Marketing Process
Contents
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Marketing Process
Rationale
Marketing Communications (or MarCom or Integrated Marketing Communications) are messages and related media used to communicate with a market. Those who practise advertising, branding, direct marketing, graphic design, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales promotion and online marketing are termed marketing communicators, marketing communication managers, or more briefly as marcom managers.
Traditionally, marketing communication practitioners focus on the creation and execution of printed marketing collateral; however, academic and professional research developed the practice to use strategic elements of branding and marketing in order to ensure consistency of message delivery throughout an organization - the same "look & feel". Many trends in business can be attributed to marketing communication; for example: the transition from customer service to customer relations, and the transition from human resources to human solutions and the trends to blogs, email, and other online communication derived from an elevator pitch.
In branding, every opportunity to impress the organization's (or individual's) brand upon the customer is called a brand touchpoint (or brand contact point.) Examples include everything from TV and other media advertisements, event sponsorships, webinars, and personal selling to even product packaging. Thus, every experiential opportunity that an organization creates for its stakeholders or customers is a brand touchpoint. Hence, it is vitally important for brand strategists and managers to survey all of their organization's brand touchpoints and control for the stakeholder's or customer's experience. Marketing communication, as a vehicle of an organization's brand management, is concerned with the promotion of an organization's brand, product(s) and/or service(s) to stakeholders and prospective customers through these touchpoints.
Marketing communications is focused on product/produce/service as opposed to corporate communications where the focus of communications work is the company/enterprise itself. Marketing communications is primarily concerned with demand generation, product/produce/service positioning while corporate communications deal with issue management, mergers and acquisitions, litigation etc.
External links
- The Journal of Integrated Marketing Communications
- STC Marketing Communication Special Interest Group
- The
Marketing Communications Mix
- Personal Selling.
- Sales Promotion.
- Public Relations (and publicity).
- Direct Marketing.
- Trade Fairs and Exhibitions
- Advertising (above and below the line).
- Sponsorship.
- Packaging
- Merchandising (and point-of-sale)
- E- Marketing (and Internet promotions).
- Brands.
This module aims to provide students with an overview of the key aspects required to effectively manage the marketing and its management processes. In particular, the module seeks to show the various way in which marketing interfaces with areas of management such as finance and human resource, which are crucial to the process. As such students will learn about the key marketing management tool that will enable them to develop the knowledge and skills necessary in order to analyse
1. the marketing environment
2. customers and the factors influencing the purchasing process; and to develop marketing strategies and plans to reflect the environment; and implement such plans through the development of appropriate product, price, place and promotional activities.
Learning Outcomes
Knowledge
At the end of the module, students will have knowledge of:
- The key principles of marketing and their application
- Research and analysis of the marketing environment
- The process of planning the resources of the organisation particularly its finance and human elements
- Managing the marketing process by understanding the various interfaces
- The importance of developing an appropriate marketing mix
- The challenges facing marketing practitioners in the current business environment
- Trends in Global Marketing
Skills
At the end of this module, students will be able to:
- Undertake an analysis of the marketing environment facing an organisation
- Develop a marketing plan to reflect the context and internal and external environments of the organisation
- Work in a group setting and be able to make formal presentations reflecting the agreed analyses and decisions of the the group(s).
- Demonstrate an understanding of the key marketing challenges and an appreciation of developing appropriate marketing strategies.
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Teaching and Learning Resources
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The World of Marketing
Market intelligence (MI), according to Cornish, "the process of acquiring and analyzing information in order to understand the market (both existing and potential customers ); to determine the current and future needs and preferences, attitudes and behavior of the market; and to assess changes in the business environment that may affect the size and nature of the market in the future." ("Product", 1997, p147).
This figure shows how the interaction between variables from producers, communication channels, and consumers vary the effectiveness of market intelligence which affects the performance of the sales of a new product. The product is central in a circle because it helps to direct what information is gathered and how.
