Explain the functions of marketing in detail Organisation of Commerce and Management

Distribution is the set of activities which is concerned with efficient movement of finished goods from the place of production to the consumer. It includes transportation, warehousing, material handling, inventory control, order processing, market forecasting, packaging, plant and warehouse location and customer service. Distribution accounts for a major part of the marketing budget of the business. Importance of physical distribution for a firm depends on the type of product and level of customer satisfaction desired.

• Coca-Cola is ready to use standard packaging, distribution, and types in worldwide markets.
• It is very important to clearly define the numbered sequence so that different employees working in that process can get the same expected result.
• Hence, standardization gives the basis needed for continuous improvement.
• Explain it along with the three elements of standardized work using a suitable example.

Once these preliminary advantages of standardization are realized, additional benefits that accrue to customers on account of using the standard are driven mostly by the quality of the applied sciences underlying that commonplace. In the context of information change, standardization refers to the process of developing standards for specific enterprise processes using specific formal languages. This view includes the case of “spontaneous standardization processes”, to supply de facto requirements. While the company is often discovered internationally, not all international locations equally accept its merchandise and its cultural ties. For instance, within the Middle East, the Western and American tradition aren’t at all times appreciated.

The objective of standardization is to enforce a level of consistency or uniformity to sure practices or operations within the chosen environment. Business Process Standardization is a crucial issue in the Toyota Production System. Its ideas and principles became a benchmark for a number of organizations excited about business process standardization, wanting to supply the market with unvarying products, in agreement with the desires and needs of their clients. Probably the best downside of standardization for shoppers is lack of variety. There is no guarantee that the chosen normal will meet all consumers’ needs and even that the standard is the most effective available option. The primary rationale behind going through the ISO certification process is achieving the desired level of compliance to the international vanguards of quality management.

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Product development and design play an important role in the selling of the product. There is a need to develop a product that suits the needs of the consumer. Product design includes decision-related to quality, standards, shape, design, packing, colour etc. of the product.

This will optimize your capacity to the meet the demand without keeping too much of inventory in reserve. Standardized work reduces variability because the process performed more efficient way which results reduces variations in the final output. The work we planned or performed are predictable and with high quality, less costs. This will help in Baselining/Defining the AS IS process very precise & clearly and helps how and speed at which a product or a Transaction to be processed to meet the Customer Demand. Effective marketing is possible when business takes initiative to identify the needs and wants of the consumers in the market. To identify the needs of the consumers, there is a need to collect information from the consumers and analyse the same is known as Market Research.

The Policy shall ordinarily be renewable except on grounds of fraud, moral hazard, or misrepresentation by the insured person. Renewal shall not be denied on the ground that the insured had made a claim or claims in the preceding policy years. Also, at the end of the policy period, the policy shall terminate and can be renewed within the grace period to maintain continuity of benefits without break in policy.

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This forces McDonald’s to deviate from a ‘commonplace’ marketing strategy, and configure one that’s unique to the country by which it is reaching out to. After all, not all consumers in every country have the identical wants and needs. The objective of the guidelines on ‘Standardization of General Clauses in Health Insurance Policy Contracts’ is to standardise the common general clauses incorporated in indemnity based health insurance policies. To educate the users about the utility and need for compliance of cost accounting standards.

A standardized test is related to the idea of a one-size-fits-all test pattern. Thus, in the leading age of technology, online programs are also adopting standardized tests because it is easier to administer online. Any business or industry can create its own specifications to fulfill the needs of a project, the building process, or the commissioning. A standard outlines how to complete the task and references the minimum standards to accept or reject a product. Engineers, QA-QC, fabricators, and managers must often work with various standards, codes, and specifications in the oil and gas, EPC, construction, and fabrication fields. There is no need to attempt shortcuts or try to improve efficiencies on the fly, since the processes in place have already been evaluated in terms of safety and efficiency.

