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A. Not everyone in Chile is happy. Investors in the smaller companies whose mines have been closed in the safety clamp-down are particularly displeased. But as well as complying with safety standards, it is helpful if mining companies have the resources, technical and financial, to cope when accidents do happen, as they inevitably will. As BP has demonstrated, being a big, well-financed business is no guarantee of an impeccable safety record. But BP did have one thing going for it—deep pockets. It has met the estimated $10 billion cost of the clean up so far, without recourse to the taxpayer.
B. Like unhappy families, every corporate disaster is unhappy in its own way. Except the Chilean mining disaster, which appears to be that rare phenomenon—a corporate disaster with a happy ending.
C. Of course, some people make their own luck. Unlike Tony Hayward, who sailed his yacht in the Channel while BP spewed oil in the Gulf of Mexico, President Pinera didn’t take it upon himself to go potholing in the middle of the Chilean rescue effort.
D. The second hopeful sign in Fhile is that so far the government worked constructively with business during rescue effort. This was led by state-owned Codelco, the world’s largest copper producer, which pulled in help from BHP Billiton, Freeport McMoRan Copper Gold and other private sec-tor specialists, well as NASA. Contrast that with the blame-shifting and responsibility-dodging—both corporate and political—after BPs Deepwater Horizon oil spill. It is not ideal that the estimated $10m-$20m cost of the Chilean mining rescue has been shouldered by the government, but the San Esteban mining company’s obvious uselessness at least made it easier for everyone else to pull together.
E. However, the main reason Chile has a good chance of learning the lessons from its disaster is that they are relatively straightforward: mining is a risky business so safety regulations must be en-forced The Chilean triumph is to be celebrated, but the element of luck, as the rescue engineers noted, should not be overlooked. Some disasters, such as Hungary’s chemical sludge spill, just aren’t reversible.
F. First, past mistakes have been acknowledged. The San Jose mine, owned by Compania Minera San Esteban Primera had a poor safety record: by all accounts, it should not have been allowed to reopen after a previous accident (company funds are now frozen after legal action by miners’ families). The disaster has highlighted poor safety standards at many of Chile’s smaller mines, partly because of in-adequate supervision. The chief mining regulator has been sacked and a shake-up, including more money for more inspectors, is under way. President Pinera should find it relatively easy to draw a line under previous inadequacies, because most predate his term of office (although considerable pushing by miners’ relatives was required before the rescue effort swung into action).
G. The high drama of the past 48 hours—not to say the past 69 days—is over. But that is not the end of the story for the miners—or for the Chilean copper industry. Dealing with the aftermath of a disaster may turn out to be as difficult, in its own way, as the rescue. Will President Pinera’s next feat be to produce a sensible and durable reform program to improve mining safety and reinforce his country’s position as the world’s largest copper producer There are some grounds for optimism that the lessons of this particular corporate disaster will be taken seriously.
Order:

A. Not everyone in Chile is happy. Investors in the smaller companies whose mines have been closed in the safety clamp-down are particularly displeased. But as well as complying with safety standards, it is helpful if mining companies have the resources, technical and financial, to cope when accidents do happen, as they inevitably will. As BP has demonstrated, being a big, well-financed business is no guarantee of an impeccable safety record. But BP did have one thing going for it—deep pockets. It has met the estimated $10 billion cost of the clean up so far, without recourse to the taxpayer.
B. Like unhappy families, every corporate disaster is unhappy in its own way. Except the Chilean mining disaster, which appears to be that rare phenomenon—a corporate disaster with a happy ending.
C. Of course, some people make their own luck. Unlike Tony Hayward, who sailed his yacht in the Channel while BP spewed oil in the Gulf of Mexico, President Pinera didn’t take it upon himself to go potholing in the middle of the Chilean rescue effort.
D. The second hopeful sign in Fhile is that so far the government worked constructively with business during rescue effort. This was led by state-owned Codelco, the world’s largest copper producer, which pulled in help from BHP Billiton, Freeport McMoRan Copper Gold and other private sec-tor specialists, well as NASA. Contrast that with the blame-shifting and responsibility-dodging—both corporate and political—after BPs Deepwater Horizon oil spill. It is not ideal that the estimated $10m-$20m cost of the Chilean mining rescue has been shouldered by the government, but the San Esteban mining company’s obvious uselessness at least made it easier for everyone else to pull together.
