Marketing oriented models require that a business manager fully understands the operations and patterns of the organization and the larger business market. Marketing models entail a clear consideration of various business and marketing mix modelling techniques. It also entails…
zation to lay more focus on its core activities hence increasing the output and ensuring that the business has a greater competitive advantage (Campbell 606). In some cases, focus is put on the possible impact of future sets of promotional tactics. Marketing oriented models are often used to optimise promotional strategies of an organization with respect to sales revenue or profit margins. Techniques used for this purpose were developed by econometricians and were first applied to consumer goods that were specifically being packaged.
A good market model would entail a detailed mathematical representation of the actual interactions among the different market forces. These various participants include economic forces and the different choices that are made at various levels of doing business within an organization. Different market models attempt to explain or predict the behaviour of various aspects of a market. For instance, for security markets, one model would attempt to express how the return on a certain product portfolio can be maximized. A marketing model is a central component of the general marketing discipline. Information technology has indeed ensured a rapid change in the way businesses carry out their marketing (Chesbrough, et al. 2000). More customers can now be reached within a short time by use of reliable technologies that are very cost effective.
Human resource refers to people-power within an organization. People within an organization are normally charged with the responsibility of ensuring that machines and other resources are put into good use. Resources such as computer systems only help to facilitate the work done by the human resource (Kelly 2003). People with various skills and academic credentials ensure that various duties are carried out in an organizational setup. The term human resource therefore refers to the way in which people are managed by organizations. Human resource is the most complex and difficult category of resources to ...
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“HRM Strategy and Implementation Essay Example | Topics and Well Written Essays - 3250 Words”, n.d. https://studentshare.net/miscellaneous/383454-hrm-strategy-and-implementation.
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