Introduction To Marketing Mix Marketing Essay

Introduction To Marketing Mix Marketing Essay Marketing Mix is one of the most fundamental concepts in marketing management. For gaining clients and for revenue promotion, every business owner has to concentrate on four primary and three prolonged elements/components. The primary components of selling mix include product, pricing, distributive programs (place) and revenue promotion techniques while the prolonged components are actual proof, individuals and procedure. A fair combination of these marketing components is called Marketing Mix. Product A product is products that meets what a customer needs or wants. It may be a concrete excellent or an intangible assistance. Intangible products are service-based like the travel and leisure industry, the hotel industry and loan agencies. Tangible products are those that have actual existence. If your product is really excellent and benefits your clients, theyll spread the very excellent news. Theyll tell their friends and family. Theyll be very excited to share your brand and name with others causing you to have an excellent windfall of cash and plenty of company. Price Price is the money that must be paid by the customer to obtain products or solutions. The cost of a product must be relevant to the product/service and to the industry. Of all the aspects of the marketing mix, cost is the one, which creates revenue all the others are costs. The cost of products is clearly an important determinant of the value of revenue made. In theory, cost is really determined by the discovery of what clients perceive is the value of the product on sale. Place Physical submission (place) is the delivery of goods at the right time and at the right position to clients. Physical submission of product is possible through programs of submission which are many and varied in character. A marketing manager has to select a channel which is convenient, economical and suitable for the submission of the result. Promotion Promotion is an action to introduce products or solutions on the target audience, to build customer views about manufacturer or solutions offered. Marketing consists of components such as: advertising, advertising, personal selling and revenue promotion. Process Process is a series of actions that are necessary to offer products or solutions with the best solutions to the customer. A procedure can contain about the method or procedure that is put in position to acquire the needed customer product. Service of procedure is quick, easy and friendly giving more value to clients of a product. People People are all the individuals involved in the action of producing products and offer product solutions to clients. Those who produce and industry a product also has an assessment in the eyes of clients. Physical evidence Physical proof is the product a system that is needed to back up the appearance of a product, so display directly the quality of products or solutions provided to clients. From the discussion of the importance of selling mix in a company, it can be concluded that the seven existing factors in the marketing mix are connected, so there should be excellent synchronizations among these components to achieve marketing objectives in terms of volume of revenue and customer service. References: 1. Needham, Dave (1996). Business for Higher Awards. Oxford, England: Heinemann. 2. E. Jerome McCarthy (1975)Basic Marketing: A Managerial Approach, fifth edition, Richard D. Irwin, Inc., p.37 3. Kotler, P., Armstrong, G., Brown, L., and Adam, S. (2006) Marketing, 7th Ed. Pearson Education Australia/Prentice Hall. 4. Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning. 5. McCarthy, Michael (2002, December 2, updated 2002, December 3 If I would be Joe then I would apply the 7 Ps marketing mix to the corner store in the following way: Product Your product marketing choices will differ based on the type of retail store shop you run and your potential viewers. The factors that impact the understanding of quality include product packaging style, service strategy options, assurance, materials and shades. If you are marketing your shop and products to a high-end audience, for example, you might select an stylish, simple style and cool colors; for a family-friendly shop, you might trim more toward shiny, strong shades and large print styles. Joe did not focus on the products and the needs of the clients. Price Price is an integral aspect of a retail store marketing mix; if your clients cannot afford your products, they are unlikely to regular your shop. Most of the products in your shop should be in a comfortable variety for your potential viewers base; to get this information, you will need to execute an viewers research to get an idea of average income and spending power. To make a feeling of desire and to give an option for a spend, you can also offer some products that are priced just out of your focus on clients normal cost variety. Joe billed more prices for its products which redirected the clients to the next best alternative. Place In retail store, the style of your shop and the way you present your products is an integral aspect of the marketing mix. The show should fit your picture so that clients experience a natural experience. In a high-end store, products are often placed father apart to make a feeling of lack and exclusivity; in a computer shop, show designs are set at hips size to allow examining. Positioning can help bring certain products to interest and enhance products you want to offer more of. Joe did not pay manual intervention to the preparations and show of shop products. The position of shop was also not great position for clients and for vehicle parking of clients. Promotion