Textbook Notes at Fashion Institute of Technology

BUSINESS TO BUSINESS MARKETING Refers to the process of buying and selling goods or services to be use in the production of other goods and services for consumption by the buying organization andor resale by wholesalers an...

THE CONSUMER DECISION PROCESS Need Recognition The process begins when consumers recognize they have an unsatisfied need, and they would like to go from their actual, needy state to a different desired state The greater th...

A MARKETING ENVIRONMENT ANALYSIS FRAMEWORK Consumers are always the centerpiece Consumers may be influenced directly by immediate actions of the focal company, the companys competitors, or corporate partners that work with...

WHAT IS MARKETING? Marketing The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at la...

THE SEGMENTATION, TARGETING AND POSITIONING PROCESS Segmentation: Step 1: Establish the Overall Strategy or Objectives Segmentation strategy must be consistent with and derived from the firms mission and objectives and its...

Chapter 7: Small Business and Entrepreneurship  Reasons to Launch Small Business o Financial Success o Independence o Flexibility o Challenge o Survival ...

Chapter 4: Social Responsibility and Business Ethics  Ethics: The study of right and wrong; and the morality of the choices people make  Business Ethics: The application of moral standards to business situatio...

Chapter 3: The World Marketplace: Business Without Borders  Global Trade: Key Reasons and Business Opportunities: o Access to technology and decrease barriers to trade has increased global business ...

How individuals make choices based on their budget constraints - Budget constraint- all possible consumption combinations of goods that someone can afford, given the prices of goods when all income is spent (boundar...

Economics is the study of how humans make decisions in face of scarcity/ It includes various types of decisions such as individual decisions, family, business or societal. Throughout life everyone has choices to make and a...

Inflation Inflation-general and ongoing rise in price level in the entire economy - Does not refer to change in relative prices - Pressure for prices to rise – shift in equilibrium (supply and demand) - ...

Demand and Supply Demand-amount of good or service that consumers are willing and able to pay for it at any price - If you can’t pay for that good—no effective demand Price-when buyer pays for a specific good or s...

Government Budget and Fiscal Policy - Federal, Local and State governments all have budgets (show how much revenue government expects to receive in taxes and other income that government plans to spend - ...

1. Chapter 10 Classification of Finishes  Permanent: usually involve a chemical change in fiber structure and do not change or alter throughout the life of a fabric  Durable: usually last throughout the ...

1. Chapters 20-21 Chapter 20 Importance of Price Marketing Managers  Revenue: price charged to customer multiplied by the number of units sold o Price x Units = Revenue  Trends in the Consume...