Risk management Essay Example | Topics and Well Written Essays - 2750 words

Hazard the executives - Essay Example Along these lines, it is so as to set that penetrating promptly brings genuine dangers, however posting 30 of the most critical physical mishap chance sources may likewise in this way be all together. Rundown of dangers 1) Structural or infrastructural breakdown 2) Trips, slips and falls 3) Explosions and fire episodes 4) Oil spills 5) Human blunder 6) Natural powers, for example, solid breeze, typhoon or hurricane 7) Unsupportive ecological conditions, for example, saturated ground after precipitation. This may prompt the framework giving way or the apparatuses not holding solidly to the ground 8) Poisoning 9) Long-term combined ecological effects of seaward penetrating which may trigger anoxic conditions, and accordingly hurting the earth, widely varied vegetation 10) Ice or cold activity 11) Helicopter mishaps 12) Crane mishaps and breakdown 13) Earthquakes 14) Falling flotsam and jetsam 15) Incompetence, insufficient preparing and weariness 16) Drowning 17) Dumping of boring liqu ids and metal cuttings into the sea 18) Air contamination 19) Pipeline spillages 20) Water transport mishaps 21) Flooding 22) Negligence, for example, the disappointment mark hardware, prompting consumes and cuts 23) Contamination of food 24) Mercury harming and coming about wellbeing inconveniences 25) Hearing misfortune to people and marine life 26) Climate change because of consuming of fossils which produce dark carbon 27) General sentiment of discomfort 28) Cancer 29) Radiation 30) Attacks by marine life Scale 1-10 Risk supported 1 Trips, slips and falls 2 Oil spills 3 Structural and infrastructural breakdown 4 Explosions and fire flare-ups 5 Natural powers, for example, storm, solid breezes 6 Long-term aggregate effects 7 Negligence, for example, inability to name gear, prompting copies and cuts 8 Unsupportive ecological conditions 9 Poisoning 10 Hearing hindrance Trips, Slips and fall Like every other industry, seaward boring is likewise portrayed with slips, excursions and f alls. The concomitance between excursions, slips and falls and seaward penetrating is supported by the way that oil apparatuses and mining site surfaces are constantly secured with oil. These types of mishaps are so basic among seaward drillers that they have been built up to happen on any surface-littered decks, mess evaporated, vile or smooth surfaces notwithstanding. Free bring forth covers and different articles which jut into a walkway may likewise event outings, slips and falls. Schermerhon (2011, 45) calls attention to that a portion of the measures that have been set up to guarantee decrease of slips, excursions and falls incorporate the structuring, proposal and buying in to appropriate shoe wear. Legitimate shoe wear incorporates thick and intense cowhide boots which are supplemented with elastic soles. Elastic soles have solid grasps, since for the most part, slips are realized by an extremely low coefficient of erosion. Similarly, the hard core nature of these boots aid seaward drillers from being harmed when they run their feet against metallic or solid erections. Another progression that has been utilized to subside slips, excursions and falls is bringing issues to light on the equivalent, and accentuating the significance of instruction on wellbeing precautionary measures, for example, tidiness, legitimate outlaying of the workplace, appropriate dressing, and erection of caution signs. Another hazard that goes with seaward

The United States Constitution Free Essays

The United States Constitution is the report that is liable for the creation of the United States government that we are aware of today. The essential objective of the Constitution was to set up a legislature in which the United States residents could be represented. The seven principals of the Constitution were set up as rules and impediments of intensity that the new government needed to follow to guarantee that force was not mishandled, similarly shared, and in the best advantage of the individuals. We will compose a custom paper test on The United States Constitution or on the other hand any comparative point just for you Request Now They included well known sway, republicanism, federalism, partition of forces, balanced governance, restricted government, and individual rights. Every one of these principals assume an essential job to guarantee that the administration can advance general government assistance, build up equity, that the freshly discovered government was made to last. Well known sway is the head of majority rules system in which political authority is given to the hands of the individuals. This is significant on the grounds that it enables individuals to settle on choices all alone and permits individuals as a gathering to practice their control over the legislature. A case of well known power is the manner by which Americans have the decision for cooperation in races and to decide on laws. I accept this is significant in such a case that the force was not given to the individuals than the people’s rights would not be secured, their requirements and needs would not be heard, and there would be no popular government. Republicanism is the essential that expresses that residents are to be given a decision to decide in favor of delegates in which would do the people’s needs. This chief relates straightforwardly with the well known sway head in light of the fact that for somebody to have the option to decide in favor of whoever they pick, that individual would of must be given the option to settle on choices individuals the force has a place with the individuals. I accept this is significant provided that the individuals were not given the option to pick who goes into office, the legislature would in the long run dominate and afterward America would not be as we probably am aware as a popular government. Federalism, in short terms, is the sharing of the force between the state and national government. This was built up for the explanation being of the state were to deal with to issues of nearby and lesser issues, for example, state trade and government assistance while the national government can deal with greater issues, for example, the exchange between different nations and national chapter 11. I like to believe that the foundation of the federalism chief is significant in light of the fact that minor issues won’t be taken to the national level though they can concentrate on something increasingly significant. The partition of forces chief isolated the intensity of the administration into three distinct branches. This was an unquestionable requirement for the designers since they didn’t need one gathering to hold an excessive amount of intensity. Those three branches incorporated the official branch, administrative branch, and the legal branch. Each branch was given various duties to do in the administration just as control over different branches. This chief is significant on the grounds that it doesn’t permit one branch to overwhelm another branch, keeps a branch from preforming another branches assignment, and it likewise permits all the branches to beware of the others when vital. The balanced governance chief compares legitimately with the partition of forces head. The composers needed the three branches to have the option to restrict each other’s controls so each branch can just have command over their given force just as to ensure that that each branch is dealt with reasonably. This is significant in light of the fact that this chief secures the freedoms of the individuals safeguarding them that one branch can't turn out to be excessively amazing. Constrained government is the foremost that limits the intensity of which the administration can hold. This chief additionally falls into terms saying that nobody is exempt from the rules that everyone else follows, implying that even government pioneers are not given the position to manhandle their forces since they also can be arraigned for their activities. This as I would see it is one of the most significant principals since it doesn’t permit anybody to pull off overwhelming the administration which ensures that the people groups rights and freedoms can be secured just as government agents can't sidestep any laws for their own advantage. The last head of the Constitution is singular rights. This chief offers insurance to all residents of their essential rights and freedoms in which are expressed as the initial ten revisions of the constitution known as the Bill of Rights, protecting individuals from an excessively incredible government. A model from the Bill of Rights incorporates the privilege of the right to speak freely of discourse and religion. This permits a person to rehearse any religion that they pick just as to take a stand in opposition to or for anything that they may please. This chief is significant on the grounds that it gives residents the intensity of specific opportunities without the obstruction of the legislature. The sanction of the Constitution was a long and savage procedure yet at long last brought a recently discovered type of government that has demonstrated to be fruitful and is as a result right up 'til the present time. The most effective method to refer to The United States Constitution, Papers

Marketing Guide Definition, Marketing Mix, Best Practices

