Company Definition

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Company Definition:

A legal entity, allowed by legislation, which permits a group of people, as

shareholders, to apply to the government for an independent organization to be

created, which can then focus on pursuing set objectives, and empowered with

legal rights which are usually only reserved for individuals, such as to sue and be

sued, own property, hire employees or loan and borrow money.

Types of Companies

In a globalized, free-market society, there are a countless numbers of companies open for

business, but, they can be classified into a relatively small number of types of companies.

They can be divided in a number of different ways, and we'll try to address a few of those

here.

At the most basic, universal level, there are three types of companies that are clearly

distinct and separate in how they make their money: Services, retailers, and

manufacturers.

  Service Companies - Service companies are engaged in providing a specific service

- as opposed to a product - to their customers. While many companies focus on

supplying great customer service, this does NOT necessarily mean they fall into

the "service" category. A service company is specifically selling the service,whereas customer service might only be tangential to the product being sold. A

service could cover any number of things, from an airline flight to a housecleaning

company to a barbershop. The product sold is not a material product, but, rather,

an experiential product. It is the action that is being bought.

  Retail Companies - Also known as merchandisers, the retailer makes their money

off of selling a material product. They are providing and selling the material

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product in a specific venue, where the customer may come and purchase the

material good. They may be a grocery store, a shoe store, a hardware store, or a

gun store, as long as they are providing a product that is materially taken home

and used by the customer, they are are retail company.

  Manufacturers - A manufacturer could be working in tandem with a retail

company, but they are making their money from something else entirely. Theirmain business is the production of a certain good. They make their money by

providing the material to the retail or service provider. So while Delta Airlines is in

the service business, Boeing is the manufacturer who is selling them their jets.

The manufacturer is concerned with procuring the raw goods, recreating them

into their product, and then selling that product to either a retailer, a service

company, or another manufacturer. For the latter example, one company may be

drilling for oil, and, once that oil is drilled, they then sell it to an oil refinery, who

distills the oil into gasoline, petroleum, and propane. The refinery then sells it to a

distributor, or a retailer, who makes their money off of selling the final product. A

single company, like Exxon or BP, however, may be vertically integrated so that

they control all the steps of the process, like the extraction, the refinement, and

the selling of the final product. This would mean they are both the manufacturers

and the retailers.

You can also divide types of companies by the way they are organized or their legal

structure. Here are some examples:

  Corporation - a corporation is probably the most prominent type of company in

the modern world. The main purpose of a corporation is to set the corporation as

separate from the people, investors, and workers that make up its parts so that, if 

the corporation goes under, it is the corporation itself that fails and not thepeople. This protects investors and workers from going into debt afterwards, and

it is called limited liability. It differs from any business in which a certain person or

group of people takes on all liability should the company fail.

  Cooperative - A cooperative, or co-op, is a type of company that is organized so

that all workers have a democratic say in the decisions of the company. This

differs from most corporations and businesses in that an upper management isn't

designated this responsibility. Another defining characteristic is that all the

workers have an owners share in the business, so have a stake in its survival.

Cooperatives tend to be focused on egalitarian objectives, so it is not unusual, for

example, for an assembly line worker to make the exact same amount as a CEO.

  Conglomerate - a conglomeration is a type of company that combines two or

more companies into a larger entity. The purpose of doing this is to diversify the

company's portfolio, which makes it a more stable investment, as it is less

dependent on a single one of its parts.

  Partnership - a partnership is a type of company that, unlike a corporation, places

the full responsibility of a company on several partners or owners. Should the

company go under, these owners will not have the limited liability protection of 

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the corporation, and they will take on the debt. The main perk to forming a

partnership rather than a corporation is that tax laws are less stringent, and thus

the partners make more money.

  Holding Companies - Holding companies don't easily fit into the above three types

of companies easily, because they don't provide any actual products. Their main

purpose is to hold shares of stock in other companies, and, by doing so, makemoney. This makes them closer to a service than anything else, but their main

function is to make money for their owners and investors.

