7. Outline the basic issues that marketing incorporates

AN activity of marketing incorporation also directing on collecting information about the market, exactly customers, their desires and wants in order to increase company’s profit, by the use of different ways of collecting information, for example observation, survey and an experiment.

Marketing incorporates deal with objects of choice, constraints upon choice and consequently alternatives, which are faced by consumers.

That’s why basic issues of marketing incorporates are products which are desirable by customers, taking into account all requirements and constraints which can prevent to consumer purchase.

As a result, company which use the help of marketing incorporates make it possible themselves to increase their profit, to attract new potential consumers etc.

8. Describe how marketing works in a truly world-class organization. What do you think the concept of leading-edge marketing mentality implies

In a truly world-class organization, marketing is an instrument through which best processes turn out innovative products to a worldwide audience. That channel operates in two directions. Initially, it transports valuable information about market needs and an absence into the company, where it is translated into superior products and service. These are released into the marketplace.

The only key to surviving the geographically and politically fluid is a change.

As for real companies in the market, for example. They are Microsoft and Alcoa. Both of them are followed a leading-edge marketing mentially years ago, which further them into the world-class arena and to the top of their respective industries.

9. What does the theory of consumer choice enable us to do. What economic aspects does it cover

Theory of consumer choice enables us to deal with the selection of consumption patterns at a particular time and the allocation of consumption over time and hence with saving.

Another words, the theory of consumer choice make it possible on the one hand to producers research the market, exactly consumer wants and preferences, preciously because of the fact, that a success of any company producing different goods and services depend on whether people will by their products or not. In order to make it clearly, we should always know what financial abilities people have, what our rivals can offer to people and how to surprise them in order to gain the bigger market share, consequently gain the biggest profit.

10. What are the components of the logical structure of the choice problem. Explain the concept of consumer utility.

Firstly we must consider the items which the consumer finds desirable, the object of choice.

Secondly,we must consider any limitations that might be placed on the alternatives available to the consumer, the constraints upon choice.

Finally, we must consider the way in which the consumer ranks the alternatives available, the consumer’s tastes and preferences.

Maximizing consumer utility generates an equilibrium where the budget constraint and the highest possible indifference curve are tangential. At any point other that equilibrium, the consumer can substitute one good for another and increase utility.