Promotion is the most identifiable aspect of the marketing mix. It includes all of the marketing actions you do to let your clients know about the products you offer. For a retail store shop, you might enhance in magazines and on the air stations, start a social advertising strategy, use marketing e-mails, hand out leaflets or strategy grand-opening events. Your marketing strategies should be targeted to your consumer platform. Choose guides that they read, programs they pay attention to or watch, and duplicate or graphics that will speak out loud with them. Joes starting was very silent. He did not allow individuals to know what he is going to offer. He did not perform any marketing activity. Physical Layout The structure of your shop shows should be given consideration. The goal is to make an environment in which your product normally originates and shows itself to your clients. But how is this achieved, and how do we make a shop shopper friendly? Joes shop structure was not consumer helpful. Process The procedures in your shop are actions that you execute in your shop for offering client value. Joe did not know about procedures like supply sequence or stock management etc. People Customers are likely to be devoted to companies that serve them well. In your shop cure every individual very well whether he is client, provider, or any individual who visit your shop. Joes treatment with his instructor was excellent but he did not act upon the tips of his instructors. References: McCarthy, J. (1975), Basic Marketing: a managerial approach, Homewood, IL Baker, M. (2000) Marketing Management and Strategy, 3rd edition, Macmillan Business. Chisnall, P.M. (1997) Marketing Research, Fifth Edition, London: McGraw-Hill Blythe, J. (2001) Essentials of Marketing, 2nd edition, Prentice Hall Kotler, P., Armstrong, G., Saunders, J. and Wong, V. (1999) Principles of Marketing, 2nd Edition, New Jersey: Prentice Hall Lauterborn, R.(1990), New marketing litany:4Ps passe; 4Cs take over, Advertising Age, Oct. 1:26 Joe could have used the following models to enable him to obtain information prior to opening the store. Observation Joe could observe how customers act. It provides many ideas, but can leave questions un answered. Statement works well in retail markets; sit outside a shop and observe how many individuals walk by, look at the window display etc. Postal surveys Joe could deliver to the address of prospective clients who complete the form and deliver returning in a pre-paid package. Relatively cheap, a mailing study can cover a wide regional place and prevents the prospective for interview panel member prejudice. However, reaction rates (the percentage of individuals delivering returning a completed survey) are often very low and it can take be a while before enough on the internet testimonials are came back. Telephone interviews Not to be puzzled with telesales (which is a technique of selling), the phone interview allow faster reviews than a mailing study. However, prospective clients are often careful of being called and may be hesitant to give anything other than short answers Online surveys It is popular and relatively low cost technique. Internet on the internet testimonials are widely used by little companies as a way of catching the opinions of average person about the item, price etc. Face-to-face surveys Joe could visit different individuals and could perform personal meetings face-to-face. It is a costly, but excellent way to get specific ideas from an individual Focus groups Groups of prospective clients are brought together to talk about their feelings about a item or industry. Concentrate categories are a excellent way of getting information about client preferences and choices. Test marketing This includes promoting a new item in a little area of the industry to be able to evaluate client reaction. For example, a start-up could begin by promoting to a limited community to be able to iron-out item issues.   References: Kotler, P., (1988) Marketing Management: Analysis Planning and Control, Prentice-Hall p. 102. Agnilar, F.. (1967) Scanning The Business Environment, Macmillan, New York, p.47. McQuarrie, Edward F., The Market Research Toolbox : A Concise Guide for Beginners. Assael, H., Reed, P. and Patton, M. (1995) Marketing: Principles and Strategy Harcourt-Brace, Sydney. Joe could have used the following models to learn, respond or take actions against. These are the indicates of decoding information in order to give route to choice. These designs may be automated or may not. Common resources are: Time sequence sales modes Product changing models Straight line programming Flexibility designs (price, earnings, need, provide, etc.) Regression and connection models Research of Difference (ANOVA) models Understanding analysis Reduced cash flow Worksheet what if models These and identical mathematical, mathematical, econometric and financial designs are the systematic subsystem of the MIS. A relatively moderate financial commitment in a pc is enough to allow a business to improve case study of its information. Some of the designs used are stochastic, i.e. those containing a probabilistic factor whereas others are deterministic designs where opportunity performs no part. Product changing designs are stochastic since these show brand options in possibilities whereas linear development is deterministic in that the connections between factors are indicated in actual mathematical conditions. References: 1. Kotler, P., (1988) Marketing Management: Analysis Planning and Control, Prentice-Hall p. 102. 2. Agnilar, F.. (1967) Scanning The Business Environment, Macmillan, New York, p.47. 3. McQuarrie, Edward F., The Market Research Toolbox : A Concise Guide for Beginners. 