E. However, the main reason Chile has a good chance of learning the lessons from its disaster is that they are relatively straightforward: mining is a risky business so safety regulations must be en-forced The Chilean triumph is to be celebrated, but the element of luck, as the rescue engineers noted, should not be overlooked. Some disasters, such as Hungary’s chemical sludge spill, just aren’t reversible.
F. First, past mistakes have been acknowledged. The San Jose mine, owned by Compania Minera San Esteban Primera had a poor safety record: by all accounts, it should not have been allowed to reopen after a previous accident (company funds are now frozen after legal action by miners’ families). The disaster has highlighted poor safety standards at many of Chile’s smaller mines, partly because of in-adequate supervision. The chief mining regulator has been sacked and a shake-up, including more money for more inspectors, is under way. President Pinera should find it relatively easy to draw a line under previous inadequacies, because most predate his term of office (although considerable pushing by miners’ relatives was required before the rescue effort swung into action).
G. The high drama of the past 48 hours—not to say the past 69 days—is over. But that is not the end of the story for the miners—or for the Chilean copper industry. Dealing with the aftermath of a disaster may turn out to be as difficult, in its own way, as the rescue. Will President Pinera’s next feat be to produce a sensible and durable reform program to improve mining safety and reinforce his country’s position as the world’s largest copper producer There are some grounds for optimism that the lessons of this particular corporate disaster will be taken seriously.
Order:

A. Modem marketing is therefore a coordinated system of many business activities. But basically it involves four things: selling the correct product at the proper place, selling it at a price determined by demand, satisfying a customer’s need and wants, and producing a profit for the company.
B. Because products are often marketed internationally, distribution has increased in importance. Goods must be at the place where the customer need them or bought there. This is known as place utility: It adds value to a product. However, many markets are separated from the place of production, which means that often both raw materials and finished products must be transported to the points where they are needed.
C. The terms market and marketing can have several meanings depending upon how they are used. The term stock market refers to the buying and selling of shares in corporations, as well as other activities related to stock trading and pricing. The important world stock markets are in London, Geneva, New York, Tokyo and Singapore. Another type of market is a grocery market, which is a place where people purchase food. When economists use the word market, they mean a set of forces or conditions that determine the price of a product, such as the supply available for sale and the demand for it by consumers. The term marketing in business includes all these meanings, and more.
D. In the past, the concept of marketing emphasized sales. The producer or manufacturer made a product he wanted to sell. Marketing was the task of figuring out how to sell the product. Basically, selling the product would be accomplished by sales promotion, which included advertising and personal selling. In addition to sales promotion, marketing also involved the physical distribution of the product to the places where it was actually sold. Distribution consisted of transportation, storage, and related services, such as financing, standardization and grading, and the related risks.
E. Marketing now involves first deciding what the customer wants, and designing and producing a product that satisfies these wants at a profit to the company. Instead of concentrating solely on product, the company must consider the desires of the consumer. And this is much more difficult since it involves human behavior. Production, on the other hand, is mostly an engineering problem. Thus, demand and market forces are still an important aspect of modem marketing, but they are considered prior to the production process.
F. The modem marketing concept encompasses all of the activities mentioned, but it is based on a different set of principles. It subscribes to the notion that production can be economically justified only by consumption. In other words, goods should be produced only if they can be sold. Therefore, the producer should consider who is going to buy the product, or what the market for the product is before production begins. This is very different from making a product and then thinking about how to sell it.
G. Raw materials requiring little or special treatment can be transported by rail, ship of barge at low cost. Large quantities of raw materials travels as bulk freight but finished products that often require special treatment, such as refrigeration or careful handling, are usually transported by truck; this merchandise freight is usually smaller in volume and required quicker delivery. Merchandise freight is a term for the transportation of manufactured good. Along all points of the distribution channel various amounts of storage are required. The time and manner of such storage depends upon the type of product. Inventories of this stored merchandise often need to be financed.
Order:

A. Not everyone in Chile is happy. Investors in the smaller companies whose mines have been closed in the safety clamp-down are particularly displeased. But as well as complying with safety standards, it is helpful if mining companies have the resources, technical and financial, to cope when accidents do happen, as they inevitably will. As BP has demonstrated, being a big, well-financed business is no guarantee of an impeccable safety record. But BP did have one thing going for it—deep pockets. It has met the estimated $10 billion cost of the clean up so far, without recourse to the taxpayer.
B. Like unhappy families, every corporate disaster is unhappy in its own way. Except the Chilean mining disaster, which appears to be that rare phenomenon—a corporate disaster with a happy ending.