Marketing Guide Definition, Marketing Mix, Best Practices Everywhere around us, we can witness signs of marketing. From the small flyer being passed around on subway stations to the large, blinking LED screens in major streets and intersections. That is marketing at work. Even a simple conversation between two people can involve marketing. Did you see that musician holding a specific product in one of his music videos? That, too, is a form of marketing. © Shutterstock | Rawpixel.comWith this super in-depth article, we aim to gain a deeper understanding of what marketing is all about, and the best practices for successful marketing efforts.WHAT IS MARKETING?If we are going to use the official definition provided by The Chartered Institute of Marketing, marketing is “the management process responsible for identifying, anticipating and satisfying customer requirements profitably”.A simple definition of marketing refers to it as the action or business of buying, selling and promoting products, services or brands, including the act of advertising and conducting market research, as well as delivering the products to the consumers or the end users. When a company states its plans to build relationships with its customers through various activities, that is already a way of saying that the company’s marketing efforts are underway.The core of marketing is getting a full understanding of what the customers want and what they need, then using that information to sell the right products. Ultimately, the goal of marketing is to match the products and services of a company to the end users who need them and, in the process, earn profits for the company. Through marketing, they will be able to put the right product in the right place, at the right time, and with the right price. We will understand this well when we touch on the 4 Ps of marketing.Marketing vs. SellingOften, marketing is thought to be the same as selling. To a certain extent, they may be similar, but they are actually two different things. According to Harvard Business School’s Theodore C. Levitt, selling is focused on the tricks, techniques and tactics employed in order to convince people to spend their money in buying the product. Marketing goes deeper than that, because it goes into the details of the exchange of cash and product. What drove the customers to spend their money? What interests them?Selling concerns itself with getting the customers t o pay for the product; marketing focuses on developing a demand for that product, leading the customers to part with their cash for it. Think of marketing as the big picture, and selling just a part of it. Marketing encompasses the product ideas and design, the brand itself, the communication of the product and the brand to the consumers, and even market research and consumer psychology.To illustrate, let us look at the case of Apple and its products. If you think about it, the world really did not know that it needed the iPod. What Apple did through marketing is to stir interest for that product and create a demand for it. They created the product, and set prices for it, depending on the capability and preferences of the target customers.The company then brought these products to its Apple stores and other places where Apple products are sold. Through market research, they have identified the areas where demand for their product is high, and established stores and outlets in those places. As for its promotional strategy, Apple employed as many channels as it could, starting with unveiling the products and their capabilities at tech events. It also spent a lot on internet advertising, as well as advertising on traditional media, such as print and broadcast.Importance and Role of MarketingWhen assessing the success factors of businesses, there is a strong probability of the list being very long. Ask marketers, however, and they will instantly claim that marketing is the lifeblood of a business, serving as the stimulus on whether it will be profitable or not. Other business-minded individuals will rarely dare to argue with this logic, considering how “business success” is closely connected with “profitability”.Today, everything is marketed. Not just products, services, or brands. Even people are subject to marketing. Author, consultant and professor of marketing Philip Kotler, for example, pointed out how personalities such as Madonna, Aerosmith, Michael Jordan, Oprah Winfrey and the Rolling Stones, are successful in large part because of very good marketing.Learn more about how Steve Jobs thought about marketing Apple and how to fight competition. It is possible that a business may have an excellent product, sell it in convenient and strategic locations, and still not be generating the expected profits. It won’t be surprising if after a short while, the business goes under or declares bankruptcy.This is not a strange phenomenon. Many businesses fail, even if they have feasible offerings. Most of the time, the problem lies in the company’s marketing, or the lack of it.Why is marketing important for businesses? Let us go over each one of them.#1 Increase product, brand and company awareness.The first step that businesses should take is to get the word out. How else would your target customers know about your company, and the products or services that you offer, if you do not make an effort to reach out to them and let them know? To create awareness about your product or service, your business, or your brand, marketing strategies will come in handy.Put yourself in the shoes of a potential customer who is browsing the internet and checking her social media accounts. What would happen if her eyes fall on an ad on the side of the page, talking about a specific company that sells a service that she has been looking for? She will obviously be interested in knowing more about the service. If the company did not take the initiative to include internet or social media marketing in its marketing strategies, chances are that this customer would never have known about the company’s existence.This also works even for existing customers. A customer may have been patronizing the products of a specific brand for a long time. However, the company still makes it a point to include its existing and loyal customers in its information campaigns on new products. Of course, the customer will feel more inclined to stay loyal to the company â€" and buy more of its products â€" with the knowledge that he is given priority when it comes to information about the company’s offerings.#2 Increase sales and profit.Once a potential customer is made aware of a product, there is a greater likelihood that she will check out the offerings of the company. If she likes what she is seeing, she will willingly part with some money to buy the product or service being offered.This translates to more sales for the company and, consequently, more profit. The reason why marketers do what they do is to convince more people to spend money on a product or a brand. For most businesses, that is their endgame: to make profit. But they cannot rely entirely on the merits of the product or service to convince people to buy. Some marketing techniques have to be employed to give the potential buyers that push and shell out their hard-earned money.When marketing strategies are employed consistently, word about the product or service will also spread, and so will the possibilities of increasing sales and profits.#3 Improve company or business reputation.Have you ever wondered why some businesses lasted for decades while others can barely go past the one or two-year mark? The most likely reason is the reputation of the company or the brand.With the help of marketing, a company is better able to build its reputation among customers. It is not focused solely on building brand awareness and recognition, or improving product recall. It can also put the company in a better and more positive light, further inspiring loyalty from the buying public.There is a perception that, as long as a company produces great products that are able to satisfy the needs and expectations of the customers, they will be able to build a good reputation. That is correct, but only to a certain extent. There is still a need to employ marketing techniques to ensure that the good reputation is solidified.Companies’ marketing strategies that are gea red towards improving a company’s reputation include active involvement in community programs, increased presence in civic activities, and continuous information campaigns.