Professional Values And Beliefs Effect Essen Care Essay

Introduction This assignment is based on the values exchange scenarios, I have chosen to use Essen who is a 35 years old gentleman, he lives with his wife and 4 children, he also has type 2 diabetes and a BMI of 53. He is now unable to work due to an increased shortness of breath and problems walking. He has been unsuccessful with diets previously and his GP has now recommended that he should have a gastric bypass, unfortunately this procedure cannot be paid for by the NHS. (http://worcester.vxcommunity.com/Issue/adult-scenario-february-2015/21399) – Please see appendix 1 for my answers based on this scenario. I will be looking at how professional values and beliefs effect Essen care. What interpersonal and communication skills the nurse requires, Holistic care and why self-awareness is important in nursing practice. Gastric Surgery Professional values and beliefs A nurse’s primary role is to safeguard and care for their patients. They are responsible and accountable for providing safe, evidence based and patient centred care, and to maintain the dignity and respect for their patients at all times. They must show professionalism and integrity and a work with in their legal and ethical frameworks and in partnership with a multi- disciplinary team of professionals’ and also with their patient and their family/friends/carers. (Hall,C., Ritchie,D., 2013) NHS England states that a Nurse should be: Caring - by delivering a high standard of Care a nurse can help their patientShow MoreRelatedChrysanthemum Cineraiifolium23103 Words   |  93 Pagesimpossible for people with diverse background skills and norms to work together; make decisions, and try to meet project goals and objectives without conflict. Project managers must identify, analyze, and evaluate both positive and negative values of conflict and their effect on performance. 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They spontaneously appeal to his sense of belief—never, of course, entirely, but more intensely than do the other arts, and occasionally films are, even in the absolute, very convincing. They speak to us with the accents of true evidence, using the argument that It is so. With ease they make the kind of statements a linguist would call fully assertive and which, moreover, are usually taken at face value. There is a filmic mode, which is the mode of presence, and to a great

Narrative Analysis Of Rear Window By Alfred Hitchcock

Stephanie Bittar Narrative Analysis Paper MCS 273 Rear Window (1955) Alfred Hitchcock’s 1954 film, Rear Window, explores many dimensions in cinematography. The phenomenal film is well known for proclaiming its voyeurism issues that goes on in today’s society. Even though voyeurism is an act that should not be done, this film portrays it in an affirmative way. Rear Window introduces primary structural components in the first act which sets the mood for the audience to interact with J.B. Jefferies in a way as it is the audiences duty to help him solve the mystery on whether Thorwald murdered his wife or not. The opening images of Rear Window introduces the audience to J.B. Jefferies apartment with the window curtains rising. The camera is facing outside the window which reveals the small courtyard. After the camera gives the audience a tour of the courtyard, it then shows us Jeff sleeping on his wheel chair. From this, the audience should be able to perceive there is no privacy at all for the neighbors. What one does, everyone is able to see (only if they are observing). The music in the beginning sets the mood, the audience should feel safe and mellow as if nothing bad is going to happen. There is not one suspicion which tells the audience there will be a murder case throughout this film. With that in mind, the theme is portrayed through Jeff’s perspective from his observation of the neighbors. He observes the love life of his neighbors while he is questioning his ownShow MoreRelatedCrime: A Popular Genre in Literature and Films1232 Words   |  5 Pagesare formally innovative, calling into question the applicability of traditional moral values (right versus wrong), and the ease with which even ordinary people can become implicated in crime. The analysis progresses in chronological order, beginning with three film texts Double Indemnity (1944), Rear Window (1954), Psycho (1960) and culminating in an examination of Tom Stoppards 1968 play The Real Inspector Hound. Through examining the formal structure of the four texts and the ways in which theyRead MoreRear Window Directed By Alfred Hitchcock Essay1575 Words   |  7 Pagestoday’s current society. However, in 1954, gender roles were very specific and it is shown throughout the film, Rear Window directed by Alfred Hitchcock. Through this film, gender ideologies are challenged but ultimately remain unshattered. The film produces an obvious view of women as the caretakers, and fragile in comparison to men who are the main providers. As the plot of Rear Window develops, characters continue to maintain the time periods gender ideologies despite the challenges they overcomeRead MoreReflection Of Casablanca1282 Words   |  6 Pagespractically applied it to physically watching movies. By breaking down scenes and movies as a whole, the way I look at films in general has developed. A reflection on two of the films from this term, Casablanca (Curtiz, 1942) and North by Northwest (Hitchcock, 1959) will carry t he bulk of the essay. Though, I will also be discussing how this class changed the way I saw a movie just a few weeks ago. Casablanca’s script and acting are of particular caliber, and North by Northwest unfortunately does notRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesmore lamentable. Taken together, the key themes and processes that have been selected as the focus for each of the eight essays provide a way to conceptualize the twentieth century as a coherent unit for teaching, as well as for written narrative and analysis. Though they do not exhaust the crucial strands of historical development that tie the century together—one could add, for example, nationalism and decolonization—they cover in depth the defining phenomena of that epoch, which, as the essays

