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Marketing Management > Final Marketing Management > Flashcards

Final Marketing Management Flashcards

1
Q

The dollar amount added to the cost of sales to get the selling price

A

Mark up

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2
Q

% of selling price that is added to the cost to get the selling price

A

Mark up percent

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3
Q

The sequence of markups firm use at different levels in a channel

A

Mark up chain

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4
Q

the number of times the inventory is sold in a year

A

stock turn rate

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5
Q

adding a reasonable markup to the average cost of the product

A

Average cost of reasonable markup

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6
Q

When revenue = cost

After this point, you make a profit

A

Break Even Analysis

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7
Q

the change in total revenue that results from the sale of one or more units of a product

A

Marginal Revenue

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8
Q

the change in total cost when another unit is produced

the cost of producing one more unit after the break-even point

A

Marginal Cost

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9
Q

extra profit on the last unit sold

MR-MC=___

A

Marginal Profit

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10
Q

Similar products that have priced products within a range

A

Full Line

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11
Q

Selling lots of products for lower price

A

Product Bundling

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12
Q

Marketer puts 2 things together that go with each other to sell

A

Complementary Product

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13
Q

Product has elasticity. People lower price and people react. May lose money on product, but will make money on everything else they buy

A

Loss Leader

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14
Q

Marketer who sets price to maximize profit and want a certain return on product. Other marketers follow suit

A

Price Leader

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15
Q

All of the product of the same line are priced the same

A

Price Lining

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16
Q

Perception of what you buy is your money’s worth

A

Psychological Pricing

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17
Q

High price and paid in cash/money on hand

A

Prestige Price

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18
Q

psychology in pricing (use $9.99 instead of $10)

A

Odd-even

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19
Q

Tools for control

A
  1. Sales analysis
  2. Performance Analysis
  3. Performance Index
  4. Iceberg Principle
  5. Full Cost Approach
  6. Contribution Margin
  7. Market Audit
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20
Q

Look at everything to launch

A

Full Cost Approach

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21
Q

Selling price - Variable Cost

A

Contribution Margin

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22
Q

Dollars organization needs for fixed assets

A

Capital

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23
Q

Short term dollar’s organization needs

A

Working Capital

24
Q

Profit is a ____ of capital

A

Internal Source

25
Q

Selling stocks and bonds is a _____ of capital

A

External Source

26
Q

Go to the bank and take out a loan

A

Debt Financing

27
Q

Document that says all expenses are taken care of

A

Cash Flow Statement

28
Q

Ability to produce a certain quantity and quality of products or services

A

Production Capacity

29
Q

Quantity will be there, but customized for that store

A

Mass Customization

30
Q

What to do with excess inventory?

A

Try to sell, export overseas, outlet malls, etc.

31
Q

Charge costs ongoing basis

A

Natural accounts

32
Q

Looks at entire industry for dollars generated

A

Market Potential

33
Q

Look at one company in the market and how they will do with selling

A

Sales Forecast

34
Q

Variable that can change. What are you changing to make more $? (Examples: hire sales people, training, improve customer service, etc.)

A

Factor Method

35
Q

Vice Presidents of functional areas get together and set dollar amount

A

Jury of Executive Opinions

36
Q

Look at past info and move to future

A

Trend Extension

37
Q

B2B connect with retailers and wholesales. Can order more or less of product

A

Sales People

38
Q

Asking people for input

A

Survey

39
Q

Look at market share. Has it increased? Decreased? What do we do to increase sales?

A

Market Test

40
Q

Define Market Strategy (Short Answer bullets)

A
  1. Strategy has document of Market Plan
  2. Plan has goals and objectives
  3. Daily tasks, responsibilities, activities that you complete
  4. Need time frame
  5. Cost/Budget
  6. Takes right people to do work
  7. Need control tools to measure performance
  8. Target Market
  9. Customize Market Mix
41
Q

When is this going to happen?

A

Implementation

42
Q

What are the implementation tools?

A
  1. TQM
  2. Continuous Improvement (Kaizen Kaizen)
  3. Pareto Chart
  4. Fishbone Diagram
  5. Training
  6. Empowerment
  7. Benchmarking
43
Q

keeps track of problems and gives ranking

looks like a graph

A

Pareto Chart

44
Q

id’s problems and what causes them

A

Fishbone Diagram

45
Q

find companies that are successful and use them as a role model. want to be like them

A

Bench Marking

46
Q

generated $x and look at categories to see what sells and what doesn’t

A

Product Category

47
Q

Breakdown by region

A

Geographic Regions

48
Q

Who spends $ here? New? Existing? The frequency of purchases?

A

Customer Characteristics

49
Q

Product sold in different stores. See how it performs in different types of stores

A

Channel of Distribution

50
Q

coming from regular price or discounted?

A

Dollars generated

51
Q

how many $ generated from a store, online, catalog, telemarketers?

A

Method of Sale

52
Q

is $ spent with a credit card, check, or cash? Can have store credit card

A

Financial Arrangement

53
Q

Try to sell as much as possible

A

order size

54
Q

look at goals and compare to how you did

A

Performance Analysis

55
Q

need to do something with variables to bring in sales

ex: # of employees, promotion, etc.

A

Performance Index

56
Q

10% above water, 90% below. Asking for feedback, but some people won’t tell the truth

A

Iceberg Principle

Marketing Management (2 decks)

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