  Subsidiary - A subsidiary is a type of company that is controlled by another

company or legal entity. Oftentimes it is associated with state ownership. A

subsidiary is controlled by the separate entity in theory, but has a different name

and doesn't operate directly beneath that company as a part of its usual

operations.

  Non-profit organization - A non-profit organization is designed with the purpose

of furthering its aims to achieve some purpose, rather than with the purpose of 

making money. This doesn't mean that there is not a flow of money through a

non-profit organization, because the organization may still sell some service or

product, it simply means that the surplus money left over after the employees

have been paid and miscellaneous costs have been covered goes back into the

company itself, rather than is distributed among owners and shareholders. Often,

these organizations are charitable in nature, so any money that does NOT go back

into the company is donated to a specific cause.

  There are countless other types of companies ranging from the complex to the

simple, but the above list covers a large chunk of them. There are many, many

different ways to make money, and businesses know how to adapt so they can

maximize their efficiency at doing so.

Company Structure

Company Structure Diagram is essential information for investors and financial

institutions. It gives information about how your company is organized and who is in

charge. This is useful for relaying who accomplishes what tasks for the business, the

business knowledge of the management team and the qualifications of the board. If you

are putting together a business plan for a small business, this step may seem

unnecessary, but it's important to show that you've carefully thought out the business

and know who's in charge. 

One of the best ways to demonstrate your company's structure is by selecting a business

structure, and creating an organization chart to accompany it. The chart should be

accompanied with a narrative describing the chart's structure, the responsibility of each

person, and their qualifications

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 How to Chart the Company Structure

Businesses are usually structured on one of three basic business structures: Sole

Proprietorship, Partnership or a Corporation.

A sole proprietorship is an unincorporated business owned only by one person. It's the

most simple and basic form of business organization. Without you, the owner, the

business wouldn't exist. As the sole business owner, you take on all the responsibility, the

liabilities and the risks. Of course, you also completely benefit from the profits.

A partnership is a business established by two or more people. Each person contributes

something to the business - whether it's money, labor, skill, or property. In turn, the

partners share the profits along the lines of the investment input.

Corporations are businesses where the shareholders transfer money and/or property for

the company's capital stock. Profits of the corporation are distributed according toinvestment in the capital stock. A corporation can take some of the same deductions as a

sole proprietorship, and also offers special tax deductions that make corporations

attractive.

Usually you define your business structure in the executive summary. Your organizational

summary includes an organizational chart. You'll show each person in the organization,

the reporting structure of each person in the company. In the narrative you detail the

responsibilities of each person. You should include: names of the owners, percentage of 

ownership and extent of involvement in the company.

If any of these individuals are involved in the management of the company, also include

their resumes that list: Company responsibilities, Education, Experience and skills,Qualified achievements, Prior employment and Compensation.

List all the other employees of the company, the positions they hold and their

responsibility.

If you have multiple locations, show the structure. Where is the corporate office located?

Are there satellite locations, do you plan to expand within the city, state, nation or

internationally?

The business structure section of the business plan gives basic information about yourcompany and the management staff. It's an essential part of the plan, because it shows

the care and thought you've put into your business and how it is structured.

Organization Structure Examples

Some examples of structures would be, functional and hierarchical. You should develop a

strategy to start organizing your business, company, or group. How do you want it to run?

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From the top down, or by a matrix of different people, such as a management

department is a big decision. Once you have a few options picked out, you can decide

which option will be optimal to produce the results you desire. See the follow sample

organization structure.

The Company President In Relation to The Traditional Organizational Chart

The first man who drew up an organizational chart created a delusion that has been

perpetuating itself for decades in the business world. Traditionally, the head of an

organization is portrayed graphically as the king of the mountain. He has climbed the

pyramid and sits securely at its apex, knowing that the board of directors will retain him

as long as the profit sheet looks good. Or he can take pride in the fact that he has been

chosen as uniquely able to attain specific company goals.

