5619955
Description
Flashcards by amber.rebel, updated more than 1 year ago
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Created by amber.rebel
almost 8 years ago
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| Question | Answer |
| What is the FIRST STEP in the marketing process and plan? | Identify a need that is not being filled (market niche); ASSESS |
| What 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 |
| What is the target market? | group of people or places with similar wants or needs |
| What is the product mix? | group of items you will offer |
| What is the marketing mix? | Product -SIGNATURE BRANDS refer to UNIQUE items Place Price Promotion -SHORT TERM, PUBLICITY |
| What 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) |
| What 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 |
| What is the formula for BE in sales volume? | BE = FC / 1 - (VC/sales) |
| On a graph, where is the breakeven point? When does BE increase? | where the TOTAL COST line crosses the REVENUE (SALES) line When costs increase |
| What is the factor pricing method also known as? Formula? | markup method 100 / food cost percentage |
| What percentage of a "hidden cost" may be added to cost cost to cover unproductive costs? | 10% |
| What selling method considers RAW FOOD cost AND direct LABOR COST involved in making the item? | Prime cost method |
| What type of pricing is done for a short time? | promotions pricing |
| What method prices items lower to draw people in in the hope that they will purchase other items at normal markups? | loss leaders |
| What pricing guarantees a certain profit with each sale? = profit is established as a cost | cost of profit pricing |
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