003) Comprehensive Economics Guide, 2nd edition, Singapore: Oxford University Press. | Assignment topic. Choose one topic from the list below and form a group in which consists of minimum 4 students and maximum 6 students. Submission of assignment; first week after term break. 1. Economic system in the world 2. Government’s roles in the market 3. Demand and supply 4. Consumer behaviour 5. Production process and costs involve. . New product in the market. Introduction to economics -the word economy comes from the Greek word oikonomos, which means â€Å"one who manages a household -economics is the study of how society manages its scarce resources. -the management of society’s resources is important becaus e resources are scarce. -scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. -opportunity cost of an item is what you give up in order to get another item. Ten principles of economics 1. People face trade-off to get one thing that we like, we usually have to give up another thing that we like. -for example parents deciding how to spend their family income. They can buy food, clothing, or a family vacation. -efficiency means that society is getting the maximum benefits from its scarce resources. -equality means that those benefits are distributed uniformly among society’s members. 2. The cost of something is what you give up to get it -making decisions require comparing the costs and benefits of alternative courses of a action 3. Rational people think at the margin. rational people are the people who systematically do the best they can to achieve their objectives, given the available opportunities. -mar ginal changes mean small incremental adjustments to an existing plan of action. 4. People respond to incentives -incentives is something that induces a person to act, such as the prospect of a punishment or a reward. -example, a higher price in a market provides an incentive for buyers to consume less and an incentive for sellers to produce more. 5. Trade can make everyone better off trade allows each person to specialize in the activities he or she does best -by trading with other, people can buy a greater variety of goods and services at lower lower cost. 6. Markets are usually a good way to organize economic activity -market economy is an economy that allocates resources through the decentralized decisions of many firms and household as they interact in markets for goods and services. 7. Government can sometimes improve market outcomes -market economies needs institution to enforce property rights so individuals can own and control scarce resources. market failure refers to a sit uation in which market on its own fails to produce an efficient allocation of resources. -market power refers to the ability of a single person or small group to have a substantial influence on a market prices. 8. A country’s standard of living depends on its ability to produce goods and services -productivity means the quantity of goods and services produced from each of labor input. 9. Prices rise when the government prints too much money -inflation refers to an increase in the overall level of prices in the economy. 0. Society faces a short-run trade-off between inflation and unemployment -short run effects of monetary injections are; increasing the amount of money in the economy stimulates the overall level of spending, firms to raise their prices hiring more workers, produce larger quantity of product and services and lower employment. Economic system comprises: 1. Free market economy: allocation for resources is determined only by their supply and demand for them with a little or no government control.It is also called as capitalist. Advantages; quick respond to the people’s wants, wide variety of goods and services and efficient use of resources encouraged. Disadvantages; unemployment, certain goods and services may not be provided, consumption of harmful goods and services may be encouraged, and ignorance of social cost.Examples, United State, Canada, United Kingdom, South Africa, Mexico Germany. Lassez-Faire economics; one of the guiding principles of capitalism, this doctrine claims that economic system should be free from government intervention or moderation and be driven only by the market forces. French word means allow to pass or let go.Invisible hand: a term coined by economist Adam Smith in his 1776 book â€Å"An Inquiry into the Nature and Causes of the Wealth of Nations†. Smith assumed that individuals try to maximize their own good (and become wealthier), and by doing so, through trade and entrepreneurship. Furthermore , any government intervention in the economy isn’t needed because the invisible hand is the best guide for the economy.Thus, the invisible hand is essentially a natural phenomenon that guides free markets capitalism through competition for scarce resources. 2. Planned economy: market is controlled and determined by government. Give the government dictatorship type control over the resources of the country. It is also called as socialist.Advantages; the welfare of the citizen is the primary goal of the economic system, wasteful competition is avoided, wages are controlled by state and there is no industrial unrest, there is a greater emphasis on the quantity of life (health, education, elimination of poverty, moral direction) than on the quantity of production (output) in the country and can rovide stability. Disadvantages; can limit the growth and advancement of the country if the government does not allocate resources to the innovative enterprises, no freedom of choices for producers and or consumers and lack of incentives for workers results in low morale efficiency. Examples Cuba, Venezuela, China and Vietnam. 