Management and Cost Accounting Corporate Finance

Question: Describe about the Management and Cost Accounting for Corporate Finance? Answer: Calculation of Cash Budget Uniform Ltd. Cash Budget For the Period October to February Particulars October November December January February Beginning Cash Balance 80,000 -12,000 -504,000 -436,000 -368,000 Cash Collections : Cash Sales 400,000 560,000 560,000 560,000 Total Cash Inflow 480,000 -12,000 56,000 124,000 192,000 Cash Payments : Raw Materials 112,000 112,000 112,000 112,000 112,000 Others Production Cost 280,000 280,000 280,000 280,000 280,000 Fixed Cost 100,000 100,000 100,000 100,000 100,000 Total Cash Payments 492,000 492,000 492,000 492,000 492,000 Ending Cash Balance -12,000 -504,000 -436,000 -368,000 -300,000 Budgeting Budgeting is the process for planning for future expenses and revenue (Bhimani, 2012). All the items of expenses and revenues are forecasted in budgeting process. Budget is prepared for future period. When the actual time comes, the budgeted figure of all costs and incomes are compared with the actual budgeted figure. The difference between the budgeted and actual figure is called Variance. The objective of budgeting is to control and track the expenses with the available funds (Drury, 2012). It ensures that the costs should not exceed than the available resources. There are mainly two kind of Corporate Budget: Operating Budget and Capital Budget. Capital Budget is done to forecast the expenses for capital expenditures (Epstein and Lee, 2009). The assets are acquired in capital budgeting for long-term utilization and these are highly expensive (Fields, 2011). Depreciation is applied on such kind of assets. Operating Budget Capital Budget Operating budget is done to forecast the operating expenses related with the business operation (Horngren, 2011). Operating expenses of business organization is generally not changed over the period. If there is any changes happened in operation due to reduction in sales or any other obstacles. Budget includes three basic elements which are described below: Sales Revenue Sales revenue is most vital elements in a budget. The futures sales should be estimated suitably as much as possible because all others figures are made on the basis of sales revenue (Wilks and Burke, 2008). It is required to check or track the past sales history for estimating the future sales figures. After determination of future target sales, it can be possible to calculate the required necessary expenses related with the sales figures. Total Cost Total cost involves two aspects of cost such as fixed cost and variable cost. The costs which does not vary with sales, is called fixed cost. Fixed costs become fixed whatever sales turnover increases or reduces such as factory rent. The costs which vary with the changing level of sales volume. At the time of estimation of variable cost, it is required to consider the inflation and market forces (Young, 2012). Profit Profit is the amount earned deducting the total costs incurred from the sales revenue. The amount of profit should be that much which can make a sufficient from the business operation. Cash Budget Cash budget is also a part of operating budget. Cash budget is prepared to plan and control the short-term spending (Seal, Garrison and Noreen, 2012). Cash budget is mainly done on monthly basis. But it can also be prepared on weekly, quarterly and annual basis. Cash budget includes both cash inflows and cash flows. In cash budget, the possible expenses and possible incoming of cash flows are estimated (Seal, Garrison and Noreen, 2009). Cash budget shows how the level of cash in hand changed with the spending. Budgeting Process Budget is developed and implemented by the organization on periodic basis at certain intervals (Shim and Siegel, 2009). According to the norm of private industry, it is required to produce a plan in each fiscal year. Budget is also prepared by some government organization. Budgeting process is the process of planning and decision between the time of issuance a budget and the next budget (Weetman, 2010). The steps of budgeting process followed by the Uniform Ltd are as follows: The company asses the actual and estimated figures of the budget of previous year for developing the next budget. The company should focus and identify the needs and objectives for the future period. Certain things are needed to identify and evaluate by the organization such forecasts of revenue, current trends and risk associated. Current trends are the changes in business operation such as spending, staffing level and business volume. It should ensure that the entire budget plan is to be developed in consistent format. It is to be ensured that the procedures and techniques would be implemented in the plan and actual expenses and cash inflows are to be monitored. Before developing the plan, the budget proposals are approved by the responsible person for reviewing. The company should follow the local rules and policies to develop the budget proposals and the full package of budget proposal should cover the organizational objectives. Advantages