External links
A software company will likely know more about its market and have more success in its product selection when it collects more different categories of market intelligence which cover both tacit and explicit knowledge . MI is generated from both systematic methods of market research and software testing by users as well as recorded tacit process in daily operations. It includes information from customer analysis and industry analysis as well as general market conditions. The seven most used activities for collecting MI in product software industries are:
- product testing
- industry intelligence
- sales/service
- trade shows
- channels
- qualitative methods (small "focus groups" and personal interview)
- aggregate data
MI's main use is to identify successful new product developments early in the process to create company growth and maximize revenues by finding a balance between costs and prices of products. By using this knowledge about the external environment, software companies can successfully innovate to stay ahead of the competition. MI is critical for helping with the new product development stage of the product lifecycle, which is crucial for product software.
Relationship marketing is a form of marketing developed from direct response marketing campaigns conducted in the 1960's and 1980's which emphasizes customer retention and continual satisfaction rather than individual transactions and per-case customer resolution. Relationship marketing differs from other forms of marketing in that it targets an audience with more directly suited information on products or services which suit retained customer's interests, as opposed to direct or "Intrusion" marketing, which focuses upon acquisition of new clients by targeting majority demographics based upon prospective client lists.
The suppliers of a company are also an important aspect of the microenvironment because even the slightest delay in receiving supplies can result in customer dissatisfaction. Marketing managers must watch supply availability and other trends dealing with suppliers to ensure that product will be delivered to customers in the time frame required in order to maintain a strong customer relationship.
Readings
Organisational Buyer Behaviour
Business-to-business (B2B) is a term commonly used to describe electronic commerce transactions between businesses, as opposed to those between businesses and other groups, such as business and individual consumers (B2C ) or business and government (B2G).
B2B is also commonly used as an adjective to describe any activity, be it B2B marketing , sales, or e-commerce , that occurs between businesses and other businesses rather than between businesses and consumers. Similar to B2B, B2G is often meant to refer to B2G Marketing . There exists several types of online transactions:
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Readings A market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. A true market segment meets all of the following criteria: it is distinct from other segments(heterogeneity across segments), it is homogeneous within the segment(exhibits common attributes); it responds similarly to a market stimulus, and it can be reached by a market intervention.
Market segment is the processing of marketing of characterizing a market into distinct subsets (segments) that behave in similar ways or have similar needs. The segmentation process in itself consists of segment identification, segment characterization, segment evaluation and target segment selection. If each segment is fairly homogeneous in its needs and attitudes , it is likely to respond similarly to a given marketing strategy . That is, they are likely to have similar feelings and ideas about a marketing mix comprising a given product or service , sold at a given price , and distributed and promoted in a certain way. Broadly, markets can be divided according to a number of general criteria, such as by industry or public versus private sector. Generally segmentation is conducted using demographic, geographic, attitudinal or behavioral data. Small segments are often termed niche markets or specialty markets. However, all segments fall into either consumer or industrial markets. Although industrial market segmentation is quite different from consumer market segmentation, both have similar objectives. The process of segmentation is distinct from targeting (choosing which segments to address) and positioning (designing an appropriate marketing mix for each segment). The overall intent is to identify groups of similar customers and potential customers; to prioritize the groups to address; to understand their behaviour; and to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment. Revenues are thus improved. Improved segmentation can lead to significantly improved marketing effectiveness . Distinct segments can have different industry structures and thus have higher or lower attractiveness (Porter). With the right segmentation, the right lists can be purchased, advertising results can be improved and customer satisfaction can be increased.
Supply chain management (SCM) is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers (Harland, 1996).[1] Supply Chain Management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption (supply chain). Another definition is provided by the APICS Dictionary when it defines SCM as the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand, and measuring performance globally."
Readings
In business and engineering , new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process : one involves the idea generation, product design , and detail engineering ; the other involves market research and marketing analysis . Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.
Product management is an organizational lifecycle function within a company dealing with the planning or forecasting or marketing of a product or products at all stages of the product lifecycle. Product management (inbound focused) and product marketing (outbound focused) are different yet complementary efforts with the objective of maximizing sales revenues, market share, and profit margins. The role of product management spans many activities from strategic to tactical and varies based on the organizational structure of the company. Product management can be a function separate on its own and a member of marketing or engineering.