And who is to say that a company president should be denied the emotional-

psychological rewards of power, prestige, status, and whatever else is pleasing to his

ego? Such compensations are considerable, though they often may have little

relationship to the monetary ones.

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It has been said that what a top executive is paid for is the ability to make right decisions.

It might be more accurate to put it this way: he is paid for having the sense to recognize

sound courses of action when his underlings present him with adequate data. When a

move into the future must be made, it is at this juncture that the sciences of economics

and business administration have to be subjugated to a process that is very much like that

used by creative artists. Not only does a company president usually have a great deal of 

data which points to a given decision—and often almost as many facts pointing in the

opposite direction—but he also has a great absence of data. He must extrapolate. The

variables of the future can never be foreknown completely. They must be sensed, to

whatever degree possible. Yet the emotionally mature company president experiences

minimum feelings of stress and strain; he has learned that time will add to his facts, and

that the subtle factor known as timing is often best when it is first linked with patience,

then audacity.

And so it is with the artist. With him, the unconscious mind is permeated with a strong

urge to accomplish in a given direction. He literally yearns to express himself through his

chosen medium, whether painting, sculpture, writing, music, or something else. And

when his product is ready for expression, it is suddenly there—in his mind, his hands, his

words—ready and waiting to come forth. The executive, too, must draw on creative

forces and a kind of inspiration, if he is to assay the future astutely and insure correct

decisions. Once the die is cast, what remains is the task of dovetailing the various

company functions so that a final result is attained.

In actuality, those with ultimate authority in any organization are the servants of all thosewho work within it. This principle holds for the human relationships in every organization,

and for every institution, be it political, economic, professional, or of any other nature.

And once this premise is accepted, the meaning of an organizational chart is radically

changed. The word responsibility then becomes a cornerstone. The company

president carries the weight of the organization; he does not blithely sit on top enjoying

privileges. True, the board of directors is the slim base upon which the entirety of the

organization rests—to whatever greater or lesser extent it exerts an active influence on

company affairs. Its delegation of authority to the president, however, makes him the

pivotal force that will bring about company effectiveness or the lack of it.

One inadequate decision by a top executive affects the entire organization, while,

obviously, a poor decision by a production worker has far less impact. For all

the goodies a company president may enjoy, he can never lose sight of the seriousness of 

his job, the gravity of the consequences his every move sets into motion. He cannot

forget nor ignore his own significance. Not only does the full weight of the company press

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down on him; it can also test his personality integration to the utmost. If he is the right

man for the assignment, he welcomes problems as opportunities. He is exhilarated and

thrilled with that special joy that comes from a sense of fulfilment. As a result, his health

is good, he has clarity of mind, and he keenly anticipates what lies ahead each day.

It is usually those presidents who have what can be called an Atlas complex who sooner or

later may face the dire consequences of stress and strain. These are the men who take

their significance too seriously, thus making their responsibilities a burden rather than a

challenge. When this happens, today's demands are almost too much, and the pleasure of 

what tomorrow will bring is transmuted into a gnawing fear of failure. Relationships at

home, as well as at the office, can become tinged with misunderstanding, leading to an

increasing sense of being lonely, isolated, and unappreciated.

The frustrations of a company president who is performing inadequately and who feels he

is doing less than his best, will sooner or later rob him of a sense of personal worth. Theless-than-perfect decisions of yesterday become the foreshadowing of tomorrow's

failure. Worry is the result, with all its attendant repercussions on mental and physical

well-being.

