My Business Communication Blog

ACTIVITY 3 Assuming I’m the owner/manager of a clothing company… Who is your target market? My company’s market strategy targets mostly young people, price conscious and particularly sensitive to the latest fashion trends. How does your product or service satisfy the needs of your potential customers? It satisfies today’s need to stay fashionable, show a unique style and personality through clothing, and stay on top of trends. Which company has the biggest market share in your industry? There are numerous companies in this industry. The most remarkable ones are Nike, Gucci, Adidas, Inditex, Uniqlo and Louis Vuitton. How long do you usually run an advertising campaign for? I would maintain constant advertising campaigns, using digital marketing and social networks to have a greater reach in the young population. I would take advantage of dates such as Christmas, Halloween, Black Friday, Valentine's ... to do special advertising, and use tech...

  1.     What is the definition of Marketing? A set of tools and strategies that a person or company uses to make a product or service known. The objective of marketing is to improve the commercialization of a product by studying, identifying and satisfying the needs of a target market. The American Marketing Association defines marketing as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. (Gervase, 2009). 2.     What is understood as Market in business? In business and marketing, a market is made up of actual or potential consumers of a product or service. It is the place where suppliers and demanders interact with the objective of satisfying needs by acquiring a product or service in exchange for a profit. 3.     What is the purpose of Marketing? The main objective of marketing is to ...

  1.     What is Quality Management? Quality management is a concept that includes the supervision and verification of procedures and processes to achieve the required and previously established quality standards. “Quality management is the act of overseeing different activities and tasks within an organization to ensure that products and services offered, as well as the means used to provide them, are consistent. It helps to achieve and maintain a desired level of quality within the organization.” (Corporate Finance Institute, 2020) 2.     What is the objective of Quality Management? The objective of quality management is to improve processes, products and services; derived from the joint work of the interested parties; to achieve customer satisfaction and the fulfillment of objectives. 3.     Which are the key components of Quality management? Describe in detail each one. There are four main components in a Quality Managem...

  1.     What is Resource Management? Resource Management is the practice of planning the allocation of human and physical resources and utilizing them in the most efficient way to improve productivity and rewarding. 2.     Mention what is the importance of Resource Management in business. It can benefit businesses in many ways, some of them are: ·          A considerable reduction of costs Resource managers are in charge of analyzing existing and required resources, assessing priorities, and implementing strategies to place resources in the most appropriate projects. This creates a more equitable allocation of resources, better control over costs, and therefore a reduction. ·          Better analysis of the skills gap within the existing capacity Resource managers also have the task of analyze the capacity and demand. This allows them to anticipate and make a...

  ·          Define Human resources. Human resources refers to the people who work in an organization. It also refers to the department in charge of managing all related employee needs and issues. ·          What is the role of human resources? Define in detail. Human resources has many fundamental roles. Some of them are: Managing job recruitment, hiring, selection and promotion. Developing and supervising employee benefits and work welfare programs Managing the enforcement of personnel policies Promote employee career development and on-the-job training Provide orientation programs for new employees Provide orientation programs for new employees Acting as the primary contact in the event of workplace injuries or accidents ·          What is Capital? “ Capital is anything that increases one’s ability to generate value. It can be used to in...