Air Asia is established on 12 December 2001 by Mr. Tony Fernandes, the CEO of Air Asia and expanding rapidly since that. Air Asia is the leading low fare airline in Asia and Air Asia succeed to become the award winning, ‘Asia Pacific Airlines of the year 2003’ by Centre for Air Pacific Aviation (CAPA) in 2003. Air Asia has successfully positioned itself in customers’ mind by using the “ Now Everyone Can Fly” slogan. Air Asia had flown over 55 million guests across the region and continually create more extensive route network through its associate companies. Air Asia flies over 61 domestics and international destinations with 108 routes and operates over 400 flights daily from hubs located in Malaysia, Indonesia, and Thailand with a fleet of 72 aircrafts.… Read the rest
Abey Francis
Abey Francis, a freelance writer and a professional blogger who enjoys
the challenges of creativity and attention to detail. He has published
many articles and editorials regarding management on different blogs and online journals. His articles stimulate thinking of corporate managers
on key issues of organizations and management. His research interests
focus on international management, International trade finance,
Investment management, leadership, social capital and knowledge
management in enterprises and cross-culture studies.
Relationship Between Marketing Research and Marketing Strategy
If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm. The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth, market share, long-term profitability, or other goals.
To achieve the desired objectives, marketers typically identify one or more target customer segments which they intend to pursue. Customer segments are often selected as targets because they score highly on two dimensions:
- The segment is attractive to serve because it is large, growing, makes frequent purchases, is not price sensitive (i.e.
Are Market Research and Marketing Research the Same?
Market research is about understanding the broader marketplace in which we intend to compete. Marketing research, on the other hand, is about understanding what ‘package’ of marketing elements (i.e. the product, price, promotion and distribution factors) the country will need to put together in order to meet customer needs and to succeed in the marketplace. Market research is the more encompassing/broader concept of understanding the market environment in which you will be competing, while marketing research is the more specific/focused view of consumer needs and behavior.
In its role as the foundation of marketing, marketing research is arguably marketing’s most important task. … Read the rest
Responsibility Reporting
The essence of responsibility accounting is the collection of costs according to responsibility centers in order that variances from standard costs and budgets can be identified with persons, and based on the causes of variances, corrective actions may be initiated. Reports are prepared to inform a responsibility center manager how well he has performed in terms of costs. The purpose is not to indicate failure or to find fault.
Responsibility reporting is the crucial phase of responsibility accounting. Responsibility reporting requires grouping and defining responsibility within an organization structure, determining and assigning costs to appropriate levels and activities and placing a strong emphasis on cost controllability.… Read the rest
Responsibility Accounting
Responsibility accounting is a system under which managers are given decision-making authority and responsibility for each activity occurring within a specific area of the company. Under this system managers are made responsible for the activities of segments. These segments may be called departments or divisions.
Responsibility accounting is a system of control where responsibility is assigned for the control of costs. The persons are made responsible for the control of costs. Responsibility accounting implies a system of accounting whereby the performance of various people is judged by assessing how far they have achieved the predetermined targets set for the divisions, departments or sections for which they are responsible.… Read the rest
Responsibility Centers
Responsibility accounting focuses attention on responsibility centers. A responsibility center is a sub-unit of an organization under the supervision of a manager who has the responsibility for the activities of that responsibility center. Each sub-unit has certain activities to perform and its manager is assigned the responsibility and / or authority to carry out those activities. Responsibility center is the segment of business with reference to which information will be communicated to pin point responsibilities.
… Read the restIn the words of Anthony and Races, “A responsibility center is like an engine in that it has inputs, which are physical quantities of material, hours of various types of labor, and a variety of services; it works with these resources usually; working capital and fixed assets are also required.