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FRM 131 > QUIZ > Flashcards

QUIZ Flashcards

1
Q

It is regarded as the art of selling products

A

Marketing

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2
Q

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.

A

Marketing

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3
Q

It is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

A

Marketing Management

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4
Q

List the 10 main types of entities being marketed and briefly explain each.

A 
Goods
Sevices
Events
Experiences
Persons
Places
Properties
Organizations
Information
Ideas
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5
Q

Pertains to a fairly homogenous group of customers to whom a company wishes to appeal.

A

Target Market

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6
Q

These are the basic human requirements such as air, food, water, clothing, and shelter.

A

Needs

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7
Q

When does a need become a want?

A

When a need is directed to specific objects that might satisfy the need.

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8
Q

These are wants for specific products backed by an ability and willingness to pay.

A

Demands

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9
Q

It is the ratio between what the customer gets (benefits) and what s/he gives (costs).

A

Value

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10
Q

What are the components of the customer value triad?

A

Quality, service, and price (qsp)

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11
Q

It reflects a person’s judgment of a product’s perceived performance in relation to expectations.

A

Satisfaction

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12
Q

It identifies and profiles distinct groups of buyers who might prefer or require varying products and marketing mixes.

A

Market Segmentation

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13
Q

Give the 4 major segmentation variables and explain each.

A

Geographic Segmentation
Demographic Segmentation
Psychographic Segmentation
Behavioral Segmentation

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14
Q

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.

A

Marketing Mix

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15
Q

What are the 3 types of products.

A 
Standard Product (Commodity)
Custom Products (Specialty Products)
Differentiated Products
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16
Q

Pertains to the stages or sales history as a new product goes through from introduction to growth to maturity to decline.

A

Product Life Cycle

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17
Q

Refers to a word, mark, symbol, or a combination of them used to identify the marketer’s product of service.

A

Branding

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18
Q

Includes all the activities of designing and producing the container for a product.

A

Packaging

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19
Q

A simple tag attached to a product of an elaborately designed graphic that is part of the package.

A

Labeling

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20
Q

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.

A

Place

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21
Q

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.

A

Channel of Distribution or Trade Channel

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22
Q

A term which encompasses activities needed to get the right quantity of goods to the spot at the right time at the right cost.

A

Channel of Distribution or Trade Channel

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23
Q

Give the 3 kinds of marketing channels and briefly explain each.

A

Communication Channels
Distribution Channels
Service/Selling Channels

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24
Q

Give the 3 types of distribution coverage.

A

Intensive distribution
Exclusive distribution
Selective distribution

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25
Q

A type of distribution coverage where a firm uses as many outlets as possible.

A

Intensive distribution

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26
Q

A type of distribution coverage where a firm grants one distributor exclusive rights in a particular territory.

A

Exclusive distribution

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27
Q

A type of distribution coverage where a firm uses more than one or few intermediaries but less than the acceptable intermediaries.

A

Selective distribution

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28
Q

The amount of money required to purchase a given good or service.

A

Price

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29
Q

Sum of all the values that consumers exchange for the benefits of having or using the product.

A

Price

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30
Q

Give the 3 pricing considerations.

A

Cost
Customers
Competition

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31
Q

It is a critical factor in marketing management, which includes all the actual and potential rival offerings and substitutes that a buyer might consider.

A

Competition

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32
Q

Give the 4 levels of competition.

A

Brand Competition
Industry Competition
Form Competition

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33
Q

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.

A

Brand competition

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34
Q

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.

A

Industry competition

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35
Q

An example of a level of competition where a company sees its competitors as all companies that manufacture products that supply the same service.

A

Form competition

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36
Q

An example of a level of competition where a company sees its competitors as all companies that compete for the same consumer money.

A

Generic competition

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37
Q

Give the 3 pricing strategies.

A

Mark-up pricing or cost-plus pricing
Target Return Pricing
Break-Even Pricing

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38
Q

it is a method of adding a certain percentage of a mark up to the cost of the product to determine selling price.

A

Mark-up pricing or cost-plus pricing.

39
Q

It is the percentage difference between a product’s cost and it’s selling price.

A

Mark-up

40
Q

It is a method wherein the firm determines the price on the basis of a target rate of return on the investment.

A

Target return pricing

41
Q

It is a practice of setting a price point a which a business will earn zero profits on sale.

A

Break-even pricing

42
Q

The intention of this pricing strategy is to use low prices as a tool to gain market share.

A

Break-even pricing

43
Q

This is the communication potential customers about the products and services a company offers.