3.Mixed economy: includes a mixture of capitalism and socialism. The combination of private economic freedom and centralized economic planning and government regulation. Advantages; benefit from capitalist and socialist, still emphasis on welfare of society, less income inequality and monopolies exist but under close supervision of the government.Disadvantages; lower the optimum use of resources and enterprises face difficulties due to government favouritism and bureaucratic nature. Examples France, Spain Italy, South Korea and Brazil. Circular-flow diagram: a visual model of the economy that shows how dollars flows through markets among households and firms. MARKETS FOR GOODS AND SERVICES * Firms sell * Household buy FIRMS * Produce and sell goods and services * Hire and use factors of productionsMARKETS FOR FACTORS OF PRODUCTION * Hou seholds sell * Firms buy Revenue Spending HOUSEHOLDS * buy and consume goods and services * own and sell factors of production Goods and services sold Goods and services bought Factors of production Labor, land and capital Wages, rent and profit Income This diagram is a schematic representation of the organization of the economy.Decisions are made by households and firms. Household and firms interact in the markets for goods and services (where households are buyers and firms are sellers) and in the market for the factors of production (where firms are buyers and households are sellers). The outer set of arrows show the flow of dollars and the inner set of arrows show the corresponding flow of inputs and output. The Production Possibilities Frontier: shows the combination of output, in this case cars and computers that economy can possibly can produce.The economy can produce any combination on or inside the frontier . Points outside the frontier are not feasible given the economy ’s resources. A shift in the production Possibilities Frontier -a technological advance in the computer industry enables the economy to produces more computer for any given number of cars. As a result, the production possibilities frontier shifts outwards.Market Market: a group of buyer and sellers of a particular goods and services Competitive market: a market in which there are many buyers and sellers so that each has negligible impact on the market price. Perfectly competetive: must have 2 characteristics 1) the goods offered for sale are exactly the same 2) the buyers and sellers are so numerous that no single buyer or seller has any influence over the market price.Monopoly: only one seller offer for the specific goods and services and this seller sets the price. Demand Demand: goods and services that buyers are willing and able to purchase. Quantity demanded: the amount of goods that buyers are willing and able to purchase. The demand curve: The relationship between pric e and quantity demanded Law of demand: the claims that, other thing equal, the quantity demanded of a goods falls when the price of the goods rises. Demand schedule: a table shows the relationship between the price of good and the quantity demanded.Individual demand: the demands of one person for the particular goods and services Market demand: the sum of all the individual demands for the particular goods and services Price of ice-cream| Quantity of ice-cream demanded| | Nick| Mary| Market| $0. 00| 7| 5| 12| $0. 50| 6| 4| 10| $1. 00| 5| 3| 8| $1. 50| 4| 2| 6| $2. 00| 3| 1| 4| $2. 50| 1| 1| 2| $3. 00| 0| 0| 0| Variables/Determinants that shift the demand curve 1. Income 2. Price of related goods 3. Tastes 4. Expectation 5. Number of buyer Types of goods 1. Public goods: non rivalry and non excludability. National defence a. Free goods: goods with no opportunity cost.Air, sea b. Merit goods: people underestimate benefit. Education 2. Private goods: have rivalry and excludability a. D emerit goods: underestimate cost of consuming it. Drugs, cigarettes etc b. Normal goods: always use in a daily life. Income increases/demand increases. Clothes, shoes etc. c. Inferior goods: lower quality. Income increases/demand decreases. Bread, rice, bus service etc. d. Substitutes goods: have same functions. Price increases/demand for another brand increases. colgate, darlie, sensodyne etc. e. Complement goods: needs each other in using it. Price increases/demand for the other decreases. ar and gasoline. f. Luxury goods: very expensive goods. Price increases/demand increases. Supply Supply: goods and services that producers are willing and able to sell. Quantity supplied: the amount of a goods that sellers are willing and able to sell Law of supply: the claim that, other thing equal, the quantity supplied of a good rises when the price of a good rises. Supply schedule: a table that shows the relationship between the price of a good and the quantity supplied. Supply curve: a grap h of the relationship between the price of good and the quantity supplied.Market supply: the sum of all the individual supplies for the particular goods and services Price of ice-cream| Quantity of ice-cream supplied| | Mike| John| Market| $0. 