Course Hero Logo

Marketing Vocabulary.docx - Marketing Vocabulary Mistake of...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 2 out of 5 pages.

Marketing VocabularyMistake of Omission (Ch. 1): are those in which no action was taken and the statusquo was contentedly embraced amid a changing environment.Mistake of Commission (Ch. 1):are more spectacular. They involve hastydecisions often based on faulty research, poor planning, misdirectedexecution, and the like. Although the costs of eroding competitiveposition attributable to errors of omission are difficult to calculateprecisely, the costs of errors of commission are often fully evident.Internal cost pressures:The internal cost refers tothe cost required bymanufacturing or purchasing an itemand it includes material cost,labor cost, expenses, subcontract processing cost, and overhead cost.External FactorsCompetitive Threat: s competition that hasn't occurred but has potential tooccur. In other words, it is a risk of competition. As with any risk, acompetitive threat has a probability and impact and may be treatedDemographic Factors: Demographic segmentation groups customers andpotential customers together by focusing on certain traits such as age, gender,income, occupation & family status.Socio – cultural Factors: an environment composed of values and behaviors. Itincludes Culture, traditions beliefs, values, caste system and lifestyle of thepeople in a given society constitute the socio cultural environment.Economic Factors: have a significant impact on how an organisation doesbusiness and also how profitable they are. Factors include – economic growth,interest rates, exchange rates, inflation, disposable income of consumers andbusinesses and so on.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 5 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
STAFF

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture