Domain III, Topic D, Marketing and Public Relations Flashcards
_________ analysis
- Process of identifying a need, assisting potential clients in recognizing that need, and filling that need
Marketing
________ channel
- Exchange of ownership: producer, processor, distributor, supplier, customer
Marketing
A _______ or _______ is anything you offer in exchange for money or something else of value
Product, service
The first step in a _________ process or plan is to identify a need that is not being filled, otherwise known as a ______ niche
Marketing, market
A ___________ is where the service will be offered
Marketplace
Market ____________ is dividing the market into groups of people with similar needs
segmentation
___________ variables include age, gender, race, education, income
Demographic
__________ variables include urban, suburban, climate, resources, cultural values
Geographic
_____________ variables include social class, lifestyle (what is important to them and their mode of living), motive (the reason the customer makes a purchase)
Psychographic
_____________ variables include occasions and loyalty
Behavioristic
A market _____ is a need you are trying to fill
niche
A ___________ ________ is how you would like the marketplace to view your product
Positioning statement
A ______ ______ is a group of people or places with similar wants or needs with the potential for purchasing your product
Target Market
Marketing __________ need to be quantifiable, attainable goals
objectives
A marketing ________ is a route chosen to reach goals
Strategy
A _______ ___ is a group of item you will offer
Product mix
A _______ is a good, service, or idea
product
The four P's of marketing are P\_\_\_\_\_\_ P\_\_\_\_ P\_\_\_\_ and P\_\_\_\_\_\_\_\_
Product, place, price, promotion
_________ Marketing
1) long term overall view of marketing in the organization in which resources are allocated and objectives set after defining the market
2) Selection and analysis of a target market; creation and maintenance of an appropriate marketing mix
Strategic
______ marketing
- Use of marketing principles to advance a cause, idea, or behavior
Social
________ marketing
- Filling customer’s needs or desires
Business
A _________ point is the point at which sales revenue (income) will exactly cover fixed and variable costs
BE = Fixed costs / selling price - variable cost
BE = Number of average meals sold FC = Total fixed costs SP = Selling price of averaged priced meal VC = Variable cost per averaged price meal
Breakeven
_________ in sales volume
- Number of $ you need to bring in to break even
BE = Fixed costs / 1 - (Variable costs / sales)
Breakeven
On a graph, the _________ point is where the total cost line crosses the revenue (sales) line
breakeven
______ _______ Method
- Traditional method, markup method
a) Mark - up is the difference between the cost and the selling price
1) 100 / food cost percentage = mark up factor
2) Mark - up factor x raw food cost = selling price
3) “Hidden cost” of 10% may be added to food cost to cover unproductive costs (losses in preparation, cooking, serving, unavoidable waste)
Factor Pricing
_____ ____ Method
- Raw food cost + labor cost involved in making the item)
a) Determine prime cost: Raw food cost + direct labor cost
b) Determine price factor (markup)
1) Add desired food cost percentage to percentage of direct labor cost
2) divide total into 100
c) selling price = prime cost x price factor (markup factor)
Prime cost method
__________ pricing
- Done for a short time
a) sale or special price is done to increase sales during a slow period
Promotions
____ leaders
- Items priced lower to draw people in, in the hope that they will purchase other items at normal markups
Loss
____ of ______ pricing
a) Price the product to ensure a predetermined percentage of profit
b) profit is established as a cost
c) Method
1) Add up all costs (including profit cost) as percentages
2) To find the targeted food cost percentage, subtract the total from 100%
3) To determine the selling price of the item
- Ttoal food cost / desired food cost percentage
Cost of Profit Pricing
Fostering ______ _________ within the community requires
a) Good press relations, lobbying
b) Create and place newsworthy information to attract attention
c) Build and retain relations with legislators and government officials
Public relations