00| 0| 0| 0| $0. 50| 1| 1| 2| $1. 00| 3| 1| 4| $1. 50| 4| 2| 6| $2. 00| 5| 3| 8| $2. 50| 6| 4| 10| $3. 00| 7| 5| 12| Variables/Determinants that shift the supply curve. 1. Input prices 2. Technology 3. Expectations 4. Number of sellers Equilibrium Equilibrium: a situation in which the market price has reached the level at which quantity supplied equals to quantity demanded.Equilibrium price: the price that balances quantity supplied and quantity demanded Equilibrium quantity: the quantity supplied and the quantity demanded at the equilibrium price. Surplus: a situation in which quantity supplied is greater than quantity demanded. Shortage: a situation in which quantity demanded is greater than quantity supplied Law of supply and demand: the cl aim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.A Change in Market Equilibrium Due to a shift in Demand -A hot weather makes peoples want to eat more ice cream, the demand curve shifts to the right. A Change in Market Equilibrium Due to a shift in Supply -Increase in price of sugar will increase the cost of production, the supply curve shifts to the left. Shifts in both Supply and demand -A hot weather will increases the demand of ice cream and the hurricane will decreases the supply of ice cream 1. Discuss Four Building Blocks for Achieving Competitive Advantage in an Organization. PRINCIPLES OF MICROECONOMICS No: 12 PED 1113 1. | Name of Subject | PRINCIPLES OF MICROECONOMICS| 2. | Code of Subject| PED1113| 3. | Synopsis| This course will give students good exposure to basic economic concepts. They need to be able to understand, analyse and implement the theoretical conceptual into the existing economic situation. | 4. | Name of Teaching Staff | Rezal [email  protected] com| 5. | Semester and Year Offered| Year 1, Sem 1 | 6. | Credit Value | 3 credits (2 hours lecture and 1. 5 tutorial) | 7. | Prerequisite (if any) | Nil| 8. Rationale for the inclusion of the subject in the program | The need for economics knowledge in all fields of studies. | 9. | Mode of Delivery| Lecture and Tutorial| 10. | Subject Objectives| To equip students with basic economics knowledge so as to be able to apply in day to day tasks. Able to understand and analyse economics theories and conceptual. | 11. | Learning Outcomes| Upon completing this course, students will be able to: 1. Un derstand the basic concept of economics. 2. Apply the concepts demand and supply to identify how market reached its equilibrium position. 3.Identify various coefficients in elasticity and understand how rational consumers behave. 4. Identify the production process and how cost is determined. 5. Understand various market structures and its profit position both in the short and long run. | 12. | Transferable Skills| From this course, students will acquire additional transferable skills namely: * Analytical Skill – students were given questions and analyse the outcome that arises due to the situation given. * Research skills – Students are required to conduct assignment on selected topics either individually or in groups. Social skills – Students will develop basic social skills through class discussions and group assignments. * Time-management skills– Students will learn to practice and manage their time to balance between their academic and social responsi bilities. * Critical thinking skills– Students will develop critical thinking ability through coursework completion, problem solving exercises and class discussions. | 13. | Teaching Learning and Assessment Strategy | | Teaching & Learning Methods| Assessment Strategy | | Discussion| /| 1. Peer evaluation 2.Student assessment feedback| | Problem solving| | 3. | | Case study | /| | | Project | /| | | Lecture| /| | | Tutorial | | | 14. | Assessment Method and Types | Final Examination : 40%Course Work : 60%Course work comprises of the following items : – 2 Test : 30% – 4 Quizzes : 20% – Group Assignment : 10%| Content outline of the course/module and the SLT per topic| | TOPIC (S)| Lecture| Tutorial| Lab/ Practical| Independent Study| Student Learning Time (SLT)| | 1. 0 INTRODUCTION TO ECONOMICS 1. 1 Basic economic concepts: scarcity, choices and opportunity cost. 1. 2 Basic economic problems 1. 3 Economics system comprises free market, planned economy an d Mixed economy. | 2| 1. 5| | 5| 18| | 1. 0 Demand, Supply and Market Equilibrium. 1. 1 Demand 1. 2. 1 Definition of demand 1. 2. 2 Law of demand 1. . 3 Market demand curve 1. 2. 4 Determinants of demand 1. 2 Supply 1. 3. 5 Definition of supply 1. 3. 6 Law of supply 1. 3. 7 Market supply curve 1. 3. 8 Determinants of supply 1. 3 Market Equilibrium 1. 4. 9 Definition of equilibrium 1. 4. 10 Condition of equilibrium 1. 4. 11 Changes in demand and supply| 8| 6| | 20| 28| | 1. 0 Elasticity and Consumer Behavior 1. 1 Elasticity 1. 2. 1 Price elasticity of demand 1. 2. 2 Cross lasticity of demand 1. 2. 3 Income elasticity of demand 1. 2. 4 Elasticity of supply 1. 2 Consumer Behaviour 1. 3. 5 Ordinal Approach 1. 3. 6 Cardinal Approach| 6| 4. 5| | 16| 26| | 1. 0 Theory of Production and Costs of Production 1. 1 Theory of production 1. 2. 