ECO333H1 Final: RSM250 Notes
Document Summary
Heuristic decision process: people always have their own heuristic to solve problems. Get a feel for this course(coca -cola case) What is marketing: marketing is the methodology of communicating the value of a product or service to customers, for the purpose of selling th at product or service. Coca-cola case: (not the first one to make soft drinks but became a great success) Question: is it a good idea to raise price in summer and reduce price in winter. Brand loyalty (note: students" answer may provide a concept and show up in exam) -> need to know how many loyal and switchers are there in the market. -> can run a survey--> important where and when you conduct the survey( us: market share is basically the same; in europe coca -cola is more popular) Also there are other substitutes of coca -cola.