It is an interesting fact that worry, which often seems to have to do with the future, is

connected only with the past. Naturally, no one can ever know all that the future will

bring. But where there have been disappointments or failures in the past, these are easily

regarded as predictors of a future that is chancy indeed. The upshot of this too usual

situation is that the past and the future press against one another so desperately thatthere is little of the now to which the individual can respond effectively. This is serious,

indeed, when one considers that the only time in which one can ever live is in the now . To

be robbed of a present moment is to be robbed of a little piece of life itself. No wonder,

then, that when a man is worried, his vital forces become depleted. When problems and

pressures prevent his awareness from roaming at will to the sun, the sky, the trees, and

fellow humans; when nature and beauty and music are relegated to the gray

background—then we have a man who is in serious trouble. Figuratively he is in a gray,

gray purgatory.(7 ¶ 9) 

The realistic company chart schematized here should, among other things, cause any

man to think more than twice before accepting a promotion to increased responsibility. If 

he thrives on problems and challenges, he will not be perturbed. But if there are deep

doubts in his mind, he should reflect carefully on the fact that emoluments that go with

advancement must be juxtapositioned against the capabilities he will bring to his new

 job—an assignment that may call for more than he has hitherto known he possessed

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Vicepresident

In government, a vice president is a person whose primary responsibility is to replace the

president on the event of his or her death, resignation or incapacity. Vice presidents are

either elected jointly with the president as his or her running mate, elected separately, or

appointed independently after the president's election.

Most, but not all, governments with vice presidents have only one person in this role at

any time. If the president is not present, dies, resigns, or is otherwise unable to fulfill his

or her duties, the vice president will generally serve as president. In many presidential

systems, the vice president does not wield much day-to-day political power, but is still

considered an important member of the cabinet. Several vice presidents in the Americas 

held the position of  President of the Senate; this is the case, for example, in Argentina, 

the United States, and Uruguay. The vice president sometimes assumes some of the

ceremonial duties of the president, such as attending functions and events that the actual

president may be too busy to attend; the Vice President of the United States, for

example, often attends funerals of world leaders on behalf of the President. In this

capacity, the vice president may thus assume the role of a de facto symbolic head of 

state, a position which is lacking in a system of government where the powers of head of 

state and government are fused.

[edit] In business

Further information: Director (business) 

In business, "vice president" refers to a rank in management. A trade union may also elect

a vice president. Most companies that use this title generally have large numbers of 

people with the title of vice president with different categories (e.g. vice president forfinance); their closest analogy within the US federal government structure is therefore

not the Vice President as such, but a Cabinet Secretary. A vice president in business

usually reports directly to the President or CEO of the company. When there are several

vice presidents in a company they are sometimes ranked by naming the highest ranking

Senior Executive Vice President which is next to President, the second highest ranking

Executive Vice President, then Senior Vice President and the remainder of the

management team just VP. The title of Assistant Vice President or Associate Vice

President or Assistant President or Associate President is typically used in large

organizations as a subordinate rank to Vice President.

In large brokerage firms and investment banks, there are usually several Vice Presidents

in each local branch office, the title being more of a marketing approach for customers,

than denoting an actual managerial position within the company.

A corporate vice president is rarely "second in line" to succeed the corporate president

following death, dismissal, or resignation, though in the event of a sudden vacancy one or

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sometimes two of the vice presidents may act as president. New presidents are usually

appointed by the board of directors. 

Management stylesManagement styles are characteristic ways of making decisions and relating tosubordinates.This idea was further developed by Robert Tannenbaum and Warren H.

Schmidt (1958, 1973), who argued that the style of leadership is dependent upon the

prevailing circumstance; therefore leaders should exercise a range of management stylesand should deploy them as appropriate.

 Autocratic

An Autocratic style means that the manager makes decisions unilaterally, and withoutmuch regard for subordinates. As a result, decisions will reflect the opinions and

personality of the manager; this in turn can project an image of a confident, well managed

business. On the other hand, subordinates may become overly dependent upon the leadersand more supervision may be needed. It's like dictators

There are two types of autocratic leaders:

  the Directive Autocrat makes decisions unilaterally and closely supervises subordinates;

  the Permissive Autocrat makes decisions unilaterally, but gives subordinates latitude incarrying out their work

Paternalistic

A more Paternalistic form is also essentially dictatorial; however, decisions take into

account the best interests of the employees as well as the business. Communication is again

generally downward, but feedback to the management is encouraged to maintain morale.This style can be highly advantageous when it engenders loyalty from the employees,

leading to a lower labour turnover, thanks to the emphasis on social needs. On the other

hand for an autocratic management style the lack of worker motivation can be typical if no

loyal connection is established between the manager and the people who are managed. Itshares disadvantages with an autocratic style, such as employees becoming dependent on

the leader.