of Budget for the Uniform Ltd Planning orientation Budget is prepared from the short-term view or daily-to-daily business operation. But it also tries to emphasize on the long-term thinking. So, the main objective of the budget is to plan for future. The objective of the budgeting still work though the management of the organization fails to achieve the goal according to the outline of the budget because it focuses at least on the competitive and financial position of the organization and on the improvement. Assumption Review The process of budgeting helps to identify the objective of business and also to assume the key things regarding the business environment. It these issues are re-evaluated time-to-time, the assumptions will also alter. Performance Evaluation The performance of the worker can evaluated through budget. The company set the goals for a budgeting period and can also promise to pay the bonuses and incentives according to their performance. After comparing the budget and actual report, it can be appraised the performance regarding the progressing to meet their goals. Cash Allocation If there is limited cash available for the investment in fixed and working capital, the procedure of budgeting is very much important to determine the most worthy assets which are required to invest in business operation. Bottleneck Analysis Budgeting process also creates focus on the bottleneck whether to increase the capacity or to shift work. PART B Amount 000 Calculation of Payback Option A Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Net Cash Flow -1320 990 660 495 330 330 Cumulative Cash Flow -1320 -330 330 825 1155 1485 Payback Period (year) 1.5 Option B Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Net Cash Flow -1650 578 660 825 1073 1155 Cumulative Cash Flow -1650 -1072 -412 413 1486 2641 Payback Period (year) 2.5 According to the payback period, Victorplc should select Option A because it has lower payback period i.e. 1.5 years. Calculation of ARR Option A Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Initial Investment -1320 Cash In Flow 726 396 231 66 66 Average Accounting Income 297 ARR 23% Option B Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Initial Investment -1650 Cash In Flow 248 330 495 743 825 Average Accounting Income 528.2 ARR 32% Option B has highest ARR i.e. 32%. So, it can give more annual income. Therefore, the company should select Option B. Calculation of NPV Option A Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cash Outflow -1320 Cash Inflow 990 660 495 330 330 Discount Rate 15% 0.8695 0.7561 0.6575 0.5717 0.4972 Present Value 860.87 499.05 325.47 188.68 164.07 Total Present Value 2038.14 Net Present Value 718.14 Option B Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Cash Outflow -1650 Cash Inflow 578 660 825 1073 1155 Discount Rate 15% 0.8696 0.7561 0.6575 0.5717 0.4972 Present Value 502.61 499.05 542.45 613.49 574.24 Total Present Value 2731.84 Net Present Value 1081.84 Option B has NPV more than the Option a i.e. 1081840. So, option B should be selected. Calculation of IRR Option A Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Net Cash Flow -1320 990 660 495 330 330 IRR 43% Option B Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Net Cash Flow -1650 578 660 825 1073 1155 IRR 37% The IRR of Option A is more than the Option B i.e. 43%. Therefore, the company should select Option B. Recommendation according to the various appraisal method Playback Period Payback period is calculated to find out the span of time needed to recover the cost of investment (Daly and Barkakati, 2010). According to that the decision is taken whether to undertake the project or not. Longer the payback period is not suitable for investment. When two or more projects are considered in capital budgeting, the project having shortest payback period is accepted because it can recover the initial investment of project quickly Strengths According to Payback period approach, all the cash flows are forecasted from the project which it will earn in future. The period of recovering the cost of project is calculated. This method is usually applied by the business to set a limit of time within which the cost should be recovered. The one of the important advantage of Payback period is that it is simple to calculate. Under this method, it is not required like other methods of capital budgeting to convert all the expected cash flows into present value adjusting the discounting factor. The calculation is straightforward. All the expected cash flows are added and then the initial cost of the project is subtracted from that. The payback period method is associated with the short time prospect. This approach implies that the project will generate cash shortly and the initial cost will recovered within the shortest time. So, the risk is lower. Weaknesses Payback period method does not consider time value of money. Discounting factor is not applied to discount the expected cash inflows. But, in real economy, the value money is affected by the time. The cash flows are expected to earn but the value is expected for future may be less in present time. Also, the inflation is not adjusted in this approach. But, the inflation has greater impact on economy. The risk of recovering cost is minimized by this method. The risk is less for short-term oriented project. But, the risk is more for long-term oriented project. The organization may earn more return from a high risky project. According to Payback period method, the project having short payback period is better for the investment. The organization can earn any other benefits after the end of payback period which is ignored by this method. So, it