Economic Systems
What is a traditional economy?
Based on customs; e.g., indigenous tribes.
what is logistics
Logistics is the detailed planning, implementation, and control of the efficient forward and reverse flow and storage of goods, services, and related information from point of origin to point of consumption to meet customer requirements.
What is marketing in simple terms?
Marketing is the process of understanding what your customers need, creating products/services that meet those needs, and then effectively communicating that value to them to build relationships and drive sales.
command economy?
Government-controlled; e.g., North Korea.
What activities does logistics involve?
It includes transportation, warehousing, inventory management, material handling, packaging, order fulfillment, and distribution.
What's the main goal of marketing?
To generate profitable customer action by creating awareness, interest, desire, and ultimately, sales, while also building brand loyalty and retention.
market economy?
Supply/demand driven; e.g., Hong Kong.
How does operations management relate to logistics?
Operations management focuses on designing, controlling, and improving the processes that create and deliver products or services, while logistics is a core part of that, managing the movement and storage.
What's the difference between marketing strategy and tactics?
Strategy is the overall plan (e.g., "become the leading eco-friendly brand"), while tactics are the specific actions (e.g., running a Facebook ad, creating a blog post) used to execute the strategy
mixed economy?
Blend; e.g., USA.
Why are logistics and operations important for a business?
They directly impact customer satisfaction, operational efficiency, and profitability by ensuring products arrive on time, in the right condition, and at the right cost, notes Verve AI Interview Copilot.
Who is the target audience?
Your ideal customer, defined by demographics (age, income), interests, behaviors, and problems they face that your business can solve.
What are the main ideologies that shape these economic systems?
Capitalism, Socialism, Communism
How do you manage inventory efficiently?
By balancing supply and demand using techniques like ABC analysis, optimizing reorder points with historical data, and reducing stockouts and excess inventory to lower costs.
What are the "4 Ps" of marketing?
The core elements of a marketing mix: Product (what you sell), Price (how much it costs), Place (where it's available), and Promotion (how you tell people about it).