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Marketing Management > Final with book defititions > Flashcards

Final with book defititions Flashcards

1
Q

a dollar amount added to the cost of products to get the selling price

A

markup

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2
Q

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

A

markup percentage

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3
Q

the sequence of markups firms use at different levels in a channel - determining the price structure in the whole channel

A

markup chain

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4
Q

the number of times the average 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 a product

A

average cost pricing

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6
Q

the total cost divided by the related quantity

A

average cost per unit

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7
Q

an approach to determine whether the firm will be able to breakeven - that is, cover all its costs - with a particular price

A

break even analysis

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8
Q

the change in total revenue that results from producing one more product

A

marginal revenue

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9
Q

the change in total cost that results from producing one more product

A

marginal cost

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10
Q

profit on the last unit sold

A

marginal profit

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11
Q

setting prices for a whole line of products

A

full line pricing

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12
Q

all costs are allocated to products, customers, or other categories

A

full cost approach

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13
Q

setting one price for a set of products

A

product bundling

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14
Q

setting prices on several related products as a group

A

complementary product

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15
Q

a seller who sets a price that all others in the industry follow

A

price leader

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16
Q

setting a few price levels for a product line and then marking all items at these prices

A

price lining

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17
Q

setting prices that have special appeal to target customers

A

psychological pricing

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18
Q

setting a rather high price to suggest high quality or high status

A

prestige price

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19
Q

trying to sell the whole market at one low price

A

penetration pricing policy

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20
Q

trying to sell the top of the market - the top of the demand curve - at a high price before aiming at more price-sensitive customers

A

skimming price policy

21
Q

setting prices that end in certain numbers

A

odd-even

22
Q

putting marketing plans into operation

A

implementation

23
Q

What are the implementation tools?

A
  1. TQM
  2. Continuous Improvement
  3. Pareto Chart
  4. Fishbone Diagram
  5. Training
  6. Empowerment
  7. Benchmarking
24
Q

the philosophy that everyone in the organization is concerned about quality, throughout all of the firm’s activities, to better serve the customer needs

A

TQM

25
Q

a commitment to constantly make things better one step at a time

A

Continuous improvement

26
Q

a graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent

A

pareto chart

27
Q

a visual aid that helps organize cause and effect relationships for “things gone wrong”

A

Fishbone diagram

28
Q

giving employees the authority to correct a problem without first checking with management

A

Empowerment

29
Q

What are the 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
30
Q

A detailed breakdown of a companies sales records

A

sales analysis

31
Q

analysis that looks for exceptions or variations from planned performance

A

performance analysis

32
Q

a number that shows the relation of one value to another

A

performance index

33
Q

much good information is hidden in summary data

A

iceberg principle

34
Q

a cost analysis in which all costs are not allocated in all situations

A

contribution margin

35
Q

a systematic, critical, and unbiased review and appraisal of the basic objectives and policies of the marketing function and of the organization, methods, procedures, and people employed to implement the policies

A

market audit

36
Q

the money invested in a firm

A

capital

37
Q

money to pay for short-term expenses such as employee salaries, advertising, marketing research, inventory storing costs, and what the firm owes suppliers

A

working capital

38
Q

borrowing money based on a promise to repay the loan, usually within a fixed time period and with a specific interest charge

A

debt financing

39
Q

a financial report that forecasts how much cash will be available after paying expenses

A

cash flow statement

40
Q

the ability to produce a certain quantity and quality of specific goods or services

A

production capacity

41
Q

tailoring the principles of mass production to meet the unique needs of individual customers

A

mass customization

42
Q

the categories to which various costs are charges in the normal financial accounting cycle

A

natural accounts

43
Q

the categories to which various costs are charged to show the purpose for which expenditures are made

A

functional accounts

44
Q

what a whole market segment might buy

A

market potential

45
Q

an estimate of how much an industry or firm hopes to sell to a market segment

A

sales forecast

46
Q

an approach to forecast sales by finding relation between the companies sales and some other factor

A

factor method

47
Q

forecasting by combining the opinions of experienced executives, perhaps from marketing, production, finance, purchasing, and top management

A

jury of executive opinions

48
Q

extends past experience to predict the future

A

trend extension

Marketing Management (2 decks)

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