Define Marketing

question 78

Short Answer

Define marketing.

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Definitions:

Total Cost

The complete cost of producing or acquiring goods or services, including fixed and variable costs, but excluding externalities.

Holding Inventory

involves maintaining a stock of goods or materials to meet demand without incurring stockout or excessive surplus costs.

Carrying Costs

Expenses incurred by holding inventory over a period, including storage costs, insurance, and opportunity costs.