– North Americans live in a free market society – In a free market, businesses can make a profit, which means that successful business people can keep some of the money that they make – Profit drives business; the more successful a business becomes, the more profit the owner keeps – Profits may be reinvested…
businesses look for advantages over their competition Some of these advantages are temporary, part of the continual back- and forth activity that occurs among competitors i.e. Pepsi and Coke Sustainable Competitive Advantages o Sustainable competitive advantages are methods by which a business holds on to its customers, in spite of the competition o Developing a…
Marketers use customer relationship management tools to create marketing programs that satisfy customers Customer relationship management involves three stages: customer acquistion, customer retention, and customer reacquisition Customer relationship management Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Information technology and database systems Customer contact brands or companies…
The ledger should be balanced after each full accounting entry. Periodically it is necessary to check the accuracy of the ledger. This is done by doing a trial balance. A trial balance is a listing of the account balances in a ledger. You must add up all of the debit balances, and all of the…
Fallacy: Is a hypothesis that has been proven false but is still accepted by many people because it appears, at first glance, to make sense. The Fallacy of Composition A mistaken belief that what is good for the individual is automatically good for society as a whole. Eg: Clearing the trees from Crown land will…
MONOPOLY In a monopoly industry there is only one seller and many buyers. Since it is the only company in the industry, it has the ability to exercise considerable control over price. Monopoly derives from Greek: “monos” (alone) and “polein” (to sell) There are several types: 1. Vertical: This occurs when a company controls not…
John Maynard Keynes was a British economist. He was born in 1883 in Cambridge, England. His mother Florence Ada Keynes was the mayor of Cambridge and his father John Neville Keynes was an economist. At first, John did not realize that he wanted to become an economist like his father. Instead, he went through many…
Biography Alvin and Heidi Toffler Heidi helped Alvin write some of his books, but credited them as Alvin Toffler Influenced many leaders around the world Described by “Financial Times” as the “World’s most famous futurologist” Also mentioned in “People’s Daily” as one of the top 50 foreigners that shaped modern China “Toffler Associates”, the executive…
Biography Adam Smith was born in Kirkcaldy, Fife, Scotland, the date of his birth is unknown but, he was baptized on June 5, 1723. Smith was a Scottish philosopher and economist who became famous after writing his book, “The Wealth of Nations” in 1776. Theory Adam Smith’s wrote a book called The Wealth of Nations,…
Teams and Teamwork: Decision Making in Teams Decision making – is the process of making choices among alternative courses of action. How Teams make Decisions Decision by lack of response: one idea after another is suggested without any discussion taking place. Decision by authority rule: the leader, manager, committee head, or some authority figure makes…
Wal-Mart has been apart of our lives for over 50 years, becoming a dominant force in the retailing sector. There are several disputes amongst economists about whether Wal-Mart has a positive or negative influence on our economy and society, many criticizing the Wal-Mart Corporation for its negative and careless approach to becoming the powerhouse it…
De Soto and his Influence For many of the world’s poor, the promises of capitalism are nothing more than empty rhetoric. Latin American economist Hernando de Soto is one of those providing the fresh thinking that is required, with his focus on the legal aspects of economic development in emerging economies. De Soto has an…
Customer relationship management (CRM): The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. (Software that keeps your files, banking systems have all your information stored). The software can be assessed from wherever because its on the companies server. CRM entails cultural changes: CRM is an overall company…
Nature and importance of marketing channels: Marketing channel: the set of individuals or firms involved in the process of making a product available. Intermediaries: Individuals or firms performing a role in the marketing channel, involved in making a product available. Functions performed by intermediaries: – Transactional function: This is done when they buy and sell…
Types of products: Product: A good, a service, or an idea consisting of tangible and intangible features. Non-durable goods: An item that does not last and is consumed only once, or for a limited number of times. (Food and fuel) Durable good: A product that lasts for an extended period of time and encompasses items…
Market segmentation: The aggregation of prospective buyers into groups that have common needs and respond similarly to marketing programs. 2 main market segments: – Consumer market: Consists of products, ideas, and services that a person can purchase for personal use – Business market: Products that are purchased either to run a business or to be…
Marketing information system (MIS): A set of procedures and processes for collecting, sorting, analyzing, and summarizing information on an ongoing basis. Market research: The process of collecting and analyzing information in order to recommend actions to improve marketing activities. Research classifications: Exploratory research: Preliminary research conducted to clarify the scope and nature of the marketing…
Learning: Behavioral learning: The process of developing automatic responses to a type of situation built up through repeated exposure to it. Marketers use: Stimulus generalization: Using the same brand name to launch new products is a common application. Stimulus discrimination: Ability to perceive differences among similar products. Cognitive learning: Involves making connections between two or…
Consumer behavior: Actions a person takes when purchasing and using products and services. Consumer purchase decision process: Stages that a buyer passes through when making choices about which products or services to buy. Stages: Problem recognition: perceiving a need: This is when a person realizes that the difference between what he or she has and…
The marketing environmental scan: The process of continually acquiring information on events occurring outside the organization to identify trends, opportunities, and threats to your business. 6 forces marketers look at: Demographic forces: The statistical data on a population according to characteristics such as age, gender, ethnicity, income and occupation. Socio-cultural forces: Cultural values, ideas, and…