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33 Cards in this Set
- Front
- Back
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EXPLAIN 3 PARTS OF THE MARKETING CONCEPT |
1. Customer orientation - find out what customers want and provide it for them 2. Service orientation - make sure everyone in company is customer-oriented 3. Profit orientation - sell as many as they can |
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IDENTIFY 3 PRIMARY SOURCES OF MARKET RESEARCH |
- interviews - observing - focus groups - surveys - questionaires |
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IDENTIFY & EXPLAIN 3 WAYS IN WHICH A MARKET CAN BE SEGMENTED |
1. Demographic (who) - by age, race, sex, education 2. Geographic (where) - by state, town, country 3. Psychographic (why) - by religion, attitude |
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EXPLAIN HOW A "REFERENCE GROUP" CAN AFFECT A CUSTOMERS DECISIONS |
If the customer relates to someone in a reference group (ex smoker/non-smoker, mom/non-mom) then maybe they will listen to their reviews on the product because they can relate |
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WHAT ARE THE 4 FACTORS OF A PROMOTION MIX? WHAT DOES EACH ENTAIL? |
1. Advertising - TV, billboards, magazines 2. Personal Selling - face to face, kiosk @ mall 3. Sales promotions - punch cards, points system 4. Public Relations - what the people want |
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WHICH ADVERTISING MEDIUM HAS THE HIGHEST SPENDING LEVEL? WHY? |
Direct mail is the most popular because everyone gets mail and they can't avoid it. People can fast forward commercials and not watch them but everybody looks at their mail and it is a real tangible thing. |
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WHAT ARE 3 DISADVANTAGES OF TV ADVERTISING? WHY? |
1. It's very expensive to get air time 2. Today people are able to fast forward commercials with DVR so they don't watch 3. You get a short amount of time to get your point across |
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DESCRIBE THE 3 STEPS OF A GOOD PUBLIC RELATIONS PROGRAM |
1. Listen to the people - complaints, reviews, surveys 2. Change/Adapt your procedures/policies AS APPROPRIATE - ex: spicy pizza is too spicy or bring back popular cookies 3. Act & Inform - do it and tell your customers |
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DEFINE PRODUCT PLACEMENT AND GIVE EXAMPLE |
Product placement is when a company pays money to prominently display their product or logo in a movie or show to get viewers attention Ex: happy gilmore eating at subway, audi car in i-robot, GM cars in transformers |
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EXPLAIN DIFFERENCE BETWEEN PUSH & PULL STRATEGY |
PUSH - directed towards sellers, place your product in specific spot in store to grab customers attention ex: sugary cereals down low, lays chips @ end of aisle PULL - directed towards customers, gets customers to demand your product ex: giving ice cream samples outside of store that doesnt have it so people demand it |
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WHAT IS RELATIONSHIP MARKETING? |
When a company meets the individual customers needs
ex: BK have it your way, Subway |
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ADVANTAGES OF DIRECT MAIL ADVERTISING |
Everybody receives mail and can't avoid it. It's a tangible thing the customer can hold & look at for however long they want to. Also, it is not very expensive. |
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FUNDAMENTAL ACCOUNTING EQUATION |
Assets = liabilities + owners equity |
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DESCRIBE THE DIFFERENCE BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING |
Managerial accounting - not shared with the general public, used to make decisions for company
Financial accounting - is released to the public and is used as an annual report |
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WHAT ARE THE STEPS IN THE ACCOUNTING CYCLE? GIVE AN EXAMPLE OF A SOURCE DOCUMENT |
Analyze documents Collect data Transfer to leger Trial balance Prepare statement Analyze statement source document example: bank statement, credit card receipt |
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NAME THE DIFFERENT TYPES OF ASSETS & GIVE EXAMPLES OF EACH |
1. Current assets - cash, inventory 2. Fixed assets - property, equipment 3. Intangible assets - copy right, patents, trademarks |
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WHAT IS THE DIFFERENCE BETWEEN A BALANCE SHEET AND INCOME STATEMENT? |
Balance - company's financial situation on a SPECIFIC DATE
Income statement - statement of cash in, cash out, and cash left over a period of time (could be monthly, yearly, quarterly) |
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DESCRIBE THE MAIN ELEMENTS THAT MAKE UP MARKETING ENVIRONMENT & WHAT FACTORS MAKE UP EACH ELEMENT |
