Marketing Research and Financial Management Overview

Marketing Research Process

• The first step is defining the problem to be addressed through research.
• Data collection uses primary and secondary sources to inform decisions.

Accounting and Financial Management

• Managerial Accounting: Internally focused, providing data for decision-making, budgeting, and performance evaluation.
• Financial Accounting: Externally focused, creating standardized financial statements for stakeholders.
• Liquidity Ratios: Evaluate a company's ability to meet short-term obligations (e.g., Current Ratio).
• Profitability Ratios: Assess a company's ability to generate income relative to revenue or assets (e.g., Net Profit Margin).
• Budgeting: A process to allocate resources based on projected revenue and expenses.

Human Resource Management

• Employee Value Proposition (EVP): Defines the exchange of value between employer and employees, emphasizing expectations and rewards.
• Employee Life Cycle: Includes stages like recruiting, onboarding, development, retention, and offboarding.

Ethics and Social Responsibility

• Corporate Social Responsibility (CSR): Business practices aimed at positive societal and environmental impact.
• Compliance-Based Ethics Code: Focuses on preventing unethical behavior through rules and penalties.
• Integrity-Based Ethics Code: Emphasizes shared accountability and ethical decision-making aligned with core values.

Operations and Leadership

• Lean Manufacturing: A production strategy minimizing waste and maximizing output using fewer resources.
• Leadership Styles:
  • Autocratic: Centralized decision-making, effective in emergencies.
  • Democratic: Encourages team input, helpful for collaborative projects.
  • Laissez-Faire: Minimal interference, ideal for highly skilled teams.
• Four Functions of Management:
  • Planning: Setting goals and strategies
  • Organizing: Effective resource allocation
  • Leading: Inspiring and directing teams
  • Controlling: Monitoring performance and adjusting as needed
• Ethical Dilemmas:
  • Ethical Checklist: Guides decision-making using questions like "Is it legal?" and "Does it reduce harm?".
  • Whistleblowers: Individuals who report illegal or unethical behavior within an organization.

This quiz covers essential concepts across marketing research, accounting, and human resource management. It includes the steps in defining problems, data collection, and financial evaluation through various accounting methods. Test your understanding of liquidity and profitability ratios, budgeting, and the employee life cycle.