Outline and Explain the Four Types of Marketing Control Needed

question 27

Essay

Outline and explain the four types of marketing control needed by companies, who is primarily responsible for these controls, and the overall purpose of the controls.

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Definitions:

Price System

An economic mechanism that uses prices arising from supply and demand interactions to communicate information to help guide the allocation of resources.

Scarce Goods

Goods that are limited in supply in comparison to their demand, necessitating allocation mechanisms.

Automatically Distributes

Refers to processes or systems that allocate resources, duties, or information without the need for human intervention.

Price Rationing

The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.