does not measure profitability. If the organization a short time limit, it may miss the future benefits of the project. Accounting Rate of Return ARR determines the annual income that can be earned from the project (Marlowe et al., 2009). For the calculation of ARR, average accounting income is divided by the average investment of the project. If ARR is same to or more than the required rate of return, the project is selected. In the situation of mutually exclusive, the project with highest ARR is selected. Advantages ARR is also simple to calculate like payback period method. ARR considers the profitability factor. Disadvantages Likewise Payback period, it also does not consider time value of money. The calculation of ARR can be done in various ways. Consistency is the problem of ARR. In ARR method, accounting is used except the cash flow. If the maintenance costs of a project are high, it is not perfect for the investment because cash inflows influence the viability. NPV Net Present Value is the current value of future cash flows expected from an investment option including residual value, if any, less the initial outlay of the project (Peterson and Fabozzi, 2002). In capital budgeting, the profitability of an investment option is measured by the NPV. It is one of the most reliable methods because time value of money is adjusted by using discounted cash inflows. To calculate the NPV, first the expected cash inflows are converted into present value with discounting factor. The net cash flows may be equal or may different. If they are equal, annuity formula is used to calculate the present value. In case of different cash flows, all the cash inflows are converted in present value individually. Strengths The strength of the Net Present Value is NPV always gives importance to the value of money in respect to time. NPV always calculate the cash inflow of the present value. In Net Present Value, it calculates both the cash flow to find out whether to invest in the project or not. The Net Present Value always gives high priority to the profitability (Pike and Neale, 2009). If the financial analyst calculate and found that the project return is less, the financial analyst will not allow investing in that project. It also gives high priority to the risk factor of the project. Limitation The cash flows for the future are estimated and it may different from the actual figures (Wyatt, 2012). It is the main drawback of NPV. This is due to the assumption of discounting rate. The use of Net Present Value is very difficult. In the Net Present Value, it is very difficult to find the accurate discount rate. The Net Present Value sometimes does not give the correct calculation, when the life of the project is unequal. IRR It is known that IRR can be employed if the company knows the investment cost and annual cash flows. Therefore, the company can determine the accurate rate of earnings that can deliver the expected return at some point of time that is five years. The company, Victorplc by applying IRR can disclose the high rate of return that can be generated from the project. Apart from that, the company need to study the market condition to whether the market feasible for the production of proposed project or not. The market will let know about the cost of raw materials, labour cost, numbers of competitors, etc. Therefore, it will help the company to take effective decision and gain much expected higher benefit from the project. On the other side, in order to improve the analysis, the company may need to acknowledge all the cost related to building cost, installation cost, raw material cost, manufacturing cost, etc so that exact return can be evaluated in order to be sure that production of the mac hines can ensure expected return. Moreover, in accounting IRR methods, the company need to determine the value of cash flow after tax so that exact valuation can be identified and ensuring effective return rate (Berk and DeMarzo, 2009). Apart from that, cash flow analysis can be useful in analysing decision. The company may need to estimate the cash outflow that is expenditure and also the cash inflows that is revenue which will help in analysing the net cash that may be available in the project. Therefore, the company can be able to take decision on the available projects. Recommendation It is known that investment decision technique is effective for any business to take identify the project that can ensure high return. Therefore, in order to analyse the decision two capital budgeting techniques has been used that are discounting method which relate with the Net Present Value and the non-discounting method which relate to Pay Back period (Pogue, 2010). The discounted method is effective in determining the stock value and the also provide details that how much company can accumulate cash after meeting all financial obligations. Apart from that, non-discounted method can be too effective in analysing the project decisions and the company can be able to know the expected time period to recover the invested amount. On the other hand, both the capital budgeting methods comprises some strengths and weakness that can be related with the investment decision. Therefore, the company may need to consider the major weakness before making up any decision so that higher benefit ca n be received and increasing cost can be controlled. Thus, the strength and limitation of the payback will be discussed along with the strength and restriction of net present value so that extracted analysis can be improved. In case of independent project or a single conventional project both IRR and NPV provide same indicator about whether to accept or reject