FIRST TEST Flashcards
What are the R.O.P.E.S.?
Respect Openmindedness Participation Escuchar Smile
What are the 4 P’s of marketing?
Product, Price, Promotion, and Place
What is “Branding”?
name, word or words, symbol, or design that identifies an organization and its products
What is “Brand Name”?
a word or words, letters, or numbers representing a brand that can be spoken, such as “Gatorade” or “Los Angeles Lakers”
What is a Trademark?
a device that legally identifies ownership of a registered brand or trade name
What is the Brand Identity?
the name evokes the strength of the brand
What is Brand Equity?
the value the brand has beyond its actual functional benefits - ex. Apple iPhones can be bad but people will still buy them because it is an apple iphone
What are three steps to develop brand identity?
develop, link, and help
What is the develop part in forming brand identity?
yankees are a professional baseball team - must form your product
What is the link part in forming brand identity?
ex. yankees fan thinks positively about the club - it is about inking the brand name with an emotion
What is the help part of brand identity?
You have help in the form of advertisements and companies above you promote you products
What is Marketing?
the process of developing, promoting, and distribuiting products, or goods and services, to satisfy customer’s needs and wants
What is the Marketing Concept?
idea that organizations need to satisfy their cutomer while also trying to reach their organization’s goals
What is the Market?
potential customers with shared needs who have the desire and ability to buy a product
What are needs?
a lack of basic necessities such as food, clothing, or shelter
what are wants?
things that people desire based on personality, experiences, or information about a product
What is a Target Market?
a specific group of consumers that an organization selects as the focus of its marketing plan
What are Demographics?
statistics that describe a population in terms of personal characteristics
What is the Marketing Mix?
a combination of four basic marketing strategies, known as the 4 Ps — Product, price, place, and promotion
What is the channel of distribution?
path a product take from the produce to the consumer
How do businesses make money? What is the formula?
R-C=P - Revenue - Costs = Profit
Main difference between good and service?
good is tangible while a service is intangible good is clothes, you can hold it service is someone coating your driveway, you cannot hold that
What are examples of demographics?
- age - location (climate) - income - education level - gender - ethnicity
What is Mass Marketing? What is it about its target market?
promoting products with one key message that is directed to everyone - no target market
What is Mass Marketing useful for?
effective for the use of needs - effective for essential
What is Mass Marketing not useful for?
not effective for wants
How do companies find their target market?
demographic research
What is the example of Product in the marketing Matrix?
- design - cost - quantity and quality - name - packaging
What is the example of Price in the marketing Matrix?
- how much can we charge to max our revenue
What is the example of Place in the marketing Matrix?
- geographcial area - or area within a store - channel of distribution - path from producr to consumer ex. amazon - brilliant bc how they connect of producers to consumers. they have everything you want - huge automated warehouse
What is the example of Promotion in the marketing Matrix?
advertisements, things like that, bill boards
How marketers compete without listeing the price?
image is everything and hw they present the product makes people want to buy it regardless of the price
What is Economics?
study of the choices and decisions that effect making, distributing, and using goods and services
What does GDP stand for?
Gross domestic product
What is Gross?
total amount of money
What is Domestic?
home country
What is Product?
goods and services
What is GDP?
value of all goods and services produced within the country.
What is profit?
the money left after all costs and expenses of a business are paid.
What is competition?
the struggle among companies for customers
What is supply?
all the products avaliable for sale
What is demand?
the customer’s desire to buy products
What is Copyright?
legal protection of a creator’s intellectual property or products
What are some examples of Copyrights?
books, films, video games, music - anything copyright is all in the library of congress
What must you do if you want to use something that is copyrighted?
- if you want to use it, you need permission and you must pay a ROYALTY to the legal owner of the copyright
What is sole proprietorship?
when a business involves only one owner
What is a Partnership?
when a business has two or more owners
What is a limited Partnership?
when a partnership has a “silent partner”
What is a corporation?
business entity that has the ability to conduct business and enter into contracts apart from its owner or owners
What is Subchapter’s Corporation?
this type of corporation must follow all the same government regulations as a corporation, but it is taxed like a partnership.
What are opportunity costs?
what a consumer misses out on by making a purchase
What are examples of opportunity’s cost?
- college player could go to nfl but becmes a teacher - misses out on money - so when u hae a choice of two decisions and u choose on thing you miss out on another which is opportunity cost
What are the two groups of competition?
price and non price
What is price competition?
ex. price-match walmart + best buy - things such as 2k are the same but can drive prices down key factor when competeing for price: demand
What is non price competition?
- luxury cars - apparel (nike, Under Armour, adidas) - cereal - pric is same but different intangibles - everything is different but PRICE - luxury car shave different things they can do thats different than other cars, or the wuality (how it drives, how it handles, seating types, interior desgin - apparell looks different or the quality - cereal (boxes are different, types etc…
What is elasticity of demand?
when the price go es up or down the price demand in turn goes up or down - if something becomes more expensive, the demand goes down - if something becomes less expensive, the demand increases
