Chapter5p2.docx

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Department
Economics for Management Studies
Course
MGEB05H3
Professor
Ted Petit
Semester
Winter

Description
Rational Motives: purchasing a product that involve a logical evaluation of a product’s cost, quality & usefulness Emotional Motives: purchasing a product that involve non-objective factors Industrial Market: Businesses that buy goods falling into one of 2 categories: goods to be converted into other products that will be sold to ultimate consumers Reseller Market: Intermediaries like wholesalers & retailers who buy finished products & resell them Institutional Market: Non-governmental organizations such as hospitals, churches & schools 4 p’s - product, price, promotion, place Market starts with exchanging value - What the people value The Things We Market:
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