Business English - Formatting of Business Letter

Qn. Elaborate the points that are needed for effective formatting of business letter?

Communication is the lifeblood of business operations. And business letters are the indispensable part of business communication. The most precious gift we can feel proud of is our language. So we should always improve it, polish it, perfect it and command it in writing and in speak. English is used as a universal language for business communication. Communication is an exchange and exact replication of thoughts, feelings, facts, beliefs and ideas between and among the individuals through a common system of symbols to cause some actions or change in behavior.

The business communication depends upon several factors. The most important among that is, type of the business. Every business firm should communicate its idea to others in the form of letters. In this modern age Internet and e-mail business letters plays and important role. Good writing is the result of good planning and clear thinking. For writing an effective business letter, we should know the principles of good writing.

The main steps in effective writing are
1. Pre writing- preparation, planning, back ground research
2. Writing- Organizing and outlining material, writing the first draft.
3. Revising – Reworking and editing the draft, final typing and printing proof reading.
In the pre writing stage we should analyse the questions such as
· What is the purpose of this message?
· Why am I writing it?
· Who is the audience?
· Whom do I want to influence?
· What do I want to say?
· What is the scope of my subject?
· What result or actions do I want?

By finding the answers of above questions we came to the haven of perfect writing.
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The second step “writing” means the writing of first draft. It should be written quickly with out too much thought to elegant expressions or final order and paragraphing. As we write the first draft, keep our audience in mind. Doing so will help us stay focused on the purpose of our work. Keep writing until we have completed the first draft.
We should revise the material, by reading, from the viewpoint of a reader. If possible, we can ask others, for their comments and suggestions. Or we ourselves can check it after a break. So we can spot inconsistencies and errors more easily.

At the time of writing a business letter we should kept in mind the things like
1. Keep the letter short and clear
2. Use our own words
3. Use the proper form of address etc.
While writing business letter we shall keep some more points in out mind. That is
· Consider the audience for the proper angle
· Anticipate special problem in readers reaction
· Out line the message functionally
· Develop the first draft
· Edit content grammar clarity, conciseness and style


Business letters have the following basic parts

· Heading or Letter head:
Usually the heading of the letter is a printed one called the letter head. It may contains the name of the company, address, phone No., e-mail, website, name of the office or correspondent. If it is not there it should be typed at the upper right corner of the paper about one and one half inches from the top and flush with............. pls satisfy our T&C to get the elaborated new version of answer

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Managerial Economics - Favouring Capitalist economy

Qn. What are the supportive arguments you will raise favouring capitalist economy?

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The present age of LPG- Liberalization, Privatization and Globalization- the existence of the capitalism is very significant. In my opinion capitalism will accelerate the development of an economy. We, ourselves are the example of enjoying the fruits of privatization of our country via new economic policy-LPG. From 1991-92 after the economic reforms our economy lifted by the merits of capitalization / privatization of public owned or state owned undertaking. The GDP, rage of inflation wholesale and consumer price index, foreign capital investment, foreign trade etc. will shows the effect of capitalism.

Capitalism is the very simple form of economic organization where the Government does not play any significant role. The responsibility of maintaining and running the organization lies mainly with the private entrepreneurs. The basic central economics problems – what, how, and for whom (Prof.Samuel)- are handled by the private entrepreneurs.

The entrepreneurs are guided by their own self interest. The Govt. does not interfere with their activity. The Got can not direct them to produce or not produce anything. They are not required to get any licenses, permits etc. They can produce anything; they can sell this commodity at a time and a place of their own choice etc. As the economy is based on free private enterprise and Govt. does not interfere, this type of system is also known as ‘market economy’ or market system or ‘laissez faire system’.

In short a capitalist economy or free enterprise economy is one which the means of production viz., land, labour and capital are owned and managed privately. In capitalism the above phrase “what, how and for whom ” is lead by the private sector. That is the Govt. has no power to interfere at every stage of the following three questions.

1. What goods and what varieties should be produced, and in what quantities should they be produced.
2. How should they produce?
3. For whom are these goods and services produced or who will consume them?
India is a mixed economy, where consists the features of capitalism and socialism. As a mixed economy, India gives importance to the merits of capitalism.




The following merits of capitalism are very important to the development of a country.
1. Large scale production and newer and finer varieties of goods.
2. Increased productivity.
3. High standard of living
4. Automatic working – without no interference or direction from the top.
5. Maximum satisfaction to consumers.
6. Proper utilization of resources.

7. Protection of fundamental rights like right to property, transaction of property etc.
8. Reward according to the ability of entrepreneurs and workers.
9. Helps to change- flexibility to accept any favorable change in economy.
10. Encourage economic development.

To know deeply about the merits of capital of economy, we should know the characters of it. The following are the main nature of a capitalist economy.

