Tag: Influence

How to use an accounting information system?

The Influence of Accounting Information System on Financial Accounting Function. Today’s society is a society with the rapid development of the economy and technology. At this time, the development of informatization is very fast.

Here are the articles to explain, What is an accounting information system? on Financial Accounting Function!

The accounting information system, which is the basis of national economic informatization and the core of enterprise informatization, has also existed widely used. However, accounting informatization is not simulating the previous accounting functions. It is more to provide decision-makers with the required data. Because accounting informatization has its uniqueness, it has a certain impact on the previous accounting functions.

Traditional accounting functions and the characteristics of accounting

In the past accounting work, there are two main functions, namely reflection and supervision. The so-called reflection function, specifically, means that the accounting workers are comprehensive. Accurately reflect the accounting information according to the accounting regulations and with the help of specific measures. The supervision function mainly refers to supervising whether various economic matters carry out by relevant laws and regulations.

At the same time, it has other functions, such as controlling economic activities, forecasting the company’s development prospects, etc. However, due to the current accounting measures and the defects of related auxiliary tools, many functions cannot perform. Under the background of accounting and accounting in the past, whether it is a manual mode or computerized mode. The task of workers is to set up various types of accounts according to accounting elements. Carry out accounting records according to work activities, and then obtain relevant vouchers and accounting. account information.

The difference between them is that the manual mode mainly relies on the abacus and other equipment to carry out work. But during the computerization period, most of the tools used are computers. The processing of information does not require manpower. The advantage is that it saves time and manpower. In other words, we rely on computers to perform tasks that were previously done manually. Such as keeping accounts and so on.

The characteristics of accounting under the environment of accounting information

After the implementation of information management, the financial and accounting information system at this time is a very comprehensive system with a relatively fast processing speed. It can stand reasonably connected with the business process and can ensure that the information stands processed the first time.

(1) Integration of information systems inside and outside the enterprise organization

With the help of information technology and current advanced communication technology, the management system combines accounting and production systems. The accounting information system, through the close connection of sales and production systems, has significantly broadened the work area of accounting. Internal and external accounting information, including suppliers and customers, organize organically in real-time.

(2) Business processing high automate

For a unit, after its business organization has reviewed and recorded the department documents, the system will generate the vouchers by itself according to the characteristics of the business, and transmit them to the general system as soon as possible. After auditing, the accounting workers can use the system’s auditing function to check the information again, and the system will process accounts from time to time, generate different types of accounts, process business with the help of templates, and automatically generate reports.

(3) Real-time reporting of accounting information

Under the background of informatization, various accounting data can process by the system. At this time, as an accountant, you can reasonably process accounting information according to the needs of the unit, and provide managers with various required materials, so that they can better To ensure that managers can know the operation mode of the unit the first time and better provide the real materials and data needed for the unit leaders to make decisions.

The impact of accounting informatization on traditional accounting functions

After the implementation of informatization, the accounting work has ushered in a new development situation. In this period of its formation and development, it has had a significant impact on traditional accounting work. At this time, the accounting function has changed, and various business activities have also begun to change. Traditional accounting, when formulating the system, stands mainly determined by combining the characteristics of accounting matters.

The information-based accounting work, when formulating the system, stands mainly determined by combining various types of data. Through informatization, we can reasonably disperse or comprehensively process information. At this time, we can ensure a high degree of information sharing and can provide financial and accounting data. At any time to ensure that the entire stage of information from acquisition to use can adapt to current control regulations.

(1) Influence Response Functions

Under the background of the current era, the response function of accounting is embodied in the use of information systems to reasonably optimize the content of information, such as information clarification and accounting, etc. It also covers. With the help of the automatic screening function of information, the incorrect information removes and the correct information saves. Which ensures the high accuracy of the information data, which invisibly lays a solid foundation for the information optimization work;

At the same time, the system can obtain the required vouchers by itself, and after the voucher verification and bookkeeping. It can generate the various account data we need by itself. Its response function and accounting function are not the same. Under the current background, information confirmation is the most critical content in the entire work task.

(2) Impact management functions

In the information age, because the collection and processing of financial and accounting information are highly automated, and its real-time characteristics are very obvious, then accounting workers can get away from tedious work and pay more attention to and Put their energy into other management activities, you don’t need to put a lot of energy and physical strength into tedious transactional activities as in the past.

For example, at this time, accounting workers can devote more energy to participating in the structural innovation work of the unit, and can also assist managers to formulate a control system and conduct performance evaluations. In addition, accountants can also focus on analyzing the information needs of users, and formulate rules for information recording and storage based on this.

The accounting information system processes the information according to predetermined procedures and rules and can transmit the data to the corresponding users. Combined with the specific situation of the user’s response, further determine the user’s demand for information. Then better carry out the next information processing work. Therefore, the management function of accounting begins to show at this time.

(3) Impact on the accounting control function

Under the current information system, because the feedback ability of accounting has been significantly improved, its control function has also begun to attract people’s attention at this time, reflecting an increasingly important existence value, and it can more effectively strengthen the enterprise’s Internal management and participation in business decision-making, thereby strengthening the overall competitiveness of the unit.

The basis of accounting control has gone beyond the scope of financial accounting theory and management accounting theory, and the basis of its control has been extended to modern economic control theory, such as system theory, information theory, cybernetics, decision theory, and so on. Focusing on business management and decision-making, it should also be clear in giving full play to the role of accounting control: “effective control must be scientific and systematic control; systematic control must be the control of grasping and optimizing information; optimized information must control through scientific and systematic methods.” Obtained.”

At the same time, the guiding ideology of modern accounting control is to implement comprehensive control, that is to say, when controlling, the past, present, and future should link together, and the state of things before they happened, the state of things in progress and the follow-up state, and the micro-mesh and macro-control are to link together.

Conclusion

In current years, our country’s economy has grown rapidly. At this time, various industries have also ushered in a new development situation. This invisibly promotes the innovation of accounting work. Under the background of this rapid development, the significance of accounting work has been more clearly reflected. And the related functions have also been significantly expanded compared with the past. The implementation of the informatization system in the accounting system has a lot of influence on traditional accounting work.

As accounting workers, we must look at accounting theory from a new perspective, and actively explore new theoretical knowledge. And change our understanding of the development of the times. Only in this way can we ensure the smooth development of financial and accounting work. Give full play to its due value and significance, and make better contributions to the development of the country.

The Influence of Accounting Information System on Financial Accounting Functions; Photo by Philip Strong on Unsplash.

September 5, 2022
Financial Management of Public Sector Institutions

Influence of Information Technology on the Financial Management of Public Sector Institutions. As we all know, information technology has existed integrated into the financial management of institutions. Especially the application of computerized accounting in institutions. Which has improved the level of financial management and work efficiency of institutions. And adapted to the requirements of the reform of the financial system of modern institutions. Therefore, strengthening the analysis of the impact of information technology on the financial management of public institutions is an important part of improving the level of financial management informatization in institutions.

Here are the articles to explain, the Overview of Financial Management of Public Sector Institutions with Influence of Information Technology!

The financial management of public sector institutions exists generated based on the financial activities. And financial relations exist in the process of performing the functions of public institutions. It is an economic management work for public institutions to organize financial activities and deal with financial relations. content. Analyzing the management of financial capital input and output activities by Chinese institutions has the following characteristics. The content of financial management is more complex, the methods of financial management are diversified, and the requirements for financial workers are higher.

The characteristics of financial management of public sector institutions are closely related to the characteristics of institutions themselves. It mainly has the following characteristics: First, the current funding forms of institutions mainly include full appropriation, differential appropriation, self-payment, and enterprise management. Fund providers do not require the right to benefit from the funds invested; second, there is generally no problem of sale, transfer, redemption, or liquidation of public institutions, and fund providers will not share the residual value of the unit; third, public institutions generally do not directly Create material wealth, not for profit.

The role of information technology in promoting financial management of public institutions

With the continuous development of information technology, the traditional decentralized financial accounting model can no longer meet the requirements of the financial management of the public sector or modern institutions, for this reason, a modern centralized financial management model based on information technology has emerged. It can say that information technology plays an important role in promoting the modern financial centralized management mode, and its performance is as follows:

It is beneficial to improve the efficiency of accounting work.

Due to the application of information technology, the unified management of financial information of institutions can realize. And the accounting data within the unit can upload to the information management platform in a timely and fast manner. Avoiding the separate accounting of different departments in the past and then a unified summary. Limitations, and through information technology, the cost management required by the management of institutions has also existed realized. At the same time, through centralized accounting, the financial management department can keep abreast of the use of funds of public institutions at any time. Thereby realizing dynamic supervision of the financial activities of public institutions.

Conducive to strengthening accounting methods.