4. Assael, H., Reed, P. and Patton, M. (1995) Marketing: Principles and Strategy Harcourt-Brace, Sydney. 5. Kotler, P., Armstrong, G., Brown, L., Chandler, S. A. (1998), Marketing, (4th edn), Prentice Hall, Sydney. The primary market research that I have undertaken prior to opening a retail store like Joes is discussed below. Main promotion analysis is gathered for initially. It is original and gathered for a particular purpose like starting a new business or to fix a particular problem. It is expensive, and difficult, but is more targeted than additional analysis. There are many ways to perform primary analysis. We consider some of them: Interviews Secret shopping Concentrate groups Projective techniques Item tests Diaries Interviews Interviews are performed between a market specialist and a participant. Information is gathered on a study. Some surveys are very firm or structured and use shut questions. Information is easily compared. Mystery Shopping Companies set up mystery purchasing strategies on an companies part. Often used in financial, offering, travel, bars and dining places, and many other client targeted companies, mystery customers will enter, appearing as real clients. They collect data on client support and the client experience. Focus Groups Focus categories are made up from a variety of selected participants based together in the same room. Extremely experienced scientists work with the attention group to collect detailed qualitative reviews. Projective techniques Projective methods are obtained from the field of mindset. They will generate highly very subjective qualitative data. Product tests Product assessments are often completed as part of the test promotion process. Products are shown in a shopping mall of purchasing shopping mall. Potential clients are requested to visit the store and their purchase actions are noticed. Experts will consider how the item is managed, how the packaging is read, how a while the consumer usually spends with the item, and so on. Diaries Diaries are used by a variety of specially enrolled customers. They are requested to complete a journal that details and records their purchasing actions of an occasion period (weeks, months, or years). References: Chisnall, P.M. (1997) Marketing Research, Fifth Edition, London: McGraw-Hill McQuarrie, Edward F., The Market Research Toolbox : A Concise Guide for Beginners. McMartin, J. (1995) Personality Psychology: A student Centered Approach, UK: Sage Publications The secondary market research that I have undertaken prior to opening a retail store like Joes is discussed below. Additional promotion analysis already prevails in one type or another. It is relatively inexpensive, and can be performed quite easily .However, it tends to have been gathered for factors other than for the issue or purpose at side. So it may be untargeted, and challenging to use to create evaluations. There are a variety of such resources available to the expert, and the following record is under no circumstances conclusive: Trade companies National and regional media Market publications National/international government authorities Websites Informal connections Trade internet directories Published organization accounts Business libraries Professional institutions and organizations Omnibus surveys Previously gathered promotion research Census data Public records For an established retail business, research should not just be about surveying your current customers or when conducting standard customer service research. Face-to-face surveys After starting a new retail store business experience to deal with study is a excellent research tool to get proper reviews about a item from a client. Postal surveys Questionnaire types can also be sent the mailing details of prospective clients in pre-paid covers. They can complete and send returning these types to the senders address returning. Focus groups Groups of prospective clients are brought together to talk about their feelings about a item or market. Concentrate categories are a excellent way of getting information about client preferences and choices. References: 1. Kotler, P., (1988) Marketing Management: Analysis Planning and Control, Prentice-Hall p. 102. 2. Agnilar, F.. (1967) Scanning The Business Environment, Macmillan, New York, p.47. 3. McQuarrie, Edward F., The Market Research Toolbox : A Concise Guide for Beginners. 4. Assael, H., Reed, P. and Patton, M. (1995) Marketing: Principles and Strategy Harcourt-Brace, Sydney. 5. Kotler, P., Armstrong, G., Brown, L., Chandler, S. A. (1998), Marketing, (4th edn), Prentice Hall, Sydney. Marketing Orientation A product can be designed depending on either a promotion focused strategy or a product focused strategy. Marketing Orientated Approach A promotion focused strategy indicates a company responds to what clients want. The choices taken are centered on details about consumers needs and wants, rather than what the company believes is right for the client. Most effective companies take a market-orientated strategy. Product Orientated Approach A product focused strategy indicates the company produces products depending on what it is good at making or doing, rather than what a client wants. This strategy is usually criticised because it often results in failed products particularly in well-established marketplaces. Most marketplaces are going towards a more market-orientated strategy because clients have become more experienced and need more wide range and better top quality. To contend, companies need to be more delicate to their consumers needs otherwise they will reduce revenue to their competitors. Joes approach was also product oriented. He did not consider the needs of customers. That caused the failure of Joes corner store.

