Science Marketing and Art Marketing

Science Marketing and Art Marketing: Marketing research and branding

Science Marketing and Art Marketing: Marketing research is the processes through which the marketing managers collect relevant information about their product and the customers. It also involves an evaluation of the necessary strategies required to develop the correct product that will capture the attention of the customer. It provides the basis for the development of the correct marketing mix and the correct style of marketing. Branding, on the other hand, is the process through which a business develops and creates a unique image and name for a product in the customer’s perspective.

Branding incorporates information marketing research to create a brand that is attractive and present in the customers’ mind. The information from marketing research is important as it presents the customer’s expectations. In other words, branding is the art through which the marketing management delivers the customer’s expectations. It is the means through which the marketing management showcases creativity and ability to meet the customers’ expectation. Combining the two strategies creates a mix of art and science that delivers the right product in the eyes of the customer.

Market research

Market research is the process through which managers gather important information about the product from the consumer. It is a science because it involves a combination of processes designed to gather information and knowledge. The science of market research is objective because it aims at gathering relevant information about the customers. Its main objective is to determine the viability of the product from the perspective of the customer. Market research is the process through which the company identifies the possible market and the customer base for the product. It involves understanding the needs of the customers and the means through which the company can modify the product to meet the customer’s expectation. Also, market research involves gathering the necessary information about the customers’ purchasing power and the ability to purchase the product. Through market research, the company can determine the best marketing mix that would help maximize revenue (Burns et al. 2014). Also, the company can use market research to gather information about preexisting segments in the market. Hence, market research is also useful in market segmentation and product differentiation.

Market research is an objective process that involves the identification of the desired market and the development of strategies for information gathering. The management must also analyze the data collected to extract useful information (Burns et al. 2014). It involves the collection of qualitative and quantitative data concerning the customers. The company can either correct the data directly or through existing research. Therefore, the company has to decide whether to use primary or secondary data sources. Primary data refers to the type of data that has not been used in prior research and that the company collects through primary data collection tools. Secondary data, on the other hand, refers to information gathered in a prior research.

The use of prior research implies that secondary data collection involves another entity. When a company chooses to use primary data collection methods, the management has to decide on the objective of the research. The management can decide to collect answers to previously identified issues. Therefore, the management identifies areas of concerns and seeks to collect answers to the questions through market research. The management may also choose to identify new issues in the market. Using this route, the management seeks to collect an array of questions that the customers would like answers to. Whether the company chooses secondary or primary data, the main purpose of market research remains the same, the company seeks to fulfill a certain set of objectives.

Science Marketing and Art Marketing
Science Marketing and Art Marketing

Market research is mostly applicable or put into use when an organization seeks to venture into a new market. It is also necessary when the company seeks to rejuvenate its market competitiveness or brand position. Organizations may also opt to identify the characteristics and needs of a special group in its marker. Researching the market may also be necessary when the company seeks to introduce a new product in its existing market (Burns et al. 2014).

Based on the reason behind market research, every form of research will have different objectives and strategies for obtaining the required set of information. For example, a company seeking to venture into a new market has to conduct an investigation of the current interest for the product in the new market. In other words, the organization must collect information to justify the viability of the new product in the target market. Based on the outcome of the research and information gathered, the management can then decide on whether to actualize the plan. If the company establishes that the customers have a viable interest in the product, the move to invest in the new market becomes feasible. However, interest alone is not enough to make a decision to venture into the new market. The organization also has to investigate the price viability and customers’ ability to purchase the product. Hence, the management must develop a strategy that answers all the necessary questions

Branding

Branding is the means through which the management answers to the expectations of the customer by providing the product in a manner that the customers are likely to accept. It involves positioning the product in the mind of the customer and presenting the product in a likable manner. It is an art because it involves the use of knowledge and skills to develop a product. The art of developing a brand is subjective to the information gathered and the need to present a final product that meets the customer’s needs and expectations. Branding involves the development of the product and means to position the product in the minds of the customers (Latif et al., 2014). Therefore, the art of branding involves the physical aspect of designing and developing the brand in form of the product appearance and composition. The physical aspect of branding involves the development of an attractive and memorable product. The physical aspect of branding involves creatively designing the aspects of the company that relates directly to the customer. One is the physical appearance of the product. A good example of vigorous branding is the Fanta brand of Coca-Cola that continuously changes shape and appearance to capture the customers’ attention.

Similarly, physical branding involves the development of the company’s logo in a unique and appealing manner. The logo is the main identifier for any given organization. Its uniqueness determines the company’s ability to position itself in the market (Latif et al., 2014). Therefore, the company must design the logo uniquely and outstandingly. It also involves the development of a company slogan. The slogan must reflect the values of the company and appear in a manner that keeps it viable in the eyes of the customers. Like the logo, the slogan will most likely be visible to the customers at all times. Hence, the slogan must stand out in the market. Most companies identify by the brand. A well-established brand often appears to be similar to the company. Most customers consider the brand to be the same as the company (Latif et al., 2014). Even for companies that have a brand name different from the company name, customers often confuse the company with the brand.

