How does marketing research affect a marketing decision? (500 words)
- First of all state the main reason of marketing research- which is to collect data and information to make good marketing strategies.
- Talk about how marketing research can help lessen the risks and the uncertainties that comes with decision making.
- Provide examples of key marketing decisions informed by research:- Provide examples of key marketing decisions informed by research:
- New product development is inspired (research brings the knowledge to actualize the target consumer needs/wants).
- Pricing. This is an important tool that researchers can use to get data and information on price sensitivity
- Advertising (determining successful messaging models/content is one of the areas for the research)
- Segmentation as well as targeting (identify unique customer groups by doing research on them) helps companies to know what the customers actually need, and how to satisfy those needs.
- Describe how research pursuits generate more strategic, effective, and profitable marketing choices.
- Touch upon the risks of marketing having been relying on poor research only.
- Summarize by once again highlighting the relevance of data based decisions for better performance marking.
What factors affect the plan location of a manufacturing business? (500 words)
- Explain the necessity of manufacturing company management to make a plan on how and where to find plants due to which the overall process of production may get better
- Provide information on the locational factors that influence to plant a location.
- Expenses (buying land and construction, labor costs, shipping costs, taxes and incentives)
- Accessibility is an important factor as it relates to both suppliers and customers while for transport routes it is a key determinant.
- It includes such in resources (labor availability, raw materials, utilities).
- Locality factors (rules, tax systems, a local labour force skillset)
- Provide 1-2 instances of companies relocating to a particular location upon account of specific factors.
- Ex. ABC Company based in an area with a high concentration of the special engineers helps in bringing in candidates with desired skills.
- Talk the comparison management has to as they make decisions as to which location factors they give priority to.
- Finally, wrap up the explanatory part by presenting major factors that determine a site of manufacturing plant location.
What is profitability ratio? Give examples. (500 words)
- Specify a profitability ratio- a ratio of financial significance to evaluate a company’s profitability and its overall efficiency.
- Write about the two main profitability ratio groups.
- Gross margin - the indicator used for determining the profitability once production costs has been subtracted.
- Operating margin - it's a profit presented after operating expenses are deducted from sales.
- The profit margin – the amount of profit available after deducting all costs from the total sales figure.
- Return on Assets or ROA - seeing how efficient the exploitation of assets to create profits is
- Name your example of how these ratios are utilized to assess a company.
- Thus, Company XYZ shows a gross margin of 40% vs an industry average of 30%, proving that it is more prone to a higher level of profitability at the stage of revenue generation and manufacturing costs.
- List the possible consequences of some financial ratios such as efficiency, competitiveness, etc.
What is the performance appraisal of employees in a company or business you are familiar with? (500 words)
- Explain the function as well as the purpose of performance appraisal (evaluate employee performance and productivity, identify training requirements, make promotion and compensation decisions).
- Name the company that is written about and give a short explanation on the company.
- Provide information on the aspects of performance assessment you use (metrics, rating scales etc.).
- Address the frequency of the appraisals as well as who provides these assessments.
- Cite instances of those kind performance ratios that managers may use to evaluate their employees.
- Elaborate on appraisal information utilization in the organization (describe how the appraisal data is used in setting bonuses/raises, training needs, among others).
- Review if the performance appraisal program is working and is bringing the expected results.
What is new product development? (500 words)
- Coined by Andy Grove from Intel in a seminal article, this concept argues that companies need to continuously innovate, launch new products, and develop related processes in order to avoid stagnation.
- Define the steps associated with the new product development lifecycle (concept generation, concept development, business analysis, product development, field trials, and commercialization).
- Tell the audience about the reasons which cause businesses to invest in the development of new products (Client's needs change, so new products are needed. Companies want to increase profits/sales, so they develop new products. They want to compete.)
- Offer either 1 or 2 examples of new products which a well-known company has put on the market.
Do you agree that entrepreneurs are born and not made? Give examples (500 words)
- Discuss the controversy which consists of the idea that entrepreneurs either have it in their nature or they develop skills that turn them into accomplished business pioneers.
- Make up arguments of both sides – personality traits, genes that tend to be determined are born; greatness that is chipped through dedication and persistence is made.
- Look at the examples of entrepreneurs who used to display their innate entrepreneurial abilities from a very early age as children.
- Show immediate entrepreneurs who are not naturally endowed with entrepreneurial skills, but handling situations and training programs that have brought such skills later.
- Study that there self-motivating qualities that drive entrepreneurship and by the same token don't forget that factors like education, opportunities, training, drive etc., all play a part.
