Discussion 1
Before researching an actual definition, what is ‘Your’ definition of Marketing Research?
Next, what is an academically referenced definition of Market Research?
Note: Please do not cite Wikipedia. Your citations should be of an academic nature. Since the course is in Marketing Research, your answers to the module discussion questions should certainly include more than one citation.
Cite your source(s) and respond to the response below.
My unresearched definition of marketing research would be the process of researching and understanding the background of the different parts of marketing, in order to market a product or service in the best possible way.
According to my research, market research is the process of learning all about the market and the aspects relating to it (Shoemaker, 1994). This gathering of information helps a business make decisions that will increase profits, reach a larger customer base or a desired target market, and otherwise be of benefit to the company (Ganeshasundaram & Henley, 2006).
References:
Ganeshasundaram, R., & Henley, N. (2006). The Prevalence and Usefulness of Market Research: An Empirical Investigation into ‘Background’ versus ‘Decision’ Research. International Journal of Market Research, 48(5), 525–550. https://doi.org/10.1177/147078530604800505
Shoemaker, S. (1994). Understanding the marketing research process: a guide to using an outside research supplier. International Journal of Hospitality Management, 13(1), 39–56. https://doi.org/10.1016/0278-4319(94)90058-2
Discussion 2
Discuss the differences between centralization and decentralization.
Discuss the schedule of cost of goods manufactured in relation to the income statement.
Cite your source(s) and respond to the response below.
Product costs, also called manufacturing costs, are the costs associated with making a product (Bell 2015). Period costs, also called non-manufacturing costs, are not directly associated with the manufacturing of a product, and are more so compromised of selling, general and administrative costs (Bell, 2015). Product costs include direct materials, direct labor, and manufacturing overhead (Bell, 2015). Both period and product costs can be variable or fixed, but product costs are expensed at the time the product is sold, while period costs are expensed immediately (Bell, 2015). Examples of product costs include the salaries of employees working in manufacturing plants, raw materials, like wood or plastic, and the cost of the machinery used to make the products. On the other hand, examples of period costs include marketing expenses, sales personnel salaries, and rent of the facility being used
The inventory accounts of manufacturing and merchandising companies will differ. Manufacturing organizations use parts, components, or raw material to produce finished goods, which are then sold to a merchandising company or straight to the consumer (2.1 Distinguish between Merchandising, Manufacturing, n.d). Merchandising companies purchases finished products and resells them to consumers (2.1 Distinguish between Merchandising, Manufacturing, n.d). Thus, the main difference between manufacturing inventory and merchandise inventory is that merchandise inventory is the finished good, while manufacturing inventory is raw material, work in progress inventory and finished products. This means that manufacturing companies will have more costs to control than merchandising companies.
References
Bell, Tony (2015). Intro to Managerial Accounting [Video file]. Retrieved from: https://www.youtube.com/watch?v=2eG_UVdoJrA&list=PLSlzC-HFo7w7TwAnmyThgdTDL_M0xG1P6&index=1
2.1 Distinguish between Merchandising, Manufacturing, and Service Organizations – Principles of Accounting, Volume 2: Managerial Accounting. (n.d.). Openstax. Retrieved January 5, 2021, from https://openstax.org/books/principles-managerial-accounting/pages/2-1-distinguish-between-merchandising-manufacturing-and-service-organizations