Applied Economics Chapter 3 Lesson 10 PDF
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Maryknoll College of Panabo, Inc.
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This document is a chapter on Applied Economics, focusing on business principles, decision-making, marketing techniques, competitive advantages, and the impact of suppliers to a business. It covers essential concepts for understanding business practices and operations.
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**APPLIED ECONOMICS** **CHAPTER 3 - LESSON 10** **PRINCIPLES IN CREATING A BUSINESS** - fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. **7 STEPS IN EFFECTIVE DECISION-MAKING**...
**APPLIED ECONOMICS** **CHAPTER 3 - LESSON 10** **PRINCIPLES IN CREATING A BUSINESS** - fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. **7 STEPS IN EFFECTIVE DECISION-MAKING** 1. 2. 3. 4. 5. 6. 7. **DECISION-MAKING TOOLS** 1. 2. 3. 4. 5. 6. 7. **TOOLS AND TECHNIQUES IN MAKING AN EFFICIENT BUSINESS** 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. **COMPETITION** - one of the fundamental factors that explain limited growth, productivity, and employment in the economy **TECHNICAL MARKETING TECHNIQUES** 1. **CREATE UTILITY AND USEFULNESS WITH YOUR PRODUCT** - you offer them something they need and can use to accomplish their other goals 2. **CHANGE YOUR PRICING** - bringing your goods and services into the price range of your customers 3. **EMPHASIZE YOUR PRODUCT'S KEY BENEFIT TO THE CUSTOMER** - adapting to the customer\'s reality, both social and economic 4. **DELIVER TRUE VALUE OF YOUR PRODUCT TO YOUR CUSTOMER** - something that can only be identified by working closely with your customers **METHODS OF COMPETITIVE ADVANTAGES** 1. 2. 3. 4. **TYPES OF BUSINESS COMPETITION** 1. 2. 3. 4. 5. 6. 7. **IMPACT OF SUPPLIERS TO BUSINESS** 1. 2. 3. 4. 5.
