FIRST TEST Flashcards
1
Q
What are the R.O.P.E.S.?
A
Respect Openmindedness Participation Escuchar Smile
2
Q
What are the 4 P’s of marketing?
A
Product, Price, Promotion, and Place
3
Q
What is “Branding”?
A
name, word or words, symbol, or design that identifies an organization and its products
4
Q
What is “Brand Name”?
A
a word or words, letters, or numbers representing a brand that can be spoken, such as “Gatorade” or “Los Angeles Lakers”
5
Q
What is a Trademark?
A
a device that legally identifies ownership of a registered brand or trade name
6
Q
What is the Brand Identity?
A
the name evokes the strength of the brand
7
Q
What is Brand Equity?
A
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
8
Q
What are three steps to develop brand identity?
A
develop, link, and help
9
Q
What is the develop part in forming brand identity?
A
yankees are a professional baseball team - must form your product
10
Q
What is the link part in forming brand identity?
A
ex. yankees fan thinks positively about the club - it is about inking the brand name with an emotion
11
Q
What is the help part of brand identity?
A
You have help in the form of advertisements and companies above you promote you products
12
Q
What is Marketing?
A
the process of developing, promoting, and distribuiting products, or goods and services, to satisfy customer’s needs and wants
13
Q
What is the Marketing Concept?
A
idea that organizations need to satisfy their cutomer while also trying to reach their organization’s goals
14
Q
What is the Market?
A
potential customers with shared needs who have the desire and ability to buy a product
15
Q
What are needs?
A
a lack of basic necessities such as food, clothing, or shelter
16
Q
what are wants?
A
things that people desire based on personality, experiences, or information about a product
17
Q
What is a Target Market?
A
a specific group of consumers that an organization selects as the focus of its marketing plan
18
Q
What are Demographics?
A
statistics that describe a population in terms of personal characteristics
19
Q
What is the Marketing Mix?
A
a combination of four basic marketing strategies, known as the 4 Ps — Product, price, place, and promotion
20
Q
What is the channel of distribution?
A
path a product take from the produce to the consumer
21
Q
How do businesses make money? What is the formula?
A
R-C=P - Revenue - Costs = Profit
22
Q
Main difference between good and service?
A
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
23
Q
What are examples of demographics?
A
- age - location (climate) - income - education level - gender - ethnicity
24
Q
What is Mass Marketing? What is it about its target market?
A
promoting products with one key message that is directed to everyone - no target market
25
What is Mass Marketing useful for?
effective for the use of needs - effective for essential
26
What is Mass Marketing not useful for?
not effective for wants
27
How do companies find their target market?
demographic research
28
What is the example of Product in the marketing Matrix?
- design - cost - quantity and quality - name - packaging
29
What is the example of Price in the marketing Matrix?
- how much can we charge to max our revenue
30
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
31
What is the example of Promotion in the marketing Matrix?
advertisements, things like that, bill boards
32
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
33
What is Economics?
study of the choices and decisions that effect making, distributing, and using goods and services
34
What does GDP stand for?
Gross domestic product
35
What is Gross?
total amount of money
36
What is Domestic?
home country
37
What is Product?
goods and services
38
What is GDP?
value of all goods and services produced within the country.
39
What is profit?
the money left after all costs and expenses of a business are paid.
40
What is competition?
the struggle among companies for customers
41
What is supply?
all the products avaliable for sale
42
What is demand?
the customer’s desire to buy products
43
What is Copyright?
legal protection of a creator’s intellectual property or products
44
What are some examples of Copyrights?
books, films, video games, music - anything copyright is all in the library of congress
45
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
46
What is sole proprietorship?
when a business involves only one owner
47
What is a Partnership?
when a business has two or more owners
48
What is a limited Partnership?
when a partnership has a “silent partner”
49
What is a corporation?
business entity that has the ability to conduct business and enter into contracts apart from its owner or owners
50
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.
51
What are opportunity costs?
what a consumer misses out on by making a purchase
52
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
53
What are the two groups of competition?
price and non price
54
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
55
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...
56
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
57
What is inelasticity of demand?
when the demand doesn't change - if price goes up, demand doesnt change - if price goes down, demand doesnt change
58
What are examples of price competition?
- sports contracts (E) - Pencil (I) - Tickets (E)
59
What are examples of non-price competition?
- bottled water - dasani, poland spring
60
What is a Patent? and examples
20 year protection of an invention ex. first ipod, it had the scroll
61
What is a Trademark?
words, names, symbols, sounds, or colors that distnguish goods and services
62
What is examples of words in a trademark?
just do it
63
What are examples of names in a trademark?
Nike, Under Armour, Reebok
64
What are examples of Colors in a trademark?
yellow and red from mcdonalds, color combiations that other companies cant use, cant use same letting North Carolina: as their trademark on their baby blue
65
What are examples of sound in a trademark?
red robbin (the red robbin Yum! is a trade work
66
what are property rights?
play a role in protecting innnovations, and ideas
67
What role does property rights serve?
these things incentivises creative and thinking
68
What are examples or property rights?
trade mark, patent, etc...
69
APPLE MARKETING MATRIX development of (product)?
- cutting edge technology - trend setting - innovation in both hardware and software (pushed the boundaries of capabilities) - dont have to be the first to have the idea, they have to be first to integrate - integrated music on phone and phone
70
APPLE MARKETING MATRIX (promoting)?
- tv - reputation - word of mouth - social media
71
APPLE MARKETING MATRIX (distribute)?
APPLE STORE big adavntages - trouble shooting (fixes your problems) - testing (allows you to samle) - experts (people there always willing to help and are very smart) genius bar\*\*\*\*\*\*\*\*\*\*
72
Respect Openmindedness Participation Escuchar Smile
What are the R.O.P.E.S.?
