BSB126 Lecture Notes - Capacity Management, Market Power, Oligopoly

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Market: people with the desire and ability to buy a specific product. Marketing: process of developing, pricing, promoting and distributing goods, services and ideas, to satisfy the needs of customers. Target market: specific group of potential customers towards which an organisation directs is marketing program. Relationship marketing: linking the organisation to individual customers, employees, suppliers and other partners for their mutual long-term benefit. Marketing program: plan that integrates the marketing mix to provide a good, service or idea to prospective buyers. Societal marketing concept: the idea that organisations should satisfy the needs of customers in a way that provides for society"s well-being (social responsibility and ethical considerations). Environmental scanning: acquiring information on events outside the organisation to identify potential trends. Competitive forces: pure competition, monopolistic competition, oligopoly and. Intangibility cannot be touched, seen tasted, heard or felt. Inventory characteristics of services that prevent them from being stored, warehoused, or inventoried.

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