Jan 31, 2010

Master Degree in International Business for me?

As more businesses begin to operate on a global scale, a master degree in international business will put you in a prime position for career growth and opportunities. Demand for MBA graduates with international business savvy is growing, so it's not surprising that international MBA salaries are increasing as much or more than standard MBA salaries—with new graduate salaries frequently approaching six figures.
An international MBA program is ideal for students who speak a foreign language or have a strong interest in foreign cultures or businesses. Travel is also one of the prime elements of a master degree in international business, so candidates should be passionate about the possibility of working in other parts of the world.
Content of an International MBA Program
A master degree in international business combines both practical and theoretical knowledge to prepare students for the inherent challenges of doing business across national borders. The curriculum for an international MBA program generally includes the following topics:
Supply Chain Management
International Politics
Accounting and Finance
Problem Solving
International Organizational Behavior
Foreign Business Culture
International Law
International Human Resources

International MBA graduates will have the opportunity to exchange ideas and observe innovations from different cultures, adding depth to their understanding of business practices and helping them develop new ways to solve problems.
Employment Prospects for International MBA Graduates:
Because of the high demand for talented business professionals in the global market and the greater levels of challenge and risk that international MBA graduates face, salaries for these individuals are very competitive and often outstrip the salaries of other MBA graduates. Professionals with a master degree in international business also have a marked advantage in obtaining well-paid positions with international firms.
When a company opens a new office in another country or brokers a foreign business deal, they look for employees with the skills to take on the unique challenges of international business. Here are some of the common challenges international MBA professionals might encounter:
  • Living in a very different culture with divergent traditions, values, and attitudes
  • Adjusting to time spent far from home, family and friends
  • Working and traveling over long distances on a changing schedule
  • Accommodating prospective business partners during negotiations or operations
  • Clearly communicating company priorities while cooperating to achieve
  • Solving unique problems within an eclectic business framework

Online Accredited MBA Degrees & Programs

The MBA can lead to a wide variety of important posts in industry, education, and in government. In fact, a rising number of corporate executive officers (CEOs) and corporate financial officers (CFOs) proudly list their MBA degrees among their many accomplishments. Almost every industry in the country depends on people with MBA programs in their backgrounds to help lead their enterprises into the future.
The online MBA programs allow busy executives or entry level beginners to study at their own paces and in their own ways as they move towards this important degree. Receiving online MBA degrees will prepare you for further responsible positions in all business fields and can help you land a job in a management position. You can find several MBA programs online today that will help you earn the respect you deserve. Now you can receive the worlds best known and most widely recognized post graduate degree online. Yes, you can earn an online MBA degree. MBA degrees are professional degrees that are usually intended for individuals that work in business and management.
Are you trying to decide if you should get an online MBA degree?The MBA degree is a document that will certify that you have a basic competency in all the major management roles that are found in today’s modern corporation. Usually people with a MBA degree can advance their careers in a number of industries and usually command higher salaries.
When is the best time to get an online MBA degree? Yes, you can go straight through school and obtain your MBA degree. Most companies, though, will want to see some experience in the workplace. So, it may even be harder to find employment than if you just had a bachelors degree. Now, if you are out of school with a bachelor’s degree and have worked in your place of employment and would like to further your career with more exact study in a certain field, then an MBA degree would help you further your career. You already have experience in the field and you will be learning on the new innovative studies in today’s business management world by enrolling in an MBA program online. You may also feel like you are in a dead end job and are wanting to change careers, an MBA degree could also help you with making this adjustment and finding that perfect job. You will be able to find schools online that will fit into your schedule, so you can keep your job and go to school online. Earning an MBA degree online is better for those employed that need to study when not at work. Schools online are open 24 hours a day 7 days a week for your convenience. You will be able to download all work and information directly from the website and then study at your own pace.
What kinds of online MBA degree can I find online? You will need to decide what type of MBA degree you are interested in earning. Are you more interested in a general MBA or a more specialized MBA? Earning a general MBA will not take as long as a specialized one but you will be more marketable with a specialized degree. Some of the major MBA degrees you will find online are: Accounting, , Economics, Marketing and Organizational behavior.
You will be able to find online MBA degrees that are more specialized than the general topics above that can help further your career. Be sure to research the MBA program for the qualifications that you are seeking to learn. Talk with your employer or school counselor before proceeding on an advanced career.
There is evidence that having an MBA degree will give you more leverage in achieving new job titles and salaries. Often, people with mba degrees will be able to work fewer hours and have a better quality of life.How do I Apply For An Online MBA DegreeThe one thing that you must NOT do is apply to the first online school you find that "appears" to meet your needs. Firstly you are making an investiment so you need to "shop around" for the best online MBA degree. This does not mean the cheapest. It means that you should take some time to compare a number of schools to see exactly what they offer. Remember that these online schools are fighting for your business..so take your time and choose wisely. Apart from acceditation, and subjects you need to consider the course times to see if they fit your busy schedule.
Latest MBA Courses
Marketing MBA
Management of Technology MBA
Management of Information Systems MBA
Leadership MBA
Human Resources Management MBA
Health Care Administration MBA
Global Management
Finance MBA
Computer & Information Systems
Accounting & Information Systems
General Business MBA
Online Master of Business Administration Regis University
Online Health Care Management MBA
Online Finance & Accounting MBA
Online Marketing MBA Regis University
Master of Business Administration Marketing MBA
MBA Leadership Studies at Baker College
Online MBA in Marketing Business Degree
MBA International Business at Baker College
MBA Industrial Management at Baker College
Human Resource Management MBA Baker College
MBA Health Care Management at Baker College
MBA General Business at Baker College
Finance MBA at Baker College
Computer Information Systems MBA at Baker College
Accounting MBA at Baker College
High Technology MBA at Walden University
MBA in Risk Management & Insurance at Walden University
source:www.mba-academy.org


