Managers Need to Know how to Budget - 1862 Words

Knowing about finance can help managers and leadership significantly because it allows them to understand the needs for budgeting. This revolves around income statements, balance sheets, cost of goods and earning statements. I have learned more information on how budgeting, if done correctly, can help reduce debt significantly. Knowing the important functions and goals of financial management can help organization thrive because their leadership and department managers understand the issues that can arise from not knowing the importance of goal settings. Making finance decisions can break or make a company because it allows the organization the ability to be able to analyze the impact of various financial decisions. This includes financial planning, which is put in place to help organizations to overcome obstacles and challenges through strategic financial decision making techuqies. A few factors that should be looked at are business-side focus, funding sources and operating surplus, which will be briefly explained in the paragraphs to come. Managing operational budgets have two main factors that must be looked at to make sure the organization is kept running efficiently and effectively. These factors are known as compound and contents of an operating budget plan. Capital budgeting will be briefly discussed below as well. I will also be reflecting on what I have learned throughout this course by explaining roles of ethics and professional responsibility. First financialShow MoreRelatedThe Cost Of The Sales Revenues For The Coming Year1447 Words   |  6 Pagesacceptable level of profit. 3. This budget for the whole company s cost is then broken down by division, department or by cost centre. 4. The budget may then be broken down further so that each manager has a budget and therefore some spending power. In a business start-up, the budget should provide enough spending power to finance vital needs such as building work, decoration, recruiting and paying staff, and marketing. If a manager overspends in one area, s/he knows that it is essential to cut backRead MoreEvaluating A Communication Chart And Review1292 Words   |  6 PagesProject a) The first thing we need to consider is the budget. How many people are going to be there and how much we need to spend. b) Build a communication chart and review it to ensure that you are communicating well with your team. You need to make the resource plan to ensure that you have identified the resources required. c) Actions Objectives KPIs Stakeholders Code of conduct Risk analysis Task completed by whom and when Preparing budget To find out how much we need to spend on catering andRead MoreA Complete Task Administration Attitude Goes Past System Essay1082 Words   |  5 Pageson time, extension, and plan. Enhancing hierarchical execution relies on getting more fulfilled through ventures. Simply what gets fulfilled and how goes under the domain of force and governmental issues. Associations by their inclination are political. The political procedure is dependably at work in associations. To be compelling, venture chiefs need to end up politically touchy. Force is the capacity to cause or keep an activity and get things going. Since venture administration is about gettingRead MoreOperating Budgets670 Words   |  3 PagesOperating Budgets Your Name ACC206 Instructors Name April 09, 2012 Operating Budgets An operating budget for a company is a budget that the company operates by. Without this, the company could spend too much money leading them into a bankrupcy or could spend too little money and could cut into the loss of potential sales. The operating budget helps a company maximize its maximum potential without falling in a hole that it cannot climb out of. The operating budget is part of the companysRead MoreTotal Cost Of The Project Costs1499 Words   |  6 Pagesfrom VAC (If there is a shortfall, please explain how the remaining funds will be secured.) $700.00 List specific project costs/items to be paid for by VAC funding Costs To Be Paid for VAC Amount Salaries $150.00 Administrative costs of project $50.00 Translation $125.00 Equipment rental cost $200.00 Rental of sound system $200.00 Total Funding Requested (C) $725.00 The other samples that is also similar with this one is : 1. Simple Project Budget Youth-led Research on Civic Engagement Grant CandidateRead MoreBudgeting Is The Most Important Parts Of The Project Planning Process1013 Words   |  5 Pagesimportant parts of the project planning process. Projects that come in at or under budget when completed depends on it. Poor planning will lead to budget crisis - where the project could end up costing double or triple times the budget and delay the opening of a facility or business by that same token; time is money. As Dr. Pace mentions, had the planners of the Irwin Army Community Hospital paid attention to the budget planning, the sponsor might have realized the short comings of that project (G.Read MoreA Traditional Budgeting Approach : Incremental Budgeting Method1625 Words   |  7 Pagesperiod, so it may cause an unnecessary expenditure. The deficiency of incremental budget has been improved to some extent by fixed budget. A fixed budget is a financial plan that remains unchanging, irrespective of the levels of activity (Wouters, Selto, and Hilton, 2012). The Admi nistrator provides fixed targets and allocates them to the suitable organization unit or individual in an independent mode. Fixed Budget is suitable for the business where there are less opportunities of fluctuations inRead MoreHow Do We Get Project Managers At Think Beyond Basic Project Goals?1629 Words   |  7 PagesHow do we get project managers to think beyond basic project goals? By remembering that creative assignments are a set of accomplishments beyond being on-time and on-budget. One of the reasons why I hesitate on the traffic manager approach to managing creativity, is that if you ask any traffic manager (and albeit many project managers) what determines a project s success, you are going to hear the single repetitive mantra of being on-time and on-budget. Traffic managers are good at gettingRead MorePrepare and Monitor Budget949 Words   |  4 PagesElement 1 Prepare Budget Information Research Assignment. 