1. Explain how the major business disciplines – marketing, accounting, finance,
ID: 458798 • Letter: 1
Question
1. Explain how the major business disciplines – marketing, accounting, finance, production/operations management, information systems, and management-- inter-relate logically. 2. Explain the following: a. What the income statement consists of; b. What the balance sheet statement consists of; c. The relationship between the income statement and the balance sheet in accounting in the running of the business; 3. Do the following: a. Explain the meaning of each of the 4Ps of Marketing; b. Name and define the meaning of group of people these 4Ps are directed towards as a marketing strategy. 4. Do the following: a. Explain the meaning of each of the five functions of a Management Information System (MIS) b. Explain why each (MIS) function is important to being able to perform the Accounting function in a business organization. 5. Explain why Total Quality Management -- the operations management concept that focuses on continually improving the quality of everything the business does-- is important to apply to: a. each of the 5 Operations Management ‘design’ functions; b. each of the other 4 Operations Management ‘management’ functions.Explanation / Answer
Answer:
1. The major business disciplines viz marketing, accounting, finance, production/operations management, information systems, and management are very much inter-relates to each other. All these activities constitute a business. Marketing helps in selling the goods and services, Accounting keeps a record of all the activities, Finance helps in procurement, allocation and control of funds, Production / Operations Management help in manufacturing or processing of goods and services, Information Systems facilitate communication channels and sharing of data and information among thses disciplines and Management monitors the effectiveness and deviations if any in any of these disciplines. All these disciplines go hand in hand to constitute a successful business entity.
2.
a. Income Statement: It is the statement that presents the details of income/ receipts and expenditure/ payments of the business during the relevant accounting period.
b. The Balance Sheet presents the balance of assets and liabilities of the business as on a specified date, generally the end date of the relevant accounting period.
c. Income Statement presents the profitability of the business and this profitability is reflected in the balance sheet to calculate the values of assets and liabilities of the business and the owners fund involved in the business.
3.
a. The 4 Ps of marketing are; Product (the goods and services in which the business entity deals), Place (the place of business of the business entity or the locations at which it has its market), Price (the value of goods and services dealt in by the business entity) and Promotion (the increment or incentive for good work awarded to an employee as a gratitude for his services to the business entity).
b. The group of people to whom these Ps are directed are The Consumers, The Customers or prospective customers, The Suppliers and the Competitors.
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