- Conclude that whether this statement is correct or not might be a matter of debate but giving proper reason and evidence is the thing you should do.
- Present a balanced view that entrepreneurship is the outcome of mixed origin both inward from internal qualities and outward from the external factors.
Examine: What are the uses of entrepreneurship development programs in (country)? (500 words)
- Describe entrepreneuring development programs (EDPs) - the training, incubation, acceleration, schemes and other initiatives that form the basis of more entrepreneurship.
- Briefly, the entrepreneurship and start-up ecosystem in the country today.
- Enumerate some subsequent government and private sector improvements in the area.
- Analyze whether these EDPs are economically viable for the entrepreneurs or not in developing the small engaging businesses.
- Analyze EDPs ability to make the entrepreneurs become familiar with the entrepreneurial skills, provide necessary funds and support, and infrastructure, networking and other opportunities for the entrepreneurs etc.
- Share the stories of the entrepreneurs who succeeded in the area of EO initiatives, relative to startups.
- Wrap it up by highlighting major benefits as well as essence of entrepreneurship development programs in ensuring that the programs stay relevant and effective.
What is material requirement planning as well as its counterpart capacity requirement planning? (500 words)
- Framing the material requirements planning (MRP) as one of the production planning systems for corporate sector, the need to order and schedule delivery of the materials to be used in production is emphasized.
- Describe main MRP inputs(bill of materials, inventory data, master production schedule) that results in (planned orders, order releases) outputs.
- Discuss objectives and benefits of MRP: cut carriage, share the work, and satisfy customer desire.
- Explain the capacity requirements planning (CRP) as the activity of identifying whether the production capacity is able to achieve the standards of the production plan.
- Explain key steps of CRP: unloading, blast seeking, allocation of work centers amongst qualified candidates, decision regarding eliminating or adding spaces.
- CRP Production plan and the MPS Production Plan are to be compared; changes may be made if necessary.
- Explore whether inventory reconciliation between CRP and MRP systems will be done in a way to strike the proper assembly line input with maximum speed of production.
- Sum up the fact that MRP and CRP can get adequate results for production planning and optimization.
Clarify phrases or words by giving adequate definition of key terms, indicating the purpose/objectives, processes and benefits of MRP and CRP in building up synergies of manufacturing operations. Provide illustrative cases if an opportunity arises. If possible.
What are the manufacturing system types? Give examples (500 words)
- Introduce the main types of manufacturing systems: dragging (packing) operations, bunching (planned), lines (having a certain number of processes), and in-line (continuous-like) operations.
- Define and provide 1-2 examples of each:- Define and provide 1-2 examples of each:
- Job shops: small, perpetual volume, high variety production (e.g. shipbuilding, aircraft production)
- Batch processing: small production fractions at medium or minimal volume with medium or low variety (eg furniture, baked goods)
- Assembly lines: mass production, and product differentiation (As an example appliances, vehicles)
- Continuous processing: completely distinct in the volumes they move from that of heterogeneous goods (example: chemicals, refined oil.
- Explain key characteristics such as: volume, diversity of products, of type of works, capital intensity
- Compare systems on dimensions such as: flexibility, fast process, product waste, level of inventory, or long lead times.
- Cap the presentation with an overall summary phrase which demonstrates linking manufacturing systems to product and market traits.
What is your comment about database management systems as a development tool for DSS? (500 words)
Intro (100 words)
- Mention that the DBMS and the underlying database form the basis of a large number of DSS types.
- DBMS is an abbreviation for database management system, which is a computer software serving for storing & accessing of data.
Body (300 words)
- Useful DBMS gives safe as well optimization for large internal & external data.
- Enables that users use data models such as the relational or the multi-dimensional data to fit their DSS analysis.
- The latest database management system and SQL interface, APIs for seamless connectivity and analysis of the data are the main features.
- DBMS provides the trend of the simultaneous access for the multiple users/applications by now.
- Characteristics of the system like query improvement, access management are paramount for DSS development.
- The Bill-based DBMS can act as a scalable platform for pumping big data to be processed by data DSSs.
- Concerningly, though conventional DBMS would need to be reworked for unstructured big data and real-time analytics.
Conclusion (100 words)
- Summarize that a DBMS offers stable, flexible infrastructure of data environments for the needs of DSS.
- Flexible data models, performance, availability, and security features pinpoint their model delivery to DSS.
- Some new approaches could simply be necessary for fresh big data sources and real-time evaluation.
