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Individuals and societies > Marketing and business > Flashcards

Marketing and business Flashcards

Test revision

1
Q

goods are tangible or not?

A

goods are tangible (like shoes - it’s an object you purchase)

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2
Q

what are services? (think tangible or not)

A

Intangible (like the mtr or insurance - it is a service)

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3
Q

what is leisure?

A

the time spent unoccupied (like free time)

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4
Q

What are needs?

A

essential (like water - you need it)

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5
Q

business definition

A

decision-making organization (like a real estate business)

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6
Q

industry definition

A

collection of businesses in the same field of profession (like Bollywood)

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7
Q

the customer decision-making process consists of what steps?

A

needs recognition, info search, evaluation of alternatives, decision makingpost-purchase decision

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8
Q

What’s a customer?

A

a person who buys from a specific business

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9
Q

What’s a product?

A

goods/services purchased by commercial (other businesses) or private customers

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10
Q

types of products include?

A

FMCG (fast moving consumer goods, customer perishables, customer durables, specialty products

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11
Q

What FMCG products?

A

fast-moving consumer goods which are used for convenience in daily life. Like butter, cleaning products, etc

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12
Q

toothpaste is a consumer perishable - T OR F?

A

No toothpaste is a fast-moving consumer good as you need it daily.

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13
Q

What is a consumer perishable? What makes it different to any product?

A

It does not last long (like flowers)

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14
Q

What is the opposite of a consumer perishable?

A

Consumer durables; that last a long time (like furniture)

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15
Q

Are specialty products common?

A

No, they are exclusive. Such as diamonds

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16
Q

what is a product life cycle?

A

different stages a product goes through (from initial design to withdrawl

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17
Q

the product life cycle varies on the product - some may be short whereas others may be long. T OR F

A

true

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18
Q

what is a product life cycle useful towards?

A

it allows a business to identify appropriate changes that may be necessary for the benefit of the product

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19
Q

what is research and development for? what does it involve?

A

market research, prototype, designing, and sample customer testing. the step before manufacture.
it helps to minimize/prevent the cost of an unsuccessful product

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20
Q

what is the launch for? What happens during this stage?

A

the launch is after the research and development is complete. It when the business releases the service or product and makes it available for the public. typically there is low awareness amongst customers, low sales. at this stage you need to promote, distribute, transport. lots of spending. marketing managers attempt to get over the stage asap.

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21
Q

growth - what does this stage consist of?

A

sales revenue (income received from sales), and brand awareness increases. attempts to prolong (extension strategies), but multiple businesses/competitors attempt to join to share profits.

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22
Q

Maturity

A

sales revenues rise but at a slower rate. sales revenue peaks —> Businesses may gain market share (product sells better amongst the market), saturation in the market (wanting of the product peaks), promoting becomes main focus

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23
Q

decline

A

final stage of the PCL (product life cycle) before withdrawal. reduction in customer demand due to changes in taste, product may not be in trend anymore, possibly because of existence of alternatives, replacements, etc. decline in sales revenue (basically income), reduce in investment from business towards product promotion.

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24
Q

decline may not be such a loss for a company because?

A

realistically new products launch before old ones can decline.

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25
Q

what is to be considered when setting a price?

A

brand, quality, business type, liking from target audience, competitor rate, profit/loss, product, price, place, promotion

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26
Q

what is a service price?

A

amount of money given by customer

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27
Q

more supply, low demand - what should a business do?

A

lower the price

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28
Q

less supply more demand - what should a business do?

A

increase the price

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29
Q

what is cost plus?

A

when a business adds a percent of profit to the manufacturing cost (eg: if making shoe costs 10 dollars and you want a 20% profit, you will make the price 12 dollars)

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30
Q

name some marketing techniques

A

cost plus, psychological, discrimination, loss leader

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31
Q
A
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32
Q

other name for cost plus?

A

mark up

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33
Q

what are the four Ps?

A

pricing, product, place, promotion

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34
Q

whats discrimination pricing?

A

identical products sold at different rates (like mtr - lower for children)

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35
Q

what does psychological marketing technique consist of?

A

Rounding down numbers to make the pricing seem lower

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36
Q

bargaining is discrimination pricing - T OR F

A

False!

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37
Q

what is a loss leader?

A

selling a product below its actual cost to attract customers to other products

38
Q

what are the four factors or production?

A

land, labor, capital, entrepreneurship

39
Q

price - one of the what?

A

four p’s

40
Q

launch - one of the stages of what?

A

product life cycle or PLC

41
Q

loss leader - what is it

A

marketing technique/ pricing strategy

42
Q

qualities of an entrepreneur

A

Motivation, passion, vision, confidence, decision-making, innovation, risk-taking, curiosity, persistence and leadership

43
Q

dynamic pricing

A

Where prices are adjusted in real-time based on demand and other market factors

44
Q

At Planet Pizza, it costs $80 to make a Hawaiian. Calculate how much they need to charge to make a profit of 28%?