1 Definition of production 1. 2. 2 Variable input and fixed input 1. 2. 3 Short-run and long-run period 1. 2. 4 Total product, average product and marginal product 1. 2 Cost of production4. 2. Calculation of seven (7) types of cost of production the in the short-run period| 6| 4. 5| | 14| 24| | 6. 0 Market Structure 5. 1 Perfect competition5. 1. 1 Characteristics5. 1. 2 Profit maximization in the short-run5. 1. 3 Profit maximization in the long-run 5. 2 Monopolistic Competition5. 2. 1 Characteristics5. 2. 2 Profit maximization in the short-run5. 2. 3 Profit maximization in the long-run 5. 3 Monopoly5. 3. 1 Characteristics5. 3. 2 Profit maximization in the short-run5. 3. 3 Profit maximization in the long-run| 6| 4. | | 16| 24| | Total of Student Learning Time (SLT)| 28| 21| | 71| 120| | Main Reference supporting the course 1) Deviga, V and Karunagaran, M. (2007) Principles of Economics, 1st edition, Shah Alam: Oxford Fajar Sdn. Bhd. | 20. | Additional References: 1) David Begg, Stanley Fischer and Rudiger Dornbusch, 2003, Economics, 7th ed. , McGraw-Hill. 2) Baumol W. J and Blinder, 1998, A. S. Economics: Principles and Policy, Harcour t. 3) Sadono Sukirno, 1998, Mikroekonomi, Edisi ke-3. 4) Colanderm D. C. , 1995, Economics, Irwin. 5) Campbell R. Mc Connel & Stanley L.Brue, 1993, Economics, McGraw-Hill. 6) Lipsey, R. G. , 1992, The Fundamentals to Positive Economics, Harper and Row. 7) Hashim Ali (2003) Comprehensive Economics Guide, 2nd edition, Singapore: Oxford University Press. | Assignment topic. Choose one topic from the list below and form a group in which consists of minimum 4 students and maximum 6 students. Submission of assignment; first week after term break. 1. Economic system in the world 2. Government’s roles in the market 3. Demand and supply 4. Consumer behaviour 5. Production process and costs involve. . New product in the market. Introduction to economics -the word economy comes from the Greek word oikonomos, which means â€Å"one who manages a household -economics is the study of how society manages its scarce resources. -the management of society’s resources is important becaus e resources are scarce. -scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. -opportunity cost of an item is what you give up in order to get another item. Ten principles of economics 1. People face trade-off to get one thing that we like, we usually have to give up another thing that we like. -for example parents deciding how to spend their family income. They can buy food, clothing, or a family vacation. -efficiency means that society is getting the maximum benefits from its scarce resources. -equality means that those benefits are distributed uniformly among society’s members. 2. The cost of something is what you give up to get it -making decisions require comparing the costs and benefits of alternative courses of a action 3. Rational people think at the margin. rational people are the people who systematically do the best they can to achieve their objectives, given the available opportunities. -mar ginal changes mean small incremental adjustments to an existing plan of action. 4. People respond to incentives -incentives is something that induces a person to act, such as the prospect of a punishment or a reward. -example, a higher price in a market provides an incentive for buyers to consume less and an incentive for sellers to produce more. 5. Trade can make everyone better off trade allows each person to specialize in the activities he or she does best -by trading with other, people can buy a greater variety of goods and services at lower lower cost. 6. Markets are usually a good way to organize economic activity -market economy is an economy that allocates resources through the decentralized decisions of many firms and household as they interact in markets for goods and services. 7. Government can sometimes improve market outcomes -market economies needs institution to enforce property rights so individuals can own and control scarce resources. market failure refers to a sit uation in which market on its own fails to produce an efficient allocation of resources. -market power refers to the ability of a single person or small group to have a substantial influence on a market prices. 8. A country’s standard of living depends on its ability to produce goods and services -productivity means the quantity of goods and services produced from each of labor input. 9. Prices rise when the government prints too much money -inflation refers to an increase in the overall level of prices in the economy. 