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11 METHODS OF RESEARCHING CUSTOMER Consumer research is often needed to ensure that the companies produce what customers want and not what the companies think. Consumer research is the part of market research where the preferences, perception, habits, motivations, and buying behavior of the targeted customer are identified. It may identify through direct observation, mail…
SIX STEPS CONSUMER RESEARCH PROCESS Marketers require information about the characteristic, needs, wants and desires of their target markets. To undertake marketing effectively, businesses need information. Consumer research helps in collecting and analysing information about customer wants, market demand, competitors, distribution channels etc. Consumer research is often needed to ensure that the companies produce what…
QUALITATIVE AND QUANTITATIVE CONSUMER RESEARCH METHODS CONSUMER RESEARCH Consumer research is often needed to ensure that the companies produce what customers want and not what the companies think. Consumer research is the part of market research where the preferences, perceptions, habits, motivations, and buying behavior of the targeted customer are identified. It may identify through…
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MARKETING STRATEGY AND CONSUMER BEHAVIOR MARKET OPPORTUNITY ANALYSIS This activity involves identifying consumer’s needs, organisation’s strengths competitive scenario and the other market conditions. The analysis of the unfulfilled needs and wants of the consumer is done by examining trends and conditions in the market place. This is done by assessing income-levels and life styles etc….
STAGES OF CONSUMER BEHAVIOR Consumer behavior refers to the process individuals go through when making decisions about purchasing, using, and disposing of goods and services. Understanding the stages of consumer behavior is crucial for businesses seeking to connect with their target audience and tailor their marketing strategies effectively. The consumer decision-making process typically involves several…
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MANAGEMENT ACCOUNTING PROCESS The management accounting process begins with identification, measurement and accumulation of relevant data from financial and cost accounting records, and also from other external sources. The data is then regrouped, classified and analysed. The interpretations are made and information is communicated to internal and external users of such information for making decisions….
FUNCTIONS OF MANAGEMENT ACCOUNTING Management accounting is a part of accounting. It has developed out of the need for making more and more use of accounting for taking managerial decisions. Management accounting is assigned the functions of classifying presenting and interpreting data in such a way that it helps management in controlling and running the…
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EMERGENCE OF MANAGEMENT ACCOUNTING – HISTORICAL PERSPECTIVE Management Accounting is comprised of two words ‘Management” and “Accounting. It is the study of managerial aspect of accounting. The emphasis of management accounting is to redesign accounting in such a way that it is helpful to the management in formation of policy, control of execution and appreciation…
Definition of Management Accounting by Different Authors ACCORDING TO THE ANGLO-AMERICAN COUNCIL ON PRODUCTIVITY “Management Accounting is the presentation of accounting information in such ways as to assist management in the creation of policy and the day-to-day operation of an undertaking.” Management accounting deals with the presentation of information so that it is helpful to…
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QUESTION: What do you mean by auditing? Discuss Objectives of Auditing. AUDITING: Auditing refers to the verification of financial records by an authority known as an auditor. The word ‘audit’ is derived from the Latin word ‘audire’ which means to hear. It is the examination of accounts to ascertain whether the balance sheet and profit…
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