While involved with the entire product lifecycle, product management's main focus is on driving new product development. According to the Product Development and Management Association (PDMA), superior and differentiated new products - ones that deliver unique benefits and superior value to the customer - is the number one driver of success and product profitability.[1]
Brand management is the application of marketing techniques to a specific product , product line , or brand . It seeks to increase the product's perceived value to the customer and thereby increase brand franchise and brand equity . Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with future purchases of the same product. This may increase sales by making a comparison with competing products more favorable. It may also enable the manufacturer to charge more for the product. The value of the brand is determined by the amount of profit it generates for the manufacturer. This can result from a combination of increased sales and increased price, and/or reduced COGS (cost of goods sold), and/or reduced or more efficent marketing investment. All of these enhancements may improve the profitability of a brand, and thus, "Brand Managers" often carry line-management accountability for a brand's P&L profitability, in contrast to marketing staff manager roles, which are allocated budgets from above, to manage and execute. In this regard, Brand Management is often viewed in organizations as a broader and more strategic role than Marketing alone.
The annual list of the world's most valuable brands, published by Interbrand and Business Week , indicates that the market value of companies often consists largely of brand equity. Research by McKinsey & Company , a global consulting firm, in 2000 suggested that strong, well-leveraged brands produce higher returns to shareholders than weaker, narrower brands. Taken together, this means that brands seriously impact shareholder value, which ultimately makes branding a CEO responsibility. The discipline of brand management was started at Procter & Gamble PLC as a result of a famous memo by Neil H. McElroy . [1]
Readings
A marketing channel is a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing activities in the marketing process. [1] Roles of marketing channel in marketing strategy:
Readings Retailing consists of the sale of goods or merchandise from a fixed location, such as a department store or kiosk , or by post, in small or individual lots for direct consumption by the purchaser. [1] Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce , a retailer buys goods or products in large quantities from manufacturers or importers , either directly or through a wholesaler , and then sells smaller quantities to the end-user. Retail establishments are often called shops or stores. Retailers are at the end of the supply chain . Manufacturing marketers see the process of retailing as a necessary part of their overall distribution strategy.
Shops may be on residential streets, shopping streets with few or no houses, or in a shopping center or mall, but are mostly found in the central business district . Shopping streets may be for pedestrians only. Sometimes a shopping street has a partial or full roof to protect customers from precipitation . In the U.S. , retailers often provided boardwalks in front of their stores to protect customers from the mud. Online retailing, also known as e-commerce is the latest form of non-shop retailing (cf. mail order ). Shopping generally refers to the act of buying products. Sometimes this is done to obtain necessities such as food and clothing; sometimes it is done as a recreational activity. Recreational shopping often involves window shopping (just looking, not buying) and browsing and does not always result in a
Advertising is a form of communication intended to persuade an audience (viewers, readers or listeners) to purchase or take some action upon products, ideals, or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These brands are usually paid for or identified through sponsors and viewed via various media. Advertising can also serve to communicate an idea to a mass amount of people in an attempt to convince them to take a certain action, such as encouraging 'environmentally friendly' behaviors, and even unhealthy behaviors through food consumption, video game and television viewing promotion, and a "lazy man" routine through a loss of exercise . Modern advertising developed with the rise of mass production in the late 19th and early 20th centuries. Mass media can be defined as any media meant to reach a mass amount of people. Several types of mass media are television, internet, radio, news programs, and published pictures and articles.[1]
Commercial advertisers often seek to generate increased consumption of their products or services through branding, which involves the repetition of an image or product name in an effort to associate related qualities with the brand in the minds of consumers. Different types of media can be used to deliver these messages, including traditional media such as newspapers, magazines, television, radio, outdoor or direct mail; or new media such as websites and text messages. Advertising may be placed by an advertising agency on behalf of a company or other organization. Non-commercial advertisers that spend money to advertise items other than a consumer product or service include political parties, interest groups, religious organizations and governmental agencies. Nonprofit organizations may rely on free modes of persuasion, such as a public service announcement. In 2007, spending on advertising was estimated at more than $150 billion in the United States[2] and $385 billion worldwide.