1. Mountain View Hotel organisational chart, profit or cost center and people who are involved in the budget committee. People who involve in budget committee are: General Manager, Resident Manager, Sales and Marketing Manager, Food and beverage Manager, Hotel Accountant, Maintenance Manager, Front Office Manager and Housekeeping Manager. 2. As the Executive Chef you are responsible for developing your activity centers budget. The generalRead MoreAn Agency Producer : A Project Manager937 Words   |  4 PagesKeeping all departments on budget and within the timeframe is the agency producer’s job. An agency producer follows a project from the starting point all the way to the end when it is delivered to the client. An agency producer is sometimes referred to as project manager, production manager, or account manager (F. Morales, personal communication, November 5, 2015). But these roles are different, a project manager focuses more on the planning of the project, a production manager focuses on the execution

Information Technology and Computer Science †MyAssignmenthelp.com

Question: Discuss about the Information Technology and Computer Science. Answer: History of Software Licensing Till the year of 1980 there were less number of licensing strategy beyond the purchase and selling of software program hoping the fact that it would not be copied anymore (Ito, 2012). Previously some methods of protection were developed in which programs were written into disk which were hard to copy (Schwalbe, 2015). Later on flexible methods were developed which needs hardware USB dongles which contain licensing information and after that it put into the user system and can be easily detected by various system software before it comes into action. Free source license is a software from which various source codes can be easily released. It actually relates to the method of creation of software by making use of one or many programming based language. Free source software was developed in such a way that it can help a large number of users. Propriety software generally consist of software which is licensed by various copyright holders. Various users are allowed to use software but they are not allowed to make any changes. Proprietary software is also known as closed source software in which original source code for any software is not available. History of Information Technology Information technology has been around for a very long period of time. People has been around information technology because of the method of communication which is available at a given point of time (Bently Sherman, 2014). There have been four main stages which has been divided the whole information technology which are premechanical, mechanical, electromechanical and electronic. In present day IT has played an important role in integration of various plans of an organization. It is used in wide number of sectors like communication, inventory management, data management, management of information system, management of customer relationship and many other things. Intellectual Property Intellectual property in general refers to creation or building up of minds, invention and artistic works which consist of symbols, names and images. There are generally two types of intellectual property which are industrial property and copyright (Coeckelbergh, 2013). Various organizations round the globe have made use of their intellectual property for making use of their privacy, signal and protection time and date for the protection of clients on cyberspace. Ethics of information technology Ethics is a method which consist of various moral principles. It ultimately affects the way how people take decision in a situation and lead their lives. The world is adopting new technologies as the need of ethics which is used for proper growth of it. Information technology gets it recognition after the proper launch of various office for various system. Conclusion From the above discussion it can be concluded that software licensing has played a key role in buying and selling various software programs. Role and importance of free source license has been discussed in brief. After that the history of information technology has been discussed in details. Concepts related to intellectual property and the ethics of information technology has also been described. References Bently, L., Sherman, B. (2014).Intellectual property law. Oxford University Press, USA. Coeckelbergh, M. (2013). Drones, information technology, and distance: mapping the moral epistemology of remote fighting.Ethics and information technology,15(2), 87-98. Ito, M. (2012).Engineering play: A cultural history of children's software. MIT Press. Schwalbe, K. (2015).Information technology project management. Cengage Learning.

