BUS 1050 1nd Edition Lecture 16Outline of Last Lecture I. 4Ps & Marketing StrategiesOutline of Current Lecture II. Aquinas and Marketing III. DarwinIV. PromotionsCurrent LectureAquinas- First Article- Status of business practice and the church practices.Price- Just PriceProduct- Substance, Quantity, QualityPromotion- Safety( Caveat vendor)Place- Anti-AristotelianItaly- Law of the lands in 1965. It is just to deceive one another. Seller to lie to buyer.Sinful to deceive and sell things for over just price.Just Price: cost (of goods)+labor (expense) No ProfitP 253. L59. 3 folds of Church Respect to substanceRespect to Quantity-Thomistic-DownsizingP254. L65. If the product being sold, may hurt someone, then you must be clear to buyer.P255. L10. Defects must be stated to those who offer to buy.POP- Point of Purchase.Affirmative disclosuresCurrent status of economy is 20% homofaber.P255. L 85. According to The Politics, Aristotle. Do not want to engage in markup pricing.P256. L9. Trading. Profits are not virtuous or necessary. These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Darwin- Uncontrollable External Variables1. Competition2. Economic3. Cultural4. Legal/Regulatory5. Technological6. Natural/Physical(4, 5, 6, Effect on 4Ps)Darwin-Adaptation- We are the way we are due to our genes that allowed us to adapt. Ex. Inclimate weather. Herbert Spencer- Influenced by Darwin, wrote monographs. PromotionInform, Persuade, Remind.Forms: Internet, Radio. Outdoor, TV, PublicationsSales Promotions- Designed to make ads better.TPR- Temporary Price ReductionPersonal SellingConsumer Decision Making ProcessProblem Recognition-> Information Search->Evaluation of Alternatives->Purchase->Purchase
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