#4 Foster healthy competition.No matter how annoyed businesses can be with their competitors or rivals, it is a fact that competition is still good for business. It encourages businesses to do better and improve their offerings, and will keep them on their toes. However, there is healthy competition and there is unhealthy competition.Unfortunately, marketing can be used in both cases. Some unscrupulous marketers employ underhanded marketing tactics to undermine the competition. However, when done right, marketing is a very effective tool for promoting healthy competition.Through marketing, small businesses have a chance of entering a market that may have been dominated by one, two or three major players for a long time. Marketing levels the playing field, because it gives these small businesses a chance to fight for space in that market. The larger companies, on the other hand, will also use marketing to hold on to their status or spot in the market. This healthy competition will also be contributory to the growth of the businesses, and the industry as a whole.Interested in learning how to market using Periscope? Read this![slideshare id=49459876doc=fivewaysbrandscanusemeerkatorperiscopetodrivesuccessviathecoolestcool-150616142631-lva1-app6892w=640h=330]MARKETING MIX AND ITS ELEMENTSIt was in 1953 when the term “marketing mix” was first used, and it was courtesy of Neil Borden, then president of the American Marketing Association. Marketing mix refers to the business tool used by marketers in determining a product or service being offered by a brand or a company.Now, we cannot speak of marketing mix without touching on the 4 Ps, identified by E. Jerome McCarthy, and which have become almost canon among marketers as the “4 Ps of marketing” or more specifically, the “4 Ps of the ma rketing mix”.The 4 Ps of the Marketing MixProductMarketing involves the identification, selection, and development of a product. This does not limit us to just products, because it also covers services provided by businesses.This answers the question: what are the goods or services that the business intends to sell, and get paid for? Is the product good, and worth spending money on? Once the product or service has been identified, you have to look beneath the surface.Technical aspects of the productWhat are the features or specifications of the product you are going to sell? What are the sizes, colors, and other relevant specifications or characteristics?Which features of the product or service satisfy or meet the identified needs of the customer?What is the name of the product?Are there after-sales services and warranties attached to the product?The customersWhat value does the customer expect from the product?What needs of the customer does the product or service satisfy?How wil l the customers use the product or service?Where will the customers be able to make use of the product or service?Is the product or service a good fit for the customer?What are the buying habits of the customers?Where are the customers located geographically?Product marketabilityCan the product be marketed on its own, or can it be promoted along with another product?What differentiates the product from the one sold by your competitors?Are there products in the market that are similar to yours, enough for them to be treated as “substitutes” for your product?How will the branding of the product go?PriceThe price of the product is also one of the elements that must be determined under marketing.Value to the customerWhat is the perceived value of the product or service to the buyer?What is the level of price sensitivity of the customer? How much should you increase or decrease your product’s or service’s price before the customer’s decision on whether to buy or not changes.How much are the customers willing to pay for the product or service?What is the customers’ financial capability? It is one thing to be willing to pay this much, but can they actually afford to pay that amount?Price pointsWhat are the price points for the product or service in the market? In the specific target market?How much is the product going to sell for?How much is the cost to the company? This will also help in determining how much the product would be sold for in order to make a profit.In considerations for the price, there are several methods applied to determine the selling price that will be assigned to the product. Usually, they include:Cost to buy the product, in case of businesses where the products are purchased and subsequently sold in their unchanged or unaltered form to customers.Cost to manufacture, including cost of direct and indirect materials, direct and indirect labor, and overhead.Expenses, including general, administrative and selling expenses, as well as di stribution expenses and logistics costs.Marketing costs directly traceable to the product.Price considerationsAre there discounts that can be offered by the company to consumers? To commercial buyers or trade customers?What are the factors considered in setting the discounts?What impression will the price you set make on the minds of consumers? This is quite tricky, and will bring about a dilemma for both the sellers and the buyers. There are two possible scenarios involved.Scenario #1: Setting the price too high may give the impression that the product is of superior quality, and if that is the case, there are customers who will not mind paying a premium for it. However, the catch is that not all the customers may be financially capable of meeting the high price that was set.Scenario #2: Setting the price too low may give the impression that the product is of very low or inferior quality. As a result, most customers might opt out of buying, since they are looking for the best value for their money.Competitor’s pricesAt what price do your competitors sell their products?How is your price point compared to that of your competitors?Look at the following pricing strategies you can use in your marketing efforts.[slideshare id=16824673doc=11-pricingstrategies-130228014259-phpapp01w=640h=330]PlacePlace refers to the location of the end user of the product, and marketing also involves getting the product to the customer. Determination and selection of the best distribution channel to deliver or bring the product to the place of the customer is also another element of marketing.The most common options include physical stores, online stores and third-party distributors. The considerations that must be noted are:Budget constraintsHow much can the company spend in its marketing efforts?Location or access pointsWhere will the customers generally look when they need the product or service?What are the kinds of access points or locations? If it is a physical store, what k ind of a store will it be? Will it be located in a mall or a supermarket, or will it be in an exclusive boutique? If it will be sold online, will the company sell it in its own website, or will it enter into partnerships with online malls or stockists? If it is through direct selling, will they make use of a catalogue, or will they recruit selling staff for that specific purpose?Distribution channelsWhat distribution channels are available to the company?How can the company access the right distribution channels? Will they have to attend trade fairs and tech events? Will there be a need to send samples to them?Manpower needsWill there be a need for a specialized sales force? If so, how many will be needed?How will the sales force be managed, and who will manage it?How will the members of the sales force be recruited?Competitor behaviorWhat steps do the competitors take in choosing the places where they will sell their products or services?PromotionFinally, the last P pertains to the development and subsequent implementation of a promotional strategy to sell the product. We are talking here of the marketing campaign of the company that will be used to communicate to the target audience about the product. How will you make your target market aware of your product or service, and what they have to offer?The most common promotional activities employed by businesses include:Advertising through traditional and non-traditional mediaPersonal selling or direct marketingSales promotionsPublic relations activitiesSponsorshipsGuerilla marketingWhen evaluating a promotional strategy for your product, you have to consider the following questions:Your marketing messageWhat marketing message do you want to convey to your target market?Delivery of your marketing messageWhere can you put up or set up your marketing messages so they can reach your target market easily?When is the best time to get your marketing messages across to your target market?What are the promotional activ ities that are likely to enable you to reach your target audience?Which among the promotional activities will give you more reach to your target market?Which time of the year is best to carry out your promotional activities? Consider whether the market is subject to seasonality â€" if there are peak seasons or slow seasons for your product or service.What possible interventions or issues may affect the timing of your promotional activities?Competitors’ promotions What are the promotional strategies of your competitors?How do your competitors’ promotional strategies affect yours?The 4 Ps have been used for such a long time that it is almost institutionalized knowledge. However, there are several arguments against it, and one of the most pervasive ones is on how the 4 Ps are taken solely from the point of view of the seller or producer. This is true enough, and we cannot blame marketers and producers for taking this stance. They are in business, after all, and they want to make pr ofit for themselves.This argument gave rise to other schools of thought about the elements of the marketing mix, and one of them is the 4 Cs.Take a short break and learn from Brian Tracy what he has learned about marketing strategy. The 4 Cs of Marketing MixThere is another approach formulated by University of North Carolina’s advertising professor Bob Lauterborn. He proposed the 4 Cs, aiming to replace the 4 Ps.Unlike the 4 Ps, the 4 Cs takes the perspective of the consumer, who is considered to be at the heart of the whole process. It is their needs and wants that must be satisfied, it is their money that will be paid to the producers or sellers, and it is them that the businesses will try to communicate their value offerings to. It only makes sense, to see things from where these people stand. And that is where the 4 Cs come in.ConsumerInstead of the Product, the emphasis will be on the Consumer, specifically his wants and needs. This is under the assumption that a company