C. Of course, some people make their own luck. Unlike Tony Hayward, who sailed his yacht in the Channel while BP spewed oil in the Gulf of Mexico, President Pinera didn’t take it upon himself to go potholing in the middle of the Chilean rescue effort.
D. The second hopeful sign in Fhile is that so far the government worked constructively with business during rescue effort. This was led by state-owned Codelco, the world’s largest copper producer, which pulled in help from BHP Billiton, Freeport McMoRan Copper Gold and other private sec-tor specialists, well as NASA. Contrast that with the blame-shifting and responsibility-dodging—both corporate and political—after BPs Deepwater Horizon oil spill. It is not ideal that the estimated $10m-$20m cost of the Chilean mining rescue has been shouldered by the government, but the San Esteban mining company’s obvious uselessness at least made it easier for everyone else to pull together.
E. However, the main reason Chile has a good chance of learning the lessons from its disaster is that they are relatively straightforward: mining is a risky business so safety regulations must be en-forced The Chilean triumph is to be celebrated, but the element of luck, as the rescue engineers noted, should not be overlooked. Some disasters, such as Hungary’s chemical sludge spill, just aren’t reversible.
F. First, past mistakes have been acknowledged. The San Jose mine, owned by Compania Minera San Esteban Primera had a poor safety record: by all accounts, it should not have been allowed to reopen after a previous accident (company funds are now frozen after legal action by miners’ families). The disaster has highlighted poor safety standards at many of Chile’s smaller mines, partly because of in-adequate supervision. The chief mining regulator has been sacked and a shake-up, including more money for more inspectors, is under way. President Pinera should find it relatively easy to draw a line under previous inadequacies, because most predate his term of office (although considerable pushing by miners’ relatives was required before the rescue effort swung into action).
G. The high drama of the past 48 hours—not to say the past 69 days—is over. But that is not the end of the story for the miners—or for the Chilean copper industry. Dealing with the aftermath of a disaster may turn out to be as difficult, in its own way, as the rescue. Will President Pinera’s next feat be to produce a sensible and durable reform program to improve mining safety and reinforce his country’s position as the world’s largest copper producer There are some grounds for optimism that the lessons of this particular corporate disaster will be taken seriously.
Order:

A. Modem marketing is therefore a coordinated system of many business activities. But basically it involves four things: selling the correct product at the proper place, selling it at a price determined by demand, satisfying a customer’s need and wants, and producing a profit for the company.
B. Because products are often marketed internationally, distribution has increased in importance. Goods must be at the place where the customer need them or bought there. This is known as place utility: It adds value to a product. However, many markets are separated from the place of production, which means that often both raw materials and finished products must be transported to the points where they are needed.
C. The terms market and marketing can have several meanings depending upon how they are used. The term stock market refers to the buying and selling of shares in corporations, as well as other activities related to stock trading and pricing. The important world stock markets are in London, Geneva, New York, Tokyo and Singapore. Another type of market is a grocery market, which is a place where people purchase food. When economists use the word market, they mean a set of forces or conditions that determine the price of a product, such as the supply available for sale and the demand for it by consumers. The term marketing in business includes all these meanings, and more.
D. In the past, the concept of marketing emphasized sales. The producer or manufacturer made a product he wanted to sell. Marketing was the task of figuring out how to sell the product. Basically, selling the product would be accomplished by sales promotion, which included advertising and personal selling. In addition to sales promotion, marketing also involved the physical distribution of the product to the places where it was actually sold. Distribution consisted of transportation, storage, and related services, such as financing, standardization and grading, and the related risks.
E. Marketing now involves first deciding what the customer wants, and designing and producing a product that satisfies these wants at a profit to the company. Instead of concentrating solely on product, the company must consider the desires of the consumer. And this is much more difficult since it involves human behavior. Production, on the other hand, is mostly an engineering problem. Thus, demand and market forces are still an important aspect of modem marketing, but they are considered prior to the production process.
F. The modem marketing concept encompasses all of the activities mentioned, but it is based on a different set of principles. It subscribes to the notion that production can be economically justified only by consumption. In other words, goods should be produced only if they can be sold. Therefore, the producer should consider who is going to buy the product, or what the market for the product is before production begins. This is very different from making a product and then thinking about how to sell it.
G. Raw materials requiring little or special treatment can be transported by rail, ship of barge at low cost. Large quantities of raw materials travels as bulk freight but finished products that often require special treatment, such as refrigeration or careful handling, are usually transported by truck; this merchandise freight is usually smaller in volume and required quicker delivery. Merchandise freight is a term for the transportation of manufactured good. Along all points of the distribution channel various amounts of storage are required. The time and manner of such storage depends upon the type of product. Inventories of this stored merchandise often need to be financed.