Eveline Analysis

Ashley Carey ENC 1102 MW 12:30- 1:45 8/29/12 After reading â€Å"Eveline† by James Joyce I would say I was not overall shocked with the outcome of her not leaving. Throughout the story I could tell that Eveline was unsure of herself and of what she wanted. She couldn’t decide between running away to Buenos Aires with her lover, Frank or staying to make sure her family is looked after. I felt that her age is a significant factor of her choice of staying in Dublin.She didn’t understand herself enough because she didn’t experience life to see how she deals with difficult life changing situations. I felt like her choice shows herself to the audience. She could have chosen to go with Frank and come off to some readers as â€Å"following her heart†, maybe â€Å"selfish†, â€Å"thinking about her future and what she desires in life and in her heart†, â€Å"not caring for her family†.I personally feel like her decision to stay was a mor e â€Å"comfortable† decision for her and she wasn’t taking risks and was thinking about the love for her family and siblings and not wanting them to get hurt in anyway. If her mother hadn’t told her before she died to keep the home together as long as she could, I felt that Eveline would have ran away with Frank not feeling guilty when she left; That she didn’t do the one thing that her mother asked of her before her death.

Moral And Religious Education Help Fight Corruption With A...

In this paper I will be addressing the research question, ‘to what extend does moral and religious education help fight corruption with in a sovereign country.’ In the reading by Augusto Là ³pez Claros, a Director at the World Bank Group, he stated that the corruption can be combatted with religious and moral education and by eliminating opportunities by doing away with rules that can encourage corrupt behavior. In other words, to be successful in fighting corruption within a sovereign country, the country needs to make deep cultural and structural changes. But is there any proof that shows that an increase in moral and religious education and creating a more religious culture will actually fight corruption? Mr. Là ³pez Claros has control over†¦show more content†¦Within this report, we will be mainly identifying political and grand corruption. However, the participant observations are about petty corruption. Masculinity: The masculinity side of culture represents a preference in achievement, heroism, and material rewards as success. This is the opposite of femininity, which represents a preference for cooperation, caring for the weak, and quality of life. Power Distance: The power distance represents how the culture handles inequalities between people. Higher power distance, the more the culture prefers and accepts a hierarchical order. Individualism: The individualism dimension of a culture is where individuals are expected to take care of only themselves and their immediate families. The opposite is collectivism, where an individual is loyal to a particular in-group. Iceland Background The first case study is about Iceland. Iceland, according to the Corruption Perceptions Index of 2015 conducted by Transparency intentional, is ranked 13th out of 168 countries on corruption perception. Iceland is a proactive country when it comes to fighting corruption. Only 3% of the population reported paying a bribe in 2010, however 53% of Iceland’s citizens feel that corruption has increased since 2007. But that is largely due to Iceland’s current affairs. For this case study, I will be looking at the history of the Landsbanki bank and the Panama Papers with respect to Ólà ¶f Nordal and Sigmundur David Gunnlaugsson. On OctoberShow MoreRelated5- Islamic Civilization (fall; a force; world peace).6212 Words   |  25 PagesEurope in its intellectual development, military prowess and legal organisation. However starting around 1700 Europeans progressively colonised virtually all Muslim majority countries which did not gain their independence until the mid-20th century. Today most Muslim majority countries are relatively backward compared with the countries of Europe, North America and Japan. This naturally invites the question What went wrong? I have encountered two external reasons from many Muslims which I regardRead MoreInternal Threats to Pakistan10157 Words   |  41 PagesDYNAMICS OF INTERNAL THREATS TO NATIONAL SECURITY Introduction 1. The multifarious threats to the security of Pakistan whether external or internal, have intensified in the 21st century. Unfortunately, no threat posed to the security of this country since the time of her inception has ever been fully controlled or eradicated. According to Quaid-e-Azam, â€Å"Pakistan was a cyclic revolution without parallel or precedence in history†. He wanted to make it a State that was united and powerful, a StateRead MoreCompare and Contrast Your Native Country to the United States with Regard to Religion, Politics, Social Behaviour and Economic Conditions2523 Words   |  11 PagesCompare and Contrast your native country to the United States with regard to Religion, Politics, Social Behaviour and Economic conditions. Vimal Chandra Kaza, 1491430 EPS:Occup Purps-Sci Tech Professor Michael O’Toole Fairleigh Dickinson University â€Å"To me, it seems a dreadful indignity to have a soul controlled by geography.