A good example of this would be David Brent or Michael Scott running the business in the

fictional television show The Office. 

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Democratic

In a Democratic style, the manager allows the employees to take part in decision-making:therefore everything is agreed by the majority. The communication is extensive in both

directions (from employees to leaders and vice-versa). This style can be particularly useful

when complex decisions need to be made that require a range of specialist skills: forexample, when a new ICT system needs to be put in place, and the upper management of 

the business is computer-illiterate. From the overall business's point of view, job

satisfaction and quality of work will improve. However, the decision-making process is

severely slowed down, and the need of a consensus may avoid taking the 'best' decision forthe business. It can go against a better choice of action.

As the autocratic leaders, democratic leaders are also two types i.e. permissive and

directive.[1]

Laissez-faire

In a Laissez-faire leadership style, the leader's role is peripheral and staff manage theirown areas of the business; the leader therefore evades the duties of management and

uncoordinated delegation occurs. The communication in this style is horizontal, meaning

that it is equal in both directions, however very little communication occurs in comparison

with other styles. The style brings out the best in highly professional and creative groups of employees, however in many cases it is not deliberate and is simply a result of poor

management. This leads to a lack of staff focus and sense of direction, which in turn leads

to much dissatisfaction, and a poor company image MBWA

Management by Walking Around (MBWA) is a classic technique used by managers who

are proactive listeners. Managers using this style gather as much information as possible so

that a challenging situation doesn't turn into a bigger problem. Listening carefully toemployees' suggestions and concerns will help evade potential crises. MBWA benefits

managers by providing unfiltered, real-time information about processes and policies that isoften left out of formal communication channels. By walking around, management gets an

idea of the level of morale in the organization and can offer help if there is trouble.

A potential concern of MBWA is that the manager will second-guess employees' decisions.

The manager must maintain his or her role as coach and counselor, not director. By leaving

decision-making responsibilities with the employees, managers can be assured of the fastestpossible response time.

Business manager

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In a general context, a business manager is a person who manages the work of others in

order to run a business efficiently and make a large profit. He or she should have working

knowledge of the following areas, and may be a specialist in one or more: sales,

marketing, and public relations; research, operations analysis, data processing,

mathematics, statistics, and economics; production; finance; accounting, auditing, tax,

and budgeting; purchasing; and personnel.[citation needed ]

Other technical areas in which abusiness manager may have expertise are law, science, physics, and computer

programming.[citation needed ] 

In many businesses, the role of business manager may grow out of a small business-

owner's desire to shed some of the multiple roles mentioned above to focus on specific

aspects of company expansion or market penetration. The business manager for a time

may share duties with the owner, as the owner gains trust in the business manager.

Ideally, the business manager and the owner work synergistically to ensure that the

business of running a successful business is attended to. This can often be a process of the

owner relinquishing the functions for which there is a comparative disadvantage for his or

her continued involvement.

In the context of the music industry, a business manager is a representative of  musicians 

and/or recording artists, whose main job is to supervise their business affairs, and the

proper handling of their financial matters. The role as it is understood today was largely

originated (and the term coined) by Allen Klein, who represented numerous performers

through the years, helping them to both invest their incomes wisely and to recover

unpaid (or underpaid) royalties and fees.

K. Blanchard writes that a good manager does not necessarily need to spend a lot of time

with his or her employees. Good managers make every minute count, and do their best tomake sure everyone at the company is successful.[1] 

What Does the Legal Department of a Business

Do?

