Final Exam Flashcards
Process of creating, communicating, and delivering, goods & services to customers and clients.
Marketing
Marketing to individuals that want products for personal use (end consumer).
Consumer Market
Individuals and organizations that buy goods and services to use in production or to sell to others.
Business to Business
Good or service that meets the demands of the market with a competitive advantage.
Product
Involves getting product from producer to end user.
Placing
Depends on:
- Competitors’ prices
- Production costs
- High or low price strategies
Pricing
All the techniques that sellers use to inform people about their products and motivate them to buy
Promotion
Advertising, Personal selling, Public relations, word of mouth, sales promotions are examples of……
Promotion
Identifying products consumers have used in the past and what they want in the future.
Marketing Research
Existing data that has previously been collected by sources like the government
Secondary Data
In depth info gathered by marketers from their own research
Primary Data
A group of people who meet under the direction of a discussion leader to communicate.
Focus Group
Divides the total market into groups with similar characteristics
Market Segmentation
Dividing the market by cities, counties, states, or regions
Geographic Segmentation
Dividing the market by age, income, education, and other demographic variables.
Demographic Segmentation
Dividing the market by group values, attitudes, and interests.
Psychographic Segmentation
Selecting which segments an organization can serve profitably.
Target Marketing
The process of identifying factoring that affect marketing success.
Environment Scanning
The process of finding small but profitable market segments and designing or finding products for them.
Niche Marketing
Developing products promotions to please groups of people
Mass Marketing
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
Relationship Marketing
Pricing measures cost of producing a product including materials, labor, and overhead.
Cost-based Pricing
A strategy based on what the competition is charging for its products
Competition-Based Pricing
Pricing new high to recover costs and make high price competition is limited
Skimming Price Strategy
The creation of perceived product differences
Product Differences
The value of the brand name associated symbols
Brand Equity
The degree to while consumers are satisfied and are committed to further purchases
Brand Loyalty
How quickly a giver brand comes to mind when one mentions a product category
Brand Awareness
Linking a brand to other favorable images like celebrities or a specific lifestyle
Brand Association
A theoretical model of what happens to sales and profits for a product over time
Product Life Cycle
What are the states of the Product Life Cycle?
- ) Introduction
- ) Growth
- ) Maturity
- ) Decline
The process used to determine profitability at various levels of sales.
Revenues = cost
Break-Even Analysis
All costs that remain the same no matter how much is produced or sold
Total Fixed Costs
Costs that change according to the level of production
Variable Costs
Paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message.
Advertising
Any information about an individual, product, or organization thats distributed to the public through the media and is not paid for or controlled by the seller
Publicity
People tell others about products they have purchased
Word-of-Mouth Promotion
Core business area responsible for the financial health (meeting and money goals) and overall fund management of the org.
Finance
Process of recording, summarizing, and interpreting financial transactions
Accounting
Shows what the company owns (assets), what it owes its creditors (liabilities), and the value of its shares (Owners equity)
Balance Sheet
Shows that the company earned by selling its products compared to it’’s COGS and expenses. Also called a profit/loss statement
Income Statement
Shows specific sources of how the company generates cash (inflows? and spends cash (outflows).
Statement of cash flows
One of the most important aspects of business and personal finance.
Time Value of Money
Certificate indicating that an investor has lent money to a firm or a government
Bonds
Shares of ownership in a company
Stocks
Part of a firms profits that are distributed to shareholders
Dividends
Strategy of saving a specific amount of money periodically
Pay yourself first
Timing strategy of investing dollar amounts regularly and periodically
Dollar Cost Averaging
Simplified way of determining how long it will take for an investment to double in value given the expected rate of return or number of years
Rule of 72’s
Buying several different types of investments to spread the risk of investing
Diversification
Tax-deferred investment plans that enable a person to save part of their income for retirement
Individual Retirement Accounts
A contract to make fixed payments from a lump sum to a person for life; guarantees income until you die.
Annuity
Backed by collateral
Secured Loans
Don’t require collateral from the borrower
Unsecured Loans
A given amount of money the bank will provide so long as the funds are available
Line of Credit
A line of credit that guaranteed but comes with a fee
Revolving Credit Agreement
A secured loan to the property that you purchase
Morgage
The difference in the amount owed on the home and the value it is worth.
Equity of home
The amount actually owed or borrowed on the home
Principal
The finance charge that you will pay back to the lender for borrowing money
Interest
Property taxes that you must pay determined by the amount the property’s worth
Taxes
An account set up to save money for your taxes and insurance payments
Escrow
Principal, interest, taxes, and insurance the total of your mortgage payments
P.I.T.I
Your contract will the insurance company
Policy
The periodic amount you pay for coverage
Premium
The dollar amount you must pay before the insurance co. pays you
Deductible
Pure insurance protection for a given number of years that typically costs less the younger you buy it
Term Insurance