† ~George Santayana India and the United States of America are two of the world’s largest and prominent democracies. In the past few decades, they haveRead MoreCultural Analysis Thailand9709 Words   |  39 PagesGlobal Business Cultural Analysis: Thailand Rhonda C. Scott Liberty University Abstract The country of Thailand is an emerging nation in the globalized world. Over the past two decades, the country has experienced a multitude of changes in the political, economic and international arenas. As a nation, it has survived the economic crisis of 1997, the tsunami of 2004, the government coup in 2006, the flooding of 2011 and is preparing for a change in the views of the nation withRead MoreSectarianism: Islam and Pakistan4378 Words   |  18 Pagesbe defined as divisions within a group, such as different denominations within a religion, based on perceived differences. It does not necessarily result in conflict, but historically, sectarian divisions along religious and political lines have contributed to conflict. Sectarian religious conflict has contributed to some of the most intractable, bitter and painful episodes of aggression and persecution throughout history. For instance, conflict between Irish Catholics and Protestants has existedRead MoreTransition from Socialism to Capitalism in Bosnia19426 Words   |  78 Pagessocialist countries decided, or were forced, to start a painful process of transition, which would enable them to become capitalist countries in the future. The countries in transition have had to deal with numerous problems such as political and economic pressure from other countries, corruption at all levels of political and judicial power, and (un)armed resistance by certain fractions of population. The purpose of this thesis is to shed light on what Bosnia and Herzegovina and other countries haveRead MoreImpact of Globalization and Bangladesh18126 Words   |  73 Pagescomes in our mind. Developing countries like Bangladesh with vulnerable geopolitical locations and weak economies are now looking at globalization to strengthen their economy to fight any perceived threats. But the increasing role played by the western dominated institutions such as, the World Bank (WB), International Monetary Fund (IMF), and the World Trade Organization (WTO) in setting the rules under which globalization is played, has placed developing countries in a much disadvantageous positionRead MoreChristianity as a Unifying Influence in the History of Europe6059 Words   |  25 Pagesmissionary work, its monasteries, its education, it pilgrimages, its crusades, its influence on art and architecture and its Papacy it had united the peoples of Europe. By the thirteenth century all of Europe was Christian. Its ideas penetrated every aspect of life and every political and economic arrangement. Its churches could be seen in the major cities as well as the mountainside villages of rural Europe. Its bishops were part of the politics of countries at the highest level and for manyRead MoreWorld Peace8312 Words   |  34 Pagesvoluntarily or by virtue of a system of governance that prevents warfare. The term is sometimes used to refer to a cessation of all hostility among all individuals. For example, World Peace could be crossing boundaries via  human rights,  technology,  education,  engineering,  medicine,  diplomats  and/or an end to all forms of fighting. ------------------------------------------------- Possibility While world peace is theoretically possible, some believe that  human nature  inherently prevents it.[1][2]  ThisRead MoreEssay on Period 3 Test7186 Words   |  29 Pagesconcern about which of the following? a. No entangling alliances with foreign countries b. The dangers of standing armies c. Self-government d. The separation of church and state 8. The â€Å"storm† that Henry refers to was most directly the result of which of the following? a. American efforts to trade with Spain and France b. British efforts to shrink a budget deficit after the French and Indian War c. British unwillingness to fight Indian tribes on the frontier d. British impressments of American sailors

The Statement Of Financial Statements - 3386 Words

FIN 48 Summary At the beginning of November in 2007, the Statement of Financial Statements (SFAS) board decided to postpone the enactment of FIN 48 financial reporting and accounting and income taxes until later that year on December 15, 2007. The purpose of FIN 48 is to force public companies to analyze company’s tax positions and evaluate the probability that their tax position will require them to be audited and if they are audited will their records be sufficient and accurate. If an organization finds that their tax position is likely to not be sustained a liability is created and the tax benefit of their position decreases. Some tax positions that organizations should think about include the choice not to file a return in a certain location, a shift of revenue between tax jurisdictions, the characterization of revenue or a choice to not include reporting taxable income in tax documents. Additionally, a choice to classify a transaction, organization, or other position in a tax return as tax exempt, extra compensation in a C-Corporation, international transfer pricing, Inventory capitalization, and unrelated business income (Feeley Driscoll, P.C, 2008) Summary This description of an organizations tax position as a result of FIN 48 is a process that involves two steps, one being recognition and two being measurement. In step one the organization determines how likely it is that their stated tax position will be maintained after being audited. This includesShow MoreRelatedFinancial Statement And Financial Statements942 Words   |  4 Pagescompany’s financial statements contain the true fiscal pulse of the company. If ever there is a need to check