The art of branding involves several aspects that define the company’s position in the market. Brand positioning is particularly important in marketing (Latif et al., 2014). It involves the setting up the brand in a manner that is noticeable and memorable. The brand position is a marketing strategy that is directed at creating a unique appearance to the customers. Other than the design of the logo and the slogan, positioning the brand may also include printing the brand name, logo, and slogan on the company products. The art of positioning has evolved to include online presence and ease of accessibility of information in social media and on the internet. The company can also improve the position of the brand by carefully placing the logo or the slogan in the customers’ daily activities. The Coca-Cola Company is usually very active in brand positioning. For example, the share a coke market campaign positions the company logo and slogan at the heart of summer celebrations. The company also uses promotional campaigns to position the brand in sports and other activities to keep the brand in the customer’s minds.

Science Marketing and Art Marketing

Marketing requires a combination of science and art to achieve its objectives. The application of scientific strategies in marketing allows marketing managers to collect sufficient data. It allows managers to track marketing expenditure and effectiveness. According to Gross (2017), the ease of data collection and marketing research through digital marketing enables the success of marketing strategies. Such a scenario indicates the importance of data collection and market research. According to Gross (2017), the integration between science and art in marketing guarantees the success of any marketing campaign. The organization must find a balance between the art and science of marketing in order to achieve the objectives set. Strategic marketing management is the simply the development of strategies that combine the art and science in marketing. It involves developing the necessary skills and techniques that enable the company to achieve its marketing objectives.

Therefore, market research and branding are simple methods of defining a multifaceted and complex science and art marketing. The discipline involves developing a synergy between the science in market research and the art in branding. The data collected in market research is helping the company to design and develop a unique and lasting market brand. Other marketing strategies whether art or science come into play to make the processes successful. For example, marketing managers can employ strategic marketing to develop strategies for the implementation of research and branding. Similarly, the marketing managers can employ product design in branding as described above to position the brand on the products. By combining marketing science and art, marketing managers develop strategies to achieve marketing objectives. Therefore, the two forms of marketing must work together for the betterment of the marketing department.

References

Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.

Gross, J. (2017). Marketing: The Convergence of Art and Science. Forbes. December 1. 2017.

Latif, W., B. Islam, A. & Mdnoor, I. (2014). Building Brand Awareness in the Modern Marketing Environment: A Conceptual Model.

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Project Control Construction

Project Control

Project control is vital since it ensures that resources, budgets, and time are used effectively. In addition, the project control is significant as it enables the project manager to evaluate the progress of the project and adjust on the shortcomings and risks that are encountered during the completion of the project as discussed below.

Earned Value Management Techniques

As a project manager of a 5000m2 retail development construction project, the project control measures are very vital in the quest to achieve the goals. Control of this project can be conducted using the Earned Value Management, EVM. The EVM evaluates the progress of the project embracing the objective approach (APM, 2013: 7). This technique is very significant as it enhances the control work which can be conducted at any period, hence, determining the current status of the project. The EVM embraces the use of a baseline project plan to control the desired outcome. In this method, the cost management as well as the schedule of the project evaluations are conducted in an integrated manner (APM, 2013: 9).

Some of the goals of the 5000m2 retail development construction project include maintaining budget and minimizing costs. This necessitated the allocation of specific amount of the resources including the human capital. In this regard, project control enables the project manager to have a control of how the project progresses considering the time taken for each activity undertaken (APM, 2013: 9). More so, the cost of the project is controlled using EVM is necessary to evade the misuse of the resources and finance allocated for the project which could jeopardize the outcome. Apart from that, EVM project control is vital since there is absolute need to deliver positive results which are useful in answering the business case (APM, 2013: 7).

Project Control Measures

Using measures such as the evaluation of the performance reports can be of great importance in ensuring that project scope including project plan, schedule among others are helping the project manager deliver the goals of the project as stipulated before the project commenced (Fleming and Koppelman, 2010: 54-55). As the project work progresses, the project manager should be informed about the achievements made as well as the cost that has been used by the time performance reporting was been conducted. EVM also enables the manager to have an estimation of the final cost of the project together with time that is likely to be consumed (APM, 2013: 9). The EVM gives a clear overview of the progress and the status of the project which is essential for the project management since the resources as well as activities are arranged in logical sequence. This ensures that the activities are at as planed in the baseline project (APM, 2013: 9).

Project Control Dissertation
Project Control – Roland Wanner

Project Control Risk Planning Initiative

As a manager, it is necessary to initiate the risk planning so that the risks that are encountered in the project can be handled (APM, 2013: 60). The progressive evaluation of the status of the project vividly indicates the risks that the project faces. In addition there is a clear forecast of the future risks that the project might encounter. Therefore, planning for the risk is inevitable in a construction project. The previous projects can be used to evaluate the project risks.

In addition, benchmarking on similar projects can be a useful technique under the EVM control of risks. Moreover, the risk management software can be incorporated to deduce both the cost risk analysis as well as the schedule risk analysis (APM, 2013: 68). This is because the construction project’s completion time is usually scheduled and there is a need to manage the time so that the project does not run behind the schedule. Moreover, the finances and other resources are allocated in a sequential and logical manner. Hence, conducting schedule risk analysis ensures that the project status is as outlined in the baseline project (APM, 2013: 69).

More so, any discrepancies are managed using the appropriate methods that does not cause cost variance. This is because the allocation of finances is done when the project plan is made. Furthermore, the change control management is vital so that the risks mitigation processes can achieve the desired goals of the project (Fleming and Koppelman, 2010: 206).

Controlling the Project Plan and Schedule

As  project manager, it is necessary to ensure that the baseline project and project plan are achievable and useful in supporting the business case. In this regard, the project plan can be changed if the project manger determines that there are shortcomings to its effectiveness and validity. In addition, if there are some external and unplanned forces such as the political instability, the project plan can hence be altered (APM, 2013: 73).