As you might imagine, the legal department of a business handles legal issues which may

come up in the course of business, ranging from drafting waiver forms for employees to

handling lawsuits from angry customers. Many large companies have a legal department;

smaller companies may choose to keep a lawyer or a staff of lawyers on retainer, ensuring

that they have rapid access to legal knowledge when they need it. Customers often find

themselves interacting with the legal department, especially when they file complaints or

indicate that they believe a business is not being operated within the law.

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Members of the legal department are typically trained and qualified lawyers, along with a

support staff of  legal assistants and other law professionals. Ideally, the legal department

focuses only on tasks which require a trained lawyer; in other words, the legal department

may look over a letter from an executive to ensure that it will not cause problems in the

future, but they will not draft letters for members of the company, unless the letters

pertain to legal matters.

One of the most important roles of the legal department is as legal advisers. Before

marketing a new product, staff members will often discuss it with the legal department.

Executives may talk with the legal staff about potential legal issues ranging from being

accused of  discrimination in hiring practices to sexual harassment. The legal department

may also offer training and assistance with employee manuals to ensure that the

company and its employees are kept up to date on workplace law, reducing the risk of 

potential suits.

The legal department will also become involved in customer complaints, ensuring that

the responses to these complaints are drafted in a professional style which also covers the

company's bases, legally. In the event that a company is sued, either from within or from

the outside, the legal department will represent the company in the suit. It also handles

the filing of patents and other legal documents with official agencies.

In a large, multi-national company, the legal department can be massive, approaching

the size of a large law firm. The lawyers may come from different nations and have

different training backgrounds, ensuring that every aspect of the company's business is

covered, from a manufacturing plant in England to a bank in India. The staff members

may also work together on deals, using their years of experience to vet proposals and

documents, ensuring that the company is getting the best legal representation andadvice possible.

Accounting

Bookkeeping, accounting, and auditing clerks are financial recordkeepers. They update and

maintain accounting records, including those which calculate expenditures, receipts,

accounts payable and receivable, and profit and loss. These workers have a wide range of 

skills from full-charge bookkeepers, who can maintain an entire company's books, toaccounting clerks who handle specific tasks. All these clerks make numerous

computations each day and must be comfortable using computers to calculate and record

data.

In small businesses, bookkeepers and bookkeeping clerks often have responsibility for some

or all the accounts, known as the general ledger. They record all transactions and post

debits (costs) and credits (income). They also produce financial statements and prepare

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reports and summaries for supervisors and managers. Bookkeepers prepare bank

deposits by compiling data from cashiers, verifying and balancing receipts, and sending

cash, checks, or other forms of payment to the bank. Additionally, they may handle

payroll, make purchases, prepare invoices, and keep track of overdue accounts.

In large companies, accounting clerks have more specialized tasks. Their titles, such asaccounts payable clerk or accounts receivable clerk , often reflect the type of accounting

they do. In addition, their responsibilities vary by level of experience. Entry-level

accounting clerks post details of transactions, total accounts, and compute interest

charges. They also may monitor loans and accounts to ensure that payments are up to

date. More advanced accounting clerks may total, balance, and reconcile billing vouchers;

ensure the completeness and accuracy of data on accounts; and code documents

according to company procedures.

 Auditing clerks verify records of transactions posted by other workers. They check figures,

postings, and documents to ensure that they are mathematically accurate, and properly

coded. They also correct or note errors for accountants or other workers to fix.

As organizations continue to computerize their financial records, many bookkeeping,

accounting, and auditing clerks use specialized accounting software, spreadsheets, and

databases. Most clerks now enter information from receipts or bills into computers, and

the information is then stored electronically. The widespread use of computers also has

enabled bookkeeping, accounting, and auditing clerks to take on additional

responsibilities, such as payroll, procurement, and billing. Many of these functions require

these clerks to write letters and make phone calls to customers or clients.