This is one of the Key requirements for JIT (Just-In-Time Production System). The objective is to clearly communicate to the operator exactly how the job should be performed. Standard or Standardized work is one of the fundamental disciplines of Toyota Production System and Lean Manufacturing. As once said by Godfather of Lean, Taiichi Ohno, “Where there is no standard, there can be no kaizen or lean.» Standardized work in LEAN is the description of the work being performed, its steps and sequences. Is seen at the order taking/service counters of the MNC Fast food chains.

Such standardization helps to establish compatibility between different machines or subsystems and permits expansion features and information exchange amongst different systems. One of the key aspects of standardization in the workplace is that it creates routine procedures which each and every employee can follow to complete his task and responsibility. Standardized steps in a process helps to reduce the chance which an employee can omit or brush over some aspects of the process. Since employees need not have to stop the activity for considering the best way to complete the assigned tasks, results into continuity of work for maintaining productivity and hence helps in efficiency. It also helps to ensure uniformity so that final products and services are consistent. It helps to create a strong, open, and well-organized technological infrastructure which serves as a foundation for innovation led growth.

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Standardization is achieved by setting generally accepted guidelines in regards to how a product or service is created or supported, as well as to how a business is operated or how certain required processes are governed. The goal of standardization is to enforce a level of consistency or uniformity to certain practices or operations within the selected environment. To reach the high level of process standardization, a promising practice is needed. This practice divides each standardization project in three different project phases following an initial prioritization pre-phase. Within the first project phase, the project is communicated to all relevant departments and locations, the project team is defined and the future process owner is appointed.

The intention of the standard is to carry out actions first time without mistakes, efficiently, and without waste. The standards describe precisely how to perform the work, i.e., it describes each step sequence. Securing compatibility and interface consistency – Compatibility is suitability of processes, products, or services to be used together under specific conditions to fulfil the relevant requirements, without causing unnecessary interaction. Standardization mandate compatibility between various components and functions which in turn secure interface compatibility and consistency. The advertising of products bought internationally could also be standardized to keep a uniform image among the many varying markets. For instance, the Coca-Cola Company makes use of international standardization in advertising by maintaining the appearance of the product relatively unchanged between completely different markets.

There are regular reviews of this process done by the managers of the outlets to study the efficiency and effectiveness of the process and also the training impact on the individuals. These checkpoints also help to review the process for improvement and more value. For example, the waiting time of the customer can be made more relaxing by providing free samples of new products, the menu boards can be made more interactive and educative through running videos. Standardisation means to determine standards related to process, size, quality, design, weight, colour etc. of the product. It involves collecting raw material from different sources at one place for production. This function is important as the quality and price of raw materials determine the cost and quality of the final product.

Standards aim at achieving the optimum degree of order in a given context. The process of formulating, issuing, and implementing standards is called standardization. Standards increase compatibility and interoperability between products, allowing information to be shared within a larger community and attracting extra shoppers to make use of the brand new expertise, further enhancing community effects. Consumers may also get the advantage of with the ability to mix and match components of a system to align with their particular preferences.

Broadening the focus, an impressively substantial list of advantages of standardization to the organizations and the customers are being given in several studies. Standards reflect the state of the art in technical development, since they incorporate the results of the advances in science, technology, and experience. As standardization is a dynamic process, standards are updated as new technologies are developed.

Thus, it will need to coordinate standards across the country before aiming for same at the global level. Upon China to bolster internationalisation through bilateral and regional standards-based partnerships . There is a part called A, Customer required 800 Parts per day, there are 400 min/day available for production. Standardized work is one of the key elements of Lean Principles and the most ignored and can be described as a simple description, in writing, of the safest, best quality and the most efficient way of performing a particular process. This description is the only acceptable way to do the process and is expected to improve continuously over the period.

Establishing standardized work relies on collecting and recording data on a few forms. These forms are used by engineers and front-line managers to design the process and by operators to make improvements in their own jobs. Standardized work consists of work elements which are organized in a way which ensures that they are easily understood, consistently followed, and constantly improved by all the team members. By documenting the present best practice, standardized work forms the baseline for kaizen or continuous improvement.