MBA Training-How Does Online MBA Training Work?

Online MBA training can deliver a fresh, highly rewarding educational experience, even if you've never taken online courses before. While online learning presents some unique challenges, you will gain immense benefits from completing your MBA degree and preparing to take the next step in your career.
Overview of Online MBA ProgramsGenerally, students can complete online MBA training in 18 to 24 months, although some choose to spread their online MBA course work over a longer timeframe.
After you enroll, your school will most likely assign you an academic advisor who will help plan your curriculum and provide assistance throughout your program. Take advantage of your advisor's insight into how your school's particular MBA program works. Let them help you get the most out of your education experience.
Online Learning Tools and Technology
Your online MBA education will involve some upfront time orienting yourself to new learning tools and technology, and, possibly, upgrading your personal computer system. Each online MBA college will provide you with its own software and hardware requirements. At a minimum, you will need to have an email account and regular access to a computer with an internet connection.
Depending on the type of online MBA training program you have chosen, you may have on-campus requirements. Some schools offer orientation courses on-site, where they train students in their online learning tools and technology. Other schools handle this over the Internet. Although getting to the campus involves added travel and expense, you may find it valuable to meet some classmates and instructors face-to-face, even for a short period of time.
Teaching Methods for Online MBA CoursesYou can expect your online MBA courses to be hosted on a website where your instructor will post lecture materials, assignments and other class information. On this site, you will likely find a bulletin board or other discussion forum where students can post comments, ask questions and chat with each other.
Typically, students email assignments to their instructors on the designated due date. Examinations, when required, may occur online or at a proctored test site. In this case, schools provide students with a list of suitable locations in their area where they can take exams.
Common Features of Online MBA Courses
As an MBA student, you typically have the choice of majoring in general management or focusing on a specialty area. Specializations can vary from school to school; however, some common ones include e-commerce, human resources, international business, marketing, project management and technology.
Along with detailed class work in your focus area, your online MBA courses will cover fundamental core business subjects, such as accounting, economics and finance. Some MBA schools may provide more or less core business training, depending on whether you were required to be proficient in these subjects upon enrolling.
Make the most of your online MBA training. Take some upfront time learning the tools, technology and teaching methods your online college uses, and then you can spend your education focused on your online MBA courses. Do your part in making your MBA program work in your favor, and soon you can enjoy the rewards that completing your degree will deliver.

MBA Scholarships

Scholarships and fellowships are awards based on academic achievement. The Graduate Management Admissions Council website (gmac.com) offers information on some awards and sources of aid. The Consortium for Graduate Study in Management offers fellowships to African-American, Latino, and Native American students attending 14 specific universities. Information is available on their website: www.cgsm.org.Teaching and research assistantships are offered by many schools, giving students the opportunity to work with professors. The salary can be in the form of a flat fee or tuition remission. As a teaching assistant, you may grade papers, tutor undergraduates, or even teach an undergraduate course. As a research assistant, you will probably work for a professor.MBA Scholarships:
Minority Scholarship
Hispanic Scholarship
African American Scholarship
Scholarship for Woman
Left handed Scholarship
Black Scholarship
Canadian Scholarship
Native American Scholarship
Asian Scholarship
Scholarship Essay