A

102.40 dollars

45
Q

At an electronics store, the cost of a smartphone is $400. The store wants to have a profit margin of 20% on the selling price. What should be the selling price of the smartphone?

A

500 dollars

46
Q

A clothing retailer purchases a shirt from a wholesaler for $20. The retailer wants to apply a markup of 60% on the cost to determine the selling price. What should be the selling price of the shirt?

A

32 dollars

47
Q

A bookstore purchases a book from a publisher for $10. If the bookstore wants to have a profit margin of 25% on the selling price, what should be the selling price of the book? round your answer off (no decimals)

A

13 dollars

48
Q

whats apples insects dissect annoyingly

A

awarness, interest, desire, action

49
Q

whats a promotional pitch?

A

short speech or presentation to highlight the benefits of a product or service

50
Q

what are the objectives of promoting a product?

A

promoting is done through any form of communication used to inform, persuade, or remind the costumer to purchase the product.

51
Q

remind - this is an example of…?

A

an objective of promotion

52
Q

what do methods of promotion include?

A

Reminder promotion,Persuasive promotion advertising, direct marketing, personal selling, public relations, sales promotion

53
Q

what is the promotional mix for?

A

a combination of communication methods to provide the benefits of the product or services

54
Q

what is advertising for?

A

paying for communication with consumers who use printed or visual media

55
Q

direct marketing?

A

d9rect communication between seller and consumer (could be online)

56
Q

whats it called when sales staff communicates directly with the consumer to achieve a sale and form a long term relationship?

A

personal selling - its a method for promotion

57
Q

whats it called when you create and maintain a favourable public image? whats it for?

A

its called public relations - its a promotion method

58
Q

a short-term motivation to encourage the purchase or sale of a product/service - example and name of this promoting method

A

sales promotion and an example is giving discounts

59
Q

persuasive promotion

A

Communication with consumers aimed at getting them to buy a firm’s product rather than a competitor’s product.

60
Q

reminder promotion

A

Techniques used to retain customer awareness of, and interest, in an established product

61
Q

whats the marketting mix about?

A

getting the right products to the right costumer at the right time in the right place for the right price

62
Q

place??

A

refers to the distribution of products and where

63
Q

What’s a zero-level channel?

A

the producer sells to the customer directly (eg: via internet)

64
Q

whats a one level channel?

A

with the use of one 3rd party to sell the products to the customer

65
Q

example of one level channel?

A

producer —> retailer —-> customer

66
Q

whats a two level channel?

A

with the use of two 3rd parties to sell the product to the customer

67
Q

example of a two level channel?

A

producer —-> wholesalers —–> retailers —-> customer

68
Q

retailer defo

A

often referred to as shops or stores - sellers of the product to the final customers

69
Q

types of retailers?

A

independent retailer, chain retailers, supermarkets, department stores

70
Q

what are independent retailers?

A

small businesses owned by an individual like a salon

71
Q

chain?

A

shops with numerous outlets that have brand recognition eg: Uniqlo

72
Q

supermarket?

A

shops that sell household products and operate at a large scale like ParknShop

73
Q

department stores?

A

a large area of shops selling a wide range of products. eg: sogo

74
Q

how do calculate revenue?

A

price x quantity sold

75
Q

profit - think calculations

A

the revenue - cost to make the product

76
Q

whats capital?

A

manufacture necessary resources like machinery

77
Q

what is market share?

A

portion of the market controlled by one company

78
Q

the calculation for market share?

A

= (sales revenue for one business/sales revenue for the whole market) x 10

79
Q

Tisha’s T-shirts generate $2,000 in sales. Total sales revenue in the market for t-shirts is $10,000, What is Tisha’s market share?

A

20%

80
Q

A restaurant sells 80 meals for $15 each. Calculate the total sales revenue.

A

1200

81
Q

what is price?

A

the monetary value payable by consumers upon purchasing goods/services

82
Q

what is cost?

A

expenses of resources payable by producers to manufacture the product

83
Q

marketing mix is

A

the combination of strategies a business uses to generate higher sales

84
Q

what are wholesalers?

A

A business that buys products in bulk from producers and then sells them to retailers.

85
Q

break bulk??

A

Buying large quantities aof a product and selling them on in smaller amounts

86
Q

consumer definition

A

The end user of goods or services

87
Q

unique selling point

A

The special feature of a product that sets it apart from competitors’ products

88
Q

Entrepreneurship?

A

The process of starting, organizing, managing, and assuming the responsibility for a business

89
Q

labor?

A

physical + mental efforts of people

90
Q

land?

A

natural resources

Individuals and societies (1 decks)

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