Work environment. Bookkeeping, accounting, and auditing clerks work in an officeenvironment. They may experience eye and muscle strain, backaches, headaches, and

repetitive motion injuries from using computers on a daily basis. Clerks may have to sit

for extended periods while reviewing detailed data.

Many bookkeeping, accounting, and auditing clerks work regular business hours and a

standard 40-hour week, although some may work occasional evenings and weekends.

About 1 out of 4 clerks worked part time in 2008.

Bookkeeping, accounting, and auditing clerks may work longer hours to meet deadlines

at the end of the fiscal year, during tax time, or when monthly or yearly accounting audits

are performed. Additionally, those who work in hotels, restaurants, and stores may put in

overtime during peak holiday and vacation seasons.

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Marketing

Marketing management is a business discipline which is focused on the practical

application of  marketing techniques and the management of a firm's marketing resources

and activities. Rapidly emerging forces of  globalization have compelled firms to market

beyond the borders of their home country making International marketing highly

significant and an integral part of a firm's marketing strategy.[1] Marketing managers are

often responsible for influencing the level, timing, and composition of customer demand

accepted definition of the term. In part, this is because the role of a marketing manager

can vary significantly based on a business' size, corporate culture, and industry context.

For example, in a large consumer products company, the marketing manager may act as

the overall general manager of his or her assigned product [2] To create an effective, cost-

efficient Marketing management strategy, firms must possess a detailed, objective 

understanding of their own business and the market in which they operate.[3] In analyzing

these issues, the discipline of marketing management often overlaps with the related

discipline of  strategic planning. 

Traditionally, marketing analysis was structured into three areas: customer analysis,

company analysis, and competitor analysis (so-called "3Cs" analysis). More recently, it has

become fashionable in some marketing circles to divide these further into certain five

"Cs": customer analysis, company analysis, collaborator analysis, competitor analysis, and

analysis of the industry context.

Customer analysis is to develop a schematic diagram for market segmentation, breaking

down the market into various constituent groups of customers, which are called customer

segments or market segmentation's. Marketing managers work to develop detailed

profiles of each segment, focusing on any number of variables that may differ among the

segments: demographic, psycho graphic, geographic, behavioral, needs-benefit, and

other factors may all be examined. Marketers also attempt to track these segments'

perceptions of the various products in the market using tools such as perceptual

mapping. 

In Company analysis, marketers focus on understanding the company's cost structure and

cost position relative to competitors, as well as working to identify a firm's core

competencies and other competitively distinct company resources. Marketing managers

may also work with the accounting department to analyze the profits the firm is

generating from various product lines and customer accounts. The company may alsoconduct periodic brand audits to assess the strength of its brands and sources of  brand

equity.[4] 

The firm's collaborators may also be profiled, which may include various suppliers,

distributors and other channel partners,  joint venture partners, and others. An analysis of 

complementary products may also be performed if such products exist.

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Marketing management employs various tools from economics and competitive strategy 

to analyze the industry context in which the firm operates. These include Porter's five

forces, analysis of  strategic groups of competitors, value chain analysis and others.[5] 

Depending on the industry, the regulatory context may also be important to examine in

detail.

In Competitor analysis, marketers build detailed profiles of each competitor in the

market, focusing especially on their relative competitive strengths and weaknesses using

SWOT analysis. Marketing managers will examine each competitor's cost structure,

sources of profits, resources and competencies, competitive positioning and product

differentiation, degree of  vertical integration, historical responses to industry

developments, and other factors.

Marketing management often finds it necessary to invest in research to collect the data

required to perform accurate marketing analysis. As such, they often conduct market

research (alternately marketing research) to obtain this information. Marketers employ a

variety of techniques to conduct market research, but some of the more common

include:

  Qualitative marketing research, such as focus groups and various types of 

interviews

  Quantitative marketing research, such as statistical surveys 

  Experimental techniques such as test markets 

  Observational techniques such as ethnographic (on-site) observation

Marketing managers may also design and oversee various environmental scanning and

competitive intelligence processes to help identify trends and inform the company'smarketing analysis.