73
Product, Price, Promotion, and Place
What are the 4 P's of marketing?
74
name, word or words, symbol, or design that identifies an organization and its products
What is "Branding"?
75
a word or words, letters, or numbers representing a brand that can be spoken, such as “Gatorade” or “Los Angeles Lakers”
What is "Brand Name"?
76
a device that legally identifies ownership of a registered brand or trade name
What is a Trademark?
77
the name evokes the strength of the brand
What is the Brand Identity?
78
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 is Brand Equity?
79
develop, link, and help
What are three steps to develop brand identity?
80
yankees are a professional baseball team - must form your product
What is the develop part in forming brand identity?
81
ex. yankees fan thinks positively about the club - it is about inking the brand name with an emotion
What is the link part in forming brand identity?
82
You have help in the form of advertisements and companies above you promote you products
What is the help part of brand identity?
83
the process of developing, promoting, and distribuiting products, or goods and services, to satisfy customer’s needs and wants
What is Marketing?
84
idea that organizations need to satisfy their cutomer while also trying to reach their organization’s goals
What is the Marketing Concept?
85
potential customers with shared needs who have the desire and ability to buy a product
What is the Market?
86
a lack of basic necessities such as food, clothing, or shelter
What are needs?
87
things that people desire based on personality, experiences, or information about a product
what are wants?
88
a specific group of consumers that an organization selects as the focus of its marketing plan
What is a Target Market?
89
statistics that describe a population in terms of personal characteristics
What are Demographics?
90
a combination of four basic marketing strategies, known as the 4 Ps --- Product, price, place, and promotion
What is the Marketing Mix?
91
path a product take from the produce to the consumer
What is the channel of distribution?
92
R-C=P - Revenue - Costs = Profit
How do businesses make money? What is the formula?
93
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
Main difference between good and service?
94
- age - location (climate) - income - education level - gender - ethnicity
What are examples of demographics?
95
promoting products with one key message that is directed to everyone - no target market
What is Mass Marketing? What is it about its target market?
96
effective for the use of needs - effective for essential
What is Mass Marketing useful for?
97
not effective for wants
What is Mass Marketing not useful for?
98
demographic research
How do companies find their target market?
99
- design - cost - quantity and quality - name - packaging
What is the example of Product in the marketing Matrix?
100
- how much can we charge to max our revenue
What is the example of Price in the marketing Matrix?
101
- 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 Place in the marketing Matrix?
102
advertisements, things like that, bill boards
What is the example of Promotion in the marketing Matrix?
103
image is everything and hw they present the product makes people want to buy it regardless of the price
How marketers compete without listeing the price?
104
study of the choices and decisions that effect making, distributing, and using goods and services
What is Economics?
105
Gross domestic product
What does GDP stand for?
106
total amount of money
What is Gross?
107
home country
What is Domestic?
108
goods and services
What is Product?
109
value of all goods and services produced within the country.
What is GDP?
110
the money left after all costs and expenses of a business are paid.
What is profit?
111
the struggle among companies for customers
What is competition?
112
all the products avaliable for sale
What is supply?
113
the customer’s desire to buy products
What is demand?
114
legal protection of a creator’s intellectual property or products
What is Copyright?
115
books, films, video games, music - anything copyright is all in the library of congress
What are some examples of Copyrights?
116
- if you want to use it, you need permission and you must pay a ROYALTY to the legal owner of the copyright
What must you do if you want to use something that is copyrighted?
117
when a business involves only one owner
What is sole proprietorship?
118
when a business has two or more owners
What is a Partnership?
119
when a partnership has a “silent partner”
What is a limited Partnership?
120
business entity that has the ability to conduct business and enter into contracts apart from its owner or owners
What is a corporation?
121
this type of corporation must follow all the same government regulations as a corporation, but it is taxed like a partnership.
What is Subchapter's Corporation?
122
what a consumer misses out on by making a purchase
What are opportunity costs?
123
- 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 examples of opportunity's cost?
124
price and non price
What are the two groups of competition?
125
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 price competition?
126
- 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 non price competition?
127
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
What is elasticity of demand?
128
when the demand doesn't change - if price goes up, demand doesnt change - if price goes down, demand doesnt change
What is inelasticity of demand?
129
- sports contracts (E) - Pencil (I) - Tickets (E)
What are examples of price competition?
130
- bottled water - dasani, poland spring
What are examples of non-price competition?
131
20 year protection of an invention ex. first ipod, it had the scroll
What is a Patent? and examples
132
words, names, symbols, sounds, or colors that distnguish goods and services
What is a Trademark?
133
just do it
What is examples of words in a trademark?
134
Nike, Under Armour, Reebok
What are examples of names in a trademark?
135
yellow and red from mcdonalds, color combiations that other companies cant use, cant use same letting North Carolina: as their trademark on their baby blue
What are examples of Colors in a trademark?
136
red robbin (the red robbin Yum! is a trade work
What are examples of sound in a trademark?
137
play a role in protecting innnovations, and ideas
what are property rights?
138
these things incentivises creative and thinking
What role does property rights serve?
139
trade mark, patent, etc...
What are examples or property rights?
140
- cutting edge technology - trend setting - innovation in both hardware and software (pushed the boundaries of capabilities) - dont have to be the first to have the idea, they have to be first to integrate - integrated music on phone and phone
APPLE MARKETING MATRIX development of (product)?
141
- tv - reputation - word of mouth - social media
APPLE MARKETING MATRIX (promoting)?
142
APPLE STORE big adavntages - trouble shooting (fixes your problems) - testing (allows you to samle) - experts (people there always willing to help and are very smart) genius bar\*\*\*\*\*\*\*\*\*\*
APPLE MARKETING MATRIX (distribute)?
