Operational Management - Marketing and Opportunity Cost

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Flashcards covering key concepts from lecture notes on operational management, marketing principles, and opportunity cost.

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8 Terms

1
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What are the four traditional P's of marketing?

Product, Price, Promotion, and Place.

2
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Which three additional P's are often considered part of the marketing mix?

People, Process, and Physical Environment.

3
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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.

4
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How does marketing define customer loyalty?

Making consumers happy with a product, which makes them likely to return.

5
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What are the key responsibilities of marketing?

To attract new customers, retain profitable customers, and grow the share of customer.

6
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Name some common marketing objectives.

Sales volume and value, market share, market size, market growth, and brand loyalty.

7
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What is a marketing objective?

The targets that the marketing function (department) of a business wants to achieve in a given time period.

8
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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.