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Flashcards covering key concepts from lecture notes on operational management, marketing principles, and opportunity cost.
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What are the four traditional P's of marketing?
Product, Price, Promotion, and Place.
Which three additional P's are often considered part of the marketing mix?
People, Process, and Physical Environment.
What is the primary aim of marketing as a business function?
To anticipate and satisfy customer's wants in a way that delights consumers and also meets the needs of the organization, while developing customer loyalty.
How does marketing define customer loyalty?
Making consumers happy with a product, which makes them likely to return.
What are the key responsibilities of marketing?
To attract new customers, retain profitable customers, and grow the share of customer.
Name some common marketing objectives.
Sales volume and value, market share, market size, market growth, and brand loyalty.
What is a marketing objective?
The targets that the marketing function (department) of a business wants to achieve in a given time period.
Explain the concept of opportunity cost for an entrepreneur considering starting a business.
Opportunity cost refers to the value of the next best alternative given up, such as staying in a job with a stable income. It also includes the potential loss from not maximizing capital and time, which could lead to failure.