Process means the way in which a service is provided to the customer - procedure, mechanism and flow of activities as a service is delivered.
Posts published in May 2023
Physical evidence refers to the tangible aspect of an intangible service; all the visible aspects of the environment where services are offered.
People mean all employees in the firm who can heavily influence the marketing of a product either positively or negatively.
This article describes interrelationship between markets. It defines joint demand, competitive demand, derived demand and joint supply.
Monetary policy is concerned with the money supply to the economy, interest and the amount of credit available to households and firms.
This post describes the difference between income and wealth. It outlines basic problems of unfair and unequal distribution of income.
The most important aspect of marketing is to create Unique Selling Point (USP) for the product to differentiate from competitors.
Companies should redefine themselves as satisfying customer needs and wants, and redefine their product ideas accordingly.
Cost Benefit Analysis (CBA) is a method which attempts to evaluate the social costs and benefits of a proposed economic activity.
This post is about costs and benefits – both private costs and social costs, and private benefits and social benefits. It also defines the term externalities.