1.The Right to Private Property
It means that the society provided the owner with the right to acquire, to keep, to use exclusively and to dispose valuable things at one likes. In this system one can purchase the asset as his private property. And he can keep it, use it exclusively and dispose it of as and when he likes. Subject to the general restriction and regulation imposed by the state, the owners of the property are free to utilize them in any way they deem fit. Here the private property is a legal right, this is protected by the law of land. The chief merits of private property are the pride and pleasure of ownership and consequently personal interest in the property, initiative to put it to the best use etc. It is correctly said “The magic of property turns even, sand into gold”.........
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case study as marketing manager of Titan Bangalore

Qn. Suppose you are the marketing manager of Titan Watches, Bangalore. What are the steps you will take to guard against the phenomenon of marketing myopia?

Acknowledgement

How can Titan Watches ensure its continued growth in the new millennium? “Marketing Myopia” answered that question in a new and challenging way by urging Titan to define its industries broadly to take advantage of growth opportunities. Here a study has been made by me as a Marketing Manager to find out the various myopic symptoms, which may affect to the Titan Watches Bangalore, and its cause and remedies. More over as a Marketing Manager how can I lift up the company to program without marketing myopia.
I express my sincere gratitude to....... and more....

Objectives of Study


This Case study has been intended to

· Try to find out the meaning for the term Marketing Myopia, commonly used in business.
· Brief study on Levitt’s “Marketing Myopia”
· Study to guard against the phenomena as the marketing Manager of Titan Watches.
· Brief study about the current position ...... and more.....
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....... Introduction

In Medical Science, shortsightedness is also known as myopia. A person affected by myopia can see only the things very close to him. Professor Theodore Levitt of Harward Business School is coined this term “marketing myopia”, to explain the shortsighted policies and practices of some business firm. This type of firms define themselves narrowly and are obsessed with the physical attributes of their own products, resulting in their failure to ascertain and act on customers’ needs and desires.They in continuing the process of market with out considering the market needs or wants.

Business are said to have transformed themselves from product orientation to customer orientation. Customer orientation envisages a more important role for marketing in deciding the priorities of firms and allocating their resource.
Titan and marketing
The world’s demand for watches are around 600 million Indian producers currently made about 12 million watches. Indian can make watches of a quantity comparable to that of Swiss and the Japanese. Lifting restrictions on the import of complete watches will enable Indian manufacturers to globally sources watches and, thereby, reduce lead times for the introduction of new products.

India is one of any four countries in the world with the capability of making all the components of watch analogue movements. The watch, clock and time piece manufacturers and makers of ancillary products such as the cases , dials, bracelets and components have over the last four decades, created an industrial base that employs an estimate 50,000 people and supports nearly 2 lakh others. That is not country over 10,000 horological watch and clock dealers across the country. Today the over all investment watch manufacturing plants, machinery and infrastructure in the country is estimated at over Rs. 1,000 crore.


A Brief Study on Levitt’s “Marketing Myopia”

In the words of Theodore Levitt, every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others which are thought of as seasoned growth industries have actually stopped growing. In every case the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is because there has been a failure of management. ....... and more...

........So the business communication of Titan should be at right time, right way, at right manner, to the right audience. We can use logos, mottos, theme music, and quotations etc, which are simple but strong to communicate Titan’s idea.

As a marketing manager of Titan Bangalore, I have to ensure the following things.

· Quick response
· Quick and quality repairs
· Repair guarantee
· Signet points on service billing at watch care centers.
· Titan gift voucher acceptance at watch care centers.
· Credit card acceptance
· Provision for stand by watch
· Wide range of watch accessories
· Conversion of old watches to new on selected design/models
· Home delivery of watches at nominal cost at selected outlets
· Repair of all Titan watches
· Fully automated billing at most service centers
· Dedicated and company trained customer care hostess and service technicians.
The Titan signet is a selected club that recognizes the loyalty of Titan customers at world of Titan showrooms. It is designed to give these select signet members, exciting rewards as well as tangible benefits in recognition of their loyalty to Titan and the world of Titan showroom. These rewards and benefits increase in value as the members increase their purchases from any world of Titan showroom or Titan watch care center participating in the Signet programme. The Titan Signet also provides a platform for direct feed back from these valued customers. The signet membership is valid for a period of 3 years from the date of enrollment. ‘You win some…..and then you win some more.’ That’s the idea behind the Signet Reward Scheme a host of exclusive services and benefits are available to signet members, such as
· Exclusive offers on watches and clocks at the world of Titan, Titan watch care centers as well as on other premium brands.
· Being the first to know about new products and invites to preview.
· Free gift delivery services through the world of Titan
· Priority service at the Titan watch Care centers. .... and more....
company to sure success.

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