Focus Your MITE Vision: November 2010

Wednesday, November 10, 2010

What is Internet?

The internet, which is a vast global network of computers connecting people and information, has opened up tremendous possibilities for advancing research and expanding the realm of business opportunities throughout the world. Because the internet connects us worldwide, any needed research data can be collected from any country through the internet. For Example, customer preferences for packaging a product can be determined and pricing strategies developed for each country. if so desired.
If we want industry information or published materials on any topic of interest, the internet comes in handy. We can easily download secondary data and print them, for leisurely examination. We can also conduct computer-interactive surveys very efficiently with huge global audiences, where the computer will sequence and personalize the questions as we would desire (skip questions and ask appropriate follow-up information). This will require that the respondent at the other end has access to a computer and is willing to respond. The representativeness of the sample will also be compromised. Companies regarding online surveys offer specialized services to conduct internet surveys for firms that need information of a confidential nature, as for example, the effectiveness of supervisors; computer-assisted telephone interviews can also be conducted to gather data.
The marketing, finance, accounting, sales, and other departments of a company can and do use the internet frequently for their research. In the business environment, desktop computers can be connected to local area network (LAN), which in turn, could be hooked to the internet by a high speed line. This would help several individual employees to gain simultaneous access to central information. The LAN enables the employees with computers in close proximity to share information resources and files, and helps schedule, monitor, and process data from remote location.
Business research can proceed using the internet and search engines, even where sources of information on a particular topic are not readily known. Search engines are software programs designed to help the search on World Wide Web. By keying in the important (key) words that describe the topic in some fashion, the user can address the search engine to suggest the best possible “links” (sites with the requested information) and access them directly to review the needed data. AltaVista and Google are two such search engines put to frequent use.

Friday, November 5, 2010

What is market?

The concept of exchange leads to the concept of a market. After understanding what market is, we can learn more about marketing & marketing aspects, principles.
**A market consists of all potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.**
Thus the size of the market depends upon the number of persons who exhibit the need, have resources that interest others, and are willing to offer these resources in exchange for what they want.
Originally the term market stood for the place where buyers and sellers gathered to exchange their goods, such as a village square. Economists use the term market to refer to a collection of buyers and sellers who transact over a particular product or product class; hence the housing market, the grain market, and so on.
Marketers, however see the sellers as constituting the industry and the market. The sellers and buyers are connected by four flows. The sellers send goods and services and communications to the market; in return they receive money and information. The inner loop shows an exchange of money for goods, the outer loop shows an exchange of information.
Business people use the term markets colloquially to cover various groupings of customers. They talk about need markets (such as the diet-seeking market); product markets (such as the shoe market); demographic markets (such as the youth market); and geographic markets (such as French market). Or that extend the concept to cover noncustomer groupings as well, such as voter markets, labour markets, and donor markets.
The fact is that modern economies operate on the principle of division of labour where each person specializes in the production of something, receives payment, and buys needed things with this money. Thus modern economies abound in markets. The basic kinds of markets and the flows connecting them are shown below.

Essentially, manufacturers go to resource markets (raw-material markets, labour markets, money markets, and so on.), buy resources, turn them into goods and services, sell them to middleman, who sells them to consumers. The consumers sell their labour, for which they receive money income to pay for the goods and services they buy. The government is another market which plays several roles. It buys goods from resource, manufacturer, and middleman markets; it pays them; it taxes these markets (including consumer markets); and it returns needed public services. Thus each nation’s economy and the whole world economy consist of complex interacting of markets that are linked through exchange processes.

Thursday, November 4, 2010

What is marketing?

An advertiser needs an effective campaign to help its new product succeed. However, to succeed a product must offer customers value, a supportive distribution network of retailers and proper pricing. Because advertising is just one part of the total marketing effort, it’s unlikely that an advertising agency could achieve its goals without a thorough understanding of its client’s marketing programs.
This page explores how marketing influences and shapes advertising. It examines how the relationship between marketing and advertising plays a key role in an integrated marketing communication strategy. It also takes a look at the advertising agency, its variations and all its structures.
The American Marketing Association defines marketing as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy the perceived needs, wants and objectives of the consumer and the organization. Stated simply, marketing is the process of finding, satisfying and retaining customers while the business meets its goals. Although its marketing focuses on the exchange and the customer, every business must tailor its marketing to fit into its business plan.
An exchange is the act of trading a desired product or services for something of value in return. How do marketers prompt the exchange process? They must market effectively from start to finish.

Wednesday, November 3, 2010

MITE Vision Preface

MITE has been designed with visitors needs in mind and for thoroughly testing in all over the world. This comprehensive blog captures the vitality of MITE in an environment that is constantly changing. Noted for its realism in presenting the MITE process, the blog incorporates vivid examples of current practices and includes realistic case studies, carefully developed to provide a variety of learning opportunities.
MITE is actually involved directly and indirectly in the lives of every person in this modern world. Here we have tried to introduce visitors to accepted MITE concepts and practices. These principles provide visitors with a proven body of knowledge which can be used to cope with the modern world trends and environment. We hope our visitors will agree with us that the blog provides a realistic view of contemporary MITE.
MITE contains many innovative features designed to make learning easier for its readers. MITE allows each page to stand on its own as a complete, systematic learning tool. Each page begins with a series of learning goals to direct the visitors and readers.
Basically MITE is created after the combination of four major fields which are vast like a sea. The all four are interlinked with each other in any way and the purpose of MITE is to understand and discover all the old and new aspects of these fields. We will try our best to describe, introduce and focus on all four fields of MITE.  The purpose behind MITE is to learn and measure the depth of Marketing, Internet, Technology and Entertainment visions. Today, all these four fields are dependent directly and indirectly on each other. Suppose technology invented internet, internet discovered new aspects of marketing and technology and internet both are discovering the new ways and ideas for entertainment.  In MITE, we will do our best to lighten up on all the aspects of these four fields thoroughly. It will also describe the minor and major portions of the above described fields, as what is marketing, marketing principles, where is internet now, the latest entertainment ways and updates, how technology effects on the current human lives and many more things.
We hope that MITE will bring a change in the lives of current and as well as next coming generation.

The MITE Vision Team