Traditional financial accounting mainly relies on manual operation. Even if people use electronic calculators to calculate accounting data, there will inevitably be errors in calculation. After the implementation of information technology, the accounting methods of financial management are more scientific and perfect. For example, many advanced accounting methods exist applied to it. Which realizes the comprehensive management of financial accounting. Thus realizing the accuracy and integrity of accounting data. Also, like to learn about the Impact of Big Data Analysis on CPA Audits.

Conducive to play the accounting supervision function.

Through the construction of financial business informatization, all financial activities of public institutions can incorporate into an effective supervision system. For example, the establishment of the central treasury payment system has strengthened the financial supervision of public institutions’ financial expenditures. The treasury payment institutions can rely on the network platform to achieve financial spending supervision of public institutions has effectively prevented various corrupt behaviors of public institutions. For example, through the fiscal non-tax income information system, the charges of public institutions will be directly credited to the special fiscal non-tax account, avoiding the phenomenon of public institutions embezzling special funds.

The impact of information technology on the financial management of public institutions

Impact on budget preparation management

Public institutions implement a budget management system. This is what we often call the “zero-based budget” management model. That is, all financial activities of public institutions stand included in the corresponding budget preparation. And all financial management activities of public institutions must prepare by the content of the budget. conduct. Because public institutions have clear public management functions, when compiling financial budgets, institutions need to prepare financial budgets. That can accurately reflect the actual situation of the institution according to the company’s situation. Such as its personnel establishment, asset management, and project development.

Preparing the financial budget for the next year to ensure that all economic activities of the institution in the next year have sufficient financial support. The accuracy of financial budget preparation is based on the understanding and analysis of the information of all economic activities of the institution. If an institution wants to fully grasp the financial information of the unit. It must use modern information technology to realize the realization of the financial information of the unit. Centralized processing and analysis.

Impact on financial decision-making and forecast management

To improve the use efficiency of public financial funds and improve the scientificity and accuracy of financial decision-making, institutions must start from the financial management model and establish a sound financial decision-making and forecasting mechanism. First of all, institutions must use computer automation processing technology, according to mature and scientific mathematical models, combined with the financial data of the unit, to carry out careful analysis and processing, to improve the accuracy of financial information of institutions, and provide financial managers of institutions.

Provide necessary financial information; secondly, institutions should use the financial information management platform to conduct a comprehensive analysis of the relevant financial information, especially the comparison between the unit’s financial budget and the previous year’s financial budget implementation, and use this as the unit’s financial budget preparation. work provides reference.

Impact on financial accounting management

The transformation of the financial management mode of public institutions has changed its financial accounting method from post-event accounting to pre-event and in-event accounting, the original financial accounting object has changed from fixed accounting to dynamic accounting, and the traditional fixed-time financial disclosure mode has been changed. Real-time transmission of financial accounting, indicator execution, and indicator balance. And other information to the financial department greatly enriches the content of financial information. Increases the transparency of financial information of institutions, and improves the use value of financial information.

Impact on fund payment management

Supported by information technology, China has implemented a centralized treasury payment system. Which has changed the “real allocation model” in which the financial department directly allocated financial funds to the bank accounts of public institutions. treasury. The public institution applies when it needs to purchase goods or pay for labor services. After being reviewed by the central treasury payment institution. The funds exist paid directly from the centralized payment account of the commercial bank to the beneficiary. And then the centralized payment account of the commercial bank stands settled with the People’s Bank of China treasury.

The implementation of the central treasury payment system has improved the efficiency of the use of funds in public institutions, reduced the operating costs of financial funds, prevented the embezzlement, misappropriation, and withholding of financial funds, and effectively supervised the financial accounting authority of public institutions.

To sum up, information technology not only affects the financial accounting management mode. And the financial decision-making mechanism of public institutions. But also actively promotes the reform of the financial management systems of public institutions. Therefore, we must vigorously promote the construction of financial management information. And strive to improve the financial management level of institutions.

Influence of Information Technology on the Financial Management of Public Sector Institutions; Photo by Sebastien LE DEROUT on Unsplash.

August 1, 2022
Consumer Buying Decisions Internal External Influences
Internal and External Influences on Consumer Buying Decisions. Consumer behavior is the finding out about how humans buy, use, gather, and dispose of agency items and services. What is the consumer buying decision? Consumers can buy items and services, however, they can additionally achieve them via bartering, lending, or leasing. Once items stand purchased, the client can then use them in a range of ways.

Here are the articles to explain, What are the Internal and External Influences on Consumer Buying Decisions?

Product bumped off one time like bloodless ingesting or it should use over time as a cell phone. The shopping for conduct of others can additionally affect by using how lots you use it. Positive opinions can be a way for relaxed clients to advocate the product to others. Conversely, sad shoppers can make complaints and inspire different shoppers now not to purchase that brand.

Consumer behavior additionally consists of the movements that appear after a product has stood used. Some organizations make investments in a lot of cash to make merchandise that can recycle. These groups are extra famous with buyers who care about the surroundings and are greater in all likelihood for them to promote their merchandise and services. We can usually say that important elements impact customer behavior.

These elements decide whether or not a goal purchaser buys a product or not. These are Psychological, Cultural, Economic, Social, and Personal factors. Individuals or groups, such as a family, can additionally make shopping choices for items and services. The buy selection is a procedure and several human beings work collectively to affect the buy choice in such an instance. Each man or woman may additionally play a section in the decision-making process.

Throughout the discussion of internal and external influences. It can say that every condition and influence is different and it also varies from one consumer to another. Some influences can change by marketers whereas some can only handle when they occur. Understanding these influences is essential as with this marketers’ can assist consumers in their purchase decisions. US coffee marketers can also resolve their troubles related to selling coffee by identifying specific internal and external influences on consumer buying decisions that are as follows:

Consumer Buying Decisions Internal Influences:

What is the Internal Influence on Consumer Buying Decisions? Internal influences come from consumers’ lifestyles and ways of thinking. These are consumers’ thoughts, self-concepts, feelings, attitudes, lifestyles, motivation, and memory. These internal influences can also know as psychological influences. Internal influences depict the ways through which consumers interact with the universe around them, identify their feelings, collect and examine information, develop ideas and beliefs, and take some specific action. These internal influences can also use by US coffee marketers to better understand the specific buying behavior of their consumers.

Several internal influences affect consumers at the time of buying coffee which subsequent are very important and need to understand by US coffee marketers:

Personal Needs & Motives:

The most substantial internal influence that affects consumer purchase decisions is his personal needs and motives. The need of a consumer can define as a lack of something or the difference between his desired and actual state. Motive is an individual’s inner state that encourages him to satisfy his specific need. This could also understand with an example like an individual may be hungry or thirsty. Which is his actual state and he also has a desire to be well fed which is his desired state. This need would motivate him to discover a restaurant or hotel to satisfy his need. All needs of consumers are not possible to define but throughout significant research, consumers’ needs are classified.

By identifying these needs and motives of consumers, US coffee marketers can easily influence their consumer buying decisions. The most substantial need identification model that can use by US coffee marketers to motivate their consumers is Maslow’s Need Theory. This theory gives by Abraham Maslow an American psychologist. According to this theory, consumers’ needs are classified in this order that if understood and used to influence consumers can be very helpful:

Purchase decisions;

Understanding these needs is very essential to direct consumers’ unfulfilled needs toward purchase decisions. With this, US Coffee marketers can identify the consumers’ different needs related to buying a coffee. Like, a consumer may purchase coffee to satisfy his thirst, whereas others may purchase it for discussion with friends or business class people. As well, some others may have different reasons to purchase it like students or office going just want it to get relaxed. And some youngsters want to have fun and get together at a coffee shop with some snacks.

So, every consumer has different needs that may be his basic or psychological needs so before selling coffee to a target market it is essential to identify the needs of different segments of the target market. Identification of consumers’ different needs related to buying coffee will significantly assist a coffee marketer in segmenting its target market and serving them most effectively.

Attitudes:

The next substantial internal influence that affects consumer buying behavior is their attitude. Attitude pertains to what an individual feels or thinks about something. It stands always reflected in individuals’ acts as well as in their buying patterns. Once a person’s attitude forms it is very hard to change. If a consumer has some kind of negative attitude towards a specific product or issue, it will not be easy to change that belief. It is a long-lasting general evaluation of consumers about a product, service, or company.

Attitudes inform marketers about their consumers and how well they establish in the overall marketplace. Identification of these attitudes can also assist coffee marketers in knowing about their consumers and their perceptions of coffee sellers. US coffee marketers need to keep in mind that in the modern era, consumers expose to several advertisements and information and they don’t remember all of them. However, in this exposure, if they find something conflicting with their attitudes screen easily.