McDonalds Success

Table of Contents Introduction Business-level strategy Corporate-level strategy Competitive environment Slow-cycle and fast-cycle markets Conclusion Reference List Introduction McDonald’s is one of the most successful corporations worldwide. This fast food restaurants chain includes more than 30,000 restaurants which serve to around 70 million people in all parts of the globe (2012 annual report, 2013). The corporation’s revenues are more than $27 billion and the growth is steady as the revenues increase each year (2012 annual report, 2013).Advertising We will write a custom research paper sample on McDonald’s Success specifically for you for only $16.05 $11/page Learn More It is also necessary to note that the company was once a family owned business operating in one US state. At present, this is a publicly traded corporation which is operating in 118 countries (Williams, 2010). This success suggests that the company has impleme nted effective strategies at different levels, which enables it to be the leader of the market even though its major competitors have also achieved a lot. Business-level strategy Business-level strategies focus on the company’s relationship with its customers (and potential customers) and its competitors. When it comes to a corporation, business-level strategies are used to address the needs of customers in specific markets, countries, areas (Hitt, Ireland Hoskisson, 2012). One of the major strategies at the business level is development of proper relationships with customers. Hitt, Ireland and Hoskisson (2012) note that it can be effective for a business to employ the strategy at three different levels, i.e. reach, richness and affiliation dimensions. This approach helps develop proper relationships with existing and potential customers. Hence, the reach dimension is concerned with developing strategies to access and connect to customers. At this dimension, the company can focus on introducing new services to customers. Clearly, the company should continuously monitor the needs of its existing and especially its potential customers. It is essential to understand who these customers are and what they are seeking for. It is also important to understand how to let them hear the message. Introduction of new services will attract new customers. Admittedly, each market and each area needs a unique approach and numerous characteristic features of people living in this or that region should be taken into account. The richness dimension dwells upon the degree to which connection between the company and the customer can develop. In other words, this is about the information flow between the customer and the company. This dimension also involves monitoring and research.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The company should make sure that customersà ¢â‚¬â„¢ ideas can be heard and brought to reality. The use of social networking can be a good tool to make it possible as customers can share their ideas and address the company at any time. The affiliation dimension is concerned with developing customers’ loyalty. Thus, it is crucial to make sure that customers’ aspirations are met. The two dimensions mentioned above focus on acquiring information and developing strategies to meet customers’ needs, whereas the third dimension is about control over implementation of the strategies utilized. The use of this three-dimension strategy will ensure long-term success of the company as loyalty of existing customers and attraction of new customers will enable the corporation to remain competitive. Corporate-level strategy At this level, the company should focus on numerous issues related to the development of the company as a whole unit. Thus, it should focus on the level of diversification, allocation of resources, poss ible cooperation with other companies (Hill Jones, 2012). These issues require special attention as they define the way the corporation will develop. It is also important to note that the corporation has to take into account its shareholders’ views at this level. Any corporation gives certain rights to its shareholders and the latter can affect the way the company develops. It is possible to work out an effective corporate-level strategy for McDonald’s. As far as diversification is concerned, the company should focus on regional features to win customers’ loyalty. Admittedly, the company has been associated with the American way of life. The company has attempted to change this image though it still persists. However, in the contemporary globalized world, this image can negatively affect the company’s development. Therefore, the corporation should work on development of a new image of a global fast food restaurant chain which meets requirements of the co ntemporary customer.Advertising We will write a custom research paper sample on McDonald’s Success specifically for you for only $16.05 $11/page Learn More The message to articulate worldwide is that the company enables people to eat fast, healthy and cheap food. Obviously, it is essential to pay special attention to regional peculiarities as each country has its own vision of healthy and fast eating. Allocation of funds is also of paramount importance for McDonald’s. Acquisition of real estate, development of new products, marketing and research require sufficient funding. Some companies try to reduce their expenditures limiting their research. This is counterproductive as profound research helps companies understand recent trends and work out appropriate strategies to address issues they face. These strategies will help the corporation maintain its leading position in the market as they will ensure the corporation’s development. C ompetitive environment The most significant competitor of McDonald’s is Burger King, which is a global corporation, operating in 79 countries. The food served in the restaurants of both corporations is quite similar as McDonald’s and Burger King specialize on hamburgers and serving fast food. It is necessary to note that the strategies employed are quite similar at all levels, though Burger King is less successful due to a number of mistakes. Clearly, effective corporate-level strategies are crucial for any corporation. McDonald’s has managed to develop consistent franchising policies which enable its franchisees to run their business successfully. More so, McDonald’s operates about 15% of its restaurants in the USA, and this rate increases when it comes to units in other countries (Williams, 2010). Therefore, it is possible to note that the control over management is quite significant. In other words, the corporation makes sure that restaurants follow th e necessary regulations accepted in this or that area. At the same time, Burger King has failed to build proper relations with its franchisees. The corporations’ policies concerning franchisees are not consistent and franchisees often deviate from certain norms.