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What are 4 core elements of marketing?
- 1. Product
- 2. price
- 3. place
- 4. promotion
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3 Ps of service marketing?
- 1. physical evidence of effectiveness
- 2. process that instills customer confidence
- 3. people
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Market development:
expanded sales of existing products in new markets by expanding qualified available market/ target market
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Market penetration:
growing a business by expanding sales of its existing services/products in existing markets by capturing larger market share from a competitor or encouraging current customers to use more of its offerings
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Market position:
How organization wishes to be perceived by its qualified target market: leader (the first too...), innovator (quality, leadership), customer centric (humanistic & caring, ex: personal selling)
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Market retrenchment:
dropping out of a market segment/entire market by dropping unprofitable service or product
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Market segmentation:
distinct groups of potential customers expected to buy certain services & products
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Product-market growth matrix:
comparison of ways mgmt can consider to grow business: market penetration, product development, market development, market diversification
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4 differences between professional selling & retail sales:
- 1. properties of what's exchanged
- 2. how clients are involved in exchange
- 3. marketing challenges
- 4. levels of consumer protection (professional selling has code of ethics)
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patient autonomy:
commit to collaborating/partnering with client
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4 pillars of capitalism:
- 1. democratic or freely elected govt
- 2. free markets
- 3. private property rights
- 4. govt regulations regarding contracts
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5 basic needs of human:
- 1. physiological needs
- 2. safety
- 3. love
- 4. esteem
- 5. self-actualization
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Marginal analysis:
used to solve microeconomic problems by looking at cost & benefit assoc with the next, or marginal, unit that is either bought or sold
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Marginal value:
value of last increment of the good/service sold or purchased
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Utility:
measure of satisfaction or benefit one receives from a product or service
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Elasticity of demand:
responsiveness of any variable
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Price elasticity:
sensitivity of demand to changing price
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Consumer price index (CPI):
measures change in cost of a fixed collection of goods or services
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Gross domestic product:
total money value of all goods/services produced in a country in a given year; must grow as population grows
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Implicit costs:
intangible; inc. things like time & effort put into maintenance of company by owner or use of assets for which no payment is made or value reduced
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Explicit costs:
tangible costs that can be easily accounted for; inc. direct & indirect costs, fixed, variable, & semi-variable costs, and marginal costs
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Indirect costs
overhead costs, inc. administrative salaries, utility bills, building