Advertisement;

So, coffee marketers need to design advertisements in an appropriate manner that does not conflict with US consumers’ attitudes. The attitudes of consumers learn as they stand shaped by their own experiences and as well as influenced by their ideas and personality. As well, individuals’ attitudes stand also influenced by their friends & family members and extensive media coverage. For operating successfully, it is essential to influence consumers’ attitudes which can stand done by creating and establishing an effective perception in their minds.

Serving coffee with all essential facilities, a good environment, and high quality will assist coffee marketers in selling coffee to US consumers. Some of the coffee companies are doing well in the US like Starbucks and it is due to their positive image in the minds of their customers in every aspect of their business and as well towards society. The creation of a positive image is essential to influencing consumers’ attitudes and this can only stand done by serving them effectively in an all-inclusive manner.

Consumer Buying Decisions External Influences:

What is the External Influence on Consumer Buying Decisions? At the time of buying a product or service, all of us confront several external influences that involve our own culture, subculture, household structure, and groups. These associations of individuals know as external influences because the source of influence usually occurs from the exterior to an individual despite his or her inside influences. External influences also known as socio-cultural influences, as grow from the individual’s formal and informal relationships with his friends, family, and other individuals.

Understanding these external influences is essential to affecting consumers buying decisions. Although almost all of the described external factors are essential to understanding the most fundamental external factor. What influences consumer purchase decision is his/her culture which is as follows:

Culture:

An individual’s values, attitudes, beliefs, and opinions shape by his culture. This in turn also forms people’s attitude toward buying specific products or services. The culture of an individual also gratifies his several emotional needs and due to this. They try to protect their cultural values and beliefs. This culture of protection reflects in individuals’ behavior as consumers. This could also understand with an example of McDonald’s that served Indian consumers in a way it used to serve American consumers. This act of the company made a negative effect on Indian consumers due to their specific vegetarian culture values.

Culture can develop a consumer need and as well as can also affect the gratification of that need. In this way, culture depicts how an individual satisfies or fulfills his needs that if identified by coffee marketers can assist them in serving US consumers in a much more effective way. By serving coffee in a way that resonates with the priorities of US culture, US coffee marketers can increase their chances of consumer acceptance and success. They should try to serve coffee with high quality and different kinds of environment according to the needs of US consumers.

Collect information;

Business-class people should serve coffee at esteemed and premium prices in a peaceful environment. Whereas youngsters should serve coffee at reasonable prices in a fun-loving environment. Before serving consumers, US coffee marketers must collect information about their specific target markets’ cultural values. It can stand done by analyzing their family, religious establishments, and education associations.

These specific values taught by US culture can stand identified easily that in turn can use to serve customers. The culture and value-related information can stand considerably used by coffee companies marketing managers to create messages and advertisements that are more likable and tempting to attract consumers.

Segmentation:

With the help of a discussion of internal and external influences on US consumer buying behavior. They can segment based on demographic, psychographic, and location & culture. Regarding demographic segmentation, US consumers can segment based on factors like age, income, gender, and education level. In psychographic segmentation target market can segment based on attitude towards drinking coffee, attitude towards going out for coffee, attitudes towards coffee price, opinion about coffee shops, etc. In concern to culture or location, the market can segment into different locations.

Based on different types of segmentation approaches, the primary customer segments for coffee marketers in the United State are:

The Students:

This segment mainly involves students from the university, college, and post-college from urban cities. It includes students within the 16-22 age range. This segment of consumers has lower income and is very price sensitive to consumer goods such as coffee.

The Leisure:

This segment includes people from family and friends that love to have coffee for enjoying a good conversation. The age of this group people varies from 16-65. It involves people from different income and education levels. So it is a broad group to serve by US coffee marketers.

Business People:

This segment represents busy business class professionals that stand normally aged between 22 and 55, with moderate to high income and education levels.

Target Market:

Among the above-discussed market segments, the most appropriate target market. That can stand selected by US coffee marketers in starting is the students. It is easy to understand the situations and factors that influence students. As well, the number of students in the country is increasing because of all kinds of institutions. Targeting, this market will be easy, and positioning an effective image in the minds of students will assist coffee marketers in extending their image in the minds of other target customers.

The selected targeted market can affect positively by offering them coffee at low prices with additional services. Some of the students require a peaceful environment or some of them love to have fun or gossip. Designing coffee shops with both kinds of environments will effectively serve their needs. This target market’s interest in going out for coffee directs by the need for social interaction and concentrated study.

The students who like coffee once will visit a coffee shop again. Sometimes they may visit a coffee shop for peace or sometimes for having fun with friends. Their needs can stand fulfilled easily so, it is better to serve this target market first and after attaining success in this, US coffee marketers can proceed to other market segments.

Recommendations:

With the above discussion, it becomes clear that internal/external influences affect consumer buying decisions. For attaining success in this kind of environment, marketers must design. Their product and marketing-related strategies by identifying specific internal and external influences. U.S. Coffee marketers can also attain success in the US by making use of the above-discussed internal and external influences that affect consumers’ coffee purchase decisions.

Regarding the identified external-internal influences and selected target market, US coffee marketers can develop or alter. Their marketing strategy in the following manner that includes all aspects of a firm’s marketing mix:

Product:

Nowadays consumers do not remain loyal to a product. And when it is a disposable product like coffee, it becomes more difficult. Consumers want full value from products like coffee that can only deliver by serving them with a high-quality product. By identifying external/internal influences a product according to target market needs can design.

The selected target market is students and they belong to the school and college-going students. Who prefers coffee drinks with baked goods. As well, they also look for a good experience or coffee shop. At the time serving students, US coffee marketers need to keep this in mind. All these aspects as this will assist them in delivering a high-value and quality-oriented product.

Price:

Another significant aspect of Coffee companies’ marketing strategy is the price as it affects almost all types of consumers. The US coffee marketers should serve the selected target markets with low-to-mid price coffee products and services. Students do not have high incomes and they belong to different classes. Students buying decisions can direct significantly by considering their internal and external influences. According to their influences, they need to target low to medium-range prices.

Place:

Nowadays consumers are highly exposed to retail stores or fast-food chains. They like to go and have fast food in shops that operate in different locations of a city or nation. It is their general attitude and this should be considered by US coffee marketers at the time of undertaking decisions about the locations of their coffee stores.

They should at least start their operations with 2-3 coffee stores as it makes a positive impression on consumers’ attitudes and motivates them to experience one specific coffee store. They should try to start with an urban location or a location. That is the hub of students like an area where almost all reputed institutes of the US are running. In this way, students can motivate by specific coffee stores or shops.

Promotion:

The last substantial aspect of companies marketing strategy. That can alter substantially by identifying internal/external influences on consumer buying decisions is promotional strategy. For consumer products like coffee, it is not worth making extensive use of active marketing channels like media advertisements. Awareness and promotion of products like coffee can only stand done with extensive passive exposure through its stores and coffee packaging.

For a drink, consumer-like students can only attract to the visual repetition of its logo and products everywhere and at every time of the day. With the help of logical visual repetition of coffee products packaging. Exceptional awareness can create by US Coffee marketers for its selected target market and as well as for other segments.

Consumer Buying Decisions Internal External Influences; Photo by Brooke Cagle on Unsplash.

Reference;
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July 2, 2022
Social Media Predictions for 2021: 8 Must-Knows

Do you want to know what the predictions of social media space will look like in 2021? You can’t deny it! The year 2020 was challenging for business owners and influencers alike. Also, To give you a head start in 2018, we compiled a social strategy forecast. The following 8 Must-Knows for Social Media Predictions 2021 below are;

8 things Must-Knows in Social Media Predictions for 2021

1. Videos Content Will Rule the Internet

Regardless of platform or format, video content will rule in 2021! Video content is an excellent way to engage your audience, whether you use Instagram Reels, TikTok, or YouTube.

Also, Videos in 2021 need to be a strategic marketing tool and reach your audience in their natural environment.

If you interest in tapping into Generation Z, then TikTok might be a good option. By using IGTV videos and Reels, you may be able to expand the reach of your Instagram audience.

2. Using social media for shopping

Social media have brought e-commerce into the spotlight!

The launch of Shopify’s streaming event with Walmart and Instagram’s Reels Shopping feature could encourage consumers to buy products on social media platforms. TikTok’s partnership with Shopify could also encourage shoppers to purchase products on social media.

Also, Small businesses can generate new revenue through the digital storefronts at COVID-19.

Your profile will benefit for months and even years after optimizing it (whether you use Facebook, Instagram, TikTok, or Pinterest).

Why does this happen? Several online and social media platforms are used by the customer to start their journey to buy hash online. Now your first product can purchase right from your Instagram profile – a new customer doesn’t even have to leave the app.

3. Brands with a good purpose will succeed

We expect socially responsible brands and businesses to grow in 2021!