Sales management is attainment of an organization's sales goals in an effective & efficient manner through planning, staffing, training, leading & controlling organizational resources. Revenue, sales, and sources of funds fuel organizations and the management of that process is the most important function.
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Strategic or institutional management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives.[1] It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives.
Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about "strategic alignment" between the organization and its environment or "strategic consistency". According to Arieu (2007), "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context."
“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.” (Lamb, 1984:ix)[2]
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Activity
Workshop
Analysing Marketing Opportunities
Tutorials
- Segmenting and Targeting Markets
- Market Segmentation, Targeting, and Positioning Strategies
- Consumer Behavior
- Consumer Decision Making
- Business Markets and Organizational Buying
- Business Marketing
- Decision Support Systems and Marketing Research
Readings
Activities
- Market Analysis
- Market Power, Competition and Regulation: Anti-Competitive Behaviour
- Marketing Tactics
Marketing Mix - Product Decisions
Tutorials
- Marketing Mix
- Basic Concepts for Goods, Services, and Ideas
- Product Concepts
- Strategies for New Products and the Product Life Cycle
- Developing and Managing Products
- Services and Nonprofit Organization Marketing
Readings
The term "marketing mix" was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term "marketing-mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classification in 1960, which has seen wide use. The four Ps concept is explained in most marketing textbooks and classes.
- Four Ps
- Extended Marketing Mix (3 Ps)
- Four Cs（1）
- Four Cs（2）
- References
- External
links
- Marketing Mix (bitesize 4P's) British Broadcasting Corporation (BBC) Schools.
- The Marketing Mix of IMC
- Four P’s, Four C’s And The Consumer Revolution.
- 7Cs Compas Mode
Activities
Distribution Decisions
Tutorials
- Marketing Channels and Supply Chain Management
- The Nature of Supply Chain and Distribution
- Retailing, Direct Marketing, and Wholesaling
- Retailing
Promotional Decisions
Tutorials
- Integrated Marketing Communications
- Advertising and Public Relations
- Advertising and Public Relations in an E-Commerce World
- Personal Selling, Sales Management and Sales Promotion
- Sales Promotion and Personal Selling
Public Relations (or PR) is a field concerned with maintaining public image for high-profile people, commercial businesses and organizations, non-profit associations or programs.
Globally, the profession is represented by the The Global Alliance for Public Relations and Communication Management[3] which is the umbrella organisation linking PR Professional Associations worldwide. At its World Public Relations Forum in 2010, the Alliance accepted the Stockholm Accords[4] These accords present the practice of public relations in the following terms:
The Communicative Organisation The concept of the Communicative organisation was conceived as a result of the five-year research programme “Business Effective Communication” a collaboration between the Swedsih Public Relations Association, Mälardalen University and the Stockholm School of Economics. During the project a number of cases were studied to define how information and communication can be used in the leadership of organisations in order to achieve a higher degree of external effectiveness.
The value-creation networks The world is no longer a straight line from company to consumer. The organization holds a position in a network full of different stakeholders, and the network decides if you are valuable enough to keep your position. You can be replaced anytime. Your organization needs to find the perfect position where it is so valuable that the network can´t do without you. The key to this is to develop the organisation´s communicative skills. This is where the communicator comes in to save the day.
The contextual leadership The communicator needs to take on leadership in the communicative organization. It is his or her task to put the ideological leadership (i.e the business idea or purpose) into the correct context. However the saying goes, perhaps selling sand in Sahara isn´t the best of ideas. The leadership can take different forms; as system building, mediation, coaching or influencing. The important thing is, communication is an organizational quality, rather than a function.
Sven Hamrefors, professor at the Department of Innovation, Design and Product Development, Mälardalen University, describes the Accords in a YouTube interview here.
These internationally held Accords offers a broader view of the practice of PR compared to the previous view held by The first World Assembly of Public Relations Associations, held in Mexico City in August 1978. It defined the practice of public relations as "the art and social science of analyzing trends, predicting their consequences, counseling organizational leaders, and implementing planned programs of action, which will serve both the organization and the public interest." [1].