cann ot simply create products and sell them to the market, expecting the latter to buy them all up. The principle of “build it and they will come” may work, but only in very isolated cases. More often than not, more planning is required about the suitability of a product before it can be developed for the market.Therefore, there is still a need for businesses to conduct a study on what their consumers’ wants and needs are. Once these have been identified, they can develop a product around this demand, so that they can offer the customers a product or service that they will definitely want to pay for.CostsInstead of Price, the emphasis is on the Cost to satisfy the need or wants of the consumers. By determining the cost, the selling price may also be determined. There are some businesses that operate under the assumption that, if they sell their product at the lowest price, they will be able to get ahead of the competition. Then the scenario would turn into one where businesses wil l try to beat others by bringing their price low, without minding the actual cost they incurred to satisfy the consumers. This is not good for the company’s bottomline and profitability.We have already touched on the cost considerations that will help in the determination of a selling price that will bring in profits to the business.ConvenienceMore than just considering the place or location where the product or service will be sold, the 4Cs put more emphasis on convenience on the part of the consumers to buy the product or service. A place may have been identified, but will it be somewhere that customers can easily and conveniently go to in order to get their hands on the product or service?These days, online shopping and web stores are becoming bigger, because they have hit on the area that more and more consumers are becoming concerned with: convenience. It is more convenient for them to shop or buy over the internet, since they do not have to travel or step out of the comfort of their own homes to procure the items they need. The payment options offered by these online stores are also more convenient, using credit cards and other automated forms of payment, because customers no longer have to carry around cash to pay for their purchases.CommunicationInstead of promotion, marketers pay more attention to communication. Purely promotion is seen as manipulative, since it emanates solely from the seller or developer of the product. Communication, on the other hand, denotes a two-way relationship, where information flows in a give-and-take manner between the seller and the buyer.In order to accomplish this, businesses make it a point to make themselves accessible to their customers. Giving a business address and a telephone number is no longer enough. They make use of as much contact information as they have, such as web URLs, contact forms in their official websites, and email addresses.Learn more about marketing from marketing guru Philip Kotler in this awes ome speech. Importance of the Marketing MixIf you look at the 4 Ps of the marketing mix, or even the 4 Cs, you cannot pick only one or two as the most important elements. After all, all the elements affect and influence each other. All four are present in order for a profitable venture to take place.Let us say that a business has succeeded, thanks to its marketing strategy. This business should not be complacent at the first sign of success. It must work harder in order to sustain that success, and achieve growth. Continuity of the success of the business is very important, which is where the marketing mix comes in.Marketing mix maximizes the continued success of business operations. Overall, businesses want their operations to continue smoothly and without any major snags. The product lifecycle will go on, uninterrupted, and the entire marketing process will accomplish what it was meant to achieve. The information afforded by the marketing mix allows the company to make the necessa ry adjustments in its 4 Ps when it realizes that something is working. A company may have been selling a product at a specific price at first, but thanks to using the marketing mix, it will be able to make the necessary adjustments once it realizes that the price is too high or too low to help maximize income. In response, the company can adjust its pricing accordingly.Marketing mix maximizes the returns earned by the company in the market. The right combination and execution of the 4 Ps will help ensure that the company earns profits, and that the profits are kept at the maximum level, given the circumstances.Marketing mix pushes a company to take responsibility for its claims on its products or services. In its advertisements and marketing campaigns, a business makes claims regarding the benefits that customers can obtain from their products or services. For a business to be successful, there must be a way to ensure that these claims are not just empty words. The company should be able to back up these claims, and the marketing mix will help them do just that.TYPES OF MARKETING CHANNELSThere are several ways in which producers or manufacturers can bring their products and services to end users or consumers. Rather than just naming distribution channels or the physical locations where the products or services are made available to the customers, we need to talk about marketing channels, or the routes that these goods can take to reach the customers.As per definition, a marketing channel is a set of activities or actions that are carried out to transfer the ownership of products and physically move them from production to consumption. Thus, it involves all the parties and activities involved from the time the product started undergoing production, all the way to when it is brought to the end user for consumption or usage.The 4 types of marketing channels are discussed below:1. Direct sellingThis is when the product or service is directly marketed and sold to t he consumer, away from the stores, or any retail location, of the business.The traditional method of direct selling is peddling, where the seller will personally go to the buyer to peddle his goods. Fortunately, businesses are no longer stuck with that single option.Today, sellers perform one-on-one or group demonstrations to the consumers, often through sales agents and representatives. They even go as far as contacting the potential customers personally in order to arrange a time and a place to meet, in order for them to market and sell the products.Selling through the internet is another modern form of direct selling. Online stores send emails to potential customers, making their pitches and advertising their products. The customer will in the process learn more about the product, and make the decision on whether to buy or not.  Pros of Direct Selling:It offers convenience for customers. In some case, service benefits also come with the act of direct selling. Customers benefit fr om getting personal demonstrations from the sellers, and they can probe the sellers about the features of the products. Another service benefit in direct selling is that the products are brought to them instead of them going to the seller’s store to purchase the goods.It does not require a lot of capital. On the part of the sellers, they do not have to maintain inventory or make cash commitments in order to get started. In fact, a one-man enterprise can start a direct selling business, which means he can save from paying salaries and wages to others, especially when he is just starting out.2. Indirect sellingThis is what you call the process where selling is made through intermediaries or middlemen. An intermediary is essentially a go-between, a third-party that serves as a conduit between two parties in trade.The most recognizable intermediaries in business today are wholesalers and retailers. A conventional setup would involve wholesales buying products in bulk from producers or manufacturers, and selling these goods â€" also in bulk â€" to retailers. Retailers will then sell these goods on a per-piece basis to the consumers.Pros of indirect selling:Better coordination, in case of large orders or demands. In some cases, an agent will be acting in the interest of wholesalers, getting the goods from producers and bringing them to wholesalers. An agent is often required when the product is very much in demand, and more than a few retailers or stores have demand for it.It dispenses with the need for the company to maintain a large sales force, composed primarily of sales representatives.It broadens the company’s network, enabling it to have productive relationships with distributors and other intermediaries.3. Dual distributionIn this marketing channel, the manufacturer or seller makes use of more than one type of marketing channel at the same time.It is possible that a company may have sales representatives to conduct direct selling, but they also have thei r own sets of intermediaries helping out in the distribution of the products.A classic example of dual distribution is franchising. A franchisor of a fast food chain, for example, operates its own units. That is direct selling. But the franchisor also licenses the operation of other units to franchisees, who are intermediaries.The problem that most businesses have with dual distribution is the possibility of channel conflict taking place. There may be overlaps, where the direct selling efforts of the company may be hindering the actions of intermediaries, and vice versa. In the fast food franchise, for example, the franchisor’s