Standardization efforts are also carried out at the level of the industry or of professional associations. Industry or association level standardization is beyond the organization level. This represents the collective standardization activity of groups of organizations connected with the industry. The industry or association standards focus on the issues related to the industry. It also includes the standardization activities of certain professional bodies, such as engineers and societies which are concerned with the advancement of science and technology. Industry level standardization serves to integrate the organizational standards and unifies them in the interest of the industry as a whole.

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The Disadvantages of ProductStandardization

All the published answers have correctly explained the concept of Standardized Work. Some of the answers are a must read – Dipankar, Setu, Ilavarasi, Raja – for the examples that they have quoted. While Madhu’s answer is a good read to get a gist of the steps involved in implementation of standardized work. However, the answer that stands out, covers all aspects and connects to various other lean principles is provided by Rajesh and hence is selected as the winner.

Product standardization refers to the strategy of sustaining uniformity and consistency among the many completely different iterations of a specific good or service which might be out there in several markets. It is a course of of marketing a good or service with out making any modifications to it. It is made utilizing the identical materials and processes, has the identical packaging and is marketed beneath the same name. Standardization can be present in business processes when firms require a consistent degree of high quality.

No doubt, there are different benefits of getting an ISO certification, as per the scope of business activity, and span of operation. Standards.Standards are technical specifications used to ensure uniformity, enhance efficiency of network and ensure that equipment / technology work seamlessly across all countries . They are proprietary in nature, thereby allowing a company to control technologies and products, which combined with a country’s presence in multinational bodies, allow it to control the same especially in the strategic field . Additionally, there is also the issue of licensing fee – China is currently the world’s second largest payer of licensing fees in the world, but CS2035 will allow it to reverse this relationship, making it a net recipient of licensing fees . Takt time, which is the rate at which products must be made in a process to meet customer demand. This explains the rate at which product/transaction must be processed to meet the customer Demand.

• Candidates can also attend the Kerala SET Test Series to experience a actual examination.
• Standard Work is defined as the best known and demonstrated method to produce a product or a service.
• Another need of accounting standards is to avoid accounting fraud, accounting standards are essential.
• However, there has always been a problem between maximum standardization and flexibility.

In India, agricultural practices are highly localized occupations and display a lot of variability in cultural practices and varietal preferences across regions. Further, with the opening up of the world market, there is a flow of trade in the agricultural products. It is, therefore, necessary to define and assign certain common minimum standards to facilitate trade in these products and to win the confidence of the consumers within the country and outside. Every task gets completed in a same manner efficiently eliminating the ambiguity and guess-work by different employees. With reduction in process variation, consistency in quality of a product at each stage of manufacturing improves considerably.

The the goal of standardization is to ensure uniformity to certainations can include more than just codes and standards, depending on the buyer’s needs. While the requirements of a code or standard are as stated in the code or standard. Experts employed by government agencies or professional organizations write codes, standards, and specifications . Codes, standards, and specifications are three of the regulatory papers that are most frequently recognized. Codes and other standards include the bare minimum of engineering and governing data relevant to a business or operation. If processes are governed by standards, it helps employees to do efficient and high-quality work consistently.

Standardization is achieved by setting usually accepted pointers with regard to how a product or service is created or supported, in addition to to how a enterprise is operated or how sure required processes are governed. Typically, companies with a global presence or franchises refer to detailed course of documentation that ensures that the quality of their services or products is similar whatever the geographical location that a buyer visits. Product standardization refers to the process of maintaining uniformity and consistency among the different iterations of a particular good or service that are available in different markets.

GAAP is a structured collection of the Financial Accounting Standards Board standards designed to ensure that all financial statements follow the same procedures and that the information reported is accurate, credible, comparable and consistent. It aims to simplify the entire accounting system for everyone in the corporate world and also tells the importance of objectives of accounting standards. MSMEs are indeed the precursors of economic growth in today’s globalized era. Government has run several schemes for empowerment of the MSME sector due to its imperative role in the country’s economic growth.