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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it." -- Roger Babson, statistician and columnist
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GAB
General Agreements to Borrow
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