BU352 Study Guide - Comprehensive Final Exam Guide - Starbucks, Internet, Ford Focus
Document Summary
Idea that we always want to be comfortable and reduce the work that we need to put in and make our lives easier: value = benefits/price. No name brand price is lowered and quality expected is lower which ta(cid:396)gets a diffe(cid:396)e(cid:374)t g(cid:396)oup of people a(cid:374)d so it"s easie(cid:396) to (cid:373)eet e(cid:454)pe(cid:272)tatio(cid:374)s. Core concepts: needs: state of felt deprivation. Inside a person: physiological and physical, not all needs are basic necessities, they can be irrationally powerful, ex. Shoppers, loblaws knows a lot about you and your shopping history for health and wellness products, beauty, groceries, pharmacy, etc. Measuring & forecasting demand: source of inputs for forecasting demand, ex. After years of relatively stable sales, there is a 50% increase. If it"s a fa(cid:272)to(cid:396) that is ha(cid:396)d to (cid:396)epli(cid:272)ate (e(cid:454). Fo(cid:396)e(cid:272)asti(cid:374)g (cid:862)both wa(cid:455)s(cid:863: approach a (top-down approach, start with a general view of the whole market of one thing then narrow it down.
