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What is the most fundamental law of modern economics? Do you agree with the author?

The most fundamental law for modern economics is that the future prosperity and survival of countries and cultures depends on their ability to make and market the right products and services.

I agree with the author,because the most important element of an economy is to know which products must be manufactures and provide a good service, which will satisfy consumer needs. Also is important to remember that the main thing is to meet the needs of our consumer.

Please comment: “The firms that make and market the right products and services will deliver a higher standard of living to their employees, owners andcitizens. Their economic rivals that lose out will not.”

Not all companies provide a good living for their employees, because they have low wages, the place where that work is very small and do not provide comfort, plus the work environment is bad, but there are other companies in which the employees are very important and provide a good working environment and also encouraged him in his studiesand capacitating.

For example: In the case of google, is an important company that offers its employees a better life, so they provide a better job and produce a quality products that meets the needs of their consumers and have better lifestyle.

What is marketing management? What does it involve?

Marketing management is the management of the innovative and imitative processes that firmsuse to identify and satisfy customers while being more cost effective than their rivals.

It is a prospective study is to understand consumer needs and benefits trough product, in addition also makes an early research on consumer behavior, for a processes of innovation and create a better product that has competitive advantages in their characteristics that enable competitive differentiation. 

What is an “endless series of cycles of product and service innovation/imitation”? What is an “innovation”?

In the market the products are an endless cycle, because of the continuing evolution of technology which should be implemented and adapted in different processes of a product and service delivery.

Innovation is when a person brings to market a new product, with technologicaladvances and increases customer satisfaction.

Please explain in your own words: how does innovation relate to marketing?

Innovation and marketing are related through a single objective is to satisfy consumer needs through new product introduction and implantation of new processes.

What is imitation? What does the text say about it?

Imitation is when produce a product equal to thecompetition.

The text says that imitation is copying behavior. It has also been colorfully described as swiping others ideas.

Briefly tell the story of “The Body Shop”

The body shop thinks the idea to implement in the market a natural cosmetics, that it is made with fruit extracts and vegetables oils, animal fats rather than. This idea start on 1976 and currently has 1000 stores around theword, but she forgot to bring her idea to one the largest market, for which the firm Estee Lauder and the clothing firm copy her idea and win United states market, thus creating an imitation the body shop idea.

Briefly tell the story of diet cola (RC Cola & Diet Coke) (p.5)

The Royal Crown was the first company that introduces in the market a special cola for diabetics, an innovativeidea that soon after the imitated coke and established itself as market leader to create a special segment dietary, Coca Cola took a risk by engaging in a new market , the first mover does not always come to dominate the market.

“…it took Coca-Cola only a year to establish its market leadership and to start creating today´s huge diet segment.” Please answer: Are segments created or discovered?...
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