units may be competing with that of the franchisees for market share and customers.4. Reverse channelsThis describes a scenario where the process begins from the consumer or end-user, and then to the intermediary, and finally to the beneficiary. Instead of a producer, we have a beneficiary or a user.In this type of marketing channel, technology plays a very important role, allowing the reversal of the usual or typical flow of transactions. For example, a consumer may be reselling a product or recycling it, so he will sell the recycled product to the intermediary who will, in turn, sell it back to the beneficiary or user.We can also classify marketing channels according to the players in the flow.Manufacturer to Consumer: You can say that this perfectly describes a straightforward direct selling process. The manufacturer makes the product, and sells them directly to the customer. There are no third parties or intermediaries involved. For instance, a manufacturer of children’s clothing will sell the clothes directly in its store. This is what happens in factory outlets belonging to manufacturers.Manufacturer to Retailer to Consumer: An indirect channel, the retailer will sell the products that she has purchased from the manufacturer or producer as merchandise to the consumer. In the previous example, a store or boutique that sells chi ldren’s apparel will go directly to the manufacturer to purchase the items, and then sell these items in their store.Manufacturer to Wholesaler to Consumer: In this case, a wholesaler may buy the items in bulk and sell them directly to the consumers instead of coursing it through a retailer. It is possible that a consumer like a day care center would like to purchase large amounts of children’s clothing. In this channel, they will not bother to visit a retailer and will instead go directly to the wholesaler.Manufacturer to Agent to Wholesaler to Retailer to Consumer: This may sound more complicated, because there are more parties involved. A middleman exists in this setup, in the person of the agent. The agent will coordinate the sale and assist the entire process, to take a load of the minds of both the seller and the buyer. In exchange for a commission from the manufacturer, the agent will actively look for potential wholesalers and connect them with the manufacturer. The agen t will then bring the products to the wholesaler who, in turn, will sell them to the retailers, the final link to the consumers or end users.Another classification of marketing channels shows the relationship between the business and its customers. There are two types:Business-to-Business distribution (B2B): This channel describes the relationship where a business will sell to another business. This is mostly seen in the manufacturing industry, where one company manufactures parts that will be used by another company in manufacturing another product. For example, a manufacturer of auto spare parts will sell to a car manufacturer.Business-to-Customer distribution (B2C): This describes the relationship between a business and the end user of a product. In the above example, the car manufacturer will sell the finished cars to the final customers.An insightful youtube video on B2B marketing strategies. BEST PRACTICES IN MARKETINGIn marketing, marketers apply “different strokes”, form ulating strategies depending on various factors, such as the type of product, the market the business is in, the core vision of the business, as well as constraints that businesses are subjected to. Let us look into the best practices in marketing that marketers agree are essential in making sure their marketing efforts work.#1 Development of a solid marketing strategy.A marketing strategy is not something that can be whipped up in a few minutes, created, and presented to management, ready for their approval and implementation. It takes a lot of work to develop a marketing strategy, both in the long and short-term.Conduct of market research.Some may think that conducting market research is too tedious and takes a lot of time. They want to jump right in and work with what little information they have. The problem with not doing market research is that there is a risk that you may miss some crucial factors when creating your marketing plan.Understanding the market or the audience is v ital for any marketing strategy to be able to get off the ground, and work. When conducting market research, get up close and personal with your subjects. Information obtained firsthand from the customers is more credible and reliable than information obtained in databases or third party sources.Understanding the audience will also enable you to look at things from their perspective. It is not always easy for manufacturers and marketers to put themselves in the shoes of the customers or end users, but that is basically what needs to be done.Take, for example, a company that sells products to different countries. There is a need to analyze all the data or information from these countries in order to come up with a marketing plan suited for multi-cultural and multi-national application. Sometimes after analysis, there is a need to come up with different approaches for different regions.These are all under the assumption that the customer should always come first, in the formulation of a marketing plan. After all, they are the ones that are to be served, whose needs should be satisfied. They are the ones that the business hopes to deliver value to.Preparation of a comprehensive marketing plan.There is a reason why a marketing plan is considered to be one of the vital components of a business plan. It is not something that you should overlook and decide not to prepare (because it takes too much work).Be clear on your objectives for creating a marketing plan.You should also know the exact type of marketing plan you will develop. The most common types of marketing plans are:Tactical marketing plans, usually prepared on an annual basis, focusing on the marketing activities for the year.Project or functional marketing plans, pertaining to specific activities or programs related to marketing. Examples are advertising plans, trade show plans, publicity plans, and media plans.Strategic marketing plans, which are usually lengthier, more detailed, and more encompassing, of ten covering a period of 3 to 5 years on average.Use the 4 Ps.They are there for a reason. There is also a reason why the 4 Ps are considered canon by many marketers: because they are very useful. If you use the 4 Ps as your guide, you will have a stronger foundation in formulating a marketing strategy.In every marketing tactic or step, you should always ask: will this help the product or the brand meet the needs of the customer? Is the price within the financial capabilities of the customer? Will the customer be willing to pay that price? Is the product made accessible and available to the customer? Is your promotion doing what it should?Design marketing programs around real-life events.Reality resonates more strongly with consumers more than make-believe. Even if there is an element of make-believe, there should always be a touch of reality involved.The fact of the matter is that consumers respond more favorably to stimulus that they can identify with. If they had prior experience with something that was touched on by the marketing campaign or strategy of a company, they are more likely to pay more attention, take notice and, hopefully, take the action that is expected of them.#2 Outsourcing marketing services or functionsMarketing responsibilities have the tendency to become too heavy for management to take on, that it opts to outsource marketing functions, leaving the job in the hands of the experts.Some businesses are capable of forming â€" and sustaining â€" their own marketing team. However, there are also those that find it more effective and cost-efficient to outsource these functions.Why should businesses consider outsourcing marketing functions and services?Outsourcing allows the business to focus on its core competencies and concentrate on what it is good at. There will be no problems caused by attention being divided between their core competencies and marketing the products. The danger in trying to do all things all at once is that some business processes may suffer.Outsourcing facilitates proper division of labor. Experts should only focus on their expertise. One cannot expect a product developer to also worry about how it will be marketed later.Outsourcing allows a business to establish its leadership in the field. A company can have an easier time attracting the top talents in the industry if it becomes known for being able to draw clear lines between its core and non-core competencies.Outsourcing allows the business to have savings. Aside from saving on overhead and the compensation paid to full-time staff and employees, outsourcing also saves the company from spending time and other resources in recruitment, hiring and training marketing staff.Outsourcing allows the business to get the benefits of a top marketing team, while sticking to its marketing budget. Outsourced marketers also have a lot of experiences that the business can take advantage of.#3 Involve all stakeholders.Marketing should be an organization-wide ef fort, not just limited to the marketing or sales team. The success of the company’s marketing efforts is also largely impacted by the amount of support given by management and the other members of the organization. The CEO, for example, should give his full support, because a strong showing of executive backing will definitely help boost the confidence of the marketing team.It is not just management and members of the business organization that should be sought for their support. All the stakeholders should be willing to give their support to the marketing efforts of the company whenever necessary.