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Chapter 4: The internal assesment, Basic function of management, Marketing…
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Marketing
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the process of defining, anticipating, creating, and fulfilling customers’ needs and wants for products and services
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Management
The functions of management consist of five basic activities: planning, organizing, motivating, staffing, and controlling.
Cost/Benefit Analysis
- compute the total costs associated with a decision,
- estimate the total benefits from the decision,
- compare the total costs with the total benefits.
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Benchmarking
an analytical tool used to determine whether a firm’s value chain activities are competitive compared to rivals and thus conducive to winning in the marketplace
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