through creating and exchanging products and values with others.(Kotler.P 2002 : 5) The goals of marketing is to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. There are five core concepts of marketing‚ which includes needs‚ wants and demand; products‚ services and experience; value‚ satisfaction and quality; exchanges‚ transactions and relationships; and finally‚ market and marketing. After World War II‚ the variety of products increased
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Chapter 1 Preliminary concepts Concepts Overview The important concepts discussed in Chapter 1 were: 1.1 The main objective underlying corporate financial decisions is to maximise the value of the company‚ which in turn maximises shareholder wealth. This involves the optimal use of scarce resources. Fisher’s Separation theorem formally links the concepts covered in the chapter to provide a single decision rule for a firm’s investment decisions. This decision rule is that management’s role
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intermediaries. There are four basic types of marketing intermediaries in the marketing concept. They are as follows: a. Agent b. Distributor c. Wholesalers d. Retailers Agents: can be regarded as an independent individuals or company the whose function is to act as the primary selling arm of the producers. Agents take possession of a product and do not actually own them. They are usually makes profits from the commissions or fees paid for the service they rendered to the customers.
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Alternative theories to profit maximization ranging from perfect competition to strict monopolies. Companies and The Market Most companies are profit oriented. Companies survive and live on profit. Even governmental institutions‚ NGO’s and NPO’s are profit oriented‚ what they do with profit is different though. Saying this means that companies seek always to be at a position where profit is maximized. As we know by now this happens when MC=MR but this is an always changing point as supply and
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Self-concept Many things that occur in one’s daily life impact them‚ some have a drastic impact whereas others not so much. A lot of things that have happened to me and the people that I inspire have shaped me and influenced me in many ways. One of the three most important things that I think impacted me was my Cousins death in a car accident when she was only 18. This event for a little while damaged my perspective towards life. That was only for a short period of time until I realized that
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Accounting Concepts Underlying Assumptions‚ Principles‚ and Conventions Assumptions The following are basic financial accounting assumptions: Separate entity assumption - the business is an entity that is separate and distinct from its owners‚ so that the finances of the firm are not co-mingled with the finances of the owners. • Going concern assumption - the business is going to be operating for the foreseeable future. Stable monetary unit assumption - e.g. the U.S. dollar • Fixed
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into the world ’s many cultures and ethnic groups‚ several global factors have begun to impact families everywhere. These factors include industrialization‚ urbanization and socialization. This paper will aim to highlight how these global factors‚ that is urbanization‚ industrialization and socialization have affected the traditional family. In order to do this‚ the essay will endeavor to define the concepts traditional family‚ urbanization‚ industrialization with a theoretical explanation and socialization
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COST-VOLUME-PROFIT ANALYSIS(CVP) Definition of Cost Accounting A type of accounting process that aims to capture a company’s costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Definition of Cost-Volume Profit Analysis A method of cost accounting used in managerial economics. Cost-volume profit analysis is based upon determining the breakeven point of cost and volume of goods. It can be useful for
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How significant is the concept of time as a way that we classify society? Explain some different cultural notions of time. The concept of time is not universally defined; it is a socially constructed entity‚ as different cultures in the world interpret time in different ways. So‚ do we share time? We all live in the present‚ but do all cultures in the world view the past and the future as holding the same level of importance? In a globalised world it is easy to synchronize clocks‚ but is synchronizing
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A. Explain the purpose of the business. * Does the company operate on a profit or non-profit basis? Explain your answer with details. * Does the company provide a service; manufacture a product‚ internet based or perhaps all? * Where is the business located and how many locations are there? McDonalds’s provides a service of fast food to people all over the world. The top 5 are America‚ Japan‚ Canada‚ United Kingdom‚ and Germany. According to 2007 statistics‚ McDonald’s serves more
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