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Marketing and artificial intelligence

The fields of marketing and artificial intelligence converge in systems which assist in areas such as market forecasting, and automation of processes and decision making, along with increased efficiency of tasks which would usually be performed b ...

Experiential retail

Experiential retail or experiential commerce is a type of retail marketing whereby customers coming into a physical retail space are offered experiences beyond the traditional ones. Amenities provided may include art, live music, virtual reality, ...

GeForce Partner Program

The Nvidia GeForce Partner Program was a marketing program designed to provide partnering companies with benefits such as public relations support, video game bundling, and marketing development funds. The program proved to be controversial, with ...

Infomediary

An infomediary works as a personal agent on behalf of consumers to help them take control over information gathered about them for use by marketers and advertisers. The concept of the infomediary was first suggested by former McKinsey consultant ...

Macromarketing

Macromarketing is an interdisciplinary field that studies marketing as a provisioning technology of society. It focuses on marketing-society interactions including such topics as marketing systems, aggregate consumer behavior, market regulation, ...

Marketing management

Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firms marketing resources and activi ...

Meta marketing

Meta marketing is "the synthesis of all managerial, traditional, scientific, social and historical foundations of marketing,” a term first coined by E.J.Kelly while discussing the issue of ethics and science of marketing Thus, Meta Marketing is a ...

Networks in marketing

Networks are crucial parts of any action taken in a marketplace. Peter Drucker even described the future economy as one of a society of networks. Companies embedded in such networks stand to gain a lot. There are a number of different network mod ...

Purchase funnel

The purchase funnel, or purchasing funnel, is a consumer-focused marketing model that illustrates the theoretical customer journey toward the purchase of a good or service. In 1898, E. St. Elmo Lewis developed a model that mapped a theoretical cu ...

Social studies of marketing

The social study of marketing is an interdisciplinary area of social science. It combines perspectives from anthropology, economic sociology, science and technology studies, and cultural studies to study consumption. Work in the area emphasizes t ...

Benefit shortfall

When the actual benefits of a venture are less than the projected or estimated benefits, the result is known as a benefit shortfall. If, for instance, a company is launching a new product or service and projected sales are 40 million dollars per ...

Business failure

Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses. A profitable business can fail if it does not generate adequate cash flow to meet expenses.

Obsolescence

Obsolescence is the state of being which occurs when an object, service, or practice is no longer wanted even though it may still be in good working order. The international standard EN62402 Obsolescence Management - Application Guide defines obs ...

Overcapitalisation

Overcapitalisation or Overcapitalization, refers to an economic phenomenon whereby the valuation/price of an asset is superior to its real’ value, however difficult to define, therefore putting a strain on attempts to obtain a reasonable return o ...

Assembly line feeding problem

The assembly line feeding problem describes a problem in operations management concerned with finding the optimal way of feeding parts to assembly stations. For this, various cost elements may be taken into account and every part is assigned to a ...

Average fixed cost

In economics, average fixed cost is the fixed costs of production divided by the quantity of output produced. Fixed costs are those costs that must be incurred in fixed quantity regardless of the level of output produced. A F C = F C Q. {\display ...

Bill of materials

A bill of materials or product structure is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product. A BOM may be used for communication between ...

Capacity utilization

Capacity utilization or capacity utilisation is the extent to which an enterprise or a nation uses its installed productive capacity. It is the relationship between output that is produced with the installed equipment, and the potential output wh ...

Capitalism

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a pri ...

Capitalist mode of production (Marxist theory)

In Karl Marxs critique of political economy and subsequent Marxian analyses, the capitalist mode of production refers to the systems of organizing production and distribution within capitalist societies. Private money-making in various forms prec ...

Choice of techniques

The choice of techniques is an area of economics in which the question of the appropriate capital or labour-intensity of the method of production of goods is discussed. In the context of traditional development economics it was often recognised f ...

Cobb–Douglas production function

In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs and the amount of ou ...

Constant elasticity of substitution

Constant elasticity of substitution, in economics, is a property of some production functions and utility functions. Specifically, it arises in a particular type of aggregator function which combines two or more types of consumption goods, or two ...

Constant elasticity of transformation

Constant Elasticity of Transformation was first advanced by Alan Powell and Fred Gruen in a 1968 publication. It is a new form of production-possibility frontier. Following on that early work, George Philippidis made a detailed introduction of th ...

Cost driver

A cost driver is the unit of an activity that causes the change in activitys cost. cost driver is any factor which causes a change in the cost of an activity "Cost drivers are the structural determinants of the cost of an activity, reflecting any ...

