Marketers Often Use the Principles and Theories from Other Disciplines

question 34

Essay

Marketers often use the principles and theories from other disciplines to understand consumer actions and develop marketing strategies.What disciplines are most useful to marketers trying to understand consumer behavior?

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Definitions:

Perpetual Inventory System

An accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

FIFO

First In, First Out, an inventory valuation method where goods purchased or produced first are sold or used first.

LIFO

An inventory valuation method, "Last-In, First-Out," where the most recently produced items are recorded as sold first.

Average Cost

A method of inventory valuation which calculates the cost of goods sold based on the average cost of all similar items in inventory.