Domain III: Management of Food and Nutrition Programs and Services: Marketing and Public Relations Flashcards
Marketing ____ is the process of identifying a need, assisting potential clients in recognizing that need, and filling that need
Analysis
A marketing ____ is an exchange of ownership: producer, processor, distributor, supplier, customer
Channel
The ___ or ___ is anything you offer in exchange for money or something else of value
Product or service
The first step in the marketing process and plan is to identify a ____ that is not being filled (market niche)
Need
A ____ is where services will be offered
Marketplace
Market ____ divides the market into groups of people with similar product needs
Segmentation
What are examples of demographic variables?
-Age
-Gender
-Race
-Education
-Income
What are examples of geographic variables?
-Urban
-Suburban
-Climate
-Resources
-Cultural values
What are examples of psychographic variables?
-Social class
-Lifestyle (what is important to them and their mode of living)
-Motive (the reason the customer makes a purchase)
The ____ marketing group is usually made of people that have high-income and high self-esteem
Innovators
The ____ marketing group is usually made of people with lower income; they focus on self-sufficiency and are family-oriented
Makers
The ____ marketing group is usually made up of successful individuals with higher incomes
Achievers
The ____ marketing group is usually made of people who are young, impulsive, and variety-seeking
Experiencers
What are examples of behavioristic variables?
-Occasions
-Loyalty
-Purchase volume
A _____ statement describes how you would like the marketplace to view your product
Positioning
Decide on the ___ ___, or the group of people or places with similar wants or needs with the potential for purchasing your product
Target market
Marketing ____ are quantifiable, attainable goals
Objectives
The marketing ____ is the route chosen to reach goals
Strategy
The ____ ____ is the group of items that you will offer
Product mix
You must also develop the marketing mix, which includes…
-Product (a good, service, or idea)
-Place (where it is offered)
-Price
-Promotion (to increase or renew awareness, short term)
What are methods of promotion?
-Publicity, new releases (provide info about your product sent to local media, radio, TV, run a contest)
-Direct mail packages (promotes services or products to target market)
-Paid ads (buy space, personal visits, good as follow-up to direct mail)
-Public visibility, communication with those in your referral networks
____ marketing uses marketing principles to advance a social cause, idea, or behavior
Social
____ marketing is the act of filling customer’s needs and desires
Business
Service marketing characteristics:
-Intangible (performance, not products)
-Inseparable (produced and consumed at the same time)
-Perishable (cannot be stored for later use)
-Heterogenicity (variation in performance of people)
____ point is the point at which sales revenue (income) will exactly cover fixed and variable costs
Breakeven
The breakeven in number of units sold is calculated by…
Fixed costs / (selling price - variable costs)
The breakeven in ___ ___ is the amount of money you need to bring in to break even
Sales volume
Breakeven in salts volume is calculated by…
fixed costs / 1 - (variable costs / sales)
On a graph, the breakeven point is where the ___ ____ line crosses the ____ line
Total cost; revenue
The ___ ___ methods of determining the selling price include the traditional or markup method
Factor pricing
To determine the markup factor, divide 100 by the…
Food cost percentage
The markup factor x the raw food cost is the ____ ____
Selling price
Hidden costs of ____% may be added to food costs to cover unproductive costs (losses in preparation, cooking, serving, unavoidable waste)
10
The prime cost method of determining the selling cost is done by…
Raw food cost + labor cost involved in making the item
To determine the pricing factor (markup) by…
-Adding desired food cost percentage of direct labor cost
-Divide total into 100
The selling price is the ___ ___ x the ____ ____
Prime cost x price factor
_____ pricing is done for a short time; a sale or special price is done to increase sales during a slow period
Promotions
____ ____ are items prices lower to draw people in in the hope that they will purchase other items at normal markups
Loss leaders
The cost of ____ pricing prices the product to ensure a predetermined percentage of profit
Profit
With cost of profit pricing, the profit is established as a ____
Cost
To determine the cost of profit pricing, add up all the costs, including the profit cost, as ____
Percentages
To find the targeted food cost percentage, subtract the total from ____%
100
To determine the selling price of the item…
Total food cost / desired food cost percentage
____ ____ can include good press relations and lobbying
Public relations
Public relations works to create and place newsworthy information to attract ____
Attention
Public relations can also involve building and retaining relations with ____ and ____ officials
Legislators and government
