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3 Do all organisations need to be market oriented?

As you have seen, many marketing writers maintain that to be successful all organisations (commercial and non-profit) must be market oriented and must focus their attention on adding value to their products and services to satisfy their customers’ needs.

Leaving aside the word profit from the CIM's definition of marketing, at a conceptual level the process of becoming market orientated is concerned with identifying, anticipating and satisfying customers’ needs. Kotler (Drucker, 1992
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2.1 Three approaches to marketing

This section has been written with the assumption that you have some prior marketing knowledge. As a brief revision you will read how marketing can be described both as an organisation-wide customer-orientated philosophy and as a functional department that handles activities concerned with understanding and satisfying customers’ needs. Studies show a direct link between the success of an organisation and the extent of its market orientation. These marketing concepts are applicable to both f
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1 What does 'marketing' mean?

Activity 1

Before you start working through this course, take a moment to write down what you understand by the term ‘marketing’, either on the basis of your previous studies or the everyday use of the term.


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References

Brown, A. (1995) Organisational Culture, London, Pitman.
Crace, J. (2000) ‘Feel at home with a job abroad’, Guardian, 14 October.
Drennan, D. (1992) Transforming Company Culture, London, McGraw Hill.
Hofstede, G. (1980) Culture's Consequences: International Differences in Work Related Values, London, Sag
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4 Conclusion

Culture is just one perspective that can help us to understand more about a business. In this course we saw how the concept of culture developed from research into differences between cultures at a national level. Many cultural elements of a business are not obvious, but there have been some attempts in the academic literature to develop definitions and identify influencing factors. It is possible to see, or ‘feel’, that one business is different from another, and that this involves more
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2 Perfect and efficient markets

Before we consider whether financial markets are indeed efficient in the sense of offering fair prices, we need to look more closely at the definition of an efficient market. The best starting point for this is the concept, in general economic theory, of a perfectly competitive market (or perfect market for short). In a perfect market, there would be no barriers or even temporary delays to the formation of perfectly fair prices, that is, prices would instantaneously and universally reflect al
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1 The market context

There is no other proposition in economics which has more solid empirical evidence supporting it than the Efficient Markets Hypothesis.

(Jensen, 1978)

I'd be a bum on the streets with a tin cup if the markets were efficient.

(Warren Buffett, attrib.)

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3.7 Interest rate risk

This has to be seen in conjunction with the previous comments about the secondary market in shares and debt instruments. An efficient secondary market can ensure that there is always a ready buyer for an investment, but the price at which the investment can actually be sold will depend entirely on market conditions at the time of sale. The secondary market price will not necessarily bear any relation to the price originally paid by the investor. The following example illustrates the general p
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2.2 Calculating returns

Our first question was: what is the mean expected total return for next year? We calculate this by taking each of the possible returns and weighting it by its relative probability. As our table is so simple and symmetrical, it is not difficult to see that the weighted mean return is 7% per annum.

Our second question was: what is the degree of risk or uncertainty in this mean figure? In other words, how widely dispersed are the possible outcomes around the mean expected outcome? The most
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7.3 What is an effective decision?

To improve decision making it is first important to have a clear idea of how we should judge an effective decision. While in this course we have suggested that decisions often stray from formal rationality, this does not always mean those decisions are less effective. Sometimes it is smart to take mental shortcuts: drawing on hunches and intuition can allow us to tap our tacit knowledge and experience and can reduce the costs of decision making. It can be smart to ask what is ‘legitimate’
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6.6 The social construction of unknown risk

While some risks can be quantified, many are unknown. In the face of such uncertainty our approach to risk depends on fundamental assumptions about the way the world works which cannot be readily subject to empirical test. Different social groups have different approaches to uncertainty. Schwarz and Thompson (1990) characterise these in terms of what they describe as four myths of nature. Adams (1995) has conceptualised these in terms of a ball on a surface (
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3 Identifying and involving stakeholders in a project

For every project, there will be a range of individuals or groups who have an interest in the different stages of the project. It could be the end users of an IT system, the line managers who will be expected to lead a restructuring initiative throughout the organisation, or the marketing department which will promote a new product. The support of these stakeholders is essential, if the project is to succeed. Therefore a key responsibility of the project manager will be to identify these stak
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Acknowledgements

Except for third party materials and otherwise stated (see terms and conditions), this content is made available under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 Licence

The material acknowledged below is Proprietary and used under licence (not subject to Creativ
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Social care, social work and the law - England and Wales
This free course is made up of four extracts related to social care, social work and the law in England and Wales. The extracts are stand-alone sections but follow on from each other to make up this course. You will be introduced to five main themes that shape practice in the field of social care and social work. The aim of this course is to enhance your understanding of the relationship between social work practice and the law. Author(s): Creator not set

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Except for third party materials and otherwise stated (see http://www.open.ac.uk/conditions terms and conditions), this content is made available under a http://creativecommons.org/licenses/by-nc-sa/2

1.8.1 What happens next?

The next ten years are likely to be momentous for the history of Europe. However, in the same way that no social scientist was able to predict the collapse of the Soviet order, it is pointless to speculate on possible but improbable scenarios. At this point it is only possible to project toward the future on the basis of the existing parameters; the more accurate and detailed our knowledge of the present trends is, the more likely our forecasts are to have some success.

Europe is at a c
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1.6.2 Education

Education is obviously one of the crucial dimensions in any attempt to develop a future European identity or at least more understanding and convergence among Europeans. If the school made the nation, it should also be a key factor in promoting Europeanness. Observers of the school scene in Europe acknowledge the existence of a growing sentiment of interest for European themes (institutions, politics, peoples, languages). Furthermore, the EU-based exchange programmes have recognised the impor
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1.12.2 Constructing discursive spaces

Finally, the notion of discursive space draws attention to the broader social practices which construct such spaces. Thus social scientists and discourse researchers have been interested in the practices of production of newspapers and the media and in the ways in which economic and technological developments construct discursive spaces. E-mail, the internet and computer-mediated communication are good examples of how changing practices produce new spaces which construct new kinds of discursi
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1.9.2 To sum up

Such an analysis reinforces the notion of discourse as a form of work or labour. It also implies a strategic speaker. But, again, is this the case? Are speakers strategic in this way or just doing what comes naturally? It can suggest, too, a duplicity in Diana's actions. Potter is not implying this, however. Rather, as knowledgeable speakers and competent members of discursive communities, we are all, like Diana, skilled in a range of methods for accomplishing different activities such as sta
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1.6 Discursive practices

Some of the thinking behind the claim that discourse is social action has now been unpacked. But what explains the order and pattern in this social action? One source of regularity is the discursive practices which people collectively draw on to organize their conduct. Take a look back again at Extract 1. Even this short piece of discourse reveals many complex layers of these practices. It reveals that there is such a thing as an interaction order to use a concept developed by
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References

Lemert, C. (1993) ‘Social Theory: Its Uses and Pleasures’ in Lemert, C. (ed.) Social Theory: The Multicultural and Classic Readings, Oxford, Westview Press.
Millet, K. (1970) Sexual Politics, New York, Doubleday.
Schütz, A. (1943) ‘The Problem of Rationality in the Social World’, Economica, Vol. X, May, pp. 130–49.
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