Business Economics Essay Example | Topics and Well Written Essays - 2500 words - 2

Business Economics - Essay Example Reduced investment and poor image of the sector is put in the backseat without fresh blood in the segment. The industry must get competitive edge by manufacturing those goods that consumers want and Britain has technical and competitive advantages. Manufacturing in Britain is still important. There is a need to keep the economy diversified, that can not be possible without manufacturing. UK requires shifting into more high-tech manufacturing which is less labour intensive UK economic scenario can be viewed from this chart and diagram, which clearly points about the falling gross domestic products every decade from the Second World War when the UK economy boomed (Hundred years of Economic statistics, World Economic Outlook) The boom of the new century ended in 2008 when UK entered a recession caused by the global financial crisis following the collapse of the UK Northern Rock Bank. British economy shrunk by 2.4% in the first quarter of 2009 compared with the previous one as reported by the British Office for National Statistics (ONS). According to the ONS, "output of the production industries fell 5.1 percent, while service industries fell by 1.6 percent, with negative growth in all sub-industries except government and other services." (British economy shrinks 2.4 %-----) Britain is still reputedly the sixth biggest global manufacturing economy. The UK manufacturing sector is currently in recession and last year recorded its largest annual decline for a decade. The manufacturing sector had witnessed the boom in 1995 when it touched almost 8% growth and then moved in between 0 to 2% growth level. After touching more that 2% in 2007 the manufacturing shrunk below in 2008. Services account for 80% of Britain’s G.D.P. Service industry is not entirely independent and depends very much over manufacturing sector only. The UKs services industry as seen as the engine of growth for the national economy does not appear convincing. There is puzzling question in

Marketing as One of the Organizational Functions Literature review

Marketing as One of the Organizational Functions - Literature review Example The objective of this research is to gain an understanding of marketing, core activities of marketing, and its effective usage. 2) What are the main debates in this area? This proposed research aims to focus on the concept of marketing, the main debates that exist in the marketing subject area such as manipulative marketing which attempts to hide flaws in the quality of a product, internationalization, and globalization affecting the scope of marketing, and the debate regarding principle of AIDA (Awareness, Interest, Desire and Action) (AIDA, 2012) being universally applied to all markets, targeted audience perceives what it wants to or marketing makes them comprehend what organization actually wants them to. The research also seeks to evaluate the role of legislation and governments defining the boundaries of marketing. Also, the need of marketing, mediums that can be used as marketing sources, factors that affect marketing adversely or have positive impacts on it and the role marke ting plays in flourishing a marketed item will also be studied in the research. 3) Why have I chosen this area? Marketing has always been with humans, implicitly and explicitly, intentionally or unintentionally. From secular educations to businesses, from social lives to religions, marketing has always been there in different modes and faces. Marketing is not a static concept instead it is such a dynamic process that it has evolved and moulded itself as humans went through the process of evolution. The universality of this topic has made this topic to be chosen. Literature Review The research is supported by the textbook Marketing written by a technical writer and business analyst Mercer (1996). The targeted audience of the book is marketing professionals, marketers and other personnel interested in fostering their knowledge about marketing. The aim of writing this text is to comprehend the concept of purpose, role, techniques, and theories of marketing and getting a better understa nding of it in a descriptive manner and also, the book uses factual data where it was necessarily needed. In this text, the history of marketing is discussed with the essence. It has been emphasized in the book that marketing is not about making products known to consumers but marketing is a vast concept. It is about the complexity of interaction involved in marketing, and its effects on decision-making and business strategy choices. Multi-buyer and multi-factored marketing plans are discussed with market examples. Text is organized in fourteen (14) different chapters, catering all the related information and study of marketing, such as co-ordinations, organization’s pigeon-holes, sales vs. marketing, marketing mix (product, price, place, and promotion), and critics on this approach, the idea of product vs. benefits, corporate strategy, customers, and market positioning are elaborated.\