Flashcards
Marketing and Public Relations
Cards in this deck (15)
- 1What is the FIRST STEP in the marketing process and plan?Identify a need that is not being filled (market niche); ASSESS
- 2What is market segmentation? Give 4 examples of different variables.divide market into groups of people with similar product needs
Demographic variables: age, gender, race, education, income
Geographic variables: urban, suburban, climate, resources, cultural values
Psychographic: social class, lifestyle (what is important to them and their mode of living), motive (the reason the customer makes a purchase)
Behavioristic: occasions, loyalty - 3What is the target market?group of people or places with similar wants or needs
- 4What is the product mix?group of items you will offer
- 5What is the marketing mix?Product -SIGNATURE BRANDS refer to UNIQUE items
Place
Price
Promotion -SHORT TERM, PUBLICITY - 6What is the difference between social and business marketing?Social: use of marketing principles to ADVANCE a SOCIAL CAUSE, idea or behavior (change them)
Business: filling customer's NEEDS or DESIRES (give them what they desire) - 7What is the breakeven point? What is the formula for BE in # of units sold?point at which sales revenue (income) will exactly cover fixed and variable costs
BE = FC (fixed costs) / SP (selling price) - VC (variable cost)
SP = selling price of averaged-priced meal
VC = variable cost per averaged price meal - 8What is the formula for BE in sales volume?BE = FC / 1 - (VC/sales)
- 9On a graph, where is the breakeven point? When does BE increase?where the TOTAL COST line crosses the REVENUE (SALES) line
When costs increase - 10What is the factor pricing method also known as? Formula?markup method
100 / food cost percentage - 11What percentage of a "hidden cost" may be added to cost cost to cover unproductive costs?10%
- 12What selling method considers RAW FOOD cost AND direct LABOR COST involved in making the item?Prime cost method
- 13What type of pricing is done for a short time?promotions pricing
- 14What method prices items lower to draw people in in the hope that they will purchase other items at normal markups?loss leaders
- 15What pricing guarantees a certain profit with each sale? = profit is established as a costcost of profit pricing
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- 5 CDR (Domain 3) Flashcards on Marketing and Public Relations, created by amber.rebel on 31/05/2016.
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- amber.rebel
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