One of the possible ways is the EVM Compass Maturity Model (APM, 2013: 73). This model is necessary as it ensures that capability project control is improved. This is done through rating the progress of the project on a scale of 5 with 5 as the highest score. Therefore, project manager and stakeholders evaluates the EVM attributes such as cost, time, resources, and finances, among others and rate their performance relying on the realistic and evidence based approach (APM, 2013: 73-74). On the other hand, the baseline review is another method that can be used to control the project plan and schedule. The baseline reviews can be conducted by an independent firm hence giving reliable information about the status of the project, the project manager can thereafter act accordingly.

Data trace assessment is another technique embraced under the EVM since all the data carried out in the project is evaluated and a detailed and valid status of the project (Fleming and Koppelman, 2010: 211). In addition, tracing the resources will help in project control as the will safeguard the time schedule of the project. Tracing resources is another technique which shows the progress of the project as it evaluates the distribution of resource within the different areas of the project. This is necessary in ensuring that time is effectively managed as well as ensuring that the resource use is matching their viability (APM, 2013: 75).

Reviewing Collected Data and Acting

Acting on the collected data is vital as the possible and necessary changes for the project are enhanced. Reviewing the schedule performance index determines how far behind or ahead the project is running which enables time management. Moreover, the cost performance index which represents the cost of the earned value to the total costs of the project helps in budgeting trace which controls the finance management (APM, 2013: 80). Comparing the current performance of the project is a suitable way to forecast and plan for the future.

Evaluating EV Reports

The test of project reasonableness can be conducted through evaluating the Earned Value reports. These reports can be produced progressively as the project work advances. The EV reports are vital as they enable the project manager to improve on the management techniques so that the project goals as outlines in the plan are realized (APM, 2013: 90). More so, evaluating these reports ensures the current risks are encountered as well as laying down concrete plans for the forecasted risks.

In addition, setting the cost and variance a threshold ensures the parameters such as cost and schedule of the projects are analyzed effectively (APM, 2013: 105). If the variance or the cost is above the threshold at any given time then there should be drastic changes. The project manager controls the project to ensure that reasonableness is always maintained (Fleming and Koppelman, 2010).

References

Association of Project Management HandBook (2013) Earned Value Management ISBN 13: 978-1-903494-47-9

W Fleming and Joel M Koppelman (2010) Earned Value”, Project Management, Fourth Edition – ISBN – 978-1-935589-08-2

Roland Wanner (2014) “Earned Value Management”, The most important methods and tools for an effective Project Control by Roland Wanner 2014 – ISBN – 978-1500850234

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Costing Methods Financial Essay

Costing Methods

Costing Methods in Financial Management – The globalization resulted in excessive heights of competition which compelled businesses to the concepts of products and prices. The differentiation strategy works well when the companies charge the lowest prices possible for their products. Business organizations can practice the differentiation in their products by working the quality of their products and implementing some of the marketing approaches like after sale services. With that in mind, the business must conduct market research to ascertain the specific market cost of the products and services then they aligned their products upon the established prices.

Therefore, the standard costing methods remain outdated at this point, and business firms installed more strategic costing procedures. Some of these strategic costs applied by contemporary businesses consist of target costing, life cycle costing, and the Kaizen costing. This report seeks to describe and discuss target costing, life cycle costing, and kaizen costing with their examples and make conclusion and recommendations about the application of three costing methods.

Introduction to Costing Methods

The contemporary customer is a vocal consumer who has the market knowledge thereby posing a stiff competition in the market. The increased competition compels companies to embrace marketing strategies which may make them meet the level of competition trend. As a result, to remain relevant companies must redesign their processes to maximize product quality at reduced costs. Company businesses must work with price reduction as a way to remaining gain the market share in a competitive environment. Therefore, for the realization of the above strategies a company cost detection mark it as the better option.

Therefore, cost methods used by the firm act as significant strategic tools for opportunities identifications that guarantee cost reduction and product quality improvements.  The report describes and discusses target costing, life cycle costing, and kaizen costing as the modern cost management techniques which the company can use to sustain a competitive market environment.

Target Costing

The target costing is a modern cost management technique that has ide coverage usage by most managers. According to Cooper, target costing relates to Functional Cost Analysis as well as Value engineering to align the products and services to match the market dynamics (Cooper 2017). The onset of cost management according to this cost method is at the development stage where the product attributes that match the next generation get incorporated with the intention of generating the required return on investment.

The whole process entails market segmentation to identify the most reliable segment to target and customize the products and services to meet the prevailing conditions. Also, the company must study the convenience of the rival firms in the same segment to deliver the same quality at a cheaper cost. The company proceeds to the next by filtering its activity which is relevant for the delivery of the already established product attributes.

With that in mind, the identified relevant activities are subject to costing to gauge their total costs against the anticipated returns. In the event of any variation, functional costing and value engineering get into play for cost reduction strategies to get employed without compromising the required product quality. The latter process gets continued in line with the market pricing spirit until the best cost is established then the company proceeds to invest in the production of the product required (Talebnia et al. 2017).

Furthermore, functional Cost Analysis together with the Value Engineering techniques help the inter-processes teams to creatively identify the best ways to install the alternative cost reduction product designs without charging the recommendable market features of the product (Talebnia et al. 2017). This is important when analyzing costing methods in the management of finace.

