Blue Nile Firm’s Accounting, Marketing, Finance, and Management

Subject: Case Studies
Pages: 2
Words: 579
Reading time:
3 min
Study level: Master

Introduction

Orientation of production towards the customers, their interests, and preferences is possible only in market maturity and intense competition conditions. Therefore, enterprises need to adjust the marketing philosophy of business. Blue Nile’s case focuses on economic activities with clearly defined goals and adequately selected means to achieve these goals. It is crucial to evaluate and apply some concepts and theories from accounting, management, and marketing. It will help examine the basics and organizational problems of the organization.

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Main body

Public accounting allows the company to perform effectively as firms providing such services engage in multiple consulting activities. For instance, regarding the Blue Nile case, it may concern other services such as installing large computer systems (Edwards, 2020). The Blue Nile is an online retailer; therefore, it is beneficial in terms of chosen market development business strategy. Hiring a public accounting firm will contribute to accurate audit and tax returns for clients.

Regarding management concepts, in the Blue Nile case, the Contingency theory is applicable. It is a behavioral theory that assumes that the effectiveness of leadership, decisions, and managerial rules depends on the current situation (Agnihotri & Bhattacharya, 2017). It stimulates flexibility of the company’s activity, emphasizing that what worked once may not work in other circumstances (Agnihotri & Bhattacharya, 2017). As a result, management should make decisions and apply leadership styles that depend on internal and external factors to improve their effectiveness in the current state.

Moreover, Contingency Leadership Theory explains that managerial success depends on variables such as workforce, leadership style, task structure, manager’s perceived strength, and corporate culture. In the Blue Nile, managers should not repeat requirements and expect them to have the same results every time. A number of aspects of a particular situation affect how a decision will be implemented. For instance, the theory serves as a mapping tool, “outlining the extant contribution of a specified business model for different types of businesses (Lim, 2017, p. 184). If employees do not trust the manager or disagree with the decision, they become frustrated, making the decision less effective.

Regarding the marketing area, a harmonious approach to marketing management is seen as forming an integrated enterprise management system, fastened by common interests, human and corporate values. It is human-oriented, focused on sustainable development (Alt et al., 2020). This approach is based on marketing interaction between stakeholders to coordinate their interests, affecting more than one of the parties (Alt et al., 2020). For the Blue Nile, ensuring the harmony-with-nature and harmony-with-people lies in the subject of marketing management – the company’s clients. Implementing a systemic and harmonious approach is searching for a new combination of elements of the enterprise management system. It is advantageous for the Blue Nile to achieve goals, followed by a balanced mix of all types of resources – people, ideas, means, and objects of production.

Summary

To sum up, for the adequate performance of any company, it is essential to analyze features of the organization of marketing at the enterprise, major concepts of management, audit, and its principles. Ensuring the market development for the Blue Nile depends on finding a new combination of control system elements to achieve the set control goals. This can include public accounting firms, stakeholder behavior, and a harmonious approach in marketing. Internal unity, coordinated functioning, and development of enterprise management subsystems rely on these indicators. Therefore, it is necessary to continuously search for a compromise between distribution priorities and the value of the subject of marketing management.

References

Agnihotri, A., & Bhattacharya, S. (2017). International acquisitions and emerging market firms’ performance-a structural contingency perspective. Thunderbird International Business Review, 60(4), 691–698. Web.

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Alt, M. A., Berezvai, Z., & Agárdi, I. (2020). Harmony-oriented retail innovations and financial performance. European Journal of Innovation Management, 1-21. Web.

Edwards, J. D. (2020). History of Public Accounting in the United States. Routledge.

Lim, W. M. (2017). Online group buying: Some insights from the business-to-business perspective. Industrial Marketing Management, 65, 182-193. Web.