As the new year began, social media offered people a platform to share their thoughts and ideas. (Thank goodness) Brands supported the uprising with no hesitation.

As the social environment continues to change this year, brands will strengthen and elevate their voices even more.

We must support and embrace brands in their mission today. Additionally, it emphasizes their values, which millennials highly value.

Defining your brand’s values for 2021

Consider how you can communicate what your brand or business stands for throughout the year and how best to support that cause.

4. A major discussion topic on LinkedIn will continue to be corporate citizenship

In 2020, activists used social media to find their voices for the hash, as we mentioned in a previous post. During the event, many brands had an opportunity to think about how they can improve diversity and inclusion in their content and business models.

Also, Social media transparency is essential to building trust. It is not possible to accomplish this overnight.

We would like to see more open and effective discussion in 2021 and an effective representation of brand missions and communities.

In 2021, use LinkedIn for sharing

Being vulnerable online can make your brand feel vulnerable. As an industry leader, you can build trust through it.

5. Education will continue to place a high priority on engagement

Engaging your audience is important to you, how so? By sharing content, you can educate others!

Instagram carousel posts also make it easy to share educational content. Also, Shareable and saveable content will become increasingly important with likes being eliminated in 2021.

A 2021 educational carousel post should be scheduled

Apps such as Canva and Over provide ready-made templates for creating educational Instagram posts. Also, Connecting the content is all you need to do!

After you have designed something, you can access your Media Library and select your images to use. You will be notified when your turn comes!

6. Memes have taken over culture

In this year’s social media environment, memes provided comic relief.

Memes have garnered a lot of attention from brands, which isn’t just for fun – they also increase attendance and engagement.

Also, You can create memes that are likely to go viral by creating original memes and posting them on stories.

7. Story content on all platforms

Social media has completely changed the way we consume content, and stories are a perfect example. Instagram Stories had 150 million users as of 2016.

Almost all social networks have developed some form of story-like feature – with 500 million users regularly using stories.

The YouTube Stories feature, which has a seven-day lifespan instead of a 24-hour window, was available to creators with more than 10K subscribers in 2018. By adding LinkedIn Stories to our beloved 24-hour stories, we can add a professional touch.

There is more to the story. Using Twitter Fleets, Spotify Stories, and Pinterest Story Pins, users will be able to share live content at the moment.

Is there anything brands should do in 2021? The main story channel should repurpose across multiple channels.

Even with all of the new story-based platforms, Instagram still rules, so it makes sense to make sure that your Instagram Stories content is perfected in 2021 before looking at how to expand your reach to other platforms.

In 2021, make Instagram Stories a priority

You can learn Twitter Fleets while Instagram Stories are scheduled!

8. Brands Will Use TikTok Influencer Marketing As A Main Channel

Instagram was the birthplace of the first brand’s ambassadors and paid partnerships.

Over the next year, you should expect to see influencer marketing on platforms like TikTok and Pinterest.

It’s no wonder that brands and businesses work with TikTok influencers given the reach and engagement they can garner per video.

Since advertising on TikTok itself is still quite expensive, more and more brands are turning to influencers as a way of getting in front of TikTok users.

Social Media Predictions, Create your own list of TikTok micro-influencers for 2021:

Consider working with micro-influencers on TikTok who live in your area if you haven’t already. If you’re just starting, it’s a great idea to start small.

You don’t have to spend more than you have. Simple DMs can have a great deal of impact. If you truly love their content, you could simply send them a message expressing your admiration or asking if they would like to try your product (without any expectation that they will post).

Social Media Predictions for 2021: 8 Must-Knows; Image by Mohamed Hassan from Pixabay.

September 26, 2021
Best Influencer Marketing Platform for top AD Agencies 2021
Best Influencer Marketing Platform Agencies for top Content AD Advertising 2021; “Every Website wants influential people and content publishers”. I hear the same message from every customer. Every brand wants influencers who can make a difference but are hard to find in real life and even harder to connect. This is where I come to track down this difference-maker. But we have a dirty little secret… We use top influence marketing agencies and other tools to make my life easier.

Meaning, Benefits, and Advantages with explaining Best Influencer Marketing Platform Agencies list for top Content Sponsored or AD Advertising 2021!

The growth of brands looking for influential people with loyal fans to market their services and products has led to the creation of influence marketing agencies. Also, This platform features influential people who have strong social support. With the right use of social media, brands big and small can find influential people and do wonders for their business, marketing and sales. As you read on, you’ll understand exactly what these influential marketing platforms are, how they work, why your company should use one (or more), and which platforms I trust.

Do you want to expand your network of influence?

We’ve listed the top influencer marketing agencies to leverage your brand. With most brands turning to digital, influential marketing is trending now more than ever. The industry has grown so fast that there are now millions of influential people around the world with experience in a wide variety of genres. If you are an influencer or want to work with one, you need to find the right influencer marketing platform.

With so many influential brands and agencies to choose from, it’s amazing to pick the best ones based on their marketing vision. To solve this problem, people and companies have used their experience to make the whole process easier and simpler for brands and influential people to collaborate on campaigns and get the best results. With the growing demand for better experiences and the ease of finding the best match for brands and creators, influencer marketing platforms have grown and become very useful for both parties.

Influencers are spread across a wide range of industries and experiences. It’s up to you to find the right type of influencer for your niche. Whatever your product, we’ve listed Fashion Influencers, Health and Wellness Influencers, Influencers, and more. If you are new to influencer marketing and looking for influencer strategies to apply to your domain, we have provided several strategies for your brand and products.

What is the meaning of an influential marketing platform?

An influencer marketing agency is a software solution that supports brands in their influencer marketing campaigns. This software also provides an influencer detection tool for brands and agencies to find the right influencers for their products/services. Some of these platforms also provide insights based on their extensive database of potential influencers with smart algorithms.

Simply put, it’s a one-stop-shop for impact statistics and contact information. Finding the right influencers, local or large, can be tricky and time-consuming. Influencer marketing platforms simplify this task by connecting the dots between brands, content creators, and sellers. It is a software solution that supplies a database of young and experienced companies with first-class influencers. Celebrities on social media are labeled influential for certain reasons. People who choose to follow them are easily impressed by the brand culture, ideas, and lifestyles they create.

Brands that are successful in finding influential people whose reputations and lifestyles match their business can use them to get their message across. This is where influencer marketing platforms startup into play. They make things easier by acting as content creators and marketers. If you’re still wondering if hiring a marketing platform is a good idea, we’ll get you off the beaten path right away by saying yes and that’s why.

If you’re into influencer marketing, it’s helpful to have a software solution that will allow you to run and better manage your campaigns. This solution is a powerful marketing platform. They can help you with a variety of activities from identifying effects to tracking the progress of your campaign.

Benefits or Advantages of using a marketing platform to influencer;

An influence marketing platform is more than just a compilation of lists of the biggest influencers. It is a software solution equipped with several key indicators, including demographic age, region, price, and gender, which makes the impact database more specific. Influencer marketing agencies use these metrics to provide brands with fair results in terms of cost and coverage. The biggest benefit of using influential marketing platforms is that they can help you save time by minimizing your efforts. You don’t have to spend hours looking for influential people on social media. Instead, the platform provides a list of influential people and also provides you with their statistics.

What else? Many of these platforms can help you easily set up and manage your campaigns. You can also use it to track the progress of your campaign and optimize it. You can also generate detailed campaign reports across multiple platforms. But there are some bonuses.

Reliability;

One of the indicators used by marketing platforms to influence is historical data. As mentioned earlier, working with credible and consistent celebrities on social media is critical to a brand’s reputation. By digging into the biological data, profiles, and records of influential people, this software can help brands partner with trusted retailers.

Advertising campaigns;

Many of these influencer marketing platforms go further than setting up the right influencers for you. They help you manage your advertising campaigns and check your success as soon as they go live. By leveraging these metrics, companies can generate detailed reports on their campaigns and be more successful in the future.

What should you pay attention to in an influencer marketing platform?

One of the biggest challenges brands face is finding reliable influencers. Therefore, you need to look for an influential marketing platform that will help you achieve this. You need to make sure that your platform can help you find real influential people easily. This platform will also help you find influential people who can help you reach your target audience. If that doesn’t help, then it’s probably useless to use it.

What else? You need to take a look at the other features the platform has to offer. Does the platform help native ad campaigns? Can this help you track the results of your campaign? Does it help you manage influencer content? If an influential marketing platform can accomplish all of this, it could be a great choice for your brand. Now that you know what to look for in an influencer marketing stage, let’s take a look at some of the top influencer marketing agencies out there.

What Are Some of the Top Influencer Marketing Platforms to Grow Your Campaign?