Order:

A. Not everyone in Chile is happy. Investors in the smaller companies whose mines have been closed in the safety clamp-down are particularly displeased. But as well as complying with safety standards, it is helpful if mining companies have the resources, technical and financial, to cope when accidents do happen, as they inevitably will. As BP has demonstrated, being a big, well-financed business is no guarantee of an impeccable safety record. But BP did have one thing going for it—deep pockets. It has met the estimated $10 billion cost of the clean up so far, without recourse to the taxpayer.
B. Like unhappy families, every corporate disaster is unhappy in its own way. Except the Chilean mining disaster, which appears to be that rare phenomenon—a corporate disaster with a happy ending.
C. Of course, some people make their own luck. Unlike Tony Hayward, who sailed his yacht in the Channel while BP spewed oil in the Gulf of Mexico, President Pinera didn’t take it upon himself to go potholing in the middle of the Chilean rescue effort.
D. The second hopeful sign in Fhile is that so far the government worked constructively with business during rescue effort. This was led by state-owned Codelco, the world’s largest copper producer, which pulled in help from BHP Billiton, Freeport McMoRan Copper Gold and other private sec-tor specialists, well as NASA. Contrast that with the blame-shifting and responsibility-dodging—both corporate and political—after BPs Deepwater Horizon oil spill. It is not ideal that the estimated $10m-$20m cost of the Chilean mining rescue has been shouldered by the government, but the San Esteban mining company’s obvious uselessness at least made it easier for everyone else to pull together.
E. However, the main reason Chile has a good chance of learning the lessons from its disaster is that they are relatively straightforward: mining is a risky business so safety regulations must be en-forced The Chilean triumph is to be celebrated, but the element of luck, as the rescue engineers noted, should not be overlooked. Some disasters, such as Hungary’s chemical sludge spill, just aren’t reversible.
F. First, past mistakes have been acknowledged. The San Jose mine, owned by Compania Minera San Esteban Primera had a poor safety record: by all accounts, it should not have been allowed to reopen after a previous accident (company funds are now frozen after legal action by miners’ families). The disaster has highlighted poor safety standards at many of Chile’s smaller mines, partly because of in-adequate supervision. The chief mining regulator has been sacked and a shake-up, including more money for more inspectors, is under way. President Pinera should find it relatively easy to draw a line under previous inadequacies, because most predate his term of office (although considerable pushing by miners’ relatives was required before the rescue effort swung into action).
G. The high drama of the past 48 hours—not to say the past 69 days—is over. But that is not the end of the story for the miners—or for the Chilean copper industry. Dealing with the aftermath of a disaster may turn out to be as difficult, in its own way, as the rescue. Will President Pinera’s next feat be to produce a sensible and durable reform program to improve mining safety and reinforce his country’s position as the world’s largest copper producer There are some grounds for optimism that the lessons of this particular corporate disaster will be taken seriously.
Order:

A. Modem marketing is therefore a coordinated system of many business activities. But basically it involves four things: selling the correct product at the proper place, selling it at a price determined by demand, satisfying a customer’s need and wants, and producing a profit for the company.
B. Because products are often marketed internationally, distribution has increased in importance. Goods must be at the place where the customer need them or bought there. This is known as place utility: It adds value to a product. However, many markets are separated from the place of production, which means that often both raw materials and finished products must be transported to the points where they are needed.
C. The terms market and marketing can have several meanings depending upon how they are used. The term stock market refers to the buying and selling of shares in corporations, as well as other activities related to stock trading and pricing. The important world stock markets are in London, Geneva, New York, Tokyo and Singapore. Another type of market is a grocery market, which is a place where people purchase food. When economists use the word market, they mean a set of forces or conditions that determine the price of a product, such as the supply available for sale and the demand for it by consumers. The term marketing in business includes all these meanings, and more.
D. In the past, the concept of marketing emphasized sales. The producer or manufacturer made a product he wanted to sell. Marketing was the task of figuring out how to sell the product. Basically, selling the product would be accomplished by sales promotion, which included advertising and personal selling. In addition to sales promotion, marketing also involved the physical distribution of the product to the places where it was actually sold. Distribution consisted of transportation, storage, and related services, such as financing, standardization and grading, and the related risks.
