In this article we will discuss about the concepts of heuristic model and heuristic programming used in managerial decision making. Heuristic Model: The term 'heuristic' means serving to discover or to stimulate investigation, in a literary sense. In its technical sense, heuristic is frequently associated with the simulation of human problem-solving techniques by means of computers. Heuristic model refers to [...]
The following points highlight the top nine marketing functions of a business. The functions are:- 1. Buying 2. Selling 3. Transportation 4. Storing 5. Standardisation, Grading and Branding 6. Market Financing 7. Pricing 8. Risk Assuming 9. Advertising. Function # 1. Buying: It is an important function in all business concerns. The manufacturing firms are required to purchase huge quantities [...]
In this article we will discuss about:- 1. Definition of Marketing Mix 2. Elements of Marketing Mix 3. Market and Marketing Forces Governing It. Definition of Marketing Mix: Some "definitions" of marketing mix are given below: 1. "Marketing mix refers to the amounts and kinds of marketing variables the firm is using at a particular time." [According to Philip Kotler] [...]