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Some aspects of cooperation between franchisees and the company are not properly highlighted in agreements, which also led to several legal issues (Williams, 2010). However, relations with franchisees are not the only flaw in the corporate-level strategies utilized by Burger King. Burger King’s expansion policies are also less effective than those employed by McDonald’s. Thus, McDonald’s is seen as a symbol of globalization (Williams, 2010). Burger King lags behind. The corporation is often accused of paying little attention to regional peculiarities even though the corporation is open to novelties. For instance, in Germany they sell beer and in the Middle East they offer kosher food (Smith Kraig, 2013). Nevertheless, people often claim that Burger King is still seen as an alien chain with no specific message or set of values (Williams, 2010). Though McDonald’s is still regarded as a restaurant symbolizing American ways of life, it is now more associated with globalization and modernity. Thus, McDonald’s has proved to be a more successful company in this area. Admittedly, the flaws of corporate-level strategies also lead to inefficient business-level strategies. Inconsistent corporate-level strategies are also associated with inconsistent business-level strategies as franchisees can be run poorly due to lack of knowledge and proper management. Franchisees can often fail to follow certain standards and this leads to poor quality of service and, as a result, customers choose other fast food chains. Furthermore, inability to understand the needs of customers living in this or that area also results in customer’s lack of loyalty. It is necessary to note that McDonald’s has more chances to be out of its competitors’ reach in the long run as the corporation employs efficient strategies which help the company develop and meet needs of the contemporary markets and its customers. Burger King may lose more points in the long run as their policies are often ineffective. There is lack of control and lack of development. Hence, McDonald’s is likely to be more successful in the long run. Slow-cycle and fast-cycle markets Noteworthy, evaluation of the two corporations’ success can differ in slow-circle and fast-circle markets. In a slow-circle market, where change occurs quite rarely, Burger King could be quite successful. The corporation has had a constant growth for decades. It was successful in the middle of the twentieth century. Of course, it is hard to say whether McDonald’s would be less or more successful than Burger King. The chances of the two corporations could be equal for a slow-circle market as they offer similar products and services. However, when it comes to a fast-circle market, McDonald’s is a leader exploiting successful strategies. The fast-circle market is characterized by changeability. At that, such markets change quite fast. For instance, the c ontemporary hospitality market can be seen as a highly competitive and changeable market as technological advances bring a lot of changes. Thus, new services are offered, new types of advertising is being used. Clearly, hospitality market is not as changeable as the market of mobile phones, but companies should try to keep up. McDonald’s successfully implements numerous changes, while Burger King is less successful in this respect. Thus, McDonald’s is often the first one to introduce new services while Burger King only responds to these novelties introducing similar products, services or strategies (Williams, 2010). Therefore, Burger King could not successfully compete with McDonald’s. At present, it is apparent that Burger King is losing points while McDonald’s is still a leader in this market. Conclusion To sum up, it is possible to note that McDonald’s is a successful corporation that utilizes effective strategies at corporate and business level . Successful implementation of these strategies has enabled the company to become the leader in the sphere. The company’s most significant competitor, Burger King, has inconsistent strategies and fails to implement changes in time. This contributes to the success of McDonald’s. It is necessary to note that the corporation has become a symbol of change, success and modernity, which contributes to its success worldwide. Reference List 2012 annual report. (2013). Retrieved from http://corporate.mcdonalds.com/content/dam/AboutMcDonalds/Investors/Investor%202013/2012%20Annual%20Report%20Final.pdf Hill, C., Jones, G. (2012). Strategic management theory: An integrated approach. Mason, OH: Cengage Learning. Hitt, M., Ireland, R.D., Hoskisson, R. (2012). Strategic management: Concepts and cases. Mason, OH: Cengage Learning. Smith, A., Kraig, B. (2013). The Oxford encyclopedia of food and drink in America. New York, NY: Oxford University Press. Williams, C. (2010). Management . Mason, OH: Cengage Learning. This research paper on McDonald’s Success was written and submitted by user Maria Lane 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.

Sadaksjdka Essays

Sadaksjdka Essays Sadaksjdka Essay Sadaksjdka Essay Accomplishment Report (This accomplishment includes your assessment of the activity conducted. The questions asked per item are just guides. You may look at other dimensions, but please retain the outline). Title of Activity/ Project____________Tree Growing Activity_________________ College/ Unit___________COECS/ENG-107 NSTP 2______________ Date (s) Conducted______________March 1, 2013_____________________ Duration/ No. of hours/days_____February 8 –March 1, 2013 (7:00 10:00 A. M. )____ Total No. of participants__1__ Faculty ____Staff __32_ Students ____ Community . Background ? We have enjoyed the tree planting in the site we replaced the broken tree guards and recycled the broken tree guards to make a new one, we also cleaned the area and remove the tall grasses in the main site. 2. Target Beneficiaries ? The beneficiaries are the people in our community and also us too we can benefit to the trees that we planted as the days pass we will feel the fresh air filtered by the t rees we planted. 3. Objectives ? To enhance environmental conservation and stability ? To conserve the beautiful scenery of our nature To maintain the ecological balance 4. Insights/ Lessons Learned ? We learned that planting good deeds is like planting trees. What we plant, we reap. The mahogany saplings sown will turn into healthy and shady trees, ensuring timber and clean air for all of us. And when we do kindred and selfless acts, we foster brotherhood, and nurture good will among our fellowmen. Moreover, our lives have and will have more meanings. 