0. Society faces a short-run trade-off between inflation and unemployment -short run effects of monetary injections are; increasing the amount of money in the economy stimulates the overall level of spending, firms to raise their prices hiring more workers, produce larger quantity of product and services and lower employment. Economic system comprises: 1. Free market economy: allocation for resources is determined only by their supply and demand for them with a little or no government control.It is also called as capitalist. Advantages; quick respond to the people’s wants, wide variety of goods and services and efficient use of resources encouraged. Disadvantages; unemployment, certain goods and services may not be provided, consumption of harmful goods and services may be encouraged, and ignorance of social cost.Examples, United State, Canada, United Kingdom, South Africa, Mexico Germany. Lassez-Faire economics; one of the guiding principles of capitalism, this doctrine claims that economic system should be free from government intervention or moderation and be driven only by the market forces. French word means allow to pass or let go.Invisible hand: a term coined by economist Adam Smith in his 1776 book â€Å"An Inquiry into the Nature and Causes of the Wealth of Nations†. Smith assumed that individuals try to maximize their own good (and become wealthier), and by doing so, through trade and entrepreneurship. Furthermore , any government intervention in the economy isn’t needed because the invisible hand is the best guide for the economy.Thus, the invisible hand is essentially a natural phenomenon that guides free markets capitalism through competition for scarce resources. 2. Planned economy: market is controlled and determined by government. Give the government dictatorship type control over the resources of the country. It is also called as socialist.Advantages; the welfare of the citizen is the primary goal of the economic system, wasteful competition is avoided, wages are controlled by state and there is no industrial unrest, there is a greater emphasis on the quantity of life (health, education, elimination of poverty, moral direction) than on the quantity of production (output) in the country and can rovide stability. Disadvantages; can limit the growth and advancement of the country if the government does not allocate resources to the innovative enterprises, no freedom of choices for producers and or consumers and lack of incentives for workers results in low morale efficiency. Examples Cuba, Venezuela, China and Vietnam. 3.Mixed economy: includes a mixture of capitalism and socialism. The combination of private economic freedom and centralized economic planning and government regulation. Advantages; benefit from capitalist and socialist, still emphasis on welfare of society, less income inequality and monopolies exist but under close supervision of the government.Disadvantages; lower the optimum use of resources and enterprises face difficulties due to government favouritism and bureaucratic nature. Examples France, Spain Italy, South Korea and Brazil. Circular-flow diagram: a visual model of the economy that shows how dollars flows through markets among households and firms. MARKETS FOR GOODS AND SERVICES * Firms sell * Household buy FIRMS * Produce and sell goods and services * Hire and use factors of productionsMARKETS FOR FACTORS OF PRODUCTION * Hou seholds sell * Firms buy Revenue Spending HOUSEHOLDS * buy and consume goods and services * own and sell factors of production Goods and services sold Goods and services bought Factors of production Labor, land and capital Wages, rent and profit Income This diagram is a schematic representation of the organization of the economy.Decisions are made by households and firms. Household and firms interact in the markets for goods and services (where households are buyers and firms are sellers) and in the market for the factors of production (where firms are buyers and households are sellers). The outer set of arrows show the flow of dollars and the inner set of arrows show the corresponding flow of inputs and output. The Production Possibilities Frontier: shows the combination of output, in this case cars and computers that economy can possibly can produce.The economy can produce any combination on or inside the frontier . Points outside the frontier are not feasible given the economy ’s resources. A shift in the production Possibilities Frontier -a technological advance in the computer industry enables the economy to produces more computer for any given number of cars. As a result, the production possibilities frontier shifts outwards.Market Market: a group of buyer and sellers of a particular goods and services Competitive market: a market in which there are many buyers and sellers so that each has negligible impact on the market price. Perfectly competetive: must have 2 characteristics 1) the goods offered for sale are exactly the same 2) the buyers and sellers are so numerous that no single buyer or seller has any influence over the market price.Monopoly: only one seller offer for the specific goods and services and this seller sets the price. Demand Demand: goods and services that buyers are willing and able to purchase. Quantity demanded: the amount of goods that buyers are willing and able to purchase. The demand curve: The relationship between pric e and quantity demanded Law of demand: the claims that, other thing equal, the quantity demanded of a goods falls when the price of the goods rises. Demand schedule: a table shows the relationship between the price of good and the quantity demanded.Individual demand: the demands of one person for the particular goods and services Market demand: the sum of all the individual demands for the particular goods and services Price of ice-cream| Quantity of ice-cream demanded| | Nick| Mary| Market| $0. 00| 7| 5| 12| $0. 50| 6| 4| 10| $1. 00| 5| 3| 8| $1. 50| 4| 2| 6| $2. 00| 3| 1| 4| $2. 50| 1| 1| 2| $3. 