Also, for the company to achieve the maximum value engineering techniques, the company must go through two significant steps by performing some of the radical design changes at the development stage so long as the product is capable of delivering the required service. Second, the use of different design teams may get considered for cost reduction purposes (Talebnia et al. 2017).

According to hart, target costing offers the following advantages to any committed firm (Cooper 2017). First, helps the management with the required knowledge to the development of products and services that are market-oriented through the firm’s strategic objectives, they develop products are following the tastes and preferences of the customer regarding functionality and the delivery method.

Second, it forms an essential element of product development teams, while giving products that are flexible to dynamic costs and life cycle changes and services that are relevant in their application context.

Third, the target costing supports activity-based costing through well-presented costing data during the specific developmental stages. Finally, target costing provides market-driven product features by ascertaining the use of simple, relevant, and user-friendly products. The development teams use simple language to prevent time wastage during costs evaluation (Cooper 2017). 

Life Cycle Costing

The method of life cycle costing considers not only the initial cost of a company asset but also the costs involved over the useful life cycle of the same assets for a rational investment decision (Moreau & Weidema 2015). The life cycle technique confirms the significance of valuing the asset by considering the total ownership costs to provide a viable management decision making. The information about the whole life cycle of an asset can offer some insights such as; future required resources, investment evaluation, and supplier appraisal, resources accountability, improved system design, and asset economic life assessment.

The complexity of the asset in the question determines the kind of life costing approach to get applied, and the annual costing can ask directly approach as opposed to complex computerized processes of future costing. The life cycle costing involved the analysis of the entire asset life span cycle by considering the initial acquisition costs, operating costs, loss of failures, repair cost, preventive costs, and maintenance costs. Other expenses include interest rates, depreciation, present value, and discount rates.

According to Nasik, the life cycle analysis is possible in a spreadsheet with the fair, necessary cost values because it only entails adding up of the respective costs and other rates like discount and interest (Daylan & Ciliz 2016). The costs involved by finding the summation of all the expenses are deterministic, on the other hand, some values are probabilistic like costs concerning the asset reliability and maintainability (Daylan & Ciliz 2016).

The project manager has the responsibility of assessing the present asset condition, the budgeted value for the purchase of the asset, historical background to define the best alternative asset the company may consider worth the investment with the assurance of service delivery beyond the expected levels (Moreau & Weidema 2015).

Therefore, the making it possible for a rational decision concerning capital and expenditures, prioritize every company projects regarding total costs of ownership, and build management confidence when doing their report to major company stakeholders. Life cycle cost analysis also boosts management morale since the analysis assists in project validation calculation, risk reduction strategies, and consistent ways of project evaluation.

The asset life span starts immediately during creation planning to the time of disposal (Daylan & Ciliz 2016). For example, the asset passes through some stages such the concept definition, development of the design features, features specifications and documentation, manufacturing, the awarded warranty duration, and utilization stages. The other steps during the operation include maintenance and finally disposal.

Most importantly, is the strategic and periodic asset life span cycle which always commenced at the strategic planning, the asset formulation, operations level, asset in house maintenance, possible rehabilitation, and finally disposal. The life cycle of the asset is subject to necessary maintainability, technological developments, and the dynamic nature of the operational requirements are the few factors that may influence the life span of an asset (Moreau & Weidema 2015).

Costing Methods Financial Management
Costing Methods Financial Management

Kaizen Costing

The kaizen has its roots from the Japan where the knowledge of continuous improvement originated. According to Hert, the target costing planning process is compatible with the kaizen process in the production stage while firms which concentrate more on the shorter life cycle products usually use the target charging planning instead of combining the two charging methods (Kaplan & Atkinson 2015).

On the other hand, most of the companies with a complex life cycle practice kaizen during their operations at different stages of target costing to get products which are relevant to all generations. Kaizen holds every business organization player to get responsible and embrace never ending the quest for quality improvement through constant job processes evaluation.

All that this method need is just embracing the organization culture whereby all company processes get interconnected in a way that promotes learning from each other on the cost reduction strategies and quality improvement. As a result, kaizen is more aligned with knowledge sharing among the team members with the sole objective of enhancements. The kaizen costing holds the mighty aim of showing the management direction on how to apply the kaizen costing to ascertain a culture of continuous improvement across the organization (Mena et al. 2018). 

In the field of management accounting, kaizen assists firms to gain a competitive edge as it helps the management to do an appraisal to its strategic plans, activities, and long-term operations goals (Mena et al. 2018). With that in mind, the activities such as increasing company improvements, the permanent cost reduction along the production line, and ever diligent in the product design and development stages help the active management to reduce wastes and costs during production. Therefore, the output from the company processes meets the required quality to guarantee customer satisfaction at affordable prices in the market to make the company competitive.

Kaizen differs with the target costing in that the target costing involves product development stages while kaizen comes in during the manufacturing stage to eliminate wastes and reduce costs along the manufacturing lines. Furthermore, the kaizen uses the value analysis method in the form of value engineering to ascertain cost reduction at each process level. Notably, kaizen stresses the improvement in quality and cost delivery through the controlling the product market cost, timely delivery, and distribution.

According to Mark adults, the kaizen profits by getting the difference between corporate management projected profits and lower control expected profits (Kaplan & Atkinson 2015). For a company to achieve the benefits through kaizen costing it must install kaizen costing teams in every department to assist in planning, monitoring, and an evaluation of the processes.

