Ernest Cooke. Loyola Maryland

Front 1

What is the name of the term paper?

Back 1

Some Principles of Marketing

Front 2

When do you make up one missed examination?

Back 2

At the final exam

Front 3

Why have you been assigned a number?

Back 3

So that grades can be entered alphabetically

Front 4

To a large extent what will determine you final grade?

Back 4

The quizzes

Front 5

What is the set of tools a firm uses to implement its marketing strategy?

Back 5

Marketing mix

Front 6

What is the least controllable part of the marketing mix?

Back 6

price

Front 7

What is the relationship between cost, price and value?

Back 7

The buyer determines the value of the item, which in turn determines the price. The cost must be covered by the price. Value determines price, which covers cost.

Front 8

What was illustrated by the poem in syllabus?

Back 8

Brevity

Front 9

Define the marketing mix?

Back 9

The marketing mix is the firm’s strategic implementation of price, product, place and promotion in order to gain an advantage in a market.

Front 10

What type of economy produces the greatest evil?

Back 10

Command economy

Front 11

List the three major differences between a market economy and a command economy.

Back 11

Gov. or privately owned/operated, freedom of trade and competition

Front 12

Know some the other differences between a market economy and a command economy.

Back 12

Knowledge is free and perfect in market economies while being very restricted in command economies. There is a safety net in a command economy, and there is not income deviation.

Front 13

What are the duties of the managers of a business?

Back 13

To maximize owner’s profit

Front 14

What is required to have a perfect market economy?

Back 14

Perfect knowledge is necessary to have a perfect market economy

Front 15

What are the four factors of production?

Back 15

Land, Labor, capital and entrepreneurship

Front 16

What part of the four factors of production is knowledge?

Back 16

Capital

Front 17

What is the majority fallacy?

Back 17

Mass marketing- trying to develop one marketing mix for the entire market

Front 18

Mass marketing is a name for the majority fallacy. What is the book’s name?

Back 18

Undifferentiated marketing

Front 19

How do marketers counteract the majority fallacy?

Back 19

segmentation

Front 20

What is the major assumption made by marketers who use mass marketing?

Back 20

By focusing on what is common between all consumers and developing a product to sell to the market as a whole, they will make more sales.

Front 21

What are the three reasons a price is too high?

Back 21

It’s not worth the price, competition has a lower price and the consumer can’t afford it

Front 22

Briefly what are the nine points made about the marketing mix

Back 22

IT represents the areas under control of the market decision-maker, the parts are highly related and interdependent, they must be compatible, different parts assume different degrees of importance (depending on market), individual seelers can stress different parts of the marketing mix, the MM is sold by seller’s and bought by buyer’s, competitive marketing mixes are almost equal as a whole, though they differ significantly in individual parts and price is the equalizer of competitive market mixes

Front 23

What other concepts are there besides the marketing concept?

Back 23

product production selling and societal marketing

Front 24

What are the variables that are not under the control of the marketing decision-maker?

Back 24

Customer, competition, trade and government policies

Front 25

What was the slogan that I emphasized the first classes?

Back 25

Nothing happens until someone buys something

Front 26

What is the biggest problem with a market economy, it means a market economy should have a safety net?

Back 26

Schumpeter’s Creative Destruction

Front 27

List the parts of the marketing mix including subparts

Back 27

Product, Price, Place and Promotion. Product is goods and services. Place is broken down into physical distribution (delivery, storage, packaging) and the channel of distribution. Promotion is broken into 5 categories: advertising, sales promotion, personal selling, PR and direct marketing.

Front 28

List the five parts of my definition of the marketing concept.

Back 28

Foresee and satisfy customer wants and needs, coordinate all activities, this is how the firm meets its goal, it is a business philosophy and the most important idea in marketing.

Front 29

What are the nine mass media?

Back 29

Electronic (TV, radio, internet), print (newspapers, magazines, direct mail) and outdoor me

Front 30

How would you rank finance, marketing and production?

Back 30

Marketing, Finance, Production

Front 31

What is Marketing Mix a function of?

Back 31

Product and the market

Front 32

What is the difference between a segment and a target market?

Back 32

A segment is a group of consumers who respond in a similar way to marketing efforts, while a target market is the segment a company chooses to enter after evaluating the attractiveness of the market segments.