5. Recommendation ? I wish to have more time for this activity for us to do more things and help the environment. And also we would want to do this activity in other places so we would return the better environment we had ever before. Submitted by:Noted by: ENG-107Mr Frederick Andal Sydney D. Bajenting ENG-101N Ang kabataan noon at ngayon Ang kabataan noon at ngayonay may maliit lamang na puwang sa kanilang pagkakalayo sa kilos, gawi, ugali, pananamit, damdamin at iba pang bagay. Sinasabing ang mga kabataan noon ay higit na magalang, masunurin at mabait di-tulad ng mga kabataan ngayon. Lubhang taimtim sa puso’t isipan nila ang kanilang ginagawa; sa kabilang dako, ang kabataan ngayon ay may mapagwalang-bahalang saloobin. Lalong masinop sa pag-aayos ng katawan at pananamit at lubhang matapat sa pagsunod sa batas ang mga kabataan noon, kaya wika nga, ang kabataan noon ay hubog sa pangaral at kababaang- loob at ang asal ay ipinagmamalaki ng lahat. Kaiba naman ang mga kabataan ngayon. Mulat  sila  sa makabagong panahon kaya higit na maunlad sa pangangatwiran na kung magkaminsan ay napagkakamalang pagwawalang-galang sa kapwa. Lubhang mapangahas sa mga gawin at mahilig sa maraming uri ng paglilibang. Napakatayog ng mga mithiin nila at higit na maunlad ang tunguhin. Marami rin ang magkasimbat at magkasinsipag sa mga kabataan noon at ngayon. Ang kabataan noon at ngayon ay pag-asa ng bayan natin. Kapwa  sila  makabayan, mapagmahal, matulungin sa mga kaangkan at may mga mithiin a  buhay. Ang pagkakaiba ay ayon sa lakad ng panahon. Hindi ba’t mayroon tayong â€Å"Sampung Lider na mga Kabataan† na pinipili taun-taon? Sila  ang saksi sa ating pinakamahuhusay na kabataan noon at ngayon. Yun lamang po at maraming salamat sa inyong paglalaan ng konting oras muli maraming salamat at magandang umaga. Read the original from:  Talumpati: Ang Kabataan Noon at Ngayon  http://thedailyblend. net/talumpati-ang-kabataan-noon-at-ngayon-1729. html#ixzz2Ntf3YM3x   Under Creative Commons License:  Attribution

Strategy Development in the Global Oil, Gas and Petrochemical Industry Essay

Strategy Development in the Global Oil, Gas and Petrochemical Industry - Essay Example However, with the passage of time, the company realised that they had to compete with other companies in the global arena. Oil companies such as Exxon were giving Shell a run for their money because they were globally managed. In order to respond to this trend, the company opted to change its corporate governance style. They opted to control almost all their downstream sectors through their headquarters in London and The Hague. (Shell, 2008) Corporate governance within Shell had been carried down from almost a century of its existence. In certain scenarios, some critics have argued that this form of structure has cost the company in a number of ways. This is largely because shareholders in the company do not have as much clout as members of the board. The disadvantage of this structural approach can arise when the shareholders feel that their rights are in danger but can do very little to protect it. Bp has been faced with a number of corporate governance challenges. First and foremost, the company grappled with accusations from critics who claimed that it was doing business with a group that had been responsible for human rights abuses in the Baku Ceyhan pipeline. To add insult onto injury, BP was also faced with huge problems in its pricing strategies. This was especially seen in the United Kingdom. In Colombia, the Company was confronted with a law suit where it had been accused of colluding with terrorists to protect their clients. It lost millions of pounds in paying off that settlement. This goes to show that when companies make miscalculations and fail to implement ethical codes, they are the ones who pay for it through expensive law suits and tarnished images. Business ethics Companies need to have specified code of conduct and ethics principles that will guide their day to day practices. Shell as a company has well written down rules that assist employees in sticking to the company's goals and principles. Some of these codes of conduct include; honesty, trust and integrity. While stakeholders and employees may be well aware of rules, abiding by them is another issue altogether. (Zenobank, 2008) The enormity of this matter came to fore during the 2004 business ethics disaster; at that time, the company announced that twenty percent of all the oil reserves that it claims to have a hold to were overestimated. The revelation of such a matter brought shock waves within the Oil trading sector and even resulted in the company's poor performance. In response to this issue, the company changed its leadership structures. This business dismissed its managing Director - Sir Philip Watts and also changed their management structures. Besides this, the company also responded by providing opportunities for whistle blowers to report any irregularities through an official company website. (Beasnat & Cummins, 2005) BP also has a valid code of ethics and its company purports to a sound code of conduct. However, much like its counterpart Shell, the company seems to have fallen short of these high expectations. An example of how the company did this was when it hired an expensive public relations manager to create an Image of an

Analyzing the development of a web portal within an education setting Essay

Analyzing the development of a web portal within an education setting - Essay Example The purpose of the study The Internet has a profound effect on higher learning, and this effect is likely to develop in the current generation (Becker, 2005). Actually, in some aspects the internet is the current generation of instructors just as personal computers were in the previous generation. As a result, "web knowledge† will gradually become an ordinary tool of the exchange, and instructive web sites will develop to regular additions to classroom events (Becker, 2005). One of the improved ways to remain up to date with the development of education is to come up with a learning web site to present learners with the education syllabus and teaching learning resources (Becker, 2005). One benefit of publishing syllabi, as well as other learning resources on the web is that learners have all the time to access the resources (Preece, Rogers and Sharp, 2002). In addition, teachers can put review questions on web pages containing information on class assignments, study