the project (Smart, Megginson and Graham, 2010). But the conflict arises for mutually exclusive project. It can be observed that one project higher NPV while the other has a higher IRR. The relative size of the project and the cash flows distribution of project are different. So, the conflict arises. When facing such situation, the higher NPV project should be accepted because NPV is an absolute measure (Watson and Head, 2011). Through NPV, the investment options can be ranked in terms of exact monetary value. According IRR, the investment options can be ranked in terms of best investment return. So, it is a relative measure. On the other hand, firm or organization can employ Internal Rate Return (IRR) to avoid the drawback of NPV which arises due to discounting factor. So, for the budgetary process, organization needs use both NPV and IRR as inves tment appraisal process. References Berk, J. and DeMarzo, P. (2009). Corporate finance. Upper Saddle River: Pearson Education. Bhimani, A. (2012). Management and cost accounting. Harlow, England: Financial Times/Prentice Hall. Daly, K. and Barkakati, N. (2010). Financial management systems. [Washington, D.C.]: U.S. Govt. Accountability Office. Drury, C. (2012). Management and cost accounting. Andover: Cengage Learning. Epstein, M. and Lee, J. (2009). Advances in management accounting. Bingley: Emerald Pub. Fields, E. (2011). The essentials of finance and accounting for nonfinancial managers. New York: American Management Association. Horngren, C. (2011). Introduction to management accounting. Upper Saddle River, N.J.: Prentice Hall. Marlowe, J., Rivenbark, W., Vogt, A. and Vogt, A. (2009). Capital budgeting and finance. [Washington, D.C.]: ICMA Press. Peterson, P. and Fabozzi, F. (2002). Capital budgeting. New York, NY: Wiley. Pike, R. and Neale, B. (2009). Corporate finance and investment. Harlow, England: Financial Times/Prentice Hall. Pogue, M. (2010). Corporate investment decisions. [New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert Press. Seal, W., Garrison, R. and Noreen, E. (2009). Management accounting. Maidenhead: McGraw-Hill. Seal, W., Garrison, R. and Noreen, E. (2012). Management accounting. London: McGraw-Hill Higher Education. Shim, J. and Siegel, J. (2009). Budgeting basics and beyond. Hoboken, N.J.: John Wiley Sons. Smart, S., Megginson, W. and Graham, J. (2010). Financial management. Mason, Ohio: South-Western. Watson, D. and Head, A. (2011). Corporate finance. Harlow: Financial Times Prentice Hall. Weetman, P. (2010). Management accounting. Harlow, Essex, England New York: Financial Times/Prentice Hall. Wilks, C. and Burke, L. (2008). Management accounting - decision management. Amsterdam: Elsevier/CIMA. Wyatt, N. (2012). The financial times essential guide to budgeting and forecasting. Harlow, England: Pearson. Young, S. (2012). Readings in management accounting. Boston: Prentice Hall.

The Marketing Concept

Abstract The marketing concept remains a fundamental parameter of marketing that makes organizations meet the needs and wants of their customers thereby surviving and flourishing in the dynamic market. Organizations should treat customers as Kings that is giving them the first priority in all their activities. In laying marketing strategies, organizations ought to consider the tastes and preferences of their customers.Advertising We will write a custom essay sample on The Marketing Concept specifically for you for only $16.05 $11/page Learn More This will enable them to produce services and goods that fit into the customers’ bracket of needs and wants. If this process continues, customers’ satisfaction will be assured leading to attraction and maintenance of customers. Since most firms target profit maximization as their main objective, they will also meet the set objectives in the end thus gaining competitive advantage over their competito rs in the marketing environment. This essay will analyse the relationships that exist between satisfaction of customers’ needs and the organizational needs. It will analyse the marketing concept form a historical perspective and analyse the elements that an organization can do to satisfy its customers. In marketing, customers are the most vital aspect since the main objective is to satisfy their needs. The entire organization should understand and uphold the marketing concept as it is not a single domain of the marketing department (Bell, 2010, p. 27). Success in businesses requires an inclusive approach from all the departments. Every manager and employee should put the customer’s needs and satisfaction in the frontline. The marketing concept and philosophy is involved in product, selling and marketing. Product philosophy enables the organization to know what it can produce and what it cannot produce. It can put emphasis on high quality products with low cost of produ ction. This philosophy does not lead to poor sales; instead, it creates more market for products made than before. During the industrial revolution, the production was extremely low as goods were made using hands, but the goods were still marketed. Customer’s satisfaction was extremely low because of low and slow production that led to low market. Currently, there is mass production, but it has not covered all customers’ satisfaction.