A

Promotion

44
Q

Give the four methods of promotion.

A

Personal selling
Advertising
Public relations
Sales promotion

45
Q

It is an activity of informing and persuading a market on a person-to-person basis to buy merchandise offered for sale.

A

Personal selling

46
Q

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.

A

Advertising

47
Q

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.

A

Public relations

48
Q

Pertains to communication activities that help customers understand the value of the product.

A

Sales promotion

49
Q

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.

A

Production

50
Q

It is a process of planning, organizing, directing, and controlling the activities of the production function to ensure smooth and efficient operation.

A

Production management

51
Q

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.

A

Production System.

52
Q

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.

A

Job Shop Production

53
Q

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.

A

Batch Production

54
Q

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.

A

Routing

55
Q

It is characterized by the manufacture of limited number of products produced at regular intervals and stocked awaiting sales.

A

Batch Production

56
Q

It is characterized by manufacture of discreet paths of assemblies using a continuous process.

A

Mass production

57
Q

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.

A

Mass production

58
Q

It is a flow production method used to manufacture, produce, or process materials without interruption.

A

Continuous production

59
Q

A type production classification where material handling is fully automated and planning and scheduling is a routine action.

A

Continuous production

60
Q

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.

A

Location of facilities

61
Q

It refers to the physical arrangement of facilities. it is the reconfiguration of departments, work centers, and equipment in the conversion process.

A

Plant layout

62
Q

Give the three functions of product design.

A

Marketing, product development, and manufacturing

63
Q

It is the conversion of ideas into reality.

A

Product design

64
Q

It is the macroscopic decision-making of an overall process route for converting the raw material into finished goods.

A

Process design

65
Q

It is used to identify different types of activities.

A

Process mapping

66
Q

It is a system that is used to maintain a desired level of quality in a product or service.

A

Quality control

67
Q

It ensures that the operation will produce the optimum quality products at minimum cost.

A

Quality control

68
Q

It is concerned with the acquisition, control and use of materials needed and flow of goods and services connected with the production process.

A

Materials management

69
Q

Give the 4 legal forms of business.

A

Sole proprietorship
Partnership
Corporation
Cooperative

70
Q

A business form where the business is owned and operated by a single individual.

A

Sole proprietorship

71
Q

It is the most common form of legal structure for new small businesses.

A

Sole proprietorship

72
Q

It is a form of business where the business is owned by two of more individuals or other business entities.

A

General partnership

73
Q

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.

A

Limited partnership.

74
Q

It is a legal entity that exists separately from the people who create it.

A

Corporation

75
Q

It is owned by its shareholders and run by a board of directors elected by the shareholders.

A

Corporation

76
Q

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.

A

Cooperative

77
Q

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

A

Credit cooperative

78
Q

A type of cooperative whose primary purpose of
which is to procure and distribute commodities to
members and non-member

A

Consumer cooperative

79
Q

A type of cooperative which engages in the
supply of production inputs to members and
markets their products.

A

Marketing cooperative

80
Q

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.

A

Producers cooperative

81
Q

Cooperative that engages in
medical and dental care, hospitalization,
transportation, insurance, housing, labor, electric
light and power, communication, professional and other services.

A

Service cooperative

82
Q

A system that outlines how certain activities – roles, rules, responsibilities –
are directed to achieve the goals of the organization.

A

Organizational Structure

83
Q 
The process of employing 
people, training them, 
compensating them, 
developing policies related 
to them, and developing 
strategies to retain them
.
A

Human Resource Management

84
Q

a list of duties a person fulfills in a job, the frequency of tasks and the importance of these

A

Job description

85
Q

describe the person you wanted for the position

A

Job specification

86
Q

Involves the entire hiring process from posting a job to negotiating a salary package

A

Staffing

87
Q

Tentative employment for not more than 6 months to

determine whether or not the employee would qualify for regular employment

A

Probationary Employment

88
Q 
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

A

Regular Employment

89
Q

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
A

Fixed-term/Contractual

90
Q 
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

A

Casual Employment

91
Q

Whose employment has been fixed for a specific
project and will continue upon completion of the
specific project or undertaking

A

Project Employment

92
Q

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.)

A

Seasonal Employment

93
Q 
Allows HRM to see 
how many people 
they should hire 
based on revenue 
expectations
A

Staffing Plan

94
Q

Involves tests, interview and selection among applicants

Negotiation of proper compensation package

A

Selection

FRM 131 (1 decks)

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