#4 Keep all communication lines open.Planning is definitely going to be more effective and efficient with the involvement of many people. Often, the best ideas are obtained from brainstorming activities within groups. You never know; the next brilliant marketing idea may be given by someone not in the marketing team.#5 Benchmarking.You have to start from somewhere, and if you are a new b usiness, one good benchmarking method would entail looking at the marketing plans and activities of competitors.One mistake often made by companies is using random companies as benchmarks. Results of the benchmarking will be more relevant and reliable if the companies used belong to the same industry, and are direct competitors, since you will basically be moving in the same business circles.#6 Staying fresh, current and true.Marketers are always on their toes, keeping their eyes and ears peeled on new developments that may impact their marketing strategies. This is because marketing, as a whole, is a very dynamic field. Add if you consider the fast pace of technology, marketers find their hands full all the time trying to stay up to date.The marketing strategies of a company should be current, which is why it is advantageous to have marketers who are forward-looking and in touch with the times. Otherwise, you will be left with a marketing plan that is no longer feasible in just a f ew years.The importance of staying current and up-to-date is seen often in the case of internet or online marketing. Content marketing, search engine optimization, search terms… these are greatly influenced by the passage of time. What is fresh today may not be seen as such in the next week. Thus, it is left in the hands of marketers to find ways to make sure their marketing will still apply even years into the future.Honesty should also be valued highly. Even the Federal Trade Commission (FTC) formally set it forth in their guidelines. Advertising must “tell the truth” and not be misleading to consumers. In order for advertising to be reliable, there should be something substantial to back up the claims.#7 Embrace technology and make it work for you.If there is one amazing marketing tool that can be used, that would be technology. These days, technological advancements have made what used to be inconceivable marketing feats possible.Social media, for instance, has proven to b e one of the current more powerful marketing tools. Even the big businesses know this, judging from how much they invest in creating online presence in social media websites.Marketers are always looking for collaborative opportunities, where they can enter into partnerships with different media and entertainment platforms, such as BuzzFeed and Vice.This also involves establishing a solid relationship with the media. Being in an antagonistic or hostile relationship with the press is a sure way to lower the chances of your business succeeding. The media isa very helpful partner in marketing, and making sure that you maintain a good relationship with them will definitely come in handy in future product placements and ad campaigns.Learn more about the marketing technology universe in the following presentation. #8 Stick to the budget.If there is a marketing budget drawn up or prepared, stick to it. Often, companies encounter large problems that started from their inability to stay withi n the limits of the marketing budget given to them.If you are able to stick to the budget, that is a clear indication of your ability to implement the marketing plan.#9 Turning customers into partners.Word of mouth is often said to be the best form of advertising. Therefore, it only makes sense that customers are the best brand ambassadors. What many companies do these days is to tap into their customer base, choosing those with the capability to become credible influencers and strong ambassadors for their brand.They usually enlist the help of these potential brand ambassadors by providing them with promotional gifts, often free samples of their products or even samples of products that are yet to be released. In exchange, they will ask for reviews or testimonials for the products.It has always been the practice of many marketers to enlist celebrities and famous personalities to endorse products, hoping their influence will translate to the product they are promoting, and boost sale s. That still works, and we do not see any reason why it should be stopped any time soon. However, marketers are becoming more circumspect in choosing which personality to promote which product.#10 Always track progress of your marketing.There should be a process for measuring, monitoring and reporting, in order for the company to ascertain whether the marketing plan is being followed or not. This will enable early corrections in case of errors and appropriate adjustments or tweaks when and where needed.#11 Accept that marketing is a long-term commitment.It doesn’t matter if the marketing plan is an annual one, or if it is just for a specific project or activity. The fact remains that it is part of the overall marketing strategy of the company. Unless you only have a short term vision for the company, thinking short-term with respect to the marketing of a company is not sufficient.This means that management, and all members of the organization, not just the marketing team, should also show the same level of commitment. This calls for continuous collaboration among everyone, and a willingness to engage every step of the process.

Analysis Of George Washington s Father Of His Country

George Washington realized the way he handled and approached the job as president would impact how future presidents approached the position because of this he made sure to hand down a legacy of strength, purpose and integrity. Washington truly earned the title â€Å"father of his country† by using his sound judgement and insight to lead the young nation into a new era. He nominated the first chief justice of the United States John Jay. By nominating a chief justice and five associate justices George Washington created the Supreme Court. Washington successfully and on his own appointed the very first Supreme Court without experience or prior knowledge in the matter. He established the first national bank. At the beginning of his presidency each state had their own form of currency which made it very difficult when buying or selling throughout the states not to mention the financial instability America was in because of the war. Due to the aftermath of the war the economy was in debt Washington saw this and knew one unified currency was necessary to get America on track. He insisted upon a neutral course of action in foreign matters. America was a young new nation and Washington believed neutrality wa s the best course of action. Having just fought in the revolution George Washington wasn’t eager to test the delicate balance the nation had found because there would have been more casualties and with all the stresses and energy demanded as president he knew it’d be a bad choice.Show MoreRelatedGeorge Washington s Farewell Address Essay1258 Words   |  6 PagesOctober 14, 2015 George Washington s Farewell Address, Primary Source Analysis George Washington’s Presidential Farewell Address consisted of three critical elements that were considered vital for the functional survival of the country that had just won its independence. 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Personal Narrative Short Story - 1598 Words

â€Å"Noooooooooo, I don’t want to!† I yelled. â€Å"I don’t care Emma, I’m going to be gone all night,† my mom said. â€Å"I am not babysitting Ally. I have track tonight.† â€Å"I bet you can make it up another day. You are babysitting your little sister tonight no matter what.† â€Å"No I’m not!† â€Å"I don’t like your attitude Emma! If you don’t babysit your little sister tonight, you can’t do track anymore!† â€Å"I hate you! I hate you! I hate you!† Then I ran out of the house slamming the door behind me. My mom and I get it fights all of the time. I don’t feel close to her or anyone at all. I have never grew to love someone. Because of that i have never experienced a heartbreak. There has never been a salty tear rolling down my cheek. I have always felt†¦show more content†¦He saw me right away and stood up. He looked as though he was a few inches taller than me. â€Å"Hi, I’m Alex,† the boy said. â€Å"I found you laying on the grass so†¦Ã¢â‚¬  â€Å"So what? You tried to kidnap me?† I said. I was very scared but I tried not to show it. â€Å"No no, not at all. I†¦Ã¢â‚¬  â€Å"You brought me to your house, unconscious. I’m pretty sure that’s kidnaping.† â€Å"No, listen.† â€Å"No, I’m not going to listen to someone who tried to kidnap me.† Then I sprinted out the door as fast I could. I ran to the closest house I could find. I ran the doorbell but no one answered. Then went to the next house, but the same thing happened. I ran for about a mile, stopping at each house. The same thing just kept happening, no one answered the door. I was very confused. I turned around to see the same boy running after me. â€Å"Geez your fast,† he said when he finally caught up to me. â€Å"I do track,† I said. â€Å"I don’t know why there isn’t anyone in any of these houses, whatever your name is...† â€Å"It’s Alex.† â€Å"Right. 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Trade and Finance Eco372 Free Essays