00| 0| 0| 0| Variables/Determinants that shift the demand curve 1. Income 2. Price of related goods 3. Tastes 4. Expectation 5. Number of buyer Types of goods 1. Public goods: non rivalry and non excludability. National defence a. Free goods: goods with no opportunity cost.Air, sea b. Merit goods: people underestimate benefit. Education 2. Private goods: have rivalry and excludability a. D emerit goods: underestimate cost of consuming it. Drugs, cigarettes etc b. Normal goods: always use in a daily life. Income increases/demand increases. Clothes, shoes etc. c. Inferior goods: lower quality. Income increases/demand decreases. Bread, rice, bus service etc. d. Substitutes goods: have same functions. Price increases/demand for another brand increases. colgate, darlie, sensodyne etc. e. Complement goods: needs each other in using it. Price increases/demand for the other decreases. ar and gasoline. f. Luxury goods: very expensive goods. Price increases/demand increases. Supply Supply: goods and services that producers are willing and able to sell. Quantity supplied: the amount of a goods that sellers are willing and able to sell Law of supply: the claim that, other thing equal, the quantity supplied of a good rises when the price of a good rises. Supply schedule: a table that shows the relationship between the price of a good and the quantity supplied. Supply curve: a grap h of the relationship between the price of good and the quantity supplied.Market supply: the sum of all the individual supplies for the particular goods and services Price of ice-cream| Quantity of ice-cream supplied| | Mike| John| Market| $0. 00| 0| 0| 0| $0. 50| 1| 1| 2| $1. 00| 3| 1| 4| $1. 50| 4| 2| 6| $2. 00| 5| 3| 8| $2. 50| 6| 4| 10| $3. 00| 7| 5| 12| Variables/Determinants that shift the supply curve. 1. Input prices 2. Technology 3. Expectations 4. Number of sellers Equilibrium Equilibrium: a situation in which the market price has reached the level at which quantity supplied equals to quantity demanded.Equilibrium price: the price that balances quantity supplied and quantity demanded Equilibrium quantity: the quantity supplied and the quantity demanded at the equilibrium price. Surplus: a situation in which quantity supplied is greater than quantity demanded. Shortage: a situation in which quantity demanded is greater than quantity supplied Law of supply and demand: the cl aim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.A Change in Market Equilibrium Due to a shift in Demand -A hot weather makes peoples want to eat more ice cream, the demand curve shifts to the right. A Change in Market Equilibrium Due to a shift in Supply -Increase in price of sugar will increase the cost of production, the supply curve shifts to the left. Shifts in both Supply and demand -A hot weather will increases the demand of ice cream and the hurricane will decreases the supply of ice cream

Emerging Technologies and Issues Essays - 1852 Words

Technology Effects CMGT/557 Emerging Technologies and Issues October 10, 2011 Information System Abstract This document will present a technology that has changed the way society sees the movie and TV industry. This paper will present details of how this technology impacted its industry, how it is used, how people, and competitors reacted. Examples will be provided of similar scenarios and what new opportunities this technology has presented to its market, plus how the government and legislation reacted toward this new technology advancement.†¦show more content†¦The name of these self serve movie renting machines is Red box; this is the technology and idea that changed everything for movie rental stores. As well as the online movie streaming, this technology development made and amazing impact in its industry because it made one of the biggest contenders go bankruptcy, this contender was Blockbuster video. Their company was in the market for more than 20 years, and someone with the right tools, and the right vision made their empire come down. This is the clearest example why organizations need to stay always current and innovating the way they provide service because if they become too comfortable, someone can find a better way to do it and bring your hard work down. The way that technology was used on this scenario provided was by creating a box with a screen and a system in which the user can select his or her movie choice, the system will recognize that selection, and dispense the DVD movie the user wanted. This new strategy help the creator to save thousands of dollars on employees, benefits, store locations, utilities, security, and many others. This is why their company strategy was incredibly effective and not only made them a leader, but also a standard on how people rent their movies today. Both of these technologies mentioned on this paper had a long way before they became leaders in their industry. After long research trying to find the mo st accurate historyShow MoreRelatedInformation Technology for Business1449 Words   |  6 PagesInformation Technology for Business 1 Information Technology for Business Introduction Technology has created new revenue streams via the Internet and e-commerce, new connections with clients and consumers at work, home, and by mobile applications, and enables business to conduct commerce across the US and on a global scale (Munson, 2011). Office technologies have advanced and have allowed business to advance to a point of doing business with global customers, not just their own areas. It hasRead MoreDisruptive Technology And Technology1096 Words   |  5 Pagesadvancement of technology and as a result, our society is encountering several ethical problems that are needed to be discussed and solved as soon as possible to save our civilization from destruction. Our major threat is disruptive technologies as there are intervening a way too deep and may destroy the ethical values of our society. In this paper, we are discussing disruptive technology and their impact on the ethical values of our society. We will also discuss the real-life examples of recent issues generat edRead MoreHow Technology Has Changed Our Lives1676 Words   |  7 PagesTechnology is often considered the key to nations’ economic growth due to the many improvements brought to society. Taking a look back in history, technology has made good changes in human life, due to the automatization and less effort spent to produce in mass. In recent years, the dependence resulting from the usage of small and powerful devices by young people to correlate with others is causing side effects associated with health disorders. Researchers are working to find the best applicationRead MoreInformatics And The Emerging Role Of Technology865 Words   |  4 PagesInformatics and the Emerging Role of Technology With advancing technology such as electronic healthcare records, informatics is helping change the way nurses address everyday issues such as providing improved patient centered care and outcomes. This paper will provide an in-depth exploration of informatics and the role it plays in electronic healthcare records. The paper will then self-reflect and self-analyze my personal views related to informatics and electronic healthcare records. FinallyRead Morehealthymagination Essay1437 Words   |  6 Pagescreation of healthcare technologies and services that ranges from medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, and biopharmaceutical manufacturing technologies and so on. Its business units are classified as: Healthcare IT and Performance Solutions Healthcare Systems Healthcare Services Life Sciences Surgery GE Healthcare Systems (GEHS) is a major business unit of GE Healthcare delivering technologies for different phases ofRead MoreBusiness Law876 Words   |  4 PagesModule 2 Journal Assignment Consider issues raised by the article involving the complexity of litigation and the make-up of juries.   What is the nature of some of the complex lawsuits at issue today?  Do you believe that our current jury system is sufficient to handle emerging complex issues?   Traditionally, and even now, the intent of having a jury hear cases is to have a case be heard by a collection of piers. This collection is carefully selected to be neutral and unbiased. The selection shouldRead MoreA 3d Virtual World Versus The Web? How Is Marketing Different?1537 Words   |  7 Pagessuperior methodology, yet the most critical one is that it mitigates the potential issue with crashes with other JavaScript code. That means that you will, for instance, allude to the Marker object with Google maps. Marker in v3, though you alluded to it as GMarker in v2. 3. What is Kansei Engineering / Affective computing? What are some of the main goals of this research domain? Give example of related technology. Kansei Engineering which is also known as affective computing refers to a kind ofRead MoreCyber Surveillance And Cyber Security1297 Words   |  6 Pagesnumber of jobs in this field are 75,100 with the job out looks from 2012-22 of 37% which is much faster than average (statistics, 2014-15). According to Deb Shinder who is a technology consultant, trainer, and author of many books on computer operating systems, networking, and security. The ethical issues involving the use of technology in cyber security analyst include cyber analyst being asked by their boss to read private emails of the networks users for security measures, looking and reading documentsRead MoreInterim Report for Engineering Ethics and Emerging Technologies1275 Words   |  6 PagesEthics and Emerging Technologies From the beginning of human civilization till present date, new innovations and technologies are introduced into the society to improve existing lifestyle or operation methods. However, as we approach the pinnacle of what current technologies allows us to research on, the rate at which new technologies are surfacing is gradually decreasing. Therefore, researchers and engineers began working on existing technologies for further improvement. One branch of emerging technologyRead MoreEconomics And Competitive Strategies And Government Policies1527 Words   |  7 Pagesentering the market, mergers, and globalization, on pricing and the sustainability of profits. We will explore mergers and merger activity within the industry as well as current and expected government policies and regulations in place to address issues related to externalities. We will also take a look at the effects of global competition on the decisions made by management with regards to change in labor demand, supply, relations, unions, and rules and regulations in the auto industry. Considering