E. Marketing now involves first deciding what the customer wants, and designing and producing a product that satisfies these wants at a profit to the company. Instead of concentrating solely on product, the company must consider the desires of the consumer. And this is much more difficult since it involves human behavior. Production, on the other hand, is mostly an engineering problem. Thus, demand and market forces are still an important aspect of modem marketing, but they are considered prior to the production process.
F. The modem marketing concept encompasses all of the activities mentioned, but it is based on a different set of principles. It subscribes to the notion that production can be economically justified only by consumption. In other words, goods should be produced only if they can be sold. Therefore, the producer should consider who is going to buy the product, or what the market for the product is before production begins. This is very different from making a product and then thinking about how to sell it.
G. Raw materials requiring little or special treatment can be transported by rail, ship of barge at low cost. Large quantities of raw materials travels as bulk freight but finished products that often require special treatment, such as refrigeration or careful handling, are usually transported by truck; this merchandise freight is usually smaller in volume and required quicker delivery. Merchandise freight is a term for the transportation of manufactured good. Along all points of the distribution channel various amounts of storage are required. The time and manner of such storage depends upon the type of product. Inventories of this stored merchandise often need to be financed.
Order:

A. Not everyone in Chile is happy. Investors in the smaller companies whose mines have been closed in the safety clamp-down are particularly displeased. But as well as complying with safety standards, it is helpful if mining companies have the resources, technical and financial, to cope when accidents do happen, as they inevitably will. As BP has demonstrated, being a big, well-financed business is no guarantee of an impeccable safety record. But BP did have one thing going for it—deep pockets. It has met the estimated $10 billion cost of the clean up so far, without recourse to the taxpayer.
B. Like unhappy families, every corporate disaster is unhappy in its own way. Except the Chilean mining disaster, which appears to be that rare phenomenon—a corporate disaster with a happy ending.
C. Of course, some people make their own luck. Unlike Tony Hayward, who sailed his yacht in the Channel while BP spewed oil in the Gulf of Mexico, President Pinera didn’t take it upon himself to go potholing in the middle of the Chilean rescue effort.
D. The second hopeful sign in Fhile is that so far the government worked constructively with business during rescue effort. This was led by state-owned Codelco, the world’s largest copper producer, which pulled in help from BHP Billiton, Freeport McMoRan Copper Gold and other private sec-tor specialists, well as NASA. Contrast that with the blame-shifting and responsibility-dodging—both corporate and political—after BPs Deepwater Horizon oil spill. It is not ideal that the estimated $10m-$20m cost of the Chilean mining rescue has been shouldered by the government, but the San Esteban mining company’s obvious uselessness at least made it easier for everyone else to pull together.
E. However, the main reason Chile has a good chance of learning the lessons from its disaster is that they are relatively straightforward: mining is a risky business so safety regulations must be en-forced The Chilean triumph is to be celebrated, but the element of luck, as the rescue engineers noted, should not be overlooked. Some disasters, such as Hungary’s chemical sludge spill, just aren’t reversible.
F. First, past mistakes have been acknowledged. The San Jose mine, owned by Compania Minera San Esteban Primera had a poor safety record: by all accounts, it should not have been allowed to reopen after a previous accident (company funds are now frozen after legal action by miners’ families). The disaster has highlighted poor safety standards at many of Chile’s smaller mines, partly because of in-adequate supervision. The chief mining regulator has been sacked and a shake-up, including more money for more inspectors, is under way. President Pinera should find it relatively easy to draw a line under previous inadequacies, because most predate his term of office (although considerable pushing by miners’ relatives was required before the rescue effort swung into action).
G. The high drama of the past 48 hours—not to say the past 69 days—is over. But that is not the end of the story for the miners—or for the Chilean copper industry. Dealing with the aftermath of a disaster may turn out to be as difficult, in its own way, as the rescue. Will President Pinera’s next feat be to produce a sensible and durable reform program to improve mining safety and reinforce his country’s position as the world’s largest copper producer There are some grounds for optimism that the lessons of this particular corporate disaster will be taken seriously.
Order:

A. Modem marketing is therefore a coordinated system of many business activities. But basically it involves four things: selling the correct product at the proper place, selling it at a price determined by demand, satisfying a customer’s need and wants, and producing a profit for the company.
B. Because products are often marketed internationally, distribution has increased in importance. Goods must be at the place where the customer need them or bought there. This is known as place utility: It adds value to a product. However, many markets are separated from the place of production, which means that often both raw materials and finished products must be transported to the points where they are needed.