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, it has created economies of scale thereby leading to low cost of production and low price of goods (Hooley et al., 1995, p. 10). This implies that the production philosophy can work in a newly established industry. According to Henry Ford, different colour of products can increase the cost of production, which leads to more market. He argued that to get more customers, one should lower pric es for goods (Cochran, 2003, p. 15). During the Industrial revolution, there was an increase in the volume of products; this prompted the need for a marketing department that will focus on selling of the goods. Increase in supply and production brought to an end the surplus production leading to advertising and personal selling to reduce inventories and increase sales. Additionally, it enables the organization to focus on the production work, and sell whatever property they produce. Nevertheless, distributing goods according to the consumer’s preference is easier. Further, a good sales department cannot meet the needs of all customers since the customers have many choices. It struggles to make the organization understand the customers before designing and making products. When needs and wants of customers are included in the production work, the organization will increase sales since they will meet the customer’s preference thereby maximizing its profit. The management in organizations should be skilful in order to understand their customers, as this is the key to quality service provision (Cochran, 2003, p. 17). In environmental scanning and forecasting, firms should be able to foresee the needs of their customers. This approach will help organizations meet and exceed the expectations of their customers. In addition, organizations that understand the needs of their customers will be able to alter their services and goods in line with the customers’ change in tastes and preferences in future.Advertising We will write a custom essay sample on The Marketing Concept specifically for you for only $16.05 $11/page Learn More They can do this without any challenge of reorganization or loss since they keep continuous contact with their customers. Markedly, continuous contact with customers requires an attentive management that can listen to complains that customers raise and reward perennial ones; this increases their loyalty to the business. Major business organizational units aim at surviving in the market. How a firm manages its working capital determines its financial health or status. Strategic working capital policies should be available to ensure that the firm will make profit even during a financial crisis. This management helps to generate new capital to settle future debts. A good management of working capital can also make it possible for firms to engage in risky ventures, which have huge returns (McClelland, 1995, p. 97). Therefore, it encourages investment options that can fully satisfy the needs of the customers. Secondly, organizations target growth and development of their internal services in terms of institutional and professional competency, innovations in products and services and customer growth. Firms also aim at fostering strong relationships among its external networks. Lastly, another organizational need is serving and uplifting all its stakeholders; for instance, an org anization can engage in Corporate Social Responsibility (CSR) to make changes in the world. It can also encourage its employees to work towards achieving their life objectives through continuous training on life skills. Customers will also like an organization that educates them on the content of various products and how to use them. For organizations to understand their customers, they should try to be in the customers’ shoes, use various organizational data, or even ask the customers on what they think on productivity and service provision. Using the Customer Relationship Management system (CRM) can assist firms to understand the needs of their customers. This data shows how customers take orders and how quick the company delivers these orders. CRM systems contain information on consumer behaviours and preferences that can help an organization to identify various needs of its customers’ thereby increasing profitability (Mckitterick, 2000, p. 21). If an organization u tilizes this data carefully, it can improve in customer satisfaction and retention.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A customer survey can also be helpful to an organization that is interested in meeting the needs and wants of its customers. In engaging customers in a satisfaction survey, they feel more valued than in another firm that does not inquire on their views and contributions. Notably, a firm can gain meaningful insights if it goes ahead to inculcate the views of customers when making improvements or changes in their services. Such a scenario will increase customers’ loyalty, which makes it easier for the firm to understand the needs of these customers hence tailor its products towards satisfying these needs. Evidently, such a marketing strategy will alter the performance of a firm since the customers will be able to inform the organization of the behaviours that they feel should be altered. For instance, customers can inform the organization of bad behaviours among its staff only if they are close to the management. If the management can proactively consult its customers, it will be able to correct its wrong doings that could have caused dissatisfaction to customers. Moreover, an organization can opt to be in its customer’s shoes. In this manner, the management will study the points at which the customers access the enterprise. Some of these points include deliveries, phone calls, and correspondence; the management should scrutinize if there is immediate responses to phone calls and the friendliness of its receptionists. The slowness in handling customers’ complains coupled with the arrogance of the receptionist can be the reason behind customers’ dissatisfaction. To avoid losing customers, the