MACROECONOMICS | As the term “micro” imply‚ microeconomics facilitates decisions of smaller business sectors.Micro Economics studies the problems of individual economic units such as a firm‚ an industry‚ a consumer etc.Micro Economic studies the problems of price determination‚ resource allocation etc.While formulating economic theories‚ Micro Economics assumes that other things remain constant.The main determinant of Micro Economics is price.Microeconomics is the study of decisions that people and businesses
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........................................................ 4 2.1 Service Marketing.......................................................................... 4 2.2 Marketing Communications........................................................... 5 2.2.1 Communication Process..................................................... 6 2.2.2 Marketing Communication Models...................................... 7 2.2.3 Marketing Communication Tools ........................................ 8 2.2.4 Consumer
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Micro vs. Macro Economics Micro-indiidual consumers/firms Macro-economic aggregates-GDP‚ inflations‚ unemployment Markets-opportunity for exchange 1) Opportunity Costs-value of the next best for gone alternative when a decision is made -all decisions involve an opportunity cost (assuming the firm operates efficiently) 2) Marginal Analysis-analyze situations involving incremental change -marginal: something is changing by a small amount (incremental/one-unit change) 3) Laws of supply and
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The micro-macro dilemma relates to a variety of circumstances and situations and is essential for numerous decisions daily that people make. This is particularly true for many of the business decisions that organizations make in concerns to marketing. From the perspective of marketing‚ high-powered engine in cars is a pleasurable and worthwhile option or many consumers‚ especially consumers who enjoy driving high-powered vehicles or participate in recreational activities that require the high-powered
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Environmental Factors and Marketing Decisions: Starbucks Starbucks has wide range of business activity. These activities allow the company to use numerous channels of product distribution. With the company operating in many locations worldwide environmental factors play a major role in marketing decisions. Each distribution channel is affected differently and the company’s flexibility in the marketing plan allows the company to adjust their strategies to meet the needs of the environmental factors
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Jesse Selchow Professional Practices Wednesday 6pm Micro VS. Macro Management In a simple definition management is the person or persons who control or direct a business or other enterprise. However‚ management is much larger than just one person or small group of people. Management is also the practice of handling‚ supervision‚ direction‚ and control (www.dictionary.com). It is much larger than one person‚ or even a small group of people; management is everywhere. We use management in all aspects
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diversity in hospitality industry (P1)……………………….2 1.2 Structure of different hospitality organizations (P2)……………………………………...6 1.3 Hospitality role and professional bodies (P3)…………………………………………………8 LO2 2.1 Staffing requirements for different hospitality industry (P4) …………..……………10 2.2 Role‚ responsibilities and qualification required for hospitality staff (P5)……..11 LO3 3.1 Operational‚ managerial and legislative issue resulted from recent developments affecting the industry (P6) ………………………………………………………
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Compare and contrast macro political risk with micro political risk. Discuss policies to combat their impacts on international business activities. Strategic planning is essential prior to any individual or company deciding to engage in international business whether as direct/indirect investment or through trade. An evaluation of risks should be considered and strategies developed accordingly prior to any potential investment in a foreign country. One such risk which requires consideration is
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Aleishia Wiley 07/11/2011 Marketing Fundamentals External Macro Environmental Factors of the Starbucks Brand It’s been 40 years since Starbucks was founded in 1971‚ and a lot has changed since they first opened their doors as a small store front is Seattle’s Pikes Place Market. Their headquarters is still based out of Seattle where they got their start but Starbucks has built a brand that is recognized throughout 50 countries across the globe. Despite small changes over the years the Siren
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how economies work. A given economy is the result of a process that involves its technological evolution‚ history and social organization‚ as well as its geography‚ natural resource endowment‚ and ecology‚ as main factors. These factors give context‚ content‚ and set the conditions and parameters in which an economy functions. The world economic events and how they affect the domestic economy .The economic activity‚ and of the interactions of consumers and businesses. Government policy and its effects.
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