Old idea of market focuses to earn maximum amount of profit by selling variety of products. On the other hand, new concept targets customer satisfaction. There are some difference between both of these ideas. The old concept of marketing gives emphasis to earn maximum profit by selling increasingly more products as the modern concept provides emphasis to provide maximum satisfaction to the clients in support of then earn income. Modern concept is customer-oriented whereas old idea is sales-oriented.
In the old concept of marketing more emphasis was presented with to selling. Searching future customers, providing information about services or goods to them, making them determination to buy etc. will be the functions of marketing. Based on the modern concept, marketing is meant to be always a social system where involves various business activities and functions. They remain affecting one another.
The modern idea of marketing gives emphasis to organized research of marketing and systems approach. This implies, all the actions of marketing should, in a coordinated and included manner, be aimed towards the main objective of the business. The modern concept of marketing also gives emphasis to the use of information system to be able to increase benefit and productivity of the company. Consumer research is essential for consumer satisfaction for which adequate information need to be collected. So, information system occupies an important put in place the modern concept of marketing. Old concept of marketing lacks it. The type of modern idea of marketing is dependant on sociable responsibility.
Management believes their recent success is not just a random event and that all future stores will be profitable. Thus, each year the managers are determined to open up at the least 15 new stores. Learning Objective: 22-03 The way the use of heuristics can lead to suboptimal financial decisions. You are used as a commission-based sales clerk for a beauty products retail store. You understand that typically, exactly 50 percent of the clients that enter your store shall make at least one purchase.
Thus far today, you have waited on eight customers without making a single sale. You think that another customer you wait around on will buy something. Learning Objective: 22-03 How the use of heuristics can lead to suboptimal financial decisions. You don’t particularly like to shop so only go directly to the mall once a month.
To help make the trek more enjoyable, you have lunchtime at the restaurant located inside the shopping mall always. Because you are such a creature of habit, you always order the same meal. You’ve noticed that the price of that meal has increased every time you have been there over the past half a year.
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Thus, month you expect the meal to upsurge in price next. This is an example of which of the next? Learning Objective: 22-03 The way the use of heuristics can result in suboptimal financial decisions. You began an online business three weeks ago. Thus far, you have averaged 10 sales a day, which is one sale for each five hits. You are now considering giving up your day job and learning to be a full-time online merchant. You have calculated the amount of income you can generate predicated on 10 sales each day and know that degree of income would support you in a comfortable fashion.
The belief that you’ll have 10 sales each day normally if this becomes your full-time job is dependant on which one of the following? Learning Objective: 22-03 The way the use of heuristics can result in suboptimal financial decisions. You are a hard-charging supervisor who doesn’t enjoy to sit at a desk for too much time.