tips, gradi ng, among others (Preece, Rogers and Sharp, 2002). By printing these resources and information on the site, teachers avoid repetition of questions all through the academic period (Preece, Rogers and Sharp, 2002). Therefore, this study aims at analyzing the development of a web portal within an education setting (Preece, Rogers and Sharp, 2002).... Documents presented on the portal areas usually updated in libraries available with current research findings. Finally, simulation of real life is also presented to the learners through the web portal (Preece, Rogers and Sharp, 2002). A web portal gives information that is assorted in a combined manner. These are sites of information, which developed during 1990s and in 2000 (Preece, Rogers and Sharp, 2002). A web portal operates just like an investigator or explore engine, however, this portal has several features or purpose than the search device itself (Becker, 2005). A web portal, provides information a researcher wants to discover or search, as well as certified web portal. Apart from this, it also provides email internet services, entertainment cites to the users (Cappel and Huang, 2007). This portal can be defined as a website that presents reports together from different sources in an even manner. Normally, every information port acquires its dedicated part on for presenting information. Usually the researcher can figure out which presentation is important to search (Palmer, 2002). Web portals can be classified in to group’s horizontal and vertical web portals. The horizontal portal is usually used in several companies as a platform in economic issues or manufacturing issues. The vertical portal is a specific entry point for markets a given subject or a given interests. Therefore, the horizontal portal covers several areas, while the vertical portal covers specific areas (Pang, et al., 2009). The web portal has the following major functions; search, navigate, provides information or manages content, personalization, push technology, management of tasks, conducts the integration of applications and organizes business infrastructure (Pearson and

Influences on Consumer Behavior for Mobile Phone Choice

Influences on Consumer Behavior for Mobile Phone Choice INTRODUCTION With the passage of time, advents in technology have given new meanings to almost everything around us. Every preconceived notion and idea has been forced to go through a metamorphosis to keep in line with the growing pace of change. This tidal wave of change has surely altered communication drastically. The new advances have led to addition of many new forms which came about as a revolution. The communicative revolution that concerns us is actually the third wave, according to which information can now be transmitted through electronic signals and controlled waves present in the air around us. A mobile phone is an electronic device which is used in two way communication. To make use of a mobile phone, connection to a cellular network is required which is an interconnection of base stations through which signals are transmitted, hence the mobile uses those signals to forge and maintain connection. A user using a mobile phone can make or receive telephone calls to and from other cellular networks and also fixed line phones worldwide. Each mobile phone holds a subscription with a cellular network which then connects it to a mobile network operator and thus lets communication to flow freely. Mobile phones are not used for calls only, especially modern mobile phones. They offer a wide variety of communicative services such as: text messaging sending and receiving emails voicemails accessible through voicemail inbox access to internet MMS (Multimedia Messaging Service) interactive games connectivity through Bluetooth and/or USB, infrared music player camera GPS (Global Positioning System) With the influx of countless models of mobiles in the UK market, with minor or significant differences in features, generally they are categorized into two groups. We have feature phones, which are normally characterized as low end mobile phones having less functions, whereas at the other extreme we have Smartphone which are high end phones with sophisticated, computing capabilities. Hence the focus of this report is to discuss a Market Research Study with the aim of providing readers with a comprehensive insight into the factors that influence the consumer behavior when it comes to choosing mobile phones, particularly for UK market. Once the factors have been determined, this report will further shed light on the market research objectives as well as the main purpose and procedure for this proposed market research study. In addition to the aforementioned topics in this report you will also find ample information regarding how to conduct a qualitative and quantitative market research study explaining the finer points in detail. Also a proposed reporting research schedule and timing, fees and credentials will be a part of this report. The reports prime focus will be on the consumer influences because it is these factors that aid the consumer in making a rational choice when given several alternatives to choose from. The consumer would first have to have a need or a problem for the satisfaction of which a product would be required. In this case we have the purchase of a mobile phone. Hence factors influencing consumer behavior in choosing a mobile phone from the different brands will be considered. RESEARCH OBJECTIVES As the main research objective of this study is to identify the factors that influence consumer behavior at the time of choosing a mobile phone brand; hence, the primary research objectives are stated below which have been further subdivided into sub objectives to illustrate the point further. Primary objectives are: Demographic factors Psychographic factors Behavioral factors Following are the sub objectives providing explanation for each of the research studys objectives: Demographic factors: are those factors influencing consumer behavior which are the consumers factors comprising of age, gender, income, occupation, education, religion and nationality. Demographic factors are important as consumers belonging to similar demographics have alike buying patterns. Based on the research study result, researchers would know what brands are favored by the male or female consumers, also depending on the income and occupation which brands would be the choice for consumers. Psychographic factors: comprise of factors that are based on consumers social class, lifestyle and personality traits. A point to be noted is that same demographics may have very different preferences when