Second, the target charging team must work hand in hand with the kaizen team for compatibility of refined product attributes with the set manufacturing kaizen standards and any variations in kaizen costing must get reported in time to the relevant authority for expert action. Third, the culture of continuous improvement gets supported by active channels of communication across the entire company.

The kaizen principles must get formal communications for kaizen costing information dissemination. Finally, the management ought to establish an evaluation method to gauge the kaizen success on a yearly basis and make the necessary adjustments (Mena et al. 2018).   

Costing Methods Conclusion

The three costing methods are very vital for any business organization to remain competitive in the contemporary market. They help in aligning the products and services offered with the requirement of the dynamic and volatile competitive current markets consisting of a knowledgeable consumer. The knowledge of target costing assist the design and development teams to come up with designs that are generational oriented after thorough market analysis.

The market segmentation helps the team to understand profoundly different needs of a different category of consumers. Also, life cycle costing is an important in management accounting because the methods help the organization concerned with asset acquisition the required knowledge for charging the asset ownership costs, supplier evaluation, and the general company projects evaluation skills.

Moreover, the life cycle helps the procurement and costs expert to acquire the relevant production machines at fair prices. Finally, kaizen costing is an equally more important approach that ascertains reduction of wastes and unnecessary cost along the production lines and, therefore, verifies quality products at affordable market prices. The combined knowledge of the three methods of costing makes a company to gain a competitive advantage in the global markets and assure sustainability.

For the organizations to apply the three costing methods successfully, they need to integrate the accounting knowledge with the strategic management approach thinking for effective internal control systems. Also, the company must work on its both inbound and outbound logistics, production policies and procedures, distribution channels, and marketing strategies like after sales services to offer it a better market advantage over rival firms. Therefore, the successful application of cost management strategies needs an effective and efficient supply chain management.

References

Cooper, R. (2017). Target costing methods and value engineering. Routledge.

Daylan, B., & Ciliz, N. (2016). Life cycle assessment and environmental life cycle costing analysis of lignocellulosic bioethanol as an alternative transportation fuel. Renewable Energy89, 578-587.

Kaplan, R. S., & Atkinson, A. A. (2015). Advanced management accounting and Costing Methods. PHI Learning.

Mena, C., Van Hoek, R., & Christopher, M. (2018). Leading procurement strategy: driving value through the supply chain. Kogan Page Publishers.

Moreau, V., & Weidema, B. P. (2015). The computational structure of environmental life cycle costing. The International Journal of Life Cycle Assessment20(10), 1359-1363.

Talebnia, G., Baghiyan, F., Baghiyan, Z., & Abadi, F. M. N. (2017). Target Costing, the Linkages Between Target Costing and Value Engineering and Expected Profit and Kaizen. International Journal of Engineering1(1), 11-15.

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Emerging Markets Project

Emerging Markets

The contemporary world economy gets its support from the phenomenon of the emerging markets and its consequential development of emerging markets multinationals (MNCs) (Sinkovics, et al. 167). The new re-engineering of the modern economic and political order is as a result of the state of international emerging markets that is much conspicuous in the recent past. According to the international business, the term emerging markets get referred to nations that are in constant motion and also have the capability of gaining a significant economic and political power (Cavusgil, Tamer, et al. 40).

The emerging economies showed the ability to endure a recession that bypasses even the major economies during the Financial Crisis that the world faced at the primary stages of the new millennium. They include the best emerging 20 (E20) countries selected based on their recorded GDP, the population, and the overall influence on both regional and international trade (Cavusgil, Tamer, et al. 46). For example, the E20 consists of Brazil, Chile, China, Argentine, Poland, Colombia, Saudi Arabia, South Africa, Malaysia, Mexico, Thailand, Russia, Philippines, Republic of Korea, South Africa, Turkey, Indonesia, India, Nigeria, and Iran. This report aims at examining the emerging markets from the E20’s enhanced economic growth, the ever-growing influence across the world economies, and increased technological advancements.

Emerging Markets and Economic Growth

The E20 savings are known to be dominated by a substantial and rapidly growing number of people. According to world census conducted recently, emerging markets population account for 50% of the total four billion estimated world population. For example, in a comparative perspective, 18% of the world’s population stays in OECD nations; an approximated 11% lives across the G7 countries which also recorded yearly population growth of a rate of 0.0051 of the total population (Cuervo-Cazurra, Alvaro, and Ravi Ramamurti 230). On the hand, E20 nations are also prone to an increase in annual population by 0.01 (Sinkovics, et al. 169).

Also, demographically, emerging markets consist of a community of the young generation who are at their prime ages. Even though the youths are demanding regarding the money allocated to the education and higher learning institutions, they act like a source of wealth to a country. For example, a learned young generation provides skilled and advanced technical know-how to their economy, the source of cheap labor to the available industries, and a potential market for the ready manufactured goods and services. Conversely, in the United States, Japan, and Europe the majority comprises of working age population. 

A nation with working age as the majority is at crossroads since the working age has the capability of ether impact the economy positively or negative (Cuervo-Cazurra, Alvaro, and Ravi Ramamurti 230). For instance, a country with a majority of working age must have implemented a beneficial education and healthcare system because the working class is aging very fast and the possibility of an increased dependency ratio. However, some of the E20 countries showcased an age structure that consists of a rapidly aging population such as China and Korea. Nevertheless, E20 states still well placed to have a productive working force that other developed economies (Cuervo, Alvaro, and Ravi 230).

