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MARKETING: The ongoing process of developing, pricing, promoting, distributing, and packaging products, ideas, and services to satisfy customersÕ wants and needs in a dynamic environment. Sometimes used interchangeably with sales is a misnomer. Sales, while a component of the promotion mix variable, is not the equivalent to marketing. Marketing is a broad, integrated strategy that transcends the entire organization.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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A half gallon milk jug holds about $50 in pennies.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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WAPM
Weak Axiom of Profit Maximization
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