MBA Loans-Financial Considerations

Applying to and attending business school can be expensive. In addition to the examination fees, you will pay an application fee for each school. Most states have MBA programs in at least one of their state universities, which tend to cost significantly less than private schools.
The cost of attending a private MBA school is usually comparable to fees at private undergraduate institutions. Some applicants also factor in the "lost wage" factor of attending school full time.
The U.S. government has two major loan programs based on economic need: the Stafford Loan and the Perkins Loan. Ask the business schools’ financial aid representatives about qualifications and loan limits. Loans are also available from many schools. Some schools offer work study and other part-time jobs, or you may want to find a part-time job nearby. Applications for financial aid often have deadlines that precede the admission deadlines, so plan ahead. To standardize financial aid applications, federal student aid programs now require that you file a Free Application for Federal Student Aid (FAFSA). Many schools require an additional application to determine eligibility for school loans, scholarships, and fellowships.
MBA Loans the MBA Loan Program from GradLoansGradLoans.com is a member of the long established Student Loan Network and offers an excellent overview of the financial aid process, providing answers to any questions that you may have on financial aid and how to apply for it. There is also guidance on the MBA loan process, including how to complete the Free Application for Federal Student Aid (FAFSA) form, which is available to US citizens and sometimes international students.eStudentLoan: Compare MBA loans and apply online On the eStudent Loan site you can find a free, objective apples-to-apples comparison of private and government student loans. You will also find plenty of tips and advice on the entire financial aid process and how to find and apply for the MBA loan that suits you best, using the eStudent Loan LoanFinder. FAFSA Online - FAFSA Application ServicesThis site lets you complete your FAFSA Application online to qualify for Federal Financial Aid. The professional advisors at FAFSA Online will also review your form to insure accurate and prompt filing.MBA LOANS This is a loan program sponsored by the Graduate Management Admission Council (GMAC) and funded by Sallie Mae and Wells Fargo Education Services.Student Loan Consolidator - Student Loan Consolidation ServicesStudent Loan Consolidator has been around since early 1998. Their site provides practical and useful guidance to help you decide if you will benefit from consolidating your college education debt, and has an online application facility.AMBA Loan scheme If you are UK resident and attending a business school that is accredited by the AMBA, then you are eligible for the Association's MBA Loan scheme. There are also details of business school loans, provided in conjunction with NatWest, which are available for study overseas.
Some schools may ask for your most recent U.S. income tax form. Check with the financial aidoffices of each school.

Jan 24, 2010

Consumer buying behavior-process


Research suggests that customers go through a five-stage decision-making process in any purchase. This is summarised in the diagram below:

This model is important for anyone making marketing decisions. It forces the marketer to consider the whole buying process rather than just the purchase decision (when it may be too late for a business to influence the choice!)
The model implies that customers pass through all stages in every purchase. However, in more routine purchases, customers often skip or reverse some of the stages.
For example, a student buying a favourite hamburger would recognise the need (hunger) and go right to the purchase decision, skipping information search and evaluation. However, the model is very useful when it comes to understanding any purchase that requires some thought and deliberation.
The buying process starts with need recognition. At this stage, the buyer recognises a problem or need (e.g. I am hungry, we need a new sofa, I have a headache) or responds to a marketing stimulus (e.g. you pass Starbucks and are attracted by the aroma of coffee and chocolate muffins).
An “aroused” customer then needs to decide how much information (if any) is required. If the need is strong and there is a product or service that meets the need close to hand, then a purchase decision is likely to be made there and then. If not, then the process of information search begins.
A customer can obtain information from several sources:
• Personal sources: family, friends, neighbours etc
• Commercial sources: advertising; salespeople; retailers; dealers; packaging; point-of-sale displays
• Public sources: newspapers, radio, television, consumer organisations; specialist magazines
• Experiential sources: handling, examining, using the product
The usefulness and influence of these sources of information will vary by product and by customer. Research suggests that customers value and respect personal sources more than commercial sources (the influence of “word of mouth”). The challenge for the marketing team is to identify which information sources are most influential in their target markets.
In the evaluation stage, the customer must choose between the alternative brands, products and services.
How does the customer use the information obtained?
An important determinant of the extent of evaluation is whether the customer feels “involved” in the product. By involvement, we mean the degree of perceived relevance and personal importance that accompanies the choice.
Where a purchase is “highly involving”, the customer is likely to carry out extensive evaluation.
High-involvement purchases include those involving high expenditure or personal risk – for example buying a house, a car or making investments.
Low involvement purchases (e.g. buying a soft drink, choosing some breakfast cereals in the supermarket) have very simple evaluation processes.
Why should a marketer need to understand the customer evaluation process?
The answer lies in the kind of information that the marketing team needs to provide customers in different buying situations.
In high-involvement decisions, the marketer needs to provide a good deal of information about the positive consequences of buying. The sales force may need to stress the important attributes of the product, the advantages compared with the competition; and maybe even encourage “trial” or “sampling” of the product in the hope of securing the sale.
Post-purchase evaluation - Cognitive Dissonance
The final stage is the post-purchase evaluation of the decision. It is common for customers to experience concerns after making a purchase decision. This arises from a concept that is known as “cognitive dissonance”. The customer, having bought a product, may feel that an alternative would have been preferable. In these circumstances that customer will not repurchase immediately, but is likely to switch brands next time.
To manage the post-purchase stage, it is the job of the marketing team to persuade the potential customer that the product will satisfy his or her needs. Then after having made a purchase, the customer should be encouraged that he or she has made the right decision.