it comes to psychographic structures. Some brands are chosen over others if they are better at portraying an image which truly reflects the consumers psychographics. Behavioral factors: are specifically related to the buyers habits and their attitudes towards different brands. Basically it comprises of components that tell about the consumers knowledge, attitudes and responses to a product. If the marketer has ample knowledge about these behavioral variables then it makes the research very informative. PURPOSE AND PROCEDURE OF THE PROPOSED RESEARCH METHOD AND DESIGN The prime focus of this proposed marketing research method and design is to be able to identify the significant factors that play an important role in influencing consumer behaviour in respect to choosing between different mobile brands, specifically in the UK market. In order to be able to collect genuine and authentic data this research design will incorporate both primary and secondary research study. Elements of the said primary research study will be utilised in the form of both qualitative and quantitative research. The purpose being the determination of various factors that play a key role in influencing consumer behaviour in relation to choosing mobile phone brands. The factors under discussion will be from the broad categories of demographics, psychographics and behavioural. Furthermore, to complement the marketing research study results, a literature review relating to the importance of proper knowledge regarding different consumer influences, consumers preferences and choices, prices and availability of different features such as camera, games, Wi-Fi, and also the notion of brand loyalty. In addition to it, evaluation methods explaining how best to gauge consumer responses will also be augmented in the study. As told earlier, secondary research will be also be implemented, its aim would be to augment information about the patterns of consumer behaviour in the past and also the changes that have taken place recently. All of this information gained will then be considered and used in forming the main purpose and objectives of the proposed research study. For the designing of a questionnaire judging the quantitative and qualitative aspects of the research study, the following questions will be a part of it. The questions are: Which mobile phone brand are you currently using? Would you buy the same brand when buying a new phone in the future? Which mobile phone brand would have been your next choice? How much are you willing to pay for a mobile phone of your choice? What are your preferences in choosing a mobile phone? What features are the most important in a mobile phone? What features are the least important in a mobile phone? In your opinion, which brand is the UK market leader in mobile phones? RATIONALE BEHIND THE QUESTIONNAIRE DESIGN Initially there is a need to recognize what is the kind of relationship shared between the variables and hypothesis. The two broad categories of such relationships are cause and effect relationship and non cause effect relationship. The one under consideration belongs to the former group as we have identified different factors as cause, bringing about effect in the form of consumer behaviour when opting for a certain mobile phone brand. It is widely believed that quantitative research methods which are based on scientific mode of study are the most effective in delivering a credible research hypothesis. Though there are other methods too, but they do have their shortcomings as well. If a pure statistical quantitative research method is implemented the results would not be comprehensive enough. They would only depict the general evaluation of the research and not the finer details that went into forming this conclusion. Another method for that matter is pure observational approach; again this mode is not favourable as it is primarily based on the researchers supposition of the hypothesis. Therefore this approach is greatly endangered by distortion of the final conclusion and lacks credibility as a result of it. Phenomenological method is another approach that can be taken as it asks the researchers to better understand the idea or hypothesis in relation to all its aspects and then form an evaluation based on the experiences felt by the person under its influence. In the end to sum up, its best suggested that statistical method be used for quantitative purpose and qualitative approach be taken to research the factors. As this combination of methods incorporates both the pros and cons of the respective approaches so it will, in most probability, helpful in delivering a credible and unbiased evaluation at the end of the research study. ABOUT THE PROPOSED RESEARCH QUESTIONNAIRE DESIGN The questionnaire was formulated for the key purpose of identifying the different factors that influence consumer behaviour when choosing between different mobile phone brands in the UK market. Therefore each question was designed with the aim of extracting some information that would be insightful in understanding the complex buying behaviour of the consumers. Question 1 will find out which brand is most used by the consumers. If there are a major proportion of the participants choosing a particular brand that would mean that brand may be the market leader. Questions 2 and 3 will assess whether they wish to change the phone. If they do then what is the reason behind it, if a shortcoming in the current brand is recognized then the marketer can capitalize on it and add this feature in its own product if feasible. Question 4 will judge the brand loyalty in the participants as part of the behavioural factors influencing consumer behaviour. Whereas, question 5 will aim to find out what the customers next favoured option is in mobile phone brands. This would give an idea as to which brand has the potential of becoming the market leader. Question 6 will evaluate what is the technological literacy in the participants so that a need for introduction of complex technology can be considered. While question 7 will review what are the activities that the users mostly indulge in when using their phones. This will also be helpful in finding out what areas can be improved as are mostly used by the consumers. Question 8 will aim to discover the power friends have on consumer preferences as part of the psychographic factors. Generally it is believed that family, friends and peer pressure play a vital role in this area, this question will be finding out whether there is any truth to this notion or not. Question 9s purpose is to obtain information regarding how much consumers are willing to spend on the purchase of a mobile phone. Price