International Trade and Finance Speech ECO/ 372 March 21, 2013 Good evening everyone! It is a pleasure to be here. This evening I will first briefly review the International trade and Financial state of our economy†¦.. We will write a custom essay sample on Trade and Finance Eco372 or any similar topic only for you Order Now What happens when there is a surplus of imports brought into the U. S Domestic producers competing with imports suffer from lower prices and fewer sales. They have less revenue and resource owners doing the production have less income. However, Domestic consumers enjoy lower prices! Whenever there is a surplus of products, regardless of origin, the price drops. Even to the point of selling at a loss, the holder has already paid the invoice and taxes, but still has to pay storage, the longer it holds the product the more money it costs, selling at a loss moves the product out of storage and clears the store front for another product. Take the case of car sales, do you really think that cutting $10,000 of the price of a $40K car makes sense if you can sell it for $40K. * What are the effects of international trade to GDP, domestic markets and university student’s. International Trade to GDP In order to understand international trade it is important to recognize what the effects of international trade have on the GDP, domestic markets and university students. International trade is essentially when two or more countries exchange goods and services. Many countries export their goods and services to other countries and in turn may also import goods and services from other countries into their own. There have been exceptional achievements with technology, which have made it much easier to trade on an international level. The communication, as a result of these technology advancements, has improved exponentially and it has truly simplified this process. With that being said it can be confirmed that international trade has a profound effect on the GDP, domestic markets and even university students like me. There are many countries that are rich in technology, like China and Japan, and others that have bountiful natural resources, like Iraq, that have a weighty impact on us specifically. The U. S. s one of the largest contributors to international trade and in fact our GDP is overwhelmingly impacted because we are huge import consumers. We rely heavily on products from other countries and import much more than what we export. This not only impact our GDP, thus lowering it since we are importing more than exporting, and also has an impact on our domestic markets because we. How do government choices in regards to tariffs and quotas affect international relations and trades? The government certainly makes many choices particularly when it comes to economics. The big question is how do government choices in regards to tariffs and quotas affect international relations and trade? First and foremost it is important to understand that tariffs and quotas are in place to encourage the government to make choices on how much quantity they will agree to have imported and exported and additionally the amount of taxes that will be collected in order to avoid discarding of those goods or services. Foreign investors are encourages to play a role in international trade by having exchange rates in place. There are also government policies in place that aid to avert certain goods and services from entering our country. In essence the main objective of the government and the choices that they make regarding tariffs and quotas is to do what is best for our economy to keep it stable and lucrative. What are foreign exchange rates? How are they determined? In order to understand foreign exchange rates we must ask the question of what are they and how are they determined? Because economic growth within a country is important, the government makes certain that fiscal and monetary policies are in place to ensure that this growth continues. Because there are goods and services which are traded between different countries around the world, there are foreign exchange rate payments that are required to be paid for those exchanges. This foreign exchange rate will differ from country to country. Why doesn’t the US simply restrict all goods coming in from China? Why can’t the US just minimize the amount of imports coming in from all other countries? Naturally there are many people that have asked the question of why the U. S. does not simply restrict all goods coming in from China, as an example? Why can’t the U. S. just minimize the amount of imports coming in from all other countries as well? It is difficult to restrict imports from other countries particularly in the U. S where there is a large group of consumers who are demanding goods and services from other countries. In order to satisfy the demands of people who want these goods or services from other countries the government allows for this easy trading and does earn revenue from duties and taxes on these imports. This helps to boost our own countries economy. References Colander, D. C. (2010). Macroeconomics. (8th ed. ). Boston, MA: McGraw-Hill/Irwin. United States Department of Labor. (n. d. ). Bureau of Labor Statistics. Retrieved from http://www. bls. gov/eag/eag. us. htm. Trading Economics. (2012). United States Consumer Confidence. Retrieved from http://www. tradingeconomics. com/united-states/consumer-confidence. CBS NEWS. (n. d. ). US Consumer Spending Up, but Income Lags. Retrieved from http://www. cbsnews. com/8301-500395_162-57406993/us-consumer-spending-up-but-income-lags/. Appelbaum, B. (March 2012). The New York Times: As Fed Officials Prepare to Meet, They Await Clearer Economic Signals. Retrieved from http://www. nytimes. com/2012/03/12/business/as-fed-meeting-nears-it-awaits-clearer-economic-signals. html? ref=interestrates. How to cite Trade and Finance Eco372, Papers

Multiple Regression and Correlation Analysis Project

Introduction In the paper, a regression model will be developed to give a linear relationship between gross domestic product (GDP) and foreign direct investment, budget deficit, and money supply for Qatar. Further, correlation matrix will be developed for the variables.Advertising We will write a custom research paper sample on Multiple Regression and Correlation Analysis Project specifically for you for only $16.05 $11/page Learn More Finally, a comprehensive analysis will be carried out on the regression model developed. The data used in the analysis will be collected from The World Bank, International Monetary Fund and Trading Economics (The World Bank 1; International Monetary Fund 1; Trading Economics 1). Correlation matrix Correlation coefficient measures the degree of association between two variables. The correlation matrix for the variables is presented in appendix 2. Based on the results of correlation analysis, it can be observed that there is a weak positive relationship between gross domestic product (GDP) and foreign direct investment (FDI). The value of the correlation coefficient between the two variables is 0.4611. Secondly, the correlation coefficient between GDP and the budget deficit is 0.9487. It indicates a strong positive relationship between the two variables. Further, the correlation coefficient between GDP and money supply (M3) is 0.9933. It shows a very strong positive relationship between the two variables. Also, the correlation coefficient between GDP and the consumer price index is 0.9280. It shows a strong positive relationship between the variables. Thus, it can be observed that there is a strong positive relationship between the explained variable and the explanatory variables (Verbeek 28). Multicollinearity Multicollinearity is a scenario where there is a strong association between the explanatory variables. Thus, the correlation coefficient between the independent variables is quite high. The exis tence of multicollinearity between the independent variables affects the results of regression. Based on the results of correlation, it can be observed that there is a strong positive correlation coefficient between money supply and budget deficit. The value of the coefficient is 0.9446. Also, there is a slightly high positive correlation between money supply and FDI, that is, 0.4910.