Others define it as the practice of managing communication between an organization and its publics.[2] Public relations provides an organization or individual exposure to their audiences using topics of public interest and news items that provide a third-party endorsement[3] and do not direct payment.[4]Answers.com Marketing Dictionary: Public Relations. Retrieved August 7, 2008. Once common activities include speaking at conferences, working with the media, crisis communications and social media engagement[5], and employee communication. The European view of PR as practice notes that besides a relational form of interactivity there is also a reflective paradigm that is concerned with publics and the public sphere; not only with relational (which can in principle be private), but also with public consequences of organizational behaviour [6][5]. A much broader view of neo-ubiquitous interactive communication using the [internet] as outlined by Phillips and Young in 'Online Public Relations' Second Edition (2009) which describes form and the nature of internet mediated public relations. It encompasses social media and other channels for communication and many platforms for communication such as personal computer (PC's), Laptop mobile phone and other mobile devices and online games machines.
PR is used to build rapport with employees, customers, investors, voters, or the general public.[7] Almost any organization that has a stake in how it is portrayed in the public arena employs some level of public relations. There are a number of PR disciplines falling under the banner of Corporate Communications, such as Analyst Relations, Media Relations, Investor Relations, Internal Communications and Labor Relations.
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Other PR disciplines include: 1. Financial public relations - providing information mainly to business reporters. 2. Consumer/Lifestyle public relations - gaining publicity for a particular product or service (rather than using advertising). 3. Crisis public relations - responding to negative accusations or information. 4. Industry relations - providing information to trade bodies. 5. Government relations - engaging government departments to influence policy making |
- Chief Communications Officer
- Customer relationship management
- Interactive PR
- Litigation Public Relations
- Marketing and Advertising
- News conference
- Promotion (marketing)
- Public Opinion
- Publicity
- Spokesman
- Message Discipline
- Investor Relations
- References
- Further reading
A podcast (or non-streamed webcast) is a series of digital media files (either audio or video) that are released episodically and often downloaded through web syndication. The word usurped webcast in common vernacular, due to rising popularity of the iPod and the innovation of web feeds. The mode of delivery differentiates podcasting from other means of accessing media files over the Internet, such as direct download, or streamed webcasting. A list of all the audio or video files currently associated with a given series is maintained centrally on the distributor's server as a web feed, and the listener or viewer employs special client application software known as a podcatcher that can access this web feed, check it for updates, and download any new files in the series. This process can be automated so that new files are downloaded automatically. Files are stored locally on the user's computer or other device ready for offline use, giving simple and convenient access to episodic content.[1][2] Commonly used audio file formats are Ogg Vorbis and MP3. |
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Academics at the Community, Journalism & Communication Research group at the University of Texas at Austin in the USA are proposing a four-part definition of a podcast: A podcast is a digital audio or video file that is episodic; downloadable; programme-driven, mainly with a host and/or theme; and convenient, usually via an automated feed with computer software.[3]
Activities
Pricing Decisions
Tutorials
- Introduction to Pricing Concepts
- Pricing Concepts
- Pricing Strategy and Tactics
- Pricing Issues. Relating Objectives to Revenues and Costs
- Setting the Right Price
Activity
Technology Driven Marketing
Tutorials
- Internet Marketing
- Environmental Forces in an E-commerce World: The Macroenvironment
- The Microenvironment in an Era of Global Business
- Information Technology and Marketing Research
- Customer Relationship Marketing
- Corporate Blogging for Dummies
- Explanation of the Internet and the WWW: How Does it Work?
- E-Commerce
Analysis of Relationships between Management Functions
Introduction
Marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development.[1] It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.[1]
Marketing is used to identify the customer, to keep the customer, and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries.The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable
The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.[2] It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.[2]
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Human Relations
Readings
Human Relations Movement refers to those researchers of organizational development who study the behavior of people in groups, in particular workplace groups. It originated in the 1930s' Hawthorne studies, which examined the effects of social relations, motivation and employee satisfaction on factory productivity. The movement viewed workers in terms of their psychology and fit with companies, rather than as interchangeable parts.