Integration into the international Markets

With the high population in E20 countries, there are readily available markets for the produced goods and services (Hill, Charles, et al. 77). According to world consumer research conducted in 2010, the United States and Europe take the lead in the world consumer market. However, there is the likelihood that Asia will overtake them by 2030 due to rapidly growing emerging economies. The recent paradigm shift indicates how emerging economies are gaining firm ground across the international market arenas.

E20 countries learned a lot of world market influence between the early year 2000 and 2015 by a margin increase of approximately 6%. However, E20 nations have suffered currency volatility for not less than twenty years, which was worth declared a crisis among them. For example, Mexico, Asia, Russia, Argentina, and Brazil were the witnessed victims in the late 1990s. Fortunately, the emerging markets with the firm ground established in the contemporary international economy have the upper hand to maintain their positions (Hill, Charles, et al. 79). 

Furthermore, the emerging markets have increased their total exports to the world markets averagely 20% and that some countries stand as major commodities exporters. Emerging countries are the majority of the states with the most significant manufacturing products applying the advanced technology. For instance, China, Korea, and Malaysia use the highest technology in manufacturing their exports and that they also enjoy the lion’s share of FDI, therefore raising their international investments. The economic growth resulted in a well-consolidated world economy that boosted technology and innovation knowledge (Brannen, Rebecca and Susanne 141).

Technological Advancement in Emerging Markets

Growth and development of a nation must get measured by the level of technology and innovation present. Initially, high technology and innovation was only a reserve for the developed countries. However, in the current days, emerging economies have concentrated their efforts to improve their technological know-how through boosting research and development sector by providing resources and human capacity by embracing the right education system (Hill, Charles, et al. 79).  For instance, innovation improvements have greatly addressed the local problems to match the general atmospheres in the already developed countries.

Innovative cultures in emerging economies contributed to the development of new technology in the banking industry, telecommunication, and to the overall savings which not only benefited the locals but also spread to the rest of the world (Peng, Mike, and Sergey 12). Therefore, the emerging markets end up pioneers of some world innovations and technological advancements.

Emerging Markets Project
Emerging Markets Project

The E20 countries paid much attention in research and development funding both public and private sectors of the economy. Research and development are significant indicators of technology and innovation in any economy of the world (Peng, Mike, and Sergey 19). For instance, Korea and China are the leading nations which took more significant strides in R&D followed by Turkey and Malaysia.

Moreover, the emerging economies witnessed to embrace the right education system that promote innovative talents and that they use the most significant art of public expenditure on education. For example, Argentina, Mexico, South Africa, Malaysia, and Brazil were among the emerging nations with the highest education allocation. The E20 countries take education seriously since it is the critical factor that influences the full and sustainable economic growth.

Globalization

The emergence of interconnectivity of world nations through cooperation laid a firm ground for the emerging economies (Brannen, Rebecca and Susanne 139). The world’s economic and political order experienced a paradigm shift where countries were aiming to form multilateral cooperation resulting into formation of world developmental institutions like development bank and Asian Infrastructure Investment Bank and International Monetary Fund. The establishment of the last global institutions facilitated the emerging market’s contribution in global affairs, international trade, and investment (Brannen, Rebecca and Susanne 141).

Conclusion

The emerging economies managed to transform the global economy by constant and robust economic growth and the trend seeming to continue because of some reasons identified by this report. First, the emerging economies have both principal actors and regional powers than developed nations. Second, the majority of the emerging markets anchored the economic development on the right pillars such as technology and innovation.

Finally, these emerging economies enjoyed the current world readiness for international cooperation. Despite the possible challenges that particular emerging economy shall experience, there rise in general marked a milestone in the global landscape.

Work Cited

Brannen, Mary Yoko, Rebecca Piekkari, and Susanne Tietze. “The multifaceted role of language in international business: Unpacking the forms, functions and features of a critical challenge to MNC theory and performance.” Language in International Business. Palgrave Macmillan, Cham, 2017. 139-162.

Cavusgil, S. Tamer, et al. International business. Pearson Australia, 2014.

Cuervo-Cazurra, Alvaro, and Ravi Ramamurti, eds. Understanding multinationals from emerging markets. Cambridge University Press, 2014.

Hill, Charles, et al. Global Business Today Asia-Pacific Perspective. McGraw-Hill Education, 2017.

Peng, Mike W., and Sergey Lebedev. “Intra-national business (IB).” (2017): 241-245.

Sinkovics, Rudolf R., et al. “Rising powers from emerging markets? The changing face of international business.” 0969-5931 23.4 (2014): 675-679.

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Workplace Violence Legal Consequences

Workplace Violence is one of the prevalent issues that the world is facing today because of the diversity in the workforce brought about by the globalization. The term globalization may seem positive for major reasons, but in some note, it could create problems in the society, even in the work force. Since the organizations are now composed of people from different races, different backgrounds, opinions, philosophy and level of education, rift between parties are not a surprise.

Since it’s inevitable that workers in the organization may have some disagreements on the ideas or point, it is therefore important for employees, management and all members of the organization to understand the concept and definition of workplace violence in order to create a benchmark if the arguments are just plain arguments or it already falls under the category of violence. In this way, management will now be able to design the best strategy to address this certain issue.