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Therefore, money supply will be dropped in the formulation of the regression model. This will improve the results of the regression equation (Verbeek 28). Multiple regression analysis The multiple regression model is used when more than one explanatory variable is used when coming up with the regression equation. From the correlation analysis, the explained variable is GDP (Y) while the explanatory variables are FDI (X1) and the budget deficit (X2). The regression line will take the form when the ordinary least squares method is used. The simplified regression equation is Y = b0 + b1X1 + b2X2. Further, it is necessary to specify the theoretical expectation. It is expected that bo will take any value while b1 and b2 will be positive (b1 and b2 0). Regression equation The results of the regression analysis are presented in appendix 1. From the table, the value of bo is 12,296,921,623, b1 is 7.1175, and b2 is 0.41198. The least squares regression equation is shown below. Y = 12,296,921,623 + 7.1175X1 + 0.41198X2 Interpretation of the coefficient The coefficient of b1, 7.1175, shows that if the value of FDI increases by one unit, then the value of GDP will increase by 7.1175. This shows that a unit increase in the value of FDI will result in a more than proportionate increase in GDP.Advertising We will write a custom research paper sample on Multiple Regression and Correlation Analysis Project specifically for you for only $16.05 $11/page Learn More The value of second coefficient b2 is 0.41198. It shows that an increase in the value of budget deficit by one unit results in an increase in the value of GDP by 0.41198 of a unit. The positive coefficients are in agreement with the theoretical expectations. This shows that a unit increase in the value of budget deficit will result in a less than proportionate change in GDP (Verbeek 28). Confidence interval for each slope The confidence interval is calculated based on the values of the sample collected from a given population. It gives the range within which the population parameter is expected to lie. Further, the population parameter is not known. Therefore, confidence interval does not give the exact value of the population parameter. The intervals will be calculated at 95% confidence level. The confidence interval is calculated using the formula shown below. Sample statistic + Z value * standard error / √n b1 = 7.1175  ± 1.96 * 0.9630547 / √25 = 7.1175  ± 0.377517442 = 6.739959703 ≠¤ b1 ≠¤ 7.494994588Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The confidence interval indicates that the slope of FDI for the entire population will lie between 6.7399 and 7.4949. b2 = 0.41198  ± 1.96 * 0.017080311 / √25 = 0.41198  ± 0.006695 = 0.405289 ≠¤ b2 ≠¤ 0.41868 The confidence interval indicates that the slope of budget deficit for the entire population will lie between 0.405289 and 0.41868. Standard error Standard error is similar to the standard deviation though it applies in the case of a sample. It measures the accuracy with which the sample statistic represents the population parameter. A small value of the standard error is desirable because it indicates that the sample statistic is close to the population parameter. The standard error of the regression model is 9,620,452,837. The value is quite high and it shows that the results generated by the sample regression model will deviate significantly from the population model. Further, the standard error of the coefficient of FDI is 0.9630547 while the error of the coefficient of the budget deficit is 0.0170803. The values of standard error are low. This shows that the coefficients of the explanatory variables are estimated with a lot of precision. Further, the values of the coefficient are larger than the standard error. It indicates that the value is different from zero. ANOVA ANOVA analyzes the difference between means. First, ANOVA estimates the mean of each sample separately. This gives the sample mean. Secondly, it estimates the mean of all the samples put together. This gives the overall mean. Further, it estimates the deviation of each observation in each sample from the corresponding sample mean. This gives the variation within the samples (explained variance). The next step entails estimating the deviation of the sample mean from the overall mean. This gives the variation between samples (unexplained variance). The final step is the division of variation between the samples by variation within the samples. This gives the F-statistic . The significance F is estimated from the F ratio and the degrees of freedom of the numerator and the denominator. The significance F indicates whether all the samples are drawn from the population (Verbeek 28). Prediction Point prediction FDI – Highest value = 8124736264 Budget deficit – Highest value = 4.34105E+11 The point prediction is 2.48969E+11. It gives the predicted value of GDP at the maximum points. Confidence interval b1 = 8124736264  ± 1.96 * 417221610.5 / √25 = 8124736264  ± 163550871.3 = 7961185393 ≠¤ b1 ≠¤ 8288287135 b2 = 4.34105E+11  ± 1.96 * 23524584830 / √25 = 4.34105E+11  ± 9221637253 = 4.24883E+11 ≠¤ b2 ≠¤ 4.43327E+11 The confidence interval gives the range within which the population parameter will lie. Prediction interval b1 = 8124736264  ± 1.96 * 417221610.5 / √1 + 1/25 = 8124736264  ± 163550871.3 = 7290787182 ≠¤ b1 ≠¤ 8958685346 b2 = 4.34105E+11  ± 1.96 * 23524584830 / √1 + 1/25 = 4.34105E+11  ± 9221637253 = 3.87E+11 ≠¤ b2 ≠¤ 4.81E+11 Prediction interval covers a wider scope than confidence interval. It gives the range within which the future value will lie. Validity of the regression Hypothesis Null hypothesis H0: ÃŽ ²0 = ÃŽ ²1 =, = ÃŽ ²p Alternative hypothesis H1: ÃŽ ²j ≠  0, for at least one value of j The null hypothesis implies that the overall regression line is not significant. The alternative hypothesis implies that overall regression line is significant. Tests statistics The overall significance of the regression model will be analyzed using a two tailed F-test. The test will be carried out at 5% significance level. Rejection rule The null hypothesis will be rejected if the value of F-calculated is greater than the value of F-tabulated. Decision The ANOVA table is presented in appendix 3. The F-calculated is 372.4311 while the value of F-tabulated is 3.4434. Therefore, the null hypothesis will be rejected at the 5% lev el of significance. This implies that the overall regression is significant at the 5 % level of significance. The value of R-square is 97.13% while the value of the adjusted R-square is 96.87%. The value of R-square indicates the explanatory variables explain 97.13% of the variations in the explained variable. It is an indication of a strong regression model. Test of significance Hypothesis Null hypothesis: Ho: bi = 0 (variables are not significant determinants) Alternative hypothesis: Ho: bi ≠  0 (variables are significant determinant) The null hypothesis implies that the variables are not significant determinants of demand. The alternative hypothesis implies that variables are significant determinant of demand. Tests statistics The test of significance of each explanatory variable will be carried out using t-test. A two tailed t-test is carried out at 95% level of confidence. Rejection rule The null hypothesis will be rejected if the value of t-calculated is greater tha n the value of t-tabulated. Decision The value of the t-statistic for the b1 is 7.3905 while for b2 is 24.1204. The value of t-tabulated is 1.9432 at 5% significance level. Since the value of the t-statistic is greater than the value of t-tabulated, the null hypothesis will be rejected and conclude that FDI and the budget deficit are significant determinants of GDP at 5% level of significance. Assumptions and testing The first assumption of a multiple regression model is that the sample data of the variables are normally distributed. Secondly, the model assumes that there exists a linear relationship between the explained variable and the explanatory variables. Third, the variables used in the analysis are estimated without an error. Finally, the model assumes that the variance of the error term is constant (Vinod 78). Conclusion The paper developed a regression model for the relationship between GDP (as the explained variable) and FDI and the budget deficit (as the explanatory va riables). The discussion above indicates that FDI and the budget deficit are valid and significant determinants of GDP. Besides, the variables explain a significant proportion of the variations of the dependent variable. Also, the overall regression line is significant. The regression line can be improved by adding other significant variables and increasing the sample size. Works Cited International Monetary Fund 2013, Data and Statistics. Web. https://www.imf.org/external/pubs/ft/weo/2012/02/weodata/weorept.aspx?pr.x=41pr.y=6sy=1980ey=2017scsm=1ssd=1sort=countryds=.br=1c=453s=NGDP_R%2CNGDP%2CNGDPD%2CNGDP_D%2CPCPI%2CGGR%2CGGR_NGDP%2CGGX%2CGGX_NGDPgrp=0a=. The World Bank 2013, World Economic Indicators. Web. https://databank.worldbank.org/data/reports.aspx?source=world-development-indicators#c_q. Trading Economics 2013, Qatar Economic Indicators. Web. https://tradingeconomics.com/qatar/indicators. Verbeek, Marno. A Guide to Modern Econometrics, England: John Wiley Sons, 2008. Print. Vinod, Hrishikesh. Hands on Intermediate Econometrics Using R: Templates for Extending Dozens of Practical Examples. New Jersey: World Scientific Publishers, 2008. Print. Appendices Appendix 1.  Regression output Summary Output Regression Statistics Multiple R 0.98555145 R Square 0.97131167 Adjusted R Square 0.96870364 Standard Error 9620452837 Observations 25 Coefficients Standard Error t Stat P-value Intercept 1.2297E+10 2365727509 5.19795 3.267E-05 X Variable 1 7.11747715 0.9630547 7.39052 2.144E-07 X Variable 2 0.41198431 0.017080311 24.1204 2.571E-17 Appendix 2.  Correlation matrix Gross domestic product Foreign direct investment Budget deficit Money supply (M3) Consumer price index Gross domestic product 1 Foreign direct investment 0.461132 1 Budget deficit 0.948729 0.211088 1 Money supply (M3) 0.99335 0.491049 0.944616 1 Consumer price index 0.928099 0.699044 0.778696 0.920747 1 Appe ndix 3.  Summary of ANOVA ANOVA df SS MS F Significance F Regression 2 6.89393E+22 3.45E+22 372.4311648 1.08332E-17 Residual 22 2.03617E+21 9.26E+19 Total 24 7.09755E+22 This research paper on Multiple Regression and Correlation Analysis Project was written and submitted by user Kason W. to help you with your own studies. 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