is in relation to income which is a component of demographic factors. Also if a trend in low spending is observed then this would mean that there is a need for lowering the prices. Question 10 will ask the participants to make a choice between two of the most coveted mobile phone features. In addition to the usual ones features available, preference for camera and Wi-Fi will be asked for. Question 11 is in extension to the earlier asked question, asking what are the features that they most want in their mobile phones. It is expected that the answers will greatly depend on the age of the participants. Question 12, the last question, will actually provide additional information about the consumers assessment of the available brands. This will also show which brand the consumers think is the market leader, the response to this question will be interesting as it may be in contrast to what the marketers expectations are. IMPORTANCE OF STRATEGIC QUESTIONING, INTERVIEW TECHNIQUES AND EVALUATION In order to be certain that the questions prepared are honest and not misleading, it is necessary that the questions being asked as part of the research are credible. If not then the results may be deceptive. For this purpose it is also necessary that strategic questioning is such that asks questions that are actually informative and insightful, helping in forming strategies. Therefore it of the utmost importance that the questionnaire designed should be clear in stating what its purpose is. The understanding of the responses should be such which would be able to serve its purpose of finding out the factors most influencing consumer behaviour in choosing mobile phone brands, particularly for the UK market. The researcher should incorporate all such plausible and relevant questions that will be helpful in achieving this aim. While conducting an interview, researchers are at an advantage of extracting much more out of the respondent than from a questionnaire. It is because of the nature of the method that gives the freedom to the researcher to pay attention to the gestures and body language of the participant in addition to obtaining a response. When evaluating and getting ready to present the data, the researcher should not forget what the purpose has been all along. Also a general code of conduct and ethics should not be breached at any stage of the research as that would deem the study false. PROPOSED RESEARCH METHODOLOGY AND REPORTING As the research has to kept bias free so it is important that the respondents are chosen at random from the targeted segment. The researcher should thus aim to distribute the questionnaires to people who can be counted on for providing the best possible response. For our study, prime focus would be UK residents. It will be this collected data which will be analysed and evaluated. Since our study encompasses the whole UK market, so the researcher will aim to get 100 survey questionnaires by the residents of four main countries of the UK (England, Wales, Scotland and Northern Ireland). Each participant will be at complete liberty to refuse to participate in this survey, only after their consent would they be given a questionnaire to fill. Correct purpose of the study will be explained to them. After all the data has been collected, it will then be analyzed and interpreted with the use of computing aids in order to be certain about the veracity of the study. These results will be compiled as a report in addition to study results, recommendations and conclusions. For the meeting this report will be presented along with a PowerPoint presentation. PROPOSED RESEARCH SCHEDULE AND TIMING This research will be conducted within an expected time duration of 7 weeks. In the initial weeks, the market research proposal will be composed. This step will involve the preliminary identification of factors influencing consumer behaviour namely, demographic, psychographic and behavioural factors, which will then be taken as the basis for the whole study. Literature review will be a key component for this area as this will evaluate what needs to be researched. It will be during this literature review that the factors will be further sub divided into smaller facets to cover every aspect of consumer behaviour. During the 3rd week, quantitative and qualitative research study questionnaire will be designed. For this purpose first the merits and demerits of each form of study will have to be taken into consideration. Then after the questionnaires are prepared, they will be distributed to the targeted segment of the population based on country wise division for UK market. It will be during the 4th and 5th week that the questionnaires will be filled and collected. Two week time is being allotted as the questionnaires will be divided over a large area so shipping to and forth will have to be accounted for. In the 6th week the researcher will have to get down to the task of the evaluating the results. For this a systematic procedure of first entering the data into computing software and then retrieving the end result will be initiated. Computers are being used of this purpose to guarantee no or very insignificant discrepancies. Once the results are obtained they will be included in the study for the experts review and analysis. As told earlier, informal interviews will also be conducted so that gain even better insight into the workings of consumer influences. These responses along with formal interview data collected will be also be added into the survey. At the completion of all these steps, final evaluation will be carried out. This evaluation will incorporate elements from all the parts of the whole research proposal study, the purpose for this detailed study will be to avoid all forms of prejudice that might have seeped into the study at any step of the process. In the final 7th week, after the study is completed, final review will take place. COST FEASIBILITY ANALYSIS AND BREAKDOWN As the participants selected belong to four different countries therefore questionnaire filling will in itself be a long process. Mostly it takes a couple of days for the questionnaires to be filled but as the participants are over an extended area so for that we have projected a longer time duration. During all this time various expenses will be incurred which have to be accounted from. Apart from the obvious transportation and telecommunications costs which are a part of every research schedule, other expenses are also to be considered. These other expenses can be listed under sundry expenses, comprising of paper and printing cost, food expenses. Also the volunteers will be given allowances for the services being offered.