Are you ready to take your marketing strategy to the next level? If you want to take your influencer marketing strategy to the next level, this stage is a must check out. From discovery to campaign analysis, this platform will help you in all aspects. We have listed the main features of this platform so that you can compare them and find the best one for you.

How to choose a platform to influence marketing?

A reliable influencer marketing network will be your entry point to reliable influencers and ultimately a more successful marketing campaign. The availability of marketing platforms can make it difficult for companies to choose the right solution. However, there are several questions you can ask yourself before deciding on one. For example, is it easier for an online marketing agency to find a real and reliable network to influence? Do these influencers have a targeted demographic? And what are the website navigation and functionality like?

A software solution should be exactly that: “solution”. As a brand looking to simplify local or large-scale marketing, you don’t have time to get caught up in unnecessary clues through complicated site navigation. Another important consideration is the additional features. As mentioned earlier, some platforms will be more than just access to a few social channels. They can also help you manage and track your advertising campaigns.

Find out if this influential platform gives you the flexibility to manage content and optimize your promotional gigs. If the answer is yes, it makes your life so much easier! Ultimately, the question of the right marketing stage and influencer marketing strategy is about individual differences between brands and companies. But a valuable list of some of the best platforms can help you know where to start.

Best Influencer Marketing Platforms for top AD Agencies 2021 lists;

The following best influencer marketing platform for top advertising agencies 2021 lists below are;
- CreatorIQ
- Grin
- Upfluence
- Creator.co
- AspireIQ
- Mavcrk
- Influencity
- Tagger
- Influsoft
- Paid
- Post for Rent
- Speakr
- NeoReach
- Hypr
- Advowire
- InstaBrand
- Klear
- Julius
- BrandBacker
- Content BLVD
- Exposely
- FameBit
- Find Your Influence
- Grapevine Logic
- Blogmint
- InkyBee
- InNetwork
- IZEA
- Mustr
- Adly
- Onalytica
- TapInfluence
- Traackr
- SocialBakers
- Webfluential
- Zoomph
- captiv8
- influence.co
- PitchBoard
- Brybe
- trendHERO
- Dovetale
- Gen.video
- SocialBook
- Peg
In creating the following list of the most influential marketing platforms, I thought of two parameters: popularity and functionality. The goal is to provide readers with a wide enough range of software solutions to compare costs, features, and functionality.

Here are our top influencer marketing agencies suggestions.

Afluencer;

Afluencer is a 2-in-1 marketing stop that not only helps companies partner network with successful influencers but also enables the latter to partner with the brands of their choice. This leading social media publisher has “Highlights of Influence” featuring influential people and the brands they represent. Following are some of the main features and services of the website.

Tokfluence;

Tokfluence is a popular platform for analyzing Tiktok’s impact and audience for startups and larger brands. The platform enables brands to successfully search, filter, and analyze profiles of influential people in various categories. With over 10 million accounts on the site, Tokfluence has one of the largest databases in the industry.

Grin;

Grin is an emerging marketing tool to influence the e-commerce. This allows brands to expand DTC’s marketing by building direct relationships with influential people. This is important because consumers are usually smart enough to sense fake approvals on the go. Grin serves as a one-stop marketing agency for relationship management and an extensive influence network.

This platform offers all the essential functions of marketing management software at the highest level and is easy to use. It organizes everything into a workflow so the user never gets lost. Even the largest companies can seamlessly integrate Grin with their existing systems. Grin will download all registered users from your eCommerce site and find their social profiles. This will give you a list of potential influencers and their relevant statistics that your product has previously purchased and enjoyed.

Grin’s search database includes influential people from Instagram, YouTube, and TikTok. There are more than 100 million influential people to search for, and about 37 million of those accounts have email addresses. Once you find the right influencers, Grin-like tools will help you find even more, like your favorite picks.

CreatorIQ;

CreatorIQ relies on technology to not only simplify the influencer marketing process, but also to solve problems that have long plagued the industry: follower fraud, increased reach indicators, and inauthentic/hired influencers. Their customer or clients include some very famous names including Disney, Tiffany & Co., Unilever, Dell, and Ralph Lauren.

They freely state that their customer base is a large company, with the smallest subscribers on their published list-making about $100 million a year. CreatorIQ integrates directly with social stage APIs and AI-powered algorithms to analyze more than 2 billion public social accounts and check all of them against several criteria to determine whether they are eligible for inclusion in the database. There are currently more than 16 million creator accounts indexed in the company data system.

Upfluence;

Upfluence is another popular end-to-end cloud-based solution for impact detection. Its data analytics metrics and advanced engagement options make it easy for brands to find influential people and bloggers who are best suited for their business. At the same time, It can help small and large size businesses with campaign management and optimization marketing.

Upfluence is a self-service platform that makes it possible to set prices at affordable levels for small and medium-sized businesses, although companies like Microsoft and PayPal also use their services. Recently expanded from two main products – Facade, a social media search engine (SEO), and publisher, a relationship management information system.

It uses a huge database of 500 million pieces of content shared across Facebook, Twitter, Instagram, YouTube, Pinterest, and blogs. Companies can search the database to find influential people who meet their specific criteria. There is quite a lot of information about each influencer in the database. Organizations can search data to find influential people who best fit their needs.

Creator.co;

Creator.co started life in 2018 as Shop and Shout, an influential marketplace focused on small businesses and micro-influencers. He recently changed his name to Creator.co. This reflects the platform’s focus on content creation and distribution. Since most of the content is produced by micro-influencers, the platform is just as interested in the quality of this content as it is in its marketing.

With a database of 500 million influential people, you need to find a few that match your brand. And Creator.co offers surprisingly detailed data about these influential people and their audience. They present a Deep Insights report for each influencer and offer all the data you’d expect but in a larger context than usual.

Fourstarzz media;

Are you an SME looking for good influencers to work with? Fourstarzz Media was created to meet the needs of small and medium-sized businesses who can’t afford high monthly fees but also can’t afford to ignore influence marketing.

It offers an innovative influencer marketing package that allows users to manage all their influencer marketing campaigns in one place. This includes impact detection, impact scope and management, and performance measurement.

AspireIQ;

AspireIQ is a self-service platform that works with Instagram and YouTube, with a database of more than 150,000 influential people who have joined the system. While anyone can sign up with AspireIQ, developers must meet the criteria to view a brand or campaign. Nowadays, timing means you have to have 500 likes on Instagram or 2,500 views on YouTube to be considered an influential person.

Any influencer who meets the criteria (and undergoes manual review to ensure the posted content is appropriate) will be added to the AspireIQ search database and in turn, will be able to view offers from the brand. It has a simple search engine, including one similar to Tinder’s “Quickmatch”, which does everything it can to combine influential brands and people for specific campaigns.

trendHERO;

trendHERO is a powerful yet easy-to-use Instagram audit tool. From a fake follower detection tool, it has grown into a full-fledged platform that offers competitor search, analysis, tracking, and monitoring. It simplifies influencer selection by identifying fake followers, likes, and commenters. In addition, it can analyze more than 90 metrics, including the impact of engagement and ad return. In short, you can multiply the ROI on your impact through influencer marketing by finding influencers with real, relevant, and engaged followers.

Best Influencer Marketing Platform for top AD Advertising Agencies 2021; Image by Eirabirkhammar from Pixabay.
July 22, 2021
Best Forex Trading account platform in Singapore legal Forum
Find out all about the best forex trading account in Singapore; Forex exchanging suggested the purchasing and selling of many monetary forms to benefit from the difference, this is the best trading account platform in Singapore legal Forum. (It resembles Stock exchanging simultaneously, you’re managing monetary standards, all things considered.)

Here is the article to explain, all about the best forex trading account platform in Singapore legal Forum.

Forex is an abbreviation for Foreign Exchange. Different names generally used in the commercial center are FX and Currency. Forex exchanging is an action where theorists take part in the worldwide monetary business sectors to benefit from economic forms’ value developments.

For example: If you feel the Malaysian Ringgit is “modest”, you can short SGD/MYR (this implies you sell Singapore Dollar and purchase Malaysian Ringgit).

Benefits of Forex exchanging:

Enter and leave exchanges effectively – Forex is the biggest market on the planet, with more than $5,000,000,000,000 exchanged every day. That is Trillion with a “T” This implies you can enter and leave positions effectively with little slippage.

Low bar to passage – Most Forex intermediary allow you to open a record with just $100.

The better danger the board – You can exchange small parcels, which allow you to deal with your threat more readily. Also, unlike Stocks, the Forex market only sometimes has holes, which means you will rarely lose more than proposed.

Exchange whenever you need – The Forex market is open 24/5. This implies you can put your trades whenever from Sunday around 5 pm EST to Friday around 4 pm EST (contingent upon light reserve funds).

Forex trading is risky:

Forex exchanging is, for the most part, viewed as a great danger. There are a couple of explanations behind this.