1. Sociocultural - people, location, demographics, race, sex 2. Economical - competition, other business', financial 3. Competitive - speed, price, service 4. Global - trade, internet |
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DESCRIBE 5 ELEMENTS OF BUSINESS ENVIRONMENT |
1. Economical - direct impact ex: employment rate, profit earning rate 2. Social - customs & traditions of society ex: consumption habits, beliefs of people 3. Political - all government related factors 4. Legal - constitutes the laws 5. Technological - changes in technology/new products |
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IDENTIFY & EXPLAIN THE 4 P'S. HOW AND WHY ARE THEY INTERRELATED? |
The right PRODUCT in the right PLACE at the right PRICE with the right PROMOTION for a good PROFIT. They are interrelated because each one has to be satisfied in order to have a successful company. If you only have 3 out of 4 Ps satisfied, its still not guaranteed to be successful. Ex: surfboards in indiana |
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IDENTIFY & DESCRIBE 4 CAUSES OF SMALL BUSINESS FAILURE |
1. Lack of plans - not setting goals 2. Insufficient funding - no cash cushion 3. Overreaching - growing too big too fast 4. Personal spending - blurred line between business & personal life |
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DEFINE OLIGOPOLY AND GIVE AN EXAMPLE |
A business that has very few competitors because its very hard to get into because of the price & difficulty to get into is Ex: airplane manufacturing, gasoline, cars Not many people know how to make airplanes and it is very expensive/dangerous to do it but makes a lot of money |
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NAME & EXPLAIN THE 4 TYPES OF PLANNING WHO DOES EACH TYPE? HOW ARE THEY RELATED? |
Strategic - broad, long term, done by Pres or CEO Tactical - specific, short term, done by VP Operational - very specific, hourly-monthly, done by manager Contingency - "if something goes wrong" plan, done by all of them related because each plan supports the one above it
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EXPLAIN MASLOWS HIERARCHY OF NEEDS |
5. Physiological - food, water, sleep, sex are your needs. only motivator = more food n water 4. Safety - steady income job & shelter. only motivator = more money to keep or ^ shelter 3. Social - have friends, coworkers, and need to be accepted. only motivator = recognition 2. Self esteem - need to feel good about yourself. only motivator = recognition of ability (youre good @ what you do) 1. Self actualization - to be the best you can be. only motivator = SELF |
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DESCRIBE 7 STEPS IN RATIONAL DECISION MAKING MODEL |
Define situation - outline your goals Describe & collect info - gather data to help you Describe alternatives - begin to brainstorm Develop consensus - eliminate the bad ideas Decide best alternative - choose most logical idea Do it - immediately take action Determine outcome - reflect from decision |
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WHAT MAKES UP A GOOD MISSION STATEMENT? |
outlines essential purposes of a business. includes: business' self concept, its philosophy, customer needs, social responsibility, nature of the product |
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WHAT ARE THE 4 BASIC RIGHTS UNDER FREE MARKET CAPITALISM? |
1. rights to own private property 2. right to choose your business 3. right to keep profits 4. right to choose competition |
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DIFFERENCE BETWEEN STAKEHOLDER AND STOCKHOLDER |
Stakeholder is a person who gains or loses based on the actions the company makes, includes customers, employees, and investors. Shareholders are people who own shares of the company and invest to get money back, not as emotionally invested as stake holders, just in it for the money |
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EXPLAIN PRODUCT DIFFERENTIATION |
Marketing strategy where business' will try and make their product unique/stand out from the others in order to gain an edge over competitors |
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DISCUSS DIFFERENT PRICING OBJECTIVES/STRATEGIES A COMPANY MIGHT USE |
1. Premium pricing - making price higher than competitor EX: starbucks 2. Economy pricing - basic, low-cost approach to marketing EX: wal-mart 3. Psychological pricing - 4.99 is psychologically less than $5 |
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DEPTH ACUITY |
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DEFINE THE CLASSIFICATIONS OF CONSUMER GOODS & SERVICES AND GIVE EXAMPLES OF EACH |
1. Convenience goods - inexpensive, frequent purchases EX: fast food, toiletries, groceries 2. Shopping goods - products bought less frequently, cost more, last longer EX: clothing, furniture, appliances 3. Specialty goods & services - products with unique features that consumer pays premium for & may travel to get it EX: luxury cars, designer clothes |
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