Branding

A brand is a distinguishing name and/or symbol intended to identify a product or producer
Some people distinguish the psychological aspect of a brand from the experiential aspect. The experiential aspect consists of the sum of all points of contact with the brand and is known as the brand experience. The psychological aspect, sometimes referred to as the brand image, is a symbolic construct created within the minds of people and consists of all the information and expectations associated with a product or service.
People engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. A brand is therefore one of the most valuable elements in an advertising theme, as it demonstrates what the brand owner is able to offer in the marketplace. The art of creating and maintaining a brand is called brand management. Orientation of the whole organization towards its brand is called integratedmarketing.
Careful brand management, supported by a cleverly crafted advertising campaign, can be highly successful in convincing consumers to pay remarkably high prices for products which are inherently extremely cheap to make. This concept, known as creating value, essentially consists of manipulating the projected image of the product so that the consumer sees the product as being worth the amount that the advertiser wants him/her to see, rather than a more logical valuation that comprises an aggregate of the cost of raw materials, plus the cost of manufacture, plus the cost of distribution. Modern value-creation branding-and-advertising campaigns are highly successful at inducing consumers to pay, for example, 50 dollars for a T-shirt that cost a mere 50 cents to make, or 5 dollars for a box of breakfast cereal that contains a few cents' worth of wheat.
Brands should be seen as more than the difference between the actual cost of a product and its selling price - they represent the sum of all valuable qualities of a product to the consumer. There are many intangibles involved in business, intangibles left wholly from the income statement and balance sheet which determine how a business is perceived. The learned skill of a knowledge worker, the type of metal working, the type of stitch: all may be without an 'accounting cost' but for those who truly know the product, for it is these people the company should wish to find and keep, the difference is incomparable. Failing to recognize these assets that a business, any business, can create and maintain will set an enterprise at a serious disadvantage.
A brand which is widely known in the marketplace acquires brand recognition. When brand recognition builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise. One goal in brand recognition is the identification of a brand without the name of the company present. For example, Disney has been successful at branding with their particular script font (originally created for Walt Disney's "signature" logo), which it used in the logo for go.com.
Consumers may look on branding as an important value added aspect of products or services, as it often serves to denote a certain attractive quality or characteristic (see also brand promise). From the perspective of brand owners, branded products or services also command higher prices. Where two products resemble each other, but one of the products has no associated branding (such as a generic, store-branded product), people may often select the more expensive branded product on the basis of the quality of the brand or the reputation of the brand owner.

Micro Environment for organization


Micro Environmental Factors
These are internal factors close to the company that have a direct impact on the organisations strategy. These factors include:
Customers
Organisations survive on the basis of meeting the needs, wants and providing benefits for their customers. Failure to do so will result in a failed business strategy.
Employees
Employing the correct staff and keeping these staff motivated is an essential part of the strategic planning process of an organisation. Training and development plays an essential role particular in service sector marketing in-order to gain a competitive edge. This is clearly apparent in the airline industry.
Suppliers
Increase in raw material prices will have a knock on affect on the marketing mix strategy of an organisation. Prices may be forced up as a result. Closer supplier relationships is one way of ensuring competitive and quality products for an organisation.
Shareholders
As organisation require greater inward investment for growth they face increasing pressure to move from private ownership to public. However this movement unleashes the forces of shareholder pressure on the strategy of organisations. Satisfying shareholder needs may result in a change in tactics employed by an organisation. Many internet companies who share prices rocketed in 1999 and early 2000 have seen the share price tumble as they face pressures from shareholders to turn in a profit. In a market which has very quickly become overcrowded many havel failed.
Media
Positive or adverse media attention on an organisations product or service can in some cases make or break an organisation.. Consumer programmes with a wider and more direct audience can also have a very powerful and positive impact, hforcing organisations to change their tactics.
Competitors
The name of the game in marketing is differentiation. What benefit can the organisation offer which is better then their competitors. Can they sustain this differentiation over a period of time from their competitors?. Competitor anlaysis and monitoring is crucial if an organisation is to maintain its position within the market.

