Production Standards Meaning Definition Advantages Demerits

Meaning of Production Standards
Production standard is a criterion or yardstick or benchmark. It is used for measuring the production of the company.Production standards are fixed for raw materials, production process, tools and equipment, workers, conditions of work, speed of work, quantity of output, quality of output, etc.Production standards are mostly expressed in quantitative terms. That

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What is Marketing Audit? Definition Meaning

Definition of Marketing Audit
The definition of marketing audit as stated by Abe Schuchman is as follows:“Marketing audit is a systematic, critical and impartial review and appraisal of the total marketing operation: of the basic objectives and polices and the assumptions which underlie them as well as the methods, procedures, personnel and organization employed to implement the policies and

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Distinguish Between MIS and Marketing Research (MR)

Distinguish Between MIS and Marketing Research (MR)
Following image depicts the ten main points which are used to make a comparison or distinction between MIS and Marketing Research (MR).Image credits © Prof. Mudit Katyani.Difference between MIS vs MR is based on the following ten points:Meaning of MIS and MR.
Their basic or main purpose.
Wide or narrow scope.
General or specific nature.
Number

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Essential Requisites of a Good MIS

Essential Requisites of a Good MIS
The following image depicts the eight essential requisites of a good MIS.Image credits © Prof. Mudit Katyani.The essentials of a good Marketing Information System (MIS) is listed below:MIS must be unified and centralized.
It must facilitate decision making.
It must provide quick and accurate information.
It must be economical.
It must be selective.
It must be

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4 Main Components of Marketing Information System (MIS)

Components of Marketing Information System MIS
Marketing Information System (MIS) collects, analyses, and supplies a lot of relevant information to the marketing managers. It is a valuable tool for planning, implementing and controlling the marketing activities.The role of MIS is to identify (find out) what sort of information is required by the marketing managers. It then collects and analyzes

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Features of Marketing Information System MIS

Features of Marketing Information System MIS
The main characteristics or features of Marketing Information System (MIS):Image credits © Prof. Mudit Katyani.Continuous system : MIS is a permanent and continuous system of collecting information. It collects information continuously.
Basic objective : The basic objective of MIS is to provide the right-information at the right-time to the

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Marketing Information System (MIS) Definition Meaning Diagram

Marketing Information System MIS Definition
1. According to Donald Cox and Robert Good,“An MIS may be defined as a set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions. This of course is a step beyond logistics systems, which handle inventory control, orders, and so forth.”This definition of Marketing

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Objectives of Marketing Research - Purposes

Objectives of Marketing Research
The main objective of marketing research (MR) is to provide information to the marketing manager. The marketing manager uses this information to make marketing decision and to solve marketing problems.The purposes or objectives of marketing research are listed below.Identify the consumer response to the company’s product.
Know the consumers’ needs and

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Need For Marketing Research - Why is MR Needed?

Need For Marketing Research
In recent years, the scope of business has expanded from local to global level. The size of the production has greatly increased. The production is now centralized, and the consumption centers are widespread. This has created a wide gap between the manufacturer and consumer. This has caused basic problems like what to produce and what to sell.There is a need for

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Distinguish Marketing Problem Vs Marketing Research Problem

Difference Between Marketing Problem Vs Marketing Research Problem
Following image highlights eight important points used to distinguish between marketing problem vs marketing research (MR) problem.Image credits © Prof. Mudit Katyani.Difference between marketing problem and marketing research problem is based on the following eight points:Meaning of marketing problem and marketing research

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Five Basic Functions of Marketing Research MR

Functions of marketing research
The following image depicts five basic functions of marketing research.Image credits © Prof. Mudit Katyani.The five main functions of marketing research (MR) are:Description,
Evaluation,
Explanation,
Prediction, and
Aid in decision making.
Now let's discuss these prominent functions of marketing research.Description : Marketing research gives full description about

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Explain Need and Importance of Marketing Research (MR)

Need and Importance of Marketing Research (MR)
A business faces many types of marketing problems. It faces problems about its product, price, place and promotion. It also faces problems about product design, packaging, branding, marketing channels, advertising, etc. Some marketing problems are very serious. Therefore, in the marketing, managers use marketing research as an important tool to

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Limitations of Marketing Research - Demerits of MR

Limitations of Marketing Research
Though marketing research (MR) has many advantages, it also has many limitations or disadvantages.Marketing research studies consumer behavior and marketing environment. Since these factors keep on changing, it cannot give exact information.
MR is also a social science. So, it cannot give exact solutions.
It cannot be an alternative to decision making. In other

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Importance of Advertising - Why Advertising is Important?

Importance of Advertising
The importance of advertising is depicted in the following image.The significance or importance of advertising in business is as follows:Crucial for a launch or announcement.
Source of revenue for publishers.
Promotes goods, services, ideas and events.
Helps in increasing the sales.
Maximizes the profit of an advertiser.
Creates consumer awareness.
Educate society.
Art,

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