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LEARNING: A person's changes in thinking and behavior due to environmental experiences. A consumer learns about products and services based on information input and subsequent adjustments in buying patterns. This is important in the promotion element of the marketing mix. Typically a potential customer requires 6 exposures to a product name in order to develop retention (learning).

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ALLOCATIVE EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for defective microphones.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. "

-- John D. Rockefeller, industrialist

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