Assessing How Well Companies Manage Their Essay Example | Topics and Well Written Essays - 500 words

Assessing How Well Companies Manage Their - Essay Example If a firm pays its bills with a 30-day delay, 2/3 of its purchases will be paid for in the current quarter. 5/6 of its bills will be paid for in the following quarter. If its payment delay is 60 days, 1/3 of its purchases will be paid for in the current quarter. 2/3 of its bills will be paid for in the following quarter. The vice president's proposal of accepting consumer credit cards yields a higher contribution of $1,152,000 as compared to the sales manager's proposal of looser credit policies that yields a contribution of only $590,000. Therefore, Moorer Corporation would be better off under the vice president's proposal. Credit sales should not be abolished. Though credit sales would result in uncollectible accounts receivable, abolishing credit sales altogether would result in lost sales that might be more than the uncollectible accounts receivable. This is because it is common practice nowadays, especially in the sale of luxury consumer goods. 1. John Burton should develop a JIT inventory system. A JIT inventory system reduces in-process inventory and its associated cost (Just in time, n.d.). JIT manufacturing means making a good or service only when the customer, internal or external, requires it (Atkinson et al., 1996). The process is driven by a series of signals, or Kanban, that tell production processes to make the next part.

Proctor & Gamble Marketing Mix Research Paper Example | Topics and Well Written Essays - 1500 words

Proctor & Gamble Marketing Mix - Research Paper Example The paper attempts to explore how each element of the â€Å"marketing mix† such as product, price, place and promotion were understood, and practiced by the company during two different time periods. The Concept of â€Å"Marketing-Mix† during Pre-1964 Era With a humble beginning in the 1830, P&G spearheaded its growth through forward thinking and by 1890 the company was selling more than 30 different types of soap. Varieties of soaps were produced to meet varied consumer needs and the innovative techniques were used to market those products that include product sampling, and radio "soap operas". A way back in 1924, the company realized the importance of the market research department and formed the one to study consumer buying habits and their preferences – perhaps the only one of its kind during those days. In 1926, Camay, a beauty shop, was introduced in the market as an outcome of the in-house research that spoke about the consumer preference toward perfumed s hops. In 1931, the company establishes a marketing department to manage various brands in the competitive market. Dedicated groups of people were given responsibility to formulate marketing strategies for each brand and perhaps that is how the brand management system came into being. P&G launched Tide detergent in 1946 and the product became highly successful in the market due to its superior quality. The product provided much needed growth to the company into many new markets of the world. Between 1947 and 1952, the company launched a wide range of products such as shampoos, household cleaning products, granulated and liquid detergents that were largely liked and accepted by the consumers. Crest, a fluoride based toothpaste became an all time success soon thereafter fulfilling a long need of the customers. The product was endorsed by the American Dental association. The company came along with the several other products such as toilet tissue paper, disposable diapers called Pampers during 1961. It is astonishing to learn that though no marketing guru had firmly established the philosophy of marketing mix by then as effective marketing tools in the form of product, price, promotion and place in the market place yet P&G was already practicing the marketing philosophy mixing these four elements successfully for last several decades (P&G 2012). Kotler (2010) emphasizes that the firm uses various marketing patterns in the form of product offering, the pricing structure, the distribution system (place) and the promotion activities so as to satisfy the market needs and thereby the organizational objectives. Accordingly, various combinations of these elements of marketing mix were harnessed strategically by P&G to spearhead the growth of the company. P&G's success in the market place is attributed to its business model that derives its strength from its ability to discover what consumers need and want. With this insight, they develop noticeably superior products. Jus t developing a product is not enough if its superior quality is not communicated to the target customers effectively and P&G has been quite successful in doing so through various means such as advertising, demonstrations and visuals. If the product is not priced appropriately, then the very purpose of developing a superior product is defeated and P&G has always priced them most