Influence:

Using influence implies earning cash from your representative to execute exchanges. This empowers you to exchange some money that you don’t have, with the expectation that you’ll get much more cash flow from the business and have the option to refund the businessman with your income. Forex dealers’ commonly used loads of influence, which implies the danger of making huge misfortunes, are excellent.

It’s a lose-lose situation:

Indifference to the financial exchange, which is an ideal circumstance that can bring about a pattern of general profitability, forex exchanging is a lose-lose situation. That implies that for each people who gain, another person should lose.

Extremely high unpredictability and high speed:

Changes in the forex market are by and large considerably violent than they are on the financial exchange. Large numbers of the vast forex players used colossal measures of influence. That implies that you can move from a solid situation to a highly powerless one inside the space of minutes or even seconds. So never exchange forex except if you’re ready to devote your opportunity to visit observing.

Best Forex Brokers Singapore:

To find out all about forex trading in Singapore, we made a rundown of all MAS-approved dealers, at that point positioned representatives by both dependable, just as their overall positioning. Here is our rundown of the top forex specialists in Singapore.
- IG – Best by and significant agent 2021, generally trusted
- Saxo Bank – Best for research, disclosed in worldwide brand
- CMC Markets – Best web platform, most cash sets
- Intelligent Brokers – Great for experts and establishments
- City Index – Excellent all-round offering
- Plus500 – Best for starter 2021
Best Forex Trading account platform in Singapore legal Forum; Image from Pixabay.
March 30, 2021
What are the Factors influencing Plant Layout? Discussion
This article of the Factors influencing Plant Layout (PDF) in Production Management is explaining in their 12 key points – 1) Nature of the product, 2) The volume of Production, 3) Basic managerial policies and decisions, 4) Nature of plant location, 5) Type of industry process, 6) Types of methods of production, 7) Nature of machines, 8) Climate, 9) Nature of Materials, 10) Type of machine and equipment, 11) Human factor and working conditions, and 12) Characteristics of the building.

Here the questions and answer – What are the Factors influencing Plant Layout? Discussion.

The following are some important factors which influence the planning of effective plant layout to a significant degree.

Nature of the product:

The nature of the product to manufacture will significantly affect the layout of the plant. The stationary layout will be most suitable for heavy products while line layout will be best for the manufacture of light products because small and light products can move from one machine to another very easily and, therefore, more attention can pay to machine locations and handling of materials.

The volume of Production:

The volume of production and the standardization of the product also affect the type of layout. If standardized commodities are to manufacture on a large scale, the line type of layout may adopt. If production is made on the order of the customers, the functional layout is better to adopt.

Basic managerial policies and decisions:

The type of layout depends very much on the decisions and policies of the management to follow in producing a commodity with regard to size of plant, kind and quality of the product; scope for expansion to provide for, the extent to which the plant is to integrate, amount of stocks to carry at any time, the kind of employee facilities to provide, etc.

Nature of plant location:

The size, shape, and topography of the site at which plant is located will naturally affect the type of layout to follow because of the maximum utilization of space available. For example, if a site is near the railway line the arrangement of general layout for receiving and shipping and for the best flow of production in and out the plant may make by the side of the railway line. If space is narrow and the production process is lengthy.

Type of industry process:

This is one of the most important factors influencing the choice of the type of plant layout. Generally, the types of layout particularly the arrangement of machines and work centers and the location of workmen varies according to the nature of the industry to which the plant belongs.

For layout, the industry may classify into two broad categories:
- Intermittent, and.
- Continuous.
Intermittent type of industries is those which manufacture different components or different machines. Such industries may manufacture the parts when required according to the market needs. Examples of such industries are shipbuilding plants. In this type of industry functional layout may be the best.

The second type of industry in “continuous” industry. In this type of industrial raw materials are fed at one end and the finished goods are received at another end. A continuous industry may either be analytical or synthetically. As the analytical industry breaks up the raw material into several parts during the production process or changes its form, e.g. oil and sugar refineries.

A synthetic industry, on the other hand, mixes the two or more materials to manufacture one product along with the process of production or assembles several parts to get the finished product. Cement and automobile industries are examples of such industry. Line layout is more suitable in continuous process industries.

Types of methods of production:

Layout plans may be different according to the method of production proposed to adopt. Any of the following three methods may adopt for production:
- Job order production.
- Batch production, and.
- Mass Production.
Under job production goods are produced according to the orders of the customers and therefore, specifications vary from customer to customer and the production cannot standardize. The machines and equipment can arrange in a manner to suit the need of all types of customers. Batch production carries the production of goods in batches or groups at intervals.

In this type of manufacturing the product standardizes and production makes generally in anticipation of sales. Such cases, functional or process layout may adopt. In the case of mass production of standardized goods, line layout is the most suitable form of plant layout.

Nature of machines:

Nature of machines and equipment also affects the layout of the plant. If machines are heavy or create noisy atmosphere, stationary layout may reasonably adopt. Heavy machines are generally fixed on the ground floor. Ample space should provide for complicate machines to avoid accidents.

Climate:

Sometimes, temperature, illumination, and air are the deciding factors in deciding the location of machines and their establishments. For example, in the lantern manufacturing industry, the spray painting room is built along the factory wall to ensure the required temperature control and air expulsion and then the process of spray painting may undertake.

Nature of Materials:

Design and specifications of materials, physical and chemical properties of materials, quantity, and quality of materials and combination of materials are probably the most important factors to consider in planning a layout. So, materials storage and materials handling should give due consideration.

For materials storage factors such as rate of consumption of raw materials, space, volume and weight of raw materials, floor load capacity, ceiling height method of storing should give special consideration. This will affect the space and the efficiency of the production process in the plant. It will facilitate economic production goods and prompt materials flow and a soundly conceived materials handling system.

Type of machine and equipment:

Machines and equipment may be either a general-purpose or special purpose. Also, certain tools are used. The requirements of each machine and equipment are quite different in terms of their space, speed and material handling process and these factors should give proper consideration while choosing out a particular type of layout.

It should also consider that each machine and equipment use to its fullest capacity because machines involve a huge investment. For instance, under product layout, certain machines may not use to their full capacity so care should take to make full use of the capacity of the machine and equipment.

Human factor and working conditions:

Man is the most important factor of production and therefore special consideration for their safety and comforts should give while planning a layout, specific safety items like the obstruction-free floor, workers not exposed to hazards, exit, etc. should provide for. The layout should also provide for the comforts to the workers such as the provision of restrooms, drinking water, lavatory, and other services, etc. Sufficient space is also to provide for the free movement of workers. For this, provisions of the Factories Act should follow strictly.

Characteristics of the building:

The shape of building, covered and open area, number of stories, facilities of elevators; parking area, storing place and so on also influence the layout plan. In most of the cases where the building hires. The layout is to adjust within the space available in the building.

Although minor modifications may finish suiting the needs of the plant and equipment. But if the new building is to construct, proper care should give to construct it according to the layout plan drawn by experts. The special type of construction needs to accommodate huge or technical or complex or sophisticated machines and equipment.

What are the Factors influencing Plant Layout? Discussion, #Pixabay.

It is clear from the above description that several factors are considered while choosing out a plan for plant layout. Because they affect the production and its cost to a great extent.
August 22, 2019
The Factors Influencing and Importance of Financial Decisions!
The Concept of Financial Decisions, The Factors Influencing Financial Decisions: 1. External Factors, and 2. Internal Factors, Fully Explain It by PDF and Free Download, and What is the Importance of Financial Decisions? Definition: The Financing Decision is yet another crucial decision made by the financial manager relating to the financing-mix of an organization. It is concerned with the borrowing and allocation of funds required for the investment decisions. Also learned, The Factors Influencing and Importance of Financial Decisions!

Learn and Understand, The Factors Influencing and Importance of Financial Decisions!

The financing decision involves two sources from where the funds can be raised: using a company’s own money, such as share capital, retained earnings or borrowing funds from the outside in the form debenture, loan, bond, etc. The objective of financial decision is to maintain an optimum capital structure, i.e. a proper mix of debt and equity, to ensure the trade-off between the risk and return to the shareholders.

The Concept of Financial Decisions:

Financial decisions refer to decisions concerning financial matters to a business concern. Decisions regarding the magnitude of funds to be invested to enable a firm to accomplish its ultimate goal, kind of assets to be acquired, the pattern of capitalization, pattern of distribution of firm’s income and similar other matters are included in financial decisions.

These decisions are crucial for the well-being of a firm because they determine the firm’s ability to obtain plant and equipment when needed to carry the required amount of inventories and receivables, to avoid burdensome fixed charges when profits and sales decline and to avoid losing control of the company. Financial decisions are taken by a finance manager alone or in conjunction with his other executive colleagues of the enterprise. In principle, the finance manager is held responsible to handle all such problems as involve money matters.

