Application of Marketing Theories to Practice

Application of selling Theories to PracticeIntroductionThis report takes the divergent field of ancestryes and the methods that our companion was use in SimVenture comparing with theories.Marketing and SalesOur participations main selling animal was advertising but we were using different like direct merchandising, exhibitions and our website. However, digital marketing is expressage further to website in the punt, although this is getting more frequent these days (Pittsburgh Post-Gazzette, 2006). Digital marketing defined by Jobber, 2007 The application of digital technologies that form bring to market (the Internet, mobile communications, interactive tele survey and wireless) to fulfil corporate goal through meeting and exceeding customer take on better than the competition. Digital marketing is almost completely missing from the game, it is solo limited to website. Ne devilrk guess studies relationships of all in all sorts, whether between people, animals or thin gs. genial net profit analysis is an overlapping tool for reading ab forbidden(predicate) patterns that fail within social meshings and how they influence behavior. Digital marketing channels much(prenominal) as Facebook, Twitter, Foursqu be and Instagram are helpful in this regard, as they deed over marketers to listen to what consumers are saying, and they allow marketers to leverage the power of influential users to interpenetrate messages throughout their networks (Harvard business Re realize, 2006.). Generational marketing theory holds that consumers born of the corresponding generation defined as a 20-year period impart rough-cut attitudes and behaviours because of shared experiences that influenced their childhoods and created their views of the world. The relevance of generational theory to digital marketing is primarily in the ways in which each generation communicates and the online places where marketers give the axe reach them (Zickuhr, 2010.). The cu stomer research in the game is only limited to where the customers heard about but nonhing who they are (age, gender, education, etc.). All in all the game had good opportunities in traditional marketing channels like direct marketing and advertisement but digital marketing part is really limited which makes it less realistic.OperationsEfficient trading operations focus is a key divisor to make a company successful. Without supply network a company evictnot exist. A supply network perspective means setting an operation in the context of all the early(a) operations with which it interact some of which are its suppliers and its customers. Materials, parts, other information, ideas and network of customer-supplier relationships formed by all these operations (Slack, Chambers, Johnston, 2004.). The supply network view can overly help in decision making about the design. The design activity in operations has one overriding accusative to deliver products, services and processes w hich will satisfy the operations customers. During the game our company used Just in time method for the production because if in that respect was more order accordingly our system of rules was able to produce then we contracted some out when it was financially possible. Furthermore, in the meanwhile of stretch forth year in the game, all of our production was contracted out because the cardinal employees werent enough to build the product and to handle other task that were inbred to run the company at the same time. High dependency theory is one of the explanation of the Just in judgment of conviction approach to operations management. With high inventories insulating each stage in the production process, the dependency of the stages on one another was low. Take away the inventory and heir reciprocal dependency increases. The Just in Time practice of empowering shopfloor staff makes the organisation dependent on their actions (Slack, Chambers, Johnston, 2004.). However, thi s theory perfectly suits with SimVenture, thus it is realistically show the opportunities and limitations of Just in Time delivery and production because in the frontmost year when financially it was not a possibility to contract out some of the production we bumped into some limitations according to the Just in Time manufacture technique.FinanceAll investments carry with them some degree of risk. In the financial world, several(prenominal)s, professional money managers, financial institutions, and many others encounter and must deal with risk. Investors can either accept or try to excuse the risk in investment decision-making (Baker Filbeck, 2015.).However, the game is limited to only two choice of grants and family and bank loans. Decision parameters are amount, period, interest rate. The game to a fault offers an opportunity to set bank overdraft which can be really useful especially in the beginning of the game when the company has to buy the products dower and has to wait until the clients paying. The payback period can be up to 3 months.According to Deakins and Freel (2009) our companys stage of finance is at young stage, due to we compensable back our only 3000 loan from friends and family, although the company is owed 100% by the founders. Business angels capital, internet crowd fundingMichael Jensen and William Meckling, in Theory of the fast(a) management behavior, agency cost and ownership structure (1976), note that agency costs arise in any situation involving cooperative effort and that, as the firm is essentially a nexus for a set of contract relationships among individuals, agency problems are endemic to it. Their analysis focuses on how agency problems can help to explain such questions asThe degree to which a firm is financed by debt or equityWhy firms in some industries are usually owner-operatedWhy firms would voluntarily supply shareholders and lenders with accounting reports and have them separately audited.The last point is of most interest for our purposes. Essentially, firms will voluntarily provide shareholders and lenders with independently audited accounting reports because this reduces the monitoring costs associated with contractual relationships with these parties. In the game there is opportunity to make the finance reports in house or to ask an agency to do it for extra costs per each months. context up the right price for the product is a key element for running a successful company. Our gross profit per unit is 43% of the whole price which is around average in this industry (Stefan, 2015.). giving medication and out yieldSimVenture is a game which is run on a managerialist philosophy not an enterp uprise one (Grant, 2015.). Theories of the small business life make pass have been heavily criticised in recent years for being reductionist and speculatively normative, relying on formalistic, deductive approaches rather than inductive heuristic rule methods (Gibb and Davies, 1990). In particular , it is the deterministic assumption that all firms grow through a series of predictable series of preordained stages (Merz et al, 1994 p49). Small business growth is characterised by a number of predictable, discrete and consistent stages (Churchill and Lewis, 1983 Hanks et al., 1994 Kazanjian, 1988 Steinmetz, 1969). These stages are sequential in nature and occur as a hierarchical progression not easily reversed (Dodge and Robbins, 1992 Quinn and Cameron, 1983). An important aspect of theorising on the organisational life turn is that many stage models of small business growth can be conceptualised as metamorphosis models (dAmboise and Muldowney, 1988 Kazanjian, 1988), where the fundamental transition from one stage of growth to another requires considerable change. However, in SimVenture when the firm moved to a large office and purchased new equipment for the company the efficiency of the company have been unquestionable to a higher(prenominal) level that also meant that the c ompany is growing. The life vibration literature emphasises that such periodic crises have an important role to sport in the development of both the organisation and the individual. (Dodge and Robbins, 1992.). Hiring more employees and train them to be professional in different business fields is also a great method to rise the organisation to a higher level. Upon interpretation, it seems that entrepreneurs have to develop new behaviours and learn to think in radically different ways as a result of managing developmental crises (Greiner, 1972). As Greiner (1972) states, these periods of emphasis provide the pressure, ideas, and awareness that afford a platform for change and the gate of new practices . From this viewpoint, a key assumption behind life rhythm method of birth control theorising is that for a small business to grow, the owner-manager must adapt and modify their perceptions and actions as a result of these discontinuous events in order to facilitate organisational growth. For instance, in the game when the company was financially able to advertise not only in printed media but use the more expensive although more cost-effective TV and Radio as a marketing channel, the number of orders rising exponentially. That caused profit and sales growth which helped to increment the firm to a higher level as it displayed in the Figure 1.1 below.Figure 1.1Even though such statements indicate a fundamental process of personal study and development on behalf of the owner-manager, most life cycle theorists do not address this issue in any significant depth. On the other hand, there are opportunities for training and learning for the owner as well, and it is also developing the skills during the game. The important point to draw from this significant recognition is that learning to become an effective small business owner is not forever and a day simple, or inevitable for that matter (Burns and Harrison, 1989).LeadershipEntrepreneurs and small business own ers are very different because entrepreneurship can be distinguished from small business ownership by a venture strategy oriented toward growth and innovation (Grant, 2015.). Using Team Role theory the word shape indicates to us shaper, whilst the word vision implies plant. Looking at leadership using Handys definition is interesting for vision is certainly important to leadership, but does it have to be unique to an individual? Where it is unique to an individual with a drive to enact it such as a Shaper, strong Solo leadership is likely to prevail. batch alternatively may be borrowed by a Shaper who treats it as a product of the self and similarly will adopt a Solo leadership style. Many organisations have rewarded Solo leadership behaviour by promoting individuals to management and leadership positions, for such individuals have met past organisational demand (Handy, 1992.).