"The hallmark of human-relation theories is the primacy given to organizations as human cooperative systems rather than mechanical contraptions."
George Elton Mayo stressed the following:
- Natural groups, in which social aspects take precedence over functional organizational structures
- Upwards communication, by which communication is two way, from worker to chief executive, as well as vice versa.
- Cohesive and good leadership is needed to communicate goals and to ensure effective and
- coherent decision making
(Wilson & Rosenfeld, Managing Organizations, McGraw Hill Book Company, London, p.9.)
It has become a concern of many companies to improve the job-oriented interpersonal skills of employees. The teaching of these skills to employees is referred to as "soft skills" training. Companies need their employees to be able to successfully communicate and convey information, to be able to interpret others' emotions, to be open to others' feelings, and to be able to solve conflicts and arrive at resolutions. By acquiring these skills, the employees, those in management positions, and the customer can maintain more compatible relationships.
(DuBrin, A. J. (2007). Human Relations Interpersonal Job-Oriented Skills, Pearson Prentice Hall, 9th. ed., New Jersey, p. 2.)
Institutes where human relations are studied include:
- the Tavistock Institute, co-publishers of the Human Relations journal;
- the NTL Institute for Applied Behavioral Science;
- The Oasis School of Human Relations, Masters Degree in Globally Responsible Leadership
- Trevecca Nazarene University, Bachelors Degree in Management and Human Relations for working adults;
- the University of Oklahoma offers a Bachelor of Arts in Human Relations, as well as a Master of Human Relations;
- Concordia University (Montreal, Canada) offers a Bachelor of Arts in Human Relations, as well as a Master of Human Systems Intervention.
Finance
Finance is the science of funds management.[1] The general areas of finance are business finance, personal finance, and public finance.[2] Finance includes saving money and often includes lending money. The field of finance deals with the concepts of time, money, and risk and how they are interrelated. It also deals with how money is spent and budgeted.
One aspect of finance is through individuals and business organizations, which deposit money in a bank. The bank then lends the money out to other individuals or corporations for consumption or investment, and charges interest on the loans.
Loans have become increasingly packaged for resale, meaning that an investor buys the loan (debt) from a bank or directly from a corporation. Bonds are debt instruments sold to investors for organizations such as companies, governments or charities.[3] The investor can then hold the debt and collect the interest or sell the debt on a secondary market. Banks are the main facilitators of funding through the provision of credit, although private equity, mutual funds, hedge funds, and other organizations have become important as they invest in various forms of debt. Financial assets, known as investments, are financially managed with careful attention to financial risk management to control financial risk. Financial instruments allow many forms of securitized assets to be traded on securities exchanges such as stock exchanges, including debt such as bonds as well as equity in publicly traded corporations.
Central banks, such as the Federal Reserve System banks in the United States and Bank of England in the United Kingdom, are strong players in public finance, acting as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.[4]
- The main techniques and sectors of the financial industry
- Personal finance
- Corporate finance
- Shared Services
- Finance of states
- Financial economics
- Financial mathematics
- Experimental finance
- Behavioral finance
- Intangible Asset Finance
- Related professional qualifications
- See also
- References
- External links
Recommended Texts
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Effective
Marketing
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Marketing, 6th Ed Berkowitz, Kerin, Hartley, Rudelius Check the availability and buy your books from our Bookshop.
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Marketing (with
InfoTrac) 8th Edition Charles W. Lamb - Texas Christian University Joseph F. Hair - Louisiana State University Carl McDaniel - University of Texas, Arlington 032422155X 768 pages HB 8 1/2 x 10 7/8
Check the availability and buy your books from our Bookshop.
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Contemporary
Marketing (Audio
Chapter Review CD-ROM and InfoTrac) 12th Edition Louis E. Boone - University of South Alabama David L. Kurtz - University of Arkansas, Fayetteville 0324236735 624 pages HB 9 x 11 Check the availability and buy your books from our Bookshop. |
Resources