the health of a company to see how strong or weak it is fiscally, the financial statements hold the answers. These statements allow shareholders, lenders, and investors the opportunity to assess a number of things about the company such as how it can grow it’s customer base, where it falls short at any particular time, and even how well the company is doing amongst it’s peers. Financial statementsRead MoreFinancial Statement Of Financial Statements822 Words   |  4 PagesFi nancial Statements The business world requires exacting standards to ensure all costs are correctly accounted for and considered. To this end the financial statements have become the centerpiece for business evaluation. The income statement, balance sheet, statement of cash flow and ratios for analysis of financial statements play a critical role in business evaluation. Income Statement The income statement is a mainstay of business operations and expenses. This statement details the revenuesRead MoreFinancial Statements And The Financial Statement2215 Words   |  9 PagesFinancial statements have several key components and specific criteria into them to relay the detailed information for auditors and management. A deeper look into financial statements and the many concepts surrounding them are needed to explain in more detail. It’s also important to recognize the Auditor’s opinion letter, balance sheet, operating statement, statement of changes in net assets, and statement of cash flows and footnotes of their involvement in the process. Relevant accounting articlesRead MoreFinancial Statements And The Financial Statement2123 Words   |  9 PagesFinancial statements have several key components and specific criteria into them to relay the detailed information for auditors and management. A deeper look into financial statements and the many concept s surrounding them are needed to explain in more detail. It’s also important to recognize the Auditor’s opinion letter, balance sheet, operating statement, statement of changes in net assets, and statement of cash flows and footnotes of their involvement in the process. Relevant accounting articlesRead MoreFinancial Statements And Financial Statement789 Words   |  4 Pageslook at financial statements. Financial statements help companies keep track of their financial performance during a specific period of time. Financial statements are composed of income statement, balance sheet, and a statement of cash flows. This paper will explore these three forms as well as the types of accounts that make up owners’ equity. Financial Statements Financial statements are integral reports for companies. The reports included in financial statements documentRead MoreFinancial Statement : Financial Statements1702 Words   |  7 Pages1- Financial statements Summary report that shows how a firm has used the funds entrusted to it by its stockholders (shareholders) and lenders, and what is its current financial position. The three basic financial statements are the (1) balance sheet, which shows firm s assets, liabilities, and net worth on a stated date; (2) income statement (also called profit loss account), which shows how the net income of the firm is arrived at over a stated period, and (3) cash flow statement, which showsRead MoreFinancial Statements Of Financial Statement Fraud1304 Words   |  6 Pages Financial Statement Fraud Financial statement fraud is any intentional or grossly negligent violation of generally accounting principles (GAAP) that is undisclosed and materially effects any financial statement. Fraud can take many forms, including hiding both bad and god news. Research shows that financial statement fraud us relatively more likely to occur in companies with assets of less than $100 million, with earnings problems, and with loose governance structures (Hopwood, Leiner, YoungRead MoreFinancial Statement Analysis And Financial Statements1704 Words   |  7 Pagesinformation to those that need it (Siam, Rashid, 2010). Financial statements analysis is very important to various users because it helps to express the overall financial health of the organization (Gibson, 2013). Managers use the financial statements to measure the profitability of a company, manage day to day activities and make important decisions about pricing, production that will benefit the organization (Gibson, 2013). Financi al statements are also used to form contracts between organizationsRead MoreFinancial Statements And Financial Statement Analysis Essay3026 Words   |  13 PagesLITERATURE REVIEW INTRODUCTION Financial statements are usually means of communicating information on a company’s operations. They contain information on the revenues, expenses, assets, liabilities and retained earnings of the business. 2.2 FINANCIAL STATEMENT ANALYSIS According to Drake (2010), financial statement analysis is the selection, evaluation, and interpretation of financial data, along with other pertinent information, to assist in investment and financial decision-making. Moreover, itRead MoreFinancial Statements And Corporate Statements887 Words   |  4 PagesFinancial Statements Financial statements are a means of outlining financial activities for a specified business or any other entity. That information is presented in a specified order and represents all activities for that business in a specified accounting period. There are several types of financial statements and these statements tell investors specific information about a company and how it operates. Income statement, balance sheet, owner’s equity section, and a statement of cash flow are very