But in actual practice, he has to call on the expertise of those in other functional areas: marketing, production, accounting, and personnel to carry out his responsibilities wisely. For instance, the decision to acquire a capital asset is based on the expected net return from its use and on the associated risk. These cannot be given values by the finance manager alone. Instead, he must call on the expertise of those in charge of production and marketing.

Similarly, the decision regarding allocation of funds as between different types of current assets cannot be taken by a finance manager in the vacuum. The policy decision in respect of receivables—whether to sell for credit, to what extent and on what terms is essentially financial matter and has to be handled by a finance manager. But at the operating level of carrying out the policies, sales may also be involved since decisions to tighten up or relax collection procedures may have repercussion on sales.

Similarly, in respect of inventory, while determining types of goods to be carried in stock and their size are a basic part of the sales function, a decision regarding the quantum of funds to be invested in inventory is the primary responsibility of the finance manager since funds must be supplied to finance inventory.

As against the above, the decision relating to the acquisition of funds for financing business activities is primarily a finance function. Likewise, the finance manager has to take a decision regarding the disposition of business income without consulting other executives since various factors involved in the decision affect the ability of a firm to raise funds. In sum, financial decisions are looked upon as cutting across functional, even disciplinary boundaries. It is in such an environment that a finance manager works as a part of total management.

The Factors Influencing Financial Decisions:

A finance manager has to exercise a great skill and prudence while taking financial decisions since they affect the financial health of an enterprise over a long period of time. It would, therefore, be in the fitness of things to take the decisions in the light of external and internal factors. We shall now give a brief account of the impact of these factors on financial decisions.

External Factors:

External factors refer to environmental factors within which a business enterprise has to operate. These factors are beyond the control and influence of the management. A wise management adopts policies that will be most suited to the present and prospective socio-economic and political conditions of the country.

The following external factors enter into decision-making process:
- The State of Economy.
- Structure of Capital and Money Markets.
- State Regulations.
- Taxation Policy.
- Requirements for Investors, and.
- Lending Policy of Financial Institutions.
Internal Factors:

Internal factors refer to those factors which are related with internal conditions of the firm such as nature of business, size of business, expected return, cost and risk, asset structure of business, structure of ownership, expectations about regular and steady earnings, age of the firm, liquidity in company funds and its working capital requirements, restrictions in debt agreements, control factor and attitude of the management.

Within the economic and legal environment of the country finance manager must take the financial decision, keeping in mind the numerous characteristics of the firm.

Impact of each of these factors upon financial decisions will now be discussed in the following lines.
- Nature of Business.
- Size of Business.
- Expected Return, Cost, and Risk.
- Asset Structure of the Firm.
- Structure of Ownership.
- Probabilities of Regular and Steady Earnings.
- Age of the Firm.
- Liquidity Position of the Firm and Its Working Capital Requirements.
- Restrictions in Debt Agreements, and.
- Management Attitude.
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What is the Importance of Financial Decisions?

These decisions are relatively more important because of the following reasons:

(1) Long-term Growth and Effect:

These decisions are concerned with long-term assets. These assets are helpful in production. Profit is earned by selling the goods so produced. It can, therefore, be said the more correct these decisions are, the greater will be the growth of business in the long run. In addition to that, these affect the future possibilities of the business.

(2) Large Amount of Funds Involved:

Decisions regarding fixed assets are included in the preview of capital budgeting. A large amount of capital is invested in these assets. If these decisions turn out to be wrong, there occurs the heavy loss of capital which is a scarce resource.

(3) Risk Involved:

Capital budgeting decisions are full of risk. There are two reasons for it. First, these decisions refer to a long period, and as such expected profits for several years are to be anticipated. These estimates may turn out to be wrong. Second, because of the heavy investment involved, it is very difficult to change the decision once taken.

(4) Irreversible Decisions:

Nature of these decisions is such as cannot be changed so quickly. For instance, if soon after setting up a cotton mill, it is thought of changing it, then the old machinery and other fixed assets will have to be sold at the throwaway price. In doing so, the heavy loss will have to be incurred. Changing these decisions, therefore, is very difficult.
June 15, 2018
What is the Role of Group Influence in Consumer Behavior?

Learn and Study, What is the Role of Group Influence in Consumer Behavior?

So, if its true that individualism is dead and that consumer behavior is dominated by the influence of groups? There is no doubt consumer behavior is heavily influenced by groups. Individuals are always striving to conform to group behavior and to please others and this influences the purchase choices that they make. The influence of groups also helps to establish trends in lifestyle, fashion, and the assimilation of new products, into the lives of consumers. Also learned, Group Influence on the Consumer Behavior, What is the Role of Group Influence in Consumer Behavior?

The notion of ‘virtual communities’ has been around ever since the inception of the internet. Whereas people used to meet and form communities geographically, the internet allows groups of like-minded people to meet virtually through communities based on, for example, online chat rooms and forums. Here individuals, who share common interests, can make contact with each other without any geographic restrictions. The interaction between members of such groups tends to be more uninhibited that it would be in a non-virtual group, as anonymity allows people to say things to other members of the group they maybe wouldn’t say face-to-face.

Specialist social networking sites have emerged in the last ten years and now have huge numbers of members. Facebook, for example, has over 2 billion members globally and can wield enormous power over the brand consumption choices of those members. An example of the demonstration of this power was in 2007 when ninety-three different Facebook groups, containing over 14,000 members in total, petitioned for Cadbury’s Wispa chocolate bar, which had been withdrawn in 2003, to be re-introduced. Cadbury listened to what these Facebook groups were saying and decided to relaunch Wispa in late 2007.

Many large corporations have now taken a reactive, rather than proactive, stance in terms of their online social network marketing by setting set up their own ‘brand communities’. Tesco has used data from its Clubcard scheme to establish a brand community of families with babies and toddlers. When Tesco discovered that this group of regular shoppers did not think that they could place their trust in the Tesco brand for buying baby and toddler products it established the online Tesco ‘baby and toddler club’.

Membership of the club confers various benefits on families with babies and toddlers including double Clubcard point, free parking spaces right next to store entrances, and a free parenting advice magazine. This brand community initiative raises the levels of trust in the Tesco brand for baby and toddler products and increased Tesco’s market share.

Amazon.com is not just a successful online retailer, it has also created a virtual community of its customers where they can not only buy a wide range of books and electronic products but they can also engage with the Amazon brand. Customers are able to write and submit book reviews and post messages on a forum, amongst other activities.

They can even engage with their favorite authors through email addresses supplied on Amazon.com. If a consumer enters the relevant details then Amazon will also send reminders about the birthdays of family and friends and make recommendations for gifts based on past browsing experience,. Equally, every time a registered user logs on to the site he or she is presented with purchasing ideas that reflect their expressed tastes that have been demonstrated through previous online buying behavior.

Another influential group is consumer ‘tribes’, who are characterized by their active and enthusiastic consumption behavior, which is sometimes extreme in nature. They will actively resist the messages thrust at them by marketers and tend not to consume brands and products without exerting some influence of their own over those brands and products.

They will add to them and struggle with them, altering the actual, or perceived, nature of the brand or product until it blends seamlessly with their own lifestyle. Consumer ‘tribes’ have also flourished online especially through one of the most talked about online phenomena of recent times, namely ‘blogging’. Bloggers, with no particular experience or expertise, are able to disseminate all kinds of messages about brands with impunity.

They wield incredible power over the uniform, tribes of postmodern consumers and their blogging efforts mean that brands are no longer fully able to control their marketing communications activity. However, some of the more savvy marketers have recognized this threat to the integrity of their brand messages and have responded with their own blogs. For example, the internet service provider, AOL, used the medium of blogging in an attempt to defend its brand against tribes of malicious bloggers.

The company’s ‘Discuss’ blog urged consumers to reassess their opinions of its broadband service by probing views within different consumer groupings to stimulate interest in topics that would not usually be included in the content of offline marketing activity. The ‘Discuss’ blog was a great success and achieved over one thousand postings and more than one hundred thousand hits in its first few weeks online.

Each broad culture will contain ‘sub-cultures’, which are differentiated by religious beliefs or race, or can be groups of people who simply have the same values, attitudes and beliefs. The influence of ‘sub-cultures’ over consumer behavior thus: members of a subculture often signal their membership by making distinctive and symbolic tangible (purchasing) choices in, for example, clothing styles, hairstyles and footwear.

A clearly identifiable sub culture is ‘youth culture’, which exhibits distinctive attitudes and purchasing behavior and is widely recognized by marketers as a highly valuable global market segment. Members of the youth culture group will often be highly aware of high profile and heavily advertised brands and will have positive and aspirational attitudes to purchasing such brands in order to signal their membership of the subculture.

