QUIZ Flashcards
It is regarded as the art of selling products
Marketing
According to the American Marketing Association, it is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Marketing
It is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Marketing Management
List the 10 main types of entities being marketed and briefly explain each.
Goods Sevices Events Experiences Persons Places Properties Organizations Information Ideas
Pertains to a fairly homogenous group of customers to whom a company wishes to appeal.
Target Market
These are the basic human requirements such as air, food, water, clothing, and shelter.
Needs
When does a need become a want?
When a need is directed to specific objects that might satisfy the need.
These are wants for specific products backed by an ability and willingness to pay.
Demands
It is the ratio between what the customer gets (benefits) and what s/he gives (costs).
Value
What are the components of the customer value triad?
Quality, service, and price (qsp)
It reflects a person’s judgment of a product’s perceived performance in relation to expectations.
Satisfaction
It identifies and profiles distinct groups of buyers who might prefer or require varying products and marketing mixes.
Market Segmentation
Give the 4 major segmentation variables and explain each.
Geographic Segmentation
Demographic Segmentation
Psychographic Segmentation
Behavioral Segmentation
This is a set of tactical marketing tools - product, place, price, and promotion that the firm blends to produce the response it wants from the target market.
Marketing Mix
What are the 3 types of products.
Standard Product (Commodity) Custom Products (Specialty Products) Differentiated Products
Pertains to the stages or sales history as a new product goes through from introduction to growth to maturity to decline.
Product Life Cycle
Refers to a word, mark, symbol, or a combination of them used to identify the marketer’s product of service.
Branding
Includes all the activities of designing and producing the container for a product.
Packaging
A simple tag attached to a product of an elaborately designed graphic that is part of the package.
Labeling
Includes company activities that make the product available to target consumers when and where they want it - in the right place at the right time.
Place
It is the set of interdependent organizations involved in the process of making a product or service available for the use or consumption by the consumer or business user.
Channel of Distribution or Trade Channel
A term which encompasses activities needed to get the right quantity of goods to the spot at the right time at the right cost.
Channel of Distribution or Trade Channel
Give the 3 kinds of marketing channels and briefly explain each.
Communication Channels
Distribution Channels
Service/Selling Channels
Give the 3 types of distribution coverage.
Intensive distribution
Exclusive distribution
Selective distribution
A type of distribution coverage where a firm uses as many outlets as possible.
Intensive distribution
A type of distribution coverage where a firm grants one distributor exclusive rights in a particular territory.
Exclusive distribution
A type of distribution coverage where a firm uses more than one or few intermediaries but less than the acceptable intermediaries.
Selective distribution
The amount of money required to purchase a given good or service.
Price
Sum of all the values that consumers exchange for the benefits of having or using the product.
Price
Give the 3 pricing considerations.
Cost
Customers
Competition
It is a critical factor in marketing management, which includes all the actual and potential rival offerings and substitutes that a buyer might consider.
Competition
Give the 4 levels of competition.
Brand Competition
Industry Competition
Form Competition
An example of a level of competition where a company sees its competitors as other companies that offer similar products and services to the same customers at similar prices.
Brand competition
It is an example of a level of competition where a company sees its competitors as all companies that make the same product or class of products.
Industry competition
An example of a level of competition where a company sees its competitors as all companies that manufacture products that supply the same service.
Form competition
An example of a level of competition where a company sees its competitors as all companies that compete for the same consumer money.
Generic competition
Give the 3 pricing strategies.
Mark-up pricing or cost-plus pricing
Target Return Pricing
Break-Even Pricing
it is a method of adding a certain percentage of a mark up to the cost of the product to determine selling price.
Mark-up pricing or cost-plus pricing.
It is the percentage difference between a product’s cost and it’s selling price.
Mark-up
It is a method wherein the firm determines the price on the basis of a target rate of return on the investment.
Target return pricing
It is a practice of setting a price point a which a business will earn zero profits on sale.
Break-even pricing
The intention of this pricing strategy is to use low prices as a tool to gain market share.
Break-even pricing
This is the communication potential customers about the products and services a company offers.
Promotion
Give the four methods of promotion.
Personal selling
Advertising
Public relations
Sales promotion
It is an activity of informing and persuading a market on a person-to-person basis to buy merchandise offered for sale.
Personal selling
It involves any paid non-personal communication about goods, services, ideas, or instructions through any of the media of mass communication with intent to sell or secure favorable consideration.
Advertising
Communication with a company’s various stakeholders whose opinions have the power to influence the products companies make, how they make them, and how they sell them.
Public relations
Pertains to communication activities that help customers understand the value of the product.
Sales promotion
It is the step-by-step conversion of one form of material into another form through chemical and mechanical process to create or enhance the utility of the product to the user.
Production
It is a process of planning, organizing, directing, and controlling the activities of the production function to ensure smooth and efficient operation.