management should try to put the interest of its customers at the forefront by addressing their complaints promptly (Mckitterick, 2000, p. 23). Further, the firm should deliver on it promises and even surpass the customers’ targets. All the departments in an organization should focus on surpassing the expectations of the customers. Understa nding the customers remains a secret that businesses can use in identifying the needs and wants of its customers thereby enhancing satisfaction among the customers. Markedly, a firm will realize and surpass its organizational goals of continuous expansion and growth in the market with continuous loyalty of customers. In meeting the customers’ needs, businesses should design products and services that are affordable, attractive, work well and always available. They also engage in product promotion to alert consumers on the existence of their products hence encouraging them to purchase the products. In the current market, customers tend to adopt the new technological systems such as online shopping. An organization should upgrade its information management system in order to be in line with the requirements of the customers. First, organizations with updated Information Management (IM) have all their data well managed in the systems. This information management fosters growth, as it reduces the cost of operation (Bhatt, 2010). Organizations can develop websites that can promote communication. For example, pizza companies have designed a website where their customers can order their own pizzas from the stores. Since organizations handle large volumes of data, there is the need to employ the Information Technology in ensuring proper data storage. Organizations handle clients’ data, employees’ data, managerial data, suppliers, and procurements data amongst others. There is the need to align these pieces of information for easy access by the prospective owners and the organization. This is where the Information management is applicable. Research has revealed that businesses that have a well-organized and managed data improve customer satisfaction minimize cost on IT thus increase revenue and realize improvement on operational efficiency. Further, a properly managed IM eliminates decisions based on assumptions as the information can be retrieved within the shortest time possible; it enables organizations understands their customers’ behaviours and preferences. This enables organizations to serve their clients well and even retain most of them (Bhatt, 2010). IM also increases efficiency as customer care agents can access clients’ data at an instant. Business outlets are inculcating technological modifications into their systems in order to increase their efficiency and reduce the cost of operation. Organizations should use specifications or approaches that they can undertake. Remarkably, the success of Information Management depends on their alignment and integration with the Human Resource (HR) and organization’s objectives. Clearly, an organization that tends to meet the meet the needs of its customers will actually meet its strategic goals and objectives. The customer service department in an organization can assist in attracting, serving, and retaining customers by applying proper knowledge managemen t techniques. Knowledge Management (KM) can assist a firm to predict the future behaviour of its customers in terms of their tastes and preferences. Therefore, KM and environmental forecasting can help a firm to save on the cost of production; therefore, it can direct these funds in expanding its services to occupy large market area (Pride Ferrell, 2002, p. 45). Such a firm will avoid wastage on producing goods or services that will not receive positive market response. Understanding the needs of customers is the job of all departments in an organization. From the above analysis, businesses should put more resources on researches that aim at learning the needs of their customers. Customers remain the epicentre of all businesses since without them, no transaction will occur. Organizations should pay immense attention to the behaviour and complaints of their customers to ensure continuity. An organization that is updated on technology, provides a variety of products, and interacts fr eely with its customers will satisfy the needs of its customers. This act will increase profitability of the organization. The firm will use the profit to expand its services and invest in other risky, but profitable ventures. Therefore, organizations that align their strategic objectives towards customers’ satisfaction will achieve their missions. References Bell, M. L. (2010). Marketing; Concepts and Strategy. University of Minnesota: Houghton Mifflin. Bhatt, Y. (2010, March 1). Information Management: A Key for Creating Business Value. The Data Administration Newsletter – TDAN.com. Retrieved from http://tdan.com/information-management-a-key-for-creating-business-value/12829 Cochran, C. (2003). Customer satisfaction: tools, techniques, and formulas for success. Chico, Calif.: Paton Press. Hooley, G. J., Lynch, J. E., Shepherd, J. (1995). The Marketing Concept: Putting the Theory into Practice. European Journal of Marketing, 24(9), 7-24. Web. McClelland, S. B. (1995) . Organizational Needs Assessments: Design, Facilitating and Analysis. Atlanta: Greenwood Publishing Group. Mckitterick, J. (2000). What is the Marketing Management Concept?. Chicago: Houghton Mifflin. Pride, W., Ferrell, O. C. (2002). Marketing: Concept and Strategies. Abingdon: Deep Deep Publications. This essay on The Marketing Concept was written and submitted by user Fernanda R. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.