Workplace violence is not only happening in your organization or in your friend’s organization. It can happen in everyone, anytime and anywhere. Therefore, it is just important that companies have policies with regards to the situation and appropriate consequences for the perpetrator or assistance such as counseling, training, experts’ opinion for the victim.

To better understand of what is workplace violence, the root causes of why this is happening, this research aims to address this issue and seeks to recognize the real cause of violence in the workplace. This paper also contains information that will give additional information for employees on how to overcome workplace violence or how to defend themselves when they’re faced with such kind of situation.

This paper also address company’s hurdle with regards to workplace violence and  some strategies on how to monitor the behavior of employees (e.g. CCTV) and methodologies to address workplace violence in the organization (e.g. seek experts opinion, design policies, etc). At the near end of this paper, the researcher also discussed the legal issues with regards to the topic in order to supply information to the reader that there are laws that address workplace violence. Lastly, at the very end of this paper, the researcher highlighted some bigger challenges with regards to this issue. Thus, after reader reading this paper, the researcher hopes that the reader will gain new insight about workplace violence and spread the knowledge gained to help lessen the occurrence or incidence of this practice.

Introduction

Globalization has greatly affected our lives and our lives processes. Goods and services from one country are now widely available in other countries and workers from one country are now welcomed to work in other countries. This phenomenon allowed other workers of different races to work in one company, which now comprise the diverse workforce in the world. Businesses are composed of diverse people working together for the success of the company. These people working for the company comes from different background and place of origin.

It’s inevitable to have complications and rift among the attitudes of the people in the organization because of these differences, this rift may be one of the causes of Violence in the Workplace. Violence is happening in our surrounding though sometimes we are not aware of it. Violence may happen in school, organization, work place and even in our own house. In this regard, we will be discussing work place violence and relate it to strategic management of each company. In this paper, we will also be discussing on how to overcome

Understanding Workplace Violence

Work Place is defined by the United States Department of Labor, Occupational Safety and Health Administration, as any violence that happened in the place of work against a co-worker or any staff that works for the same organization or event from other firms. It can be a form of threat, physical violence, homicide, verbal arguments or any other unspoken gestures.

This workplace violence may be the result of differences that are not settled, jealousy over co-employee or just a simple understanding because of the differences in opinion, ideas and ranks. Due to changes in company structures, people and the organization of functions, workplace violence is one of the growing concerns of companies nowadays. According to the US Department of Justice, in the year 1987 up to 1992, the number of work-related violence has increased gradually and reported that one of six violent crimes are actually happening in the workplace either co-employee being attacked, harassed or abused. The growing number of workplace violence poses threat to employees that’s why some are actually seeking for work from home jobs in order to avoid such incident may happen to them.

According to the article of Sharif, B. (2003) of the California State University at Los Angeles entitled Understanding and Managing Job Stress: A Vital Dimension of Workplace Violence Prevention, one of the prevalent causes of Workplace Violence is the Job Stress experienced by an employee. Job Stress may be the result of changes in the organization, workloads, pressing deadlines for proposal; technology used job function, sales quota and others which may add burden to the employee.

According to the article of Sharif, Job Stress is one of the Top ten causes of health problems and violence in the workplace as job stress triggers physiological, emotional, and even psychological difficulties for the employees and according to the researches of Blix, Cruise, Mitchell and Blix (1993), it caused the firm about $150 billion annual loss because of absenteeism, hospitalization and other medical benefits. In this regard, companies are continuously seeking for professional advices on how to prevent, stop or avoid workplace violence in the organization.

How to Overcome Workplace Violence and its legal issues

Workplace violence is now one of the issues or challenges that the companies are facing. No companies are spared with this violence, even small companies are actually experiencing these problems and up until now some of them are still searching for alternatives or solutions to overcome this problem. However, since the structure of each organization is unique and the culture, practices and customs are different from that of the others, laying out resolution for this type of problem or issue is very hard for each organization needs to suit the solution to their own protocol and based on the issue that arise in the company.

Therefore, there is no fix or one single strategy to resolve this kind of problem in the organization, hence, every organization should design their resolution in relation to their company policies and the type of violence they are experiencing. Thus, each organization needs to have multi disciplinary approach to the workplace related violence. Also, there’s no organization that can make single approach to different type of violence in the office for different violence may need different solution and needs to be given different level of attention by the management or the human resource department (e.g. attention to sexual harassment and bullying).

Therefore, in order for the concerned agencies to identify the best solution to the issue, they should understand first the root cause of the behavior or the instance that had happen in the workplace. In order to address this issue, companies are designing module which contains readings and things to remember by employees when they are faced with such issues.

According to the article of Rita Rizzo & Don Philpott about workplace violence, companies can actually design a model of violence-prevention protocols for the whole organization along with proper training, orientation and hand out materials to be given to the employees; companies can conduct awareness programs in the office or drill so that the employees will become familiarize with the defense mechanisms; or companies can put up counseling group that would help the victim recover from the trauma.

Workplace Violence Project
Workplace Violence Project

The US Department of Labor also suggests that companies should provide employees enough education about the issue and on how to protect themselves; securing the workplace by installing CCTV or surveillance cameras on all the corners of the workplace to monitor employee actions; and just by developing set of do’s and don’ts that all employee should follow to avoid issues or problems, thus, avoiding workplace violence. Other agencies are also proposing several ways on how to prevent or avoid workplace violence, however, the best weapon still depends on the employee or the victim themselves – knowing the proper defense mechanism or strategies when cornered in certain situation. Lastly, reporting the incident will also be a huge help for the management to give certain attention to the issue and correct the behavior of the doer or lay out appropriate punishment to the perpetrator.