Style is perhaps the single largest indicator of membership of ‘youth culture’ and has been evidenced by the past emergence of sub groups of youth culture, such as hippies, mods, rockers and punks. Although these groups wanted to be seen as rebellious they in fact depended, ironically, on consumer goods, such as clothing and music, to re-enforce their identities.

The association of youth sub culture with music has long been exploited by marketers. For example, Brown and Williamson, manufacturers of the ‘Kool’ brand of menthol cigarettes, started sponsoring music concerts in the 1970’s because of the ability of such events to communicate with adolescents. In 2004 Kool’s marketers felt that music would be a powerful medium for conveying emotional messages about cigarettes and building a brand image and so the ‘Kool Mixx’ concerts were launched. These targeted young American males, by exploiting the new musical genre of ‘hip-hop’, which had wide appeal with youth culture.

There are other groups that influence young people as they become more autonomous from their parents. So called ‘reference groups’ play an increasingly important role in the development of young people. A reference group can be defined as an actual or imaginary individual or group conceived of having significant relevance upon an individual’s evaluations, aspirations, or behavior. Most individuals are adverse to behavior that goes against the consensus of their reference group or groups.

For example teenagers, as consumers, are more relaxed when they are with members of a reference group than when they are on their own. When a consumer lacks confidence in his or her purchase decision-making ability, they look to their reference group for guidance and advice. Reference groups for teenagers will typically include family members and friends as well as their music and sports idols.

The concept of ‘self’, is a psychological concept that is involved with motivating consumer behavior and an individual’s ‘self-esteem. A favorable self-esteem is generally regarded as being crucial to success in life. Teenagers, particularly, are likely to be very aware of their self-esteem, or lack of it, due to both the physiological changes taking place in their bodies, at and beyond puberty, and the attitudes, opinions, and beliefs of others.

In consumer behavioral terms these esteem needs can be the motivation for the acquisition of so called ‘luxury’ products, such as branded fashion and clothing, which can help a young person gain recognition and status within his or her key reference groups For example, teenage school children will often connect with reference groups of their peers. Members of these reference groups may decide to dress in particular kind of way and often will wear items of designer-brand footwear and clothes.

These teenagers consumers will seek to own the brands that their heroes in sports, film music own. The principle being that, by owning such brands, they can improve, by association, both their self esteem and their standing in the reference group. ‘Tag-Hauer’ is a good example of a brand that exploits this need for an association to with a celebrity reference group Brad Pitt and Lewis Hamilton are two of the celebrities that endorse the Tag-Hauer brand through advertising which is principally aimed at young adult males.

Despite the huge weight of evidence to support the claim that individualism in consumer behavioral terms is dead, and that the age of the group is with us, it should be remembered that individuals still retain the ability to make their own decisions about what they buy and who they buy it from. Highly impulsive, individual buyers are likely not to reflect on their purchase decisions and emotions will be a prime force in attracting them to a particular purchase.

Individualism is influenced largely by culture and occurs most frequently in those cultures where it is most highly-prized, such as in the USA. Here it is reckoned that impulsive consumer behavior accounts for over $4 billion of sales annually and over 80% of all purchases in some product categories, for example, magazines and sweets.

In conclusion, it can be seen that regardless of nationality, race or gender, the influence of the group over consumer behavior is highly significant. The emergence of the internet has caused a huge surge in group influence especially amongst teenagers and young adults. These individuals are also highly susceptible to the influence of reference groups and will often seek the approval of their peers before making a purchasing decision. Marketers have not just responded to the demands of virtual groups of consumers but have also risen to the challenge of influencing group behavior themselves.

Again, the internet has been of assistance in helping them to deliver their brand messages and respond to consumer needs and wants through independent social networking sites, such as Facebook, and, increasingly through the established of their own brand communities. None of this is to say, however, that individualism is necessarily dead as evidenced by the fact that many consumers still make impulsive buying decisions without reference to any group behavior.

May 28, 2018
How to Group Influence on the Consumer Behavior?

Learn and Study, How to Group Influence on the Consumer Behavior?

Each consumer in society is a member of different groups depending on their culture, various subcultures or even social class can influence their consumer purchase. A group can be formed when two or more individuals share a set of norms and beliefs. A group becomes a reference group when an individual recognizes with the group and takes on many of the values, attitudes or personal standards of group members and use it as the base of his/her day to day behavior. A reference group is defined as having significant relevance upon an ‘individual’s evaluations, aspirations or behavior influencing the consumer. Also learned, Power of Dreams, How to Group Influence on the Consumer Behavior?

The nature of reference group influence can take three forms, this is because some groups and individuals are able to influence greater than others and affect a range of consumption.

#Informational influence:

This is when the reference group is used as a knowledgeable source in the different parts of the buyer’s decision process. This type of influence emerges when an individual or the member uses the behaviors and beliefs of the reference group as dependable sources. This influence is based either on the similarity of the buyer’s desires with the ones of the group members. For example in the biker subculture, the members all share similar desires for purchasing Harley Davidson products therefore influencing the individual decision process in selecting certain products. The members in baby boomer subculture are also likely to purchase similar latest fashion products.

#Normative influence known as (utilitarian influence):

The reference group creates a level of values and norms of an individual, in the process of purchasing brands or products. For example, both the Harley Davidson biker subculture and baby boomer subculture will have an influence on the member’s decisions on which types of products to a consumer to fit in with the values and attitudes of the subculture. Harley Davidson subculture values can affect the characteristics of the member’s lives such as their ‘social, political and spiritual’ aspects.

#Identification influence known as (value-expressive influence):

The reference group is used to confirm the consumer’s attitudes, norms and actual behavior. The individual behaves reliable with the group’s norms and beliefs because the individual’s and the group’s norms, attitudes and beliefs are the same. For example, this can be seen in Harley Davidson subculture in which the members view the subculture as a ‘religious icon’ sharing the same values and norms as other members.

The group’s power of influence on consumer’s behavior will depend on a number of factors. For example degree of visibility of the product or trademark used by the group members. The group’s power of influence is higher for the products used visibly such as shoes, cars and fashion products compared to non-visibly products. In the Harley Davidson subculture, their power to influence other members is through visible displays such as tattoos and motorcycle customization, this is done to emphasize the commitment to the group. The product’s degree of necessity for example the group’s power of influence is higher for the luxury products such as jewels, fashion etc and lower for necessity products. For example, the baby boomers subcultures are likely to influence other members in purchasing luxury products than necessity products.

The group’s power of influence will depend on the individual’s degree of involvement for example if an individual is reliant to a group; it is more likely to conform to the group. The group’s influence will depend on the degree of confident of the buyer during the buying process. The group influence is noticeable when there are specialized products such as PC sets or mobiles. These are the products for which the buyer depends on the expert knowledge of the reference group. The influence of the reference groups is not influential for all types of products or services that consumers purchase.

For example, products that are not complex, that are low in perceived risk are unlikely to be influenced by the reference groups. The impact of the reference groups can vary. Reference group might determine the choosing of a certain kind of product instead of others. It can further influence the option of a brand or trademark of a product such as Iphone or Blackberry. An individual will want to belong to a group because of their significance and position they obtain. They will want to be associated with groups that have an attractive social position. Due to the unique characteristics, certain groups are seen to have a greater social power influence than other groups.

Groups have power due to their ability to influence individuals to become members. The group’s ability to influence the behavior of various individuals that are members or non-members of the group is called social power and can have a number of types. These social powers can influence the consumer behavior in buying certain products and brands. Research found that reference groups are very important for marketers. This is because they can influence and inform members to purchase specific products and brands. It can provide the members with factors to compare with their own values, with the values and behavior of the group. This can therefore influence the members to adopt the groups’ values and attitudes

Group influence is “non controllable” by the marketer but must be taken into consideration when designing new products. The marketer will need to seek out to understand all the group influences that affect consumers so that the marketing mix can be adjusted to give the maximum effect. Consumer behavior is greatly influenced by cultural, social, personal, and psychological factors. Culture is the most fundamental determinant of a person’s wants and behavior. Culture contains smaller subcultures or groups of people with shared values systems based on common life experiences and situations. These subcultures can influence the consumer behavior. Subcultures include nationalities, religions, racial groups and geographic regions.

Age subculture (age cohort) is an example of how consumers cultural bond with each other. This is because these consumers are more likely to face similar experiences and share common memories by growing up and living in the same time frame. Many subcultures make up important market segments and marketers often need to design products and marketing programmers’ tailored to their needs and want. For example the automobile industry are taking on the baby boomer subculture market and dealing with boomers changing needs in the industry. Toyota’s campaign of the redesign of the new Avalon was to provide a youthful image that reminds the baby boomers of the late 1960s.

May 28, 2018