Revision Notes for Mc

In: Business and Management

Submitted By DianaLewis
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WHAT IS ADVERTISING? A PAID MEDIATED FORM OF COMMUNICATION from and IDENTIFIABLE SOURCE, designed to PERSUADE the receiver to take some action, now or in the future.
TRADITIONALLY defined as any PAID NON-­‐PERSONAL COMMUNICATION about an ORGANIZATION, PRODUCT/SERVICE OR IDEA by an IDENTIFIABLE SOURCE. PAID refers to ADVERTISING generally being BOUGHT, apart from community messages that are donated. NON-­‐PERSONAL refers to the MASS MEDIA CHANNELS; TV, Radio, Newspaper, Magazines, therefore no immediate feedback.
THE MANY ROLES OF ADVERTISING The nature and purpose of advertising differs from one industry to another and across situations. Can be done by an industry to stimulate demand for the product category. EXAMPLE: RED MEAT, FEEL GOOD CAMPAIGN FOR THE AUSTRALIAN MEAT AND LIVESTOCK CORPORATION. à TO COMMUNICATE AND PERSUADE Advertising is still the most cost effective way to reach large audiences, therefore is a very important integrated marketing communication tool. à BRAND EQUITY Valuable tool for building company image; provides consumers with information as well as influence perception. Extremely important when products are difficult to differentiate through functionalities. à BRAND IMAGE Important role in the purchasing decision, advertising is the best tool to build brand image. EXAMPLE: BIGPOND “KEEP THE RABBITS OUT” COMMERCIAL; INCREASED PERCEPTION OF BRAND TO BE CONSIDERED WELL-­‐LIKED, CLEVER AND CAPABLE OF SUPRISING PEOPLE. LIKEABILITY TRANSLATED INTO INCREASED SALES. à RELATIONSHIP MARKETING
HISTORY OF ADVERTISING Early newspaper advertisements were confined to printed text only. Illustrations were rare until the 1860s. Advertising became a way of doing business when a merchant took out a full page for an advertisement. As radio and television were introduced more advertising agencies were created, as the number grew they began to demand…...

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Mcs Notes

...targets. Inertia often works against the company employees are accustomed to a self limited cycle of setting targets, missing those targets and readjusting the targets to reflect what was actually achieved. Without a method for making improvement, improvements are unlikely to consistently happen no matter how good the stretch goal sound. Measurement overload How many critical measures can one manager track at one time without losing? Unfortunately there is no right answer to this question except it is more than 1 and less than 50. It too few then the manager is ignoring measures that are critical to creating success. If it too many then the manager may risk losing focus and trying to do too many things at once. 5 Girish Engineering (MCS-2004) Numerical Responsibility budgeting was introduced in a medium sized organization Girish Engineering. Monthly report (in part) for an expense centre in factory is: [All figures in Rs. Lacs] Direct Labour Indirect Labour Total Controllable Costs Department Fixed Costs Allocated Costs Actual 100.13 66.34 168.47 38.82 53.62 Variance 0.21 (Favourable) 8.10 (Unfavourable) 8.50 (Unfavourable) --------------- Questions: a. Why no variance is shown in two items? Is this correct approach in performance reporting? b. Should overhead expenses mentioned above be included in Controllable Costs? Why? Why not? Solution (a): Variances between actual and budgeted departmental fixed costs are obtained simply by subtraction, since these costs are......

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Marketing Revision Notes

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Fundamentalist Revision Notes

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Psychology Revision Notes

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Design Argument Revision Notes

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Revision

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Bl Revision Notes

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Revision

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Mcs Notes

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