Human resources

Human Resource Management (HRM, HR) is the management of an organization's employees.[1]

While human resource management is sometimes referred to as a "soft" management skill,

effective practice within an organization requires a strategic focus to ensure that people resources

can facilitate the achievement of organizational goals. Effective human resource management also

contains an element of risk management for an organization which, as a minimum, ensures

legislative compliance.

Functions of Human Resource Management: 

Human Resource Management involves the development of a perfect blend between traditional

administrative functions and the well-being of all employees within an organization. Employee

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retention ratio is directly proportionate to the manner in which the employees are treated, in

return for their imparted skills and experience. A Human Resource Manager ideally empowers

inter-departmental employee relationships and nurtures scope for down-the-rung employee

communication at various levels. The field is a derivative of System Theory and Organizational

Psychology. Human resources has earned a number of related interpretations in time, but

continues to defend the need to ensure employee well-being. Every organization now has an

exclusive Human Resource Management Department to interact with representatives of all factors

of production. The department is responsible for the development and application of ongoing

research on strategic advances while hiring, terminating and training staff. The Human Resource

Management Department is responsible for:

  Understanding and relating to employees as individuals, thus identifying individual needs

and career goals.

  Developing positive interactions between workers, to ensure collated and constructive

enterprise productivity and development of a uniform organizational culture. 

  Identify areas that suffer lack of knowledge and insufficient training, and accordingly

provide remedial measures in the form of workshops and seminars.

  Generate a rostrum for all employees to express their goals and provide the necessary

resources to accomplish professional and personal agendas, essentially in that order.

  Innovate new operating practices to minimize risk and generate an overall sense of 

belonging and accountability.

  Recruiting the required workforce and making provisions for expressed and promised

payroll and benefits.

  Implementing resource strategies to subsequently create and sustain competitive

advantage.

  Empowerment of the organization, to successfully meet strategic goals by managing staff 

effectively.

Ideally, a Human Resource Management Department is responsible for an interdisciplinary

examination of all staff members in the workplace. This strategy calls for applications from diverse

fields such as psychology, paralegal studies, industrial engineering, sociology, and a critical

understanding of theories pertaining to post-modernism and industrial structuralism. The

department bears the onus of converting the available task-force or hired individuals into strategic

business partners. This is achieved via dedicated Change Management and focused Employee

Administration. The HR functions with the sole goal of  motivating and encouraging the employees

to prove their mettle and add value to the company. This is achieved via various management 

processes like workforce planning and recruitment, induction and orientation of hired task-force

and employee training, administration and appraisals .

Entry level

An entry-level job is a  job that is normally designed or designated for recent graduates of 

a given discipline, and does not require prior experience in the field or profession. These

may require some on-site training. Many entry-level jobs are part-time, and do not

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include employee benefits. Recent graduates from high school or college usually take

entry-level positions.

Entry-level jobs which are targeted at college graduates often offer a higher salary. These

positions are more likely to require specific skills and knowledge. Most entry-level jobs

offered to college graduates are full-time permanent positions. There are niche sites likeAfterCollege and CollegeRecruiter.com which are specially designed for the entry-level

college market. These can be beneficial for candidates who want to explore positions

based on what they have studied.

Entry Level is the lowest level in the National Qualifications Framework in England, 

Wales, and Northern Ireland. Qualifications at this level recognise basic knowledge and

skills and the ability to apply learning in everyday situations under direct guidance or

supervision. Learning at this level involves building basic knowledge and skills and is not

usually geared towards specific occupations.

Entry Level qualifications can be taken at three levels (Entry 1, Entry 2 and Entry 3[1]) and

are available on a broad range of subjects. They are targeted at a range of learners,

including adult learners, candidates on taster sessions, underachievers and ones with

learning difficulties.[2] 

The level after Entry Level in the National Qualifications Framework is Level 1, which

includes GCSE grades D-G and Level 1

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