Cost-of-production theory of value

In economics, the cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production and ...

Data envelopment analysis

Data envelopment analysis is a nonparametric method in operations research and economics for the estimation of production frontiers. It is used to empirically measure productive efficiency of decision making units. Although DEA has a strong link ...

Diminishing returns

In economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant. The la ...

Diseconomies of scale

In microeconomics, diseconomies of scale are the cost disadvantages that economic actors accrue due to an increase in organizational size or on output, resulting in production of goods and services at increased per-unit costs. The concept of dise ...

Decentralized autonomous organization

A decentralized autonomous organization, sometimes labeled a decentralized autonomous corporation, is an organization represented by rules encoded as a computer program that is transparent, controlled by shareholders and not influenced by a centr ...

Division of labour

The division of labour is the separation of tasks in any economic system so that participants may specialize. Individuals, organizations, and nations are endowed with or acquire specialized capabilities and either form combinations or trade to ta ...

Domar aggregation

Domar aggregation is an approach to aggregating growth measures associated with industries to make larger sector or national aggregate growth rates. The issue comes up in the context of national accounts and multifactor productivity statistics. T ...

Economic potential

Economic potential is the potential of a region, nation, or corporation for economic development and growth and creation of surplus value. Typically, discussions of economic potential occur when available resources have not yet been tapped and fu ...

Economic region of production

In economics, the economic region of production is an offshoot of the theory of production function with two variables. It is a cost-oriented theory which defines the region in which the optimal factor combination will lie. It serves as a map of ...

Economies of scale

In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale. At the basis of economies of scale there may be technical, stati ...

Economies of scope

Economies of scope are "efficiencies formed by variety, not volume". In economics, "economies" is synonym to cost saving and "scope" is synonymous with broadening production/services through diversified products. For example, a gas station that s ...

Effects of the 2008–10 automotive industry crisis on Canada

The Canadian auto industry is closely linked to the U.S., due to the Automotive Products Trade Agreement and later the North American Free Trade Agreement, and is in similar trouble. Canadas 3.500 car dealers, which employ 140.000 people, told th ...

Effects of the 2008–10 automotive industry crisis on the United States

Beginning in the later half of 2008, a global-scale recession adversely affected the economy of the United States. A combination of several years of declining automobile sales and scarce availability of credit led to a more widespread crisis in t ...

Envelope theorem

The envelope theorem is a result about the differentiability properties of the objective function of a parameterized optimization problem. As we change parameters of the objective, the envelope theorem shows that, in a certain sense, changes in t ...

Excess supply

In economics, an excess supply or economic surplus is a situation in which the quantity of a good or service supplied is more than the quantity demanded, and the price is above the equilibrium level determined by supply and demand. That is, the q ...

Experience curve effects

In industry, models of the learning or experience curve effect express the relationship between experience producing a good and efficiency of production, ie. efficiency gains that follow investment in the effort.

Factor price

In economic theory, a factor price is the unit cost of using a factor of production, such as labor or physical capital. There has been much debate as to what determines factor prices. Classical and Marxist economists argue that factor prices deci ...

Factors of production

In economics, factors of production, resources, or inputs are what is used in the production process to produce output - that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according t ...

Fixed cost

In economics, fixed costs, indirect costs or overheads are business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as interest or rents being paid per month, and are ...

Foundations of Economic Analysis

Foundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 by Harvard University Press. It is based on Samuelsons 1941 doctoral dissertation at Harvard University. The book sought to demonstrate a common mathematical struct ...

Fragmentation (economics)

In economics, fragmentation means organization of production into different stages, which are divided among different suppliers often are located in different countries. Products traded between firms in different countries are often components ra ...

Generalized Ozaki cost function

In economics the generalized-Ozaki cost is a general description of cost described by Shuichi Nakamura. For output y, at date t and a vector of m input prices p, the generalized-Ozaki cost, c, is c p, y, t = ∑ i b i y b y i e b t i t p i + ∑ j: j ...

Genetic algorithms in economics

Genetic algorithms have increasingly been applied to economics since the pioneering work by John H. Miller in 1986. It has been used to characterize a variety of models including the cobweb model, the overlapping generations model, game theory, s ...

Hicks-neutral technical change

Hicks-neutral technical change is change in the production function of a business or industry which satisfies certain economic neutrality conditions. The concept of Hicks neutrality was first put forth in 1932 by John Hicks in his book The Theory ...

Indirect costs

Indirect costs are costs that are not directly accountable to a cost object. Indirect costs may be either fixed or variable. Indirect costs include administration, personnel and security costs. These are those costs which are not directly related ...