I will discuss the various concepts related to financial management. But first thing we need to understand the definition of financial management. Finance is like the blood for the business as blood is essential for the human body; similarly finance is essential for the business. No business can run without adequate finance. That’s why it is very essential to manage the finances of the business. Financial management means to plan and control the financial resources of the firm. Continue reading “What is Financial management”
Modern concepts of marketing are broad concepts. It means finding out the consumer and make the goods as per their needs rather than to provide them what the seller has made. Thus it is very essential for the seller to get the answer of the question what are the things which the consumer want? And how these things can be made available to them? Only then he can survive in the market and earn profit. There are 6 modern concepts of marketing which are very important from the point of view of marketer.
a) Production concept: – The companies which use the production concept generally focus too narrowly on their own activities because according to this concept the companies think that consumer will buy the product which comes in the market.
b) Product concept: – As per this concept companies give importance to the features or the quality of the product because in long run the product exists only with the quality it is giving to the consumer.
c) Selling concept: – it is not sufficient for the manufacturer to made the goods and wait for the customers. Thus, according to this concept it is very important to inform the consumer about the product which can be done through different ways of promotion.
d) Marketing concept: – consumer now a day is treated as “GOD”. So it is very important for the manufacturer to produce the product which the consumer wants, so that consumer get satisfaction and manufacturer earns profit.
e) Consumer concept:- now not only marketing concept is sufficient rather the companies are using consumer concept which means to give attention to individual consumer it can be done through one to one marketing.
f) Societal marketing concept: – this concept means that company should not only work for the consumer but also for the society. So the company should make balance between company’s profits, consumer wants and society welfare.
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Hello, we all are familiar with the term marketing. But do we really know marketing definition or meaning and how the term originated. Today I am going to discuss the same. Continue reading “Definition marketing”