In some cases, Workplace violence up to some extent already falls on the legal action. There are actually laws that protect an individual in the workplace or even the company from the situation. In Australia for example, under the occupational health and safety laws designed for their workers, employers are the one that should ensure the safety of each worker especially during work and in the constitution of Australia especially in the Work Cover New South Wales, an employer shall be punished in failure to perform the duty of protecting the employees. The penalty according to their legislation is $550,000 for the first offense and about $55,000 for other cases.

The Biggest Challenge in resolving Workplace Violence

In the US, there are 20 million workers who worked for non-governmental offices which most workers works for firms that have 20 employees or fewer. Though some researchers said that employees in small firms are getting the least paid and is composed of lowest status worker, they are not spared from workforce violence than any other type of business.

Since these companies are small, they don’t usually have budget or programs for workforce violence, less training capabilities and they offer less security for employees making the employees more at risk and they are the ones who received less prevention from workforce violence. Also, owners of small businesses tend to have less knowledge on human resources issues, legal matters and other workplace violence resources that they could use when they are faced with this kind of situation.

Since these small businesses employs large chunk in the workforce statistics, the government and even non-governmental organization are seeking a bigger challenge on how to protect the people working in this segment and up until now, it is still on the debate on who should protect the workers for small businesses.

Conclusion

I am aware that there are violence that are happening in my surrounding but honestly, I don’t have the idea on what are the causes of these violence and what triggers a person to harm a co-worker or just commit that kind of actions. As innocent as it may be, I just know that since people are just working for the company, they just basically do their job for the whole day then go in and out of the office.

The primary purpose of a person to go to the office is work on the job he/she is assigned based on the job description presented on the date of employment. However, after reading articles about workplace, I came to understand that in the workplace, people also socialize with his/her co-workers, and thus, they get to exchange ideas with each other.

I do know that globalization has greatly affected our ways of living, our culture, customs and tradition. Everything is changing from the clothes we wear and the languages we speak, this is because of globalization. Since change is inevitable in this type of world, people, the academe and even the businesses are going with the flow or adopting to this change in order to not to be stock in the past and discover possible benefits of this changes in our world.

Being able to adapt to changes also means that the personality or the company is flexible enough and are expected to last for sometime because it is able to adapt to its environment. In business, there are also gradual changes that happened in the operation, work force, customs and practices, technology and even with the management which poses threats, stress and burden to the employees and anyone who are part of the organization. Some may be able to adapt to this changes without any flaws, some are not, thus, they often result to bad habit and later on, they are committing violence which does not only hurt the themselves through their performance, they are also hurting the company customs.

After reading the articles related to workforce violence, I have learned that workplace violence isn’t contain on physical violence inflicted on other person but also involves verbal abuse, bullying, nonverbal communication and others. An employee might not notice at first that he/she is facing certain degree of workplace violence because of some unspoken violence because of non-verbal form of violence.

Because of this critical present issue, companies are on the rush on designing their own mechanisms and strategies on how to overcome this so-called workplace violence in order to protect their core employees and as well protect their company’s reputation. Based on my readings and based on the writings above, I have learned that businesses are designing policies; methods to supply more information for their employees, conduct trainings for employees, and consult legal experts about the issue and other companies even install numerous CCTV or surveillance cameras in the office in order to monitor the behavior of its employees. In such way, companies are hoping to resolve the issue as they occur and be able to keep their employees aware of how to defend themselves when they’re faced with such kind of situation.

Though the world is facing a greater challenge in the future because of the proliferation of small businesses who are less likely to implement a violence protection program for their employees, I am still confident that as of the moment, there are lots of concerned organization that will take care of that up until these small companies will be able to design their own protocols with regards to this issue. Thus, addressing this issue in casual or legal ways is still very important for employees in order for them to fell secured when they’re at their place of work.

References

Chauhan, D.S. ()Bowling Green State University. Preventing Violence in the Workplace: Threat Assessment and Prevention Strategies. Public Administration & Management: An Interactive Journal 4, 3, 1999, pp. 370-374

Isaacs, Arnold R. (2001). Workplace Violence: Issues in Response. US Department of Justice, Federal Bureau of Investigation. Critical Incident Response Group National Center for the Analysis of Violent Crime FBI Academy, Quantico, Virginia. Edited by Eugene A. Rugala, Supervisory Special Agent Federal Bureau of Investigation, 2001

Philpott, Don and Rizzo, Rita. Workplace Violence: A Seven-Step Process to Address and Manage Potentially Violent Situations in the Workplace, Covering the full life-cycle of the event from Prevention – Threat Recognition – Mitigation – Response. Published by Government Training Inc. ISBN: 978-0-9844038-7-5

Sharif, Behjat A. Ph.D., CHES (2000), Associate Professor, California State University at Los Angeles . Understanding and Managing Job Stress: A Vital Dimension of Workplace Violence Prevention. Posted in the International Electronic Journal of Health Education, 2000; 3(2):107-116

U.S. Department of Labor, Occupational Safety and Health Administration (2002). Workplace Violence: OSHA Factsheet

WorkCover. Workplace violence and legal consequences. Work Cover New South Wales and the National Children’s and Youth Law Centre ACN 062 253 874

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