MGMT 1 Lecture Notes - Lecture 6: Mania, Common Stock, Harry Markowitz
Document Summary
Interested in satisfying needs and wants, utility and things of value are exchanged. Form utility: physically transform resources to add value. Subliminal advertising: subconsciously advertise, considered deceptive business practice since it causes and encourages consumers to buy things they don"t want or need. Marketers use primary (collected for the first time) and secondary (collected by someone else) data for to strategize. Sources of secondary data: government publications, commercial publication, magazines, newspaper, internal sources, general sources. Sources of primary data: questionnaires and surveys, personal interviews, controlled experiments, focus groups, phantom shopping. Consumer market (b2c) means business to consumers. Universal product codes (upc) and radio frequency identification devices (rfid) greatly simply inventory management. Next to the quality, the price of a product is arguably the most important aspect of the total product offer. Companies pursue different objectives when it comes to pricing decisions. Financial accounting: mainly external focus, provide accurate and relevant information, profitability of company.