The Product Life Cycle-(PLC)

The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline).

In theory it's the same for a product. After a period of development it is introduced or launched into the market; it gains more and more customers as it grows; eventually the market stabilises and the product becomes mature; then after a period of time the product is overtaken by development and the introduction of superior competitors, it goes into decline and is eventually withdrawn.

However, most products fail in the introduction phase. Others have very cyclical maturity phases where declines see the product promoted to regain customers.

Strategies for the differing stages of the Product Life Cycle.

Introduction.

The need for immediate profit is not a pressure. The product is promoted to create awareness. If the product has no or few competitors, a skimming price strategy is employed. Limited numbers of product are available in few channels of distribution.

Growth.

Competitors are attracted into the market with very similar offerings. Products become more profitable and companies form alliances, joint ventures and take each other over. Advertising spend is high and focuses upon building brand. Market share tends to stabilise.

Maturity.

Those products that survive the earlier stages tend to spend longest in this phase. Sales grow at a decreasing rate and then stabilise. Producers attempt to differentiate products and brands are key to this. Price wars and intense competition occur. At this point the market reaches saturation. Producers begin to leave the market due to poor margins. Promotion becomes more widespread and use a greater variety of media.

Decline.

At this point there is a downturn in the market. For example more innovative products are introduced or consumer tastes have changed. There is intense price-cutting and many more products are withdrawn from the market. Profits can be improved by reducing marketing spend and cost cutting.

Problems with Product Life Cycle.

In reality very few products follow such a prescriptive cycle. The length of each stage varies enormously. The decisions of marketers can change the stage, for example from maturity to decline by price-cutting. Not all products go through each stage. Some go from introduction to decline. It is not easy to tell which stage the product is in. Remember that PLC is like all other tools. Use it to inform your gut feeling.

What is Marketing Mix?

Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market. Those tools are classified into four groups, called the four P’s:

  • Product

A product is an item that is offered in a market to satisfy a specific need. A product may be physical but also maybe a service.

  • Price

The price is a characteristic of a product. For that reason, the price element cannot be considered separately from the element of product. The key objective of using a price is obviously to generate and maximize revenues.

  • Place (Channel, Distribution)

The distribution forms the physical connection between the company and the final users of the product. Having a good distribution is very important and may even produce a sustainable competitive advantage. The main objective of a distribution is to decide to what extend and where should be the product available that the target audience is able to obtain it.

  • Promotion (Marketing Communication)

Promotion consists of communication and “actions” (promotions). Communication involves informing and convincing the target audience of certain characteristics of the brand; therefore, it has not only short-term goals but also long-term goals. Actions (sales promotion) refer to all short-term efforts to achieve more sales by making temporary changes in the four P’s.


The particular marketing components and marketing-mix decisions under each P are presented below.



Source: self-study, based on: Philip Kotler, "Marketing Management", Prentice Hall, Millennium Edition, 2000



Jan 21, 2010

MBA Definition- What is Management

Definition 1
Organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives. Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of a management is twofold: marketing and innovation. Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535).
Definition 2
Directors and managers who have the power and responsibility to make decisions to manage an enterprise. As a discipline, management comprises of the interlocking functions of formulating corporate-policy and organizing, planning, controlling, and directing the firm's resources to achieve the policy's objectives. The size of management can range from one person in a small firm to hundreds or thousands of managers in multinational companies. In large firms the board of directors formulates the policy which is implemented by the chief executive officer. Some business analysts and financiers accord the highest importance to the quality and experience of the managers in evaluating an organizations current and future worth.

MBA Definition-What is Telecommunications

Science and technology associated, in general, with communications at a distance. A telecommunications system requires a analog or digital transmitter, a compatible receiver, and a physical (cable or wire) or non-physical (wireless) connection.

MBA Definition-What is Finance

Definition 1
A branch of economics concerned with resource allocation as well as resource management, acquisition and investment. Simply, finance deals with matters related to money and the markets.
Definition 2
To raise money through the issuance and sale of debt and/or equity

MBA Definition-What is Corporate Strategy

Approach to future that involves (1) examination of the current and anticipated factors associated with customers and competitors (external environment) and the firm itself (internal environment), (2) envisioning a new or effective role for the firm in a creative manner, and (3) aligning policies, practices, and resources to realize that vision.

MBA Definition-What is Entrepreneurship

Capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward. In economics, entrepreneurship is regarded as a factor of production together with land, labor, natural resources, and capital. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation's ability to succeed in an ever changing and more competitive global marketplace.