C. The terms market and marketing can have several meanings depending upon how they are used. The term stock market refers to the buying and selling of shares in corporations, as well as other activities related to stock trading and pricing. The important world stock markets are in London, Geneva, New York, Tokyo and Singapore. Another type of market is a grocery market, which is a place where people purchase food. When economists use the word market, they mean a set of forces or conditions that determine the price of a product, such as the supply available for sale and the demand for it by consumers. The term marketing in business includes all these meanings, and more.
D. In the past, the concept of marketing emphasized sales. The producer or manufacturer made a product he wanted to sell. Marketing was the task of figuring out how to sell the product. Basically, selling the product would be accomplished by sales promotion, which included advertising and personal selling. In addition to sales promotion, marketing also involved the physical distribution of the product to the places where it was actually sold. Distribution consisted of transportation, storage, and related services, such as financing, standardization and grading, and the related risks.
E. Marketing now involves first deciding what the customer wants, and designing and producing a product that satisfies these wants at a profit to the company. Instead of concentrating solely on product, the company must consider the desires of the consumer. And this is much more difficult since it involves human behavior. Production, on the other hand, is mostly an engineering problem. Thus, demand and market forces are still an important aspect of modem marketing, but they are considered prior to the production process.
F. The modem marketing concept encompasses all of the activities mentioned, but it is based on a different set of principles. It subscribes to the notion that production can be economically justified only by consumption. In other words, goods should be produced only if they can be sold. Therefore, the producer should consider who is going to buy the product, or what the market for the product is before production begins. This is very different from making a product and then thinking about how to sell it.
G. Raw materials requiring little or special treatment can be transported by rail, ship of barge at low cost. Large quantities of raw materials travels as bulk freight but finished products that often require special treatment, such as refrigeration or careful handling, are usually transported by truck; this merchandise freight is usually smaller in volume and required quicker delivery. Merchandise freight is a term for the transportation of manufactured good. Along all points of the distribution channel various amounts of storage are required. The time and manner of such storage depends upon the type of product. Inventories of this stored merchandise often need to be financed.
Order:

A. Modem marketing is therefore a coordinated system of many business activities. But basically it involves four things: selling the correct product at the proper place, selling it at a price determined by demand, satisfying a customer’s need and wants, and producing a profit for the company.
B. Because products are often marketed internationally, distribution has increased in importance. Goods must be at the place where the customer need them or bought there. This is known as place utility: It adds value to a product. However, many markets are separated from the place of production, which means that often both raw materials and finished products must be transported to the points where they are needed.
C. The terms market and marketing can have several meanings depending upon how they are used. The term stock market refers to the buying and selling of shares in corporations, as well as other activities related to stock trading and pricing. The important world stock markets are in London, Geneva, New York, Tokyo and Singapore. Another type of market is a grocery market, which is a place where people purchase food. When economists use the word market, they mean a set of forces or conditions that determine the price of a product, such as the supply available for sale and the demand for it by consumers. The term marketing in business includes all these meanings, and more.
D. In the past, the concept of marketing emphasized sales. The producer or manufacturer made a product he wanted to sell. Marketing was the task of figuring out how to sell the product. Basically, selling the product would be accomplished by sales promotion, which included advertising and personal selling. In addition to sales promotion, marketing also involved the physical distribution of the product to the places where it was actually sold. Distribution consisted of transportation, storage, and related services, such as financing, standardization and grading, and the related risks.
E. Marketing now involves first deciding what the customer wants, and designing and producing a product that satisfies these wants at a profit to the company. Instead of concentrating solely on product, the company must consider the desires of the consumer. And this is much more difficult since it involves human behavior. Production, on the other hand, is mostly an engineering problem. Thus, demand and market forces are still an important aspect of modem marketing, but they are considered prior to the production process.
F. The modem marketing concept encompasses all of the activities mentioned, but it is based on a different set of principles. It subscribes to the notion that production can be economically justified only by consumption. In other words, goods should be produced only if they can be sold. Therefore, the producer should consider who is going to buy the product, or what the market for the product is before production begins. This is very different from making a product and then thinking about how to sell it.
G. Raw materials requiring little or special treatment can be transported by rail, ship of barge at low cost. Large quantities of raw materials travels as bulk freight but finished products that often require special treatment, such as refrigeration or careful handling, are usually transported by truck; this merchandise freight is usually smaller in volume and required quicker delivery. Merchandise freight is a term for the transportation of manufactured good. Along all points of the distribution channel various amounts of storage are required. The time and manner of such storage depends upon the type of product. Inventories of this stored merchandise often need to be financed.
Order: