Notes, summaries, assignments, exams, and problems

Contractual Capacity

Individuals Lacking Capacity

• Minors (under 18 years of age)
• Individuals suffering from a mental disability
• Individuals who are intoxicated

Misrepresentation in Contracts

Types of Misrepresentation

• Fraudulent Misrepresentation
• Innocent Misrepresentation
• Negligent Misrepresentation

Proving Duress

Elements of Duress

• Demonstrate that illegitimate means were used.
• The illegitimate means used were a reason for entering the contract.
• The evidence presented is honest and accepted.

Undue Influence

Presumed Special Relationships

• Parent/Child
• Guardian/Ward
• Doctor/Patient

Discharge of Contracts

Primary Methods of Contract Discharge

• By Performance
• By Agreement
• By Frustration
• By Breach

Discharge by Agreement Methods

• Mutual Discharge
• Release
• Waiver
• Substitution

Recovering

Quantitative vs. Qualitative Market Research Methods

Understanding the strengths and weaknesses of both qualitative and quantitative market research is crucial for effective decision-making. This analysis examines the pros and cons of each approach, using adequate examples to argue which method is ultimately better suited for specific research goals.

Defining Quantitative Research

Quantitative research is fundamentally based on numerical analysis and statistics. It is used to quantify attitudes, opinions, behaviors, and other defined variables. Quantitative analysis allows researchers to test specific hypotheses, and its statistical nature allows for generalization.

Quantitative Research Methods

• Online surveys
• Face-to-face interviews (structured)

Integrated Marketing Communications Explained

Integrated Marketing Communications (IMC) is a straightforward concept: it ensures that all forms of communications and messages are carefully linked together. At its most basic level, IMC means integrating all promotional tools so that they work together in harmony. These communication tools are far more effective when they operate in harmony rather than in isolation. Their collective impact is greater than the sum of their individual parts, provided they speak consistently with one voice, all the time, every time.

The Essence of IMC: Harmonized Messaging

The core principle of IMC is to achieve synergy across all marketing channels. This consistent messaging prevents disjointed communications that... Continue reading "Maximizing Marketing Impact with Integrated Communications" »

Selecting the Right Market Targeting Strategy

Once a company has selected the segment(s) it wishes to target, it must decide on the most appropriate targeting strategy: undifferentiated, differentiated, or focused. Understanding the details of each approach is crucial for determining when each one is most appropriate.

Differentiated Marketing Strategy

A differentiated marketing strategy is employed when a company creates campaigns designed to appeal to at least two distinct market segments or target groups. This approach allows the company to tailor its message and product offerings to maximize relevance across multiple audiences.

Key Characteristics and Examples:

• Differentiated strategies can target many segments (e.g., shoe companies marketing

The external environment significantly influences a company's operations and strategic direction. In Bosnia and Herzegovina (BiH), businesses like the retail giant Bingo are particularly susceptible to shifts in the political, economic, and social landscape. These external factors are crucial considerations in strategic planning, often analyzed through a PEST framework.

Political Factors and Business Impact in BiH

Changes in government and political leadership in BiH have a profound impact on businesses, especially those in the private sector. Given the country's complex political situation, even minor shifts in leadership can ripple through the business community. Governments establish the rules and frameworks within which businesses operate... Continue reading "Bosnian Business Environment: Bingo's Strategic Adaptation" »

Jackson and Cox's Three Experimental Designs

Jackson and Cox describe three primary types of experimental designs:

Lab Experiments

Lab experiments are designed to manipulate both the social networks within which exchanges will be undertaken, as well as the form of social exchange.

Strengths:

• Manipulation of independent variables indicates cause-and-effect relationships.
• Increased control and accurate measurement.
• Standardized procedures allow for replication.

Weaknesses:

• Total control over all variables is not possible.
• Artificial conditions may produce unnatural behavior that lacks ecological validity.
• Results are likely to be biased by sampling, demand characteristics, and experimenter expectancy.
• May raise ethical concerns, such as deception.

Field Experiments

A... Continue reading "Understanding Experimental Designs: Lab, Field, and Survey Methods" »

The Washington Consensus: Policies and Origins

The concept and name of the Washington Consensus were first presented in 1989 by economist John Williamson, who used the term to summarize policies advised by Washington-based institutions such as the International Monetary Fund (IMF), World Bank, and U.S. Treasury Department. These policies were believed to be necessary for the recovery of countries in Latin America from the economic and financial crises of the 1980s. These key policies include:

• Downscaling of government
• Deregulation
• Trade liberalization
• Liberalization of capital flows
• Privatization

Foreign Direct Investment: Drawbacks for Developing Nations

Foreign Direct Investment (FDI) refers to a company's physical investment into building a plant... Continue reading "Washington Consensus & FDI: Impact on Developing Economies" »

STORY Retail Concept: Temporary Closure & Upcoming Launch

STORY, the innovative retail concept that constantly evolves, will be temporarily closed through January 20. We are diligently preparing for our next exciting "issue" – a brand new concept designed to surprise and delight you.

What to Expect During Our Closure

We know the anticipation is high, and the element of surprise is a core part of what makes STORY unique. While we can't reveal all the details just yet, we promise to share exclusive behind-the-scenes glimpses into the making of our upcoming concept. You'll also discover some of the real-life stories that inspire us daily, shaping the experiences we create.

Be the First to Experience Our Next Chapter!

Don't miss out on the grand... Continue reading "STORY Retail: New Concept Launch & Temporary Closure" »

Power Distance (PD) is a fundamental cultural dimension that defines the extent to which less powerful members of a society accept and expect that power is distributed unequally. This concept is crucial for comprehending societal structures and interactions across different nations.

High Power Distance Cultures

In high Power Distance cultures, individuals generally accept and expect a clear social hierarchy. Everyone has their rightful place, and the acceptance and exercise of authority come naturally. For example, in Japanese culture, this hierarchical understanding is often viewed as normal and natural from childhood. This contrasts sharply with the Western notion of authoritarianism, which often carries negative connotations.

• Power Concentration:

Essential English Vocabulary and Phrases

Common Phrasal Verbs

• Stay on: To continue in a place, position, or situation.
• Save up: To accumulate money for future use.
• Look up: To search for something on the internet or in a book.
• Look up to: To admire someone or something.

Money and Education

• Earning money: Getting money for work that you do.
• Allowance: An amount of money given regularly.
• Changed my mind: Had a change of opinion.
• Encourage: To inspire or motivate.
• Skip: To avoid going to; to miss.
• Immediately: Straight away.
• Career: A chosen pursuit; a profession or occupation.
• Degree: An academic title conferred by universities and colleges upon completion of studies, or as an honorary recognition of achievement.
• A-level: Exams which students in England and