MBA Definition- What is Operational Management

Design, execution, and control of a firm's operations that convert its resources into desired goods and services, and implement its business strategy.

MBA Definition-Human Resources Management-HRM

The division of a company that is focused on activities relating to employees. These activities normally including recruiting and hiring of new employees, orientation and training of current employees, employee benefits, and retention.

MBA Definition-What is Economics

Theories, principles, and models that deal with how the market process (price mechanism) works. It attempts to explain how wealth is created and distributed in communities, how people allocate resources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wants and their satisfaction. However, in the words of the German-born UK economist E. F. Schumaker (1911-77) "... it is inherent in the methodology of economics to ignore man's dependence on the natural world.”

MBA Definition-What is International Business

Definition 1
The economic system of exchanging good and services, conducted between individuals and businesses in multiple countries.
Definition 2
The specific entities, such as multinational corporations (MNCs) and international business companies (IBCs), which engage in business between multiple countries

MBA Definition-What is Project Management

Definition 1
Approach to management of work within the constraints of time, cost, and performance requirements.
Definition 2
Body of knowledge concerned with principles, techniques, and tools used in planning, control, monitoring, and review of projects.

MBA Definition-What is Organizational Behavior

Actions and attitudes of individuals and groups toward one another and towards the organization as a whole, and its effect on the organization's functioning and performance.

MBA Definition-Information Technology-What is IT

Set of tools, processes, and methodologies (such as coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, systems control) and associated equipment employed to collect, process, and present information. In broad terms, IT also includes office automation, multimedia, and telecommunications.

MBA Definations-What is Marketing

Management process through which goods and services move from concept to the customer. As a philosophy, it is based on thinking about the business in terms of customer needs and their satisfaction. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. Marketing differs from selling because (in the words of Harvard Business School's emeritus professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs.”

MBA Definition-What is Accounting

AccountingPractice and body of knowledge concerned primarily with (1) methods for recording transactions, (2) keeping financial records, (3) performing internal audits, (4) reporting and analyzing financial information to the management, and (5) advising on taxation matters. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the (1) resources available to a firm, (2) the means employed to finance those resources, and (3) the results achieved through their use.

Definition

Jan 12, 2010

Gmat Test-Advice on taking the gmat test

ADVICE ON TAKING THE TESTGuessing
If you must guess the answer to a question, try to eliminate at least one answer choice, rather than just randomly guess. This improves the chances - the 'odds'. In most questions, at least one answer choice will be obviously wrong. Eliminate it, then guess if you need to .
Look out for easy answer
choicesTest-writers like to tempt you with plausible but wrong answer choices. So, remember . -For problem solving questions, wrong-answer choices typically reflect common calculation errors. To avoid this:use your pencil and scratch paper check your calculationsestablish the general size of the numerical value that answers the question. -Verbal section questions often include a best response and a second-best response. So, don't rush to select an answer until you've read all the choices! .
Pace yourself
Be sure that you have enough time to consider every available question. Check your pace after every 10 questions (three times during a section). Pay attention to where you are in the test, the number of questions that remain in a section, and the amount of time you have left. You will have 75 minutes for 37 quantitative questions and 75 minutes for 41 verbal questions. That's about 2 minutes for each quantitative question 1 3/4 minutes for each verbal question If you do not know the answer to a question, or it's too time-consuming to figure out, guess. You cannot skip a question and go back to it, or change your answer once you have moved on to the next question. For the Analytical Writing Assessment, you will have 30 minutes to compose each of two essays.
Start slowly
The difficulty level of your test questions will be based on the correctness of your responses to first ones. If you answer the first questions wrongly the testing system will immediately move you down the scale of difficulty, and your reward for easier questions is less than for more difficult questions. If – for example through carelessness on the early questions- you give the testing system the impression that you're incapable of answering difficult questions correctly, you'll disadvantage yourself on the test.
Don't aim to be perfect
Again – don't be a perfectionist. The design of the test may encourage this attitude, because the reward for correct answers to difficult questions is greater than for easier questions. But aiming to be perfect may reduce the number of questions that you attempt, and lower your score
'Attack' every question
Do not become casual. Retain your concentration throughout. To score high on the test, think about each and every question fully .
Do your calculations on paper
On the quantitative section, only do the simplest calculations in your head; write down everything else. Under time pressures it's too easy to make careless mental errors in manipulating numbers, equations etc
RE-TAKING THE TESTYou cannot take the test more than once in a calendar month, even if you have taken it and cancelled your scores. If you do test more than once in a calendar month, your new scores will not be reported and your fee will be forfeited. You may repeat the test once in any subsequent month. However, it is unlikely to result in significant increase in your score. For most people repeating the test from a lower than average score - the average gain from the first to second testing is approximately 30 points in the test total score.Sometimes it is necessary to take the test more than one time. For example, a Business School may request more recent scores than you have on record. But, unless your scores seemed to you to be unusually low ( being honest with yourself) or unless there are other reasons to think that you did not do your best, taking the test again may not be helpful.If your scores are unusually low compared with other indicators of your preparation for management study, consider the reasons that may have caused this. If, for example, you did not fully or properly prepare, you probably did not perform to the best of your ability. In this case, adequate preparation before re-testing will help you demonstrate your actual ability.If you repeat the test, your scores from the latest test and the two most recent test dates in the past five years will be reported to the Schools you designate.

Test Preparation-GMAT

ADVICE ON TEST PREPARATION
Overconfidence
Don't think that you can drop into the test testing center and cruise through the test with no effort. Think again. The test- if required by your chosen School - is important. Be forewarned: You should take it very seriously.
Focussing on some areas onlySome candidates will focus on strengths at the expense of their weaknesses, while others will concentrate only on their weak areas and neglect their strong areas. Both approaches are dangerous. Your test score will be based on how many questions you answer correctly and their difficulty level, but also on the range of question types and specific abilities covered by those questions. Prepare carefully for all sections of the test. Also note that Schools often have their own formula for weighing your individual scores. Try to perform your best on every section and every question type within each section.
Undue emphasis on practice-test scoresEven though your preferred School may have a declared minimum total score for entry, setting a goal for your test score is understandable. Try not to concern yourself as much with your scores but with what you can usefully do between now and your test day to improve your performance.
Over-preparation
Preparing for the test is like training for an sporting competition. Familiarize yourself with it and get comfortable with it. Build up your endurance. Aim to have your motivation, interest, and performance peak on the day. Preparation (training) e.g. getting comfortable with the test, correcting poor test-taking habits, developing an instinct for spotting wrong-answer choices and to finding your optimal pace. But after a time additional practice will give little additional benefit. So - don't over prepare by starting many months in advance or by postponing test dates to give yourself more time than you actually can usefully use need for preparation.
High expectations
In theory you are capable of attaining perfect scores, but you do not need to do so. Everyone is limited to some extent by their abilities. Accept your limitations. Prepare yourself so that you can do as well as you can reasonably expect.
The essays
Schools often clearly state their admissions requirements on Quantitative, Verbal, and Total scores, but they are often a lot vaguer about their requirements for essay scores. This does not mean that you can take the test essay sections less seriously! The top School for you will look at all the evidence - nothing in unimportant.
Negative views
Don't make the mistake of thinking - I'll give the GMAT one go, and if I do poorly, I'll not try for an MBA program. With time and effort you could do very well. See it as preparation for your study. Register for and take the real test once as a full practice—just to get comfortable with the testing environment. You'll be far more relaxed the second time around. More than 90% improve their score in the second test.

What is GMAT Test

WHAT IS THE GMAT TEST? The Graduate Management Admission Test (GMAT) is a standardized test which has been widely used as part of the assessment process for admission to MBA programs in Business Schools for many years.
The test measures skills and abilities that develop over time. Although it is basically verbal and mathematical, the complete test offers a method of measuring overall ability. It doesn't test specific knowledge in specific subject areas.
The test has three main sections - quantitative reasoning, verbal reasoning , and analytical writing. Each complete test has the same format and areas of content, but specific questions vary from one to another. The questions are continuously replaced, but must fit the overall content and statistical requirements for the test.
The GMAT is only available as a Computer Adaptive Test ( CAT )

HOW IS THE TEST SCORED?
The test scores are intended as one measure of your ability to do graduate work. The test aims to predict your chances of academic success in the first year of an MBA program. It yields four scores - verbal, quantitative, total, and analytical writing.
Quantitative, Verbal and Total ScoresBoth verbal and quantitative scores range from 0 to 60, (scores below 10 and above 46 are unusual). These are on a fixed scale and can be compared across any individuals. They measure different things and are not comparable to each other. The total scores for the test ranges from 200 to 800.
Analytical Writing ScoreThe analytical writing score is an average of the ratings given to two writing tasks. Each response is given two independent ratings. Once both essays by a candidate have been scored, they are averaged to provide an overall score. This average score can range from 0 to 6 in half point intervals.

How Schools Use and Interpret ScoresTest scores have two important characteristics:
1. They are reliable measures of certain developed skills that have been found to be important in the study of management/business at the graduate level. They have been found to be good, but imperfect, in predicting academic success in the first year of study at Graduate Schools of Management.
2. Unlike academic grades, which vary in meaning across School, test scores are based on the same standard for all test takers.
The Graduate Management Admission Council (GMAC) has published guidelines for the use of test scores. Because the test only measures some of the characteristics related to success in graduate School, Schools usually use test scores as only one source of information. Undergraduate record and information obtained from applications, interviews, and letters of recommendation are other good predictors of success. Each School evaluates the scores in its own way. Some set and state a minimum total score for entry.
PLANNING WHEN TO TAKE THE TEST The test is available, year-round, at test centers throughout the world. In the United States, U.S. territories, Canada, and Puerto Rico, it may be possible to schedule your test within a few days of taking it, but popular dates (especially weekends) book up quickly. In some countries the test may be offered only once per year, so planning is essential. Refer to the admissions deadlines of the Schools to which you are applying and make your appointment early enough to increase your chances of receiving your chosen test date and the test center most convenient to you. You cannot take the test more than one time in any calendar month, even if you have taken the test and cancelled your scores. If you test more than once in a calendar month, your new scores will not be reported and your test fee will be forfeited.

Jan 1, 2010

Leadership communication cycle


Venn Diagram of Happiness and the MBA

A very popular subject these days is “Work-Life Balance”… especially for Executive MBA students who are juggling work, family, friends and study. However, less time is devoted to considering the balance between “What You Do Well”, “What You Want To Do” and “What You Can Be Paid To Do”.It is surprising how in reality we spend very little time in any of the areas where there is overlap between these characteristics!
The key is to make the “Hooray!” zone bigger. We have more direct control over “What We Do Well”. This circle can be made bigger by an MBA, for example. The “What We Want To Do” circle we have slightly less control over. However, this can be increased by increasing your exposure to new experiences. As a result, you may discover more things that you want to do. For example, take up a new hobby or sport. Read a book in a subject you have never explored. Again, the MBA also exposes you to new things that you might want to do.
Finally, the hardest circle for you to control is “What We Can Be Paid To Do”. Networking is one way to make this circle bigger. Again, the MBA can make this circle bigger.
I hope we can all find ways to first increase the size of our “Hooray!” zone and then figure out how to live and work in that zone.

MBA as Goal

1) Introduction – There are several ways to open your essay, including a brief statement of your goals and your background as it relates to those goals. Another possibility includes changes in the economy or a particular industry that enable your goals.
2) Career Review – Your accomplishments, especially ones related to your goals, to establish your current abilities and strengths.
3) “However” – this section explains what you lack (e.g., skills, experiences, networks, etc.) in order to accomplish your goals
4) Short Term Goal – a clear and detailed plan to be launched after graduation
5) Long Term Goal – can be more general, but should still express the opportunities and challenges in your chosen industry, perhaps in 10 years
6) Why School X? – a complete list of the things that can help you achieve your short and long term goals. Many MBA programs offer the same things (classes, internships, connections, consulting projects, etc.), so only by being specific in your goals can you connect with the specifics of a particular program.There are also personal or emotional reasons for choosing an MBA program. More about that here.
Your “Short-Term Goal” is the foundation and hub of your goals essay. It illuminates your most relevant experience (“Career Review”), what you lack to achieve it (“However”), and therefore establishes your need for an MBA (“Why School X?”). Please note that this structure is flexible and parts can be omitted (usually “However”) or combined, however strong goals essays usually have these components either explicitly or implicitly.
Deciding how much detail to include especially regarding your career background is challenging. In general, the closer you are to your MBA, the more detail you need, as shown in the following diagram.


The upper triangle represents your focused progress towards your goals (and your MBA) by detailing your most recent professional accomplishments.
The lower triangle represents your expanding career after your MBA, with your short-term goals explained in more detail since they should be easier to visualize. Your long-term career goals require less detail since they are further away, but they will hopefully show the far-reaching, positive impact of your career vision.

The MBA Goals Essay

MBA admissions committees (adcoms) are like venture capitalists – they want to “invest” in the best people with the best ideas. Your goals essay then is your “personal business plan,” expressing your short- and long-term career ambitions and why they matter to you professionally and personally. The most compelling goals express an opportunity (usually business-related, but not necessarily) that you will be uniquely qualified to pursue immediately after graduating. Your goals need to be realistic (i.e., possible given your previous personal/professional experience plus an MBA) and ambitious (e.g., a significant jump in your current organization, changing your career, starting your own organization). If not, adcoms will not be persuaded, and they will read the rest of your essays skeptically. The goals essay is one of the most important you will write during the application process.

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