Production management
It is that activity whereby resources, flowing within a defined system, are combined and transformed in a controlled manner to add value in accordance with the policies communicated by management.
Production System.
It is a classification of production systems whereby the manufacturing of one of few quantity of products designed and produced as per the specifications of customers within prefixed time and cost.
Job Shop Production
it is a form of manufacturing in which the job passes through the functional departments in lots or batches and each lot may have a different routing.
Batch Production
It is defined as the selection of path which each part of the product will follow while being transformed from raw materials to finished products.
Routing
It is characterized by the manufacture of limited number of products produced at regular intervals and stocked awaiting sales.
Batch Production
It is characterized by manufacture of discreet paths of assemblies using a continuous process.
Mass production
A type of production system classification where machines are arranged in a line or product layout. Product and process standardization exists and all outputs follow the same path.
Mass production
It is a flow production method used to manufacture, produce, or process materials without interruption.
Continuous production
A type production classification where material handling is fully automated and planning and scheduling is a routine action.
Continuous production
It is an activity under production management that includes long-term capacity decision which involves a long-term commitment about the geography static factors that affect a business organization.
Location of facilities
It refers to the physical arrangement of facilities. it is the reconfiguration of departments, work centers, and equipment in the conversion process.
Plant layout
Give the three functions of product design.
Marketing, product development, and manufacturing
It is the conversion of ideas into reality.
Product design
It is the macroscopic decision-making of an overall process route for converting the raw material into finished goods.
Process design
It is used to identify different types of activities.
Process mapping
It is a system that is used to maintain a desired level of quality in a product or service.
Quality control
It ensures that the operation will produce the optimum quality products at minimum cost.
Quality control
It is concerned with the acquisition, control and use of materials needed and flow of goods and services connected with the production process.
Materials management
Give the 4 legal forms of business.
Sole proprietorship
Partnership
Corporation
Cooperative
A business form where the business is owned and operated by a single individual.
Sole proprietorship
It is the most common form of legal structure for new small businesses.
Sole proprietorship
It is a form of business where the business is owned by two of more individuals or other business entities.
General partnership
It is a form of business owned by two or more individuals or other business entities in which at least one of the partners has limited liability protection.
Limited partnership.
It is a legal entity that exists separately from the people who create it.
Corporation
It is owned by its shareholders and run by a board of directors elected by the shareholders.
Corporation
It is a form of business that pertains to an autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic and cultural needs.
Cooperative
A type of cooperative that promotes and
undertakes savings and lending services among its
members. It generates a common pool of funds in
order to provide financial assistance and other
related financial services to its members for
productive and provident purposes
Credit cooperative
A type of cooperative whose primary purpose of
which is to procure and distribute commodities to
members and non-member
Consumer cooperative
A type of cooperative which engages in the
supply of production inputs to members and
markets their products.
Marketing cooperative
A type of cooperative that undertakes joint
production whether agricultural or industrial. It is
formed and operated by its members to undertake
the production and processing of raw materials or goods produced by its members into finished or
processed products for sale by the cooperative to
its members and non-members.
Producers cooperative
Cooperative that engages in
medical and dental care, hospitalization,
transportation, insurance, housing, labor, electric
light and power, communication, professional and other services.
Service cooperative
A system that outlines how certain activities – roles, rules, responsibilities –
are directed to achieve the goals of the organization.
Organizational Structure
The process of employing people, training them, compensating them, developing policies related to them, and developing strategies to retain them .
Human Resource Management
a list of duties a person fulfills in a job, the frequency of tasks and the importance of these
Job description
describe the person you wanted for the position
Job specification
Involves the entire hiring process from posting a job to negotiating a salary package
Staffing
Tentative employment for not more than 6 months to
determine whether or not the employee would qualify for regular employment
Probationary Employment
An employee who has been engaged to perform activities which are usually necessary or desirable in the usual business
Enjoy the benefit of
security of tenure provided
by the Philippine
Constitution
Regular Employment
Engaged to perform a job,
work or service for a pre-determined date of
completion
The practice of continuous rehiring or “endo” is being discouraged as it seem to circumvent the rules and prejudice the employees rights
Fixed-term/Contractual
When an employee is engaged to perform a job, work or service which is not usually necessary or desirable to the business of the employer
Such job is for a definite
period made to known to
the employee at the time
of his/her engagement
Casual Employment
Whose employment has been fixed for a specific
project and will continue upon completion of the
specific project or undertaking
Project Employment
One whose work or service to be performed is
seasonal in nature and the employment is for the
duration of the season (Christmas season, etc.)
Seasonal Employment
Allows HRM to see how many people they should hire based on revenue expectations
Staffing Plan
Involves tests, interview and selection among applicants
Negotiation of proper compensation package
Selection
