MGM101H5 : financial management.pdf

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10 Dec 2013
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MGM101H5 Full Course Notes
25
MGM101H5 Full Course Notes
Verified Note
25 documents

Document Summary

Executing the conception, pricing, promotion, and distribution of good and service. To facilitate exchanges that satisfy individual and organizational objectives. Market is de ned as a group of people with unsatis ed wants and needs who have resources and willingness to buy product. A market is, therefore created as result of this demand for goods and services. These wants and needs continue to change. Refer to marketing efforts to produce, promote, and reclaim environmentally-sensitive product. How change has in uenced the evolution of marketing. The evolution of marketing involved 4 eras( : production era. The general philosophy of business was to produce as much as possible. Given the limited production capacities and vast demand (such a production orientation was both logically and pro table: sales era. Business had developed mass production techniques(eg. assembly line) Production capacity often exceeds the immediate market demand. The business philosophy turned from an emphasis on production to an emphasis on selling (and advertising)