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14 Cards in this Set
- Front
- Back
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What is the margin of Safety ? |
Amount Between the B.E.P and the Total Sales! |
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Name 5 parts of finding a B.E.P ( FC, VC etc) |
Fixed Costs, Variable Costs, Total Cost, Revenue, Selling Price, Profit. |
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What does B.E.P Stand for? |
Break Even Point! |
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Define Marketing! |
Management process of identifying, anticipating and satisfying customer requirements profitable. |
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What is a marketing strategy? |
Marketing plan that outlines how product price place and promotion are to be carried out to achieve maximum sales and profit! |
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Benefits of a marketing strategy are? |
1) Establish Priorities and make better decisions! |
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What is market segmentation? |
The different types (segments) of consumers within the market e.g Age, income, Gender! |
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What is a niche market? |
A small segment in the market that has no yet been supplied to (or has little supply) |
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What is a green consumer? |
A consumer that cares about the environment and buys only environment friendly items! |
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What is the marketing mix made up of? |
Product price promotion place! |
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List the stages in the product life cycle! |
IGMSD - Introduction Growth Maturity, Saturation , Decline! |
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What is a patent ? |
A patent protects the inventor of a product and stops people copying it! |
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List all 4 channels of distribution! |
Ch. 1 ) Manufacturer --> Wholesaler --> Retailer --> Consumer |
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What are break even charts used for?
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If costs increase/Decrease it can show management what they need to Break even! |
