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Consumer Behavior & Psych

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 […]

Marketing: Values, belief...

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 […]

Market research & develop

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 […]

Market Segmentation & Tar

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: Distribution a...

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 […]

Marketing: Customer Relat...

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 […]

A New Capitalist Manifest...

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 […]

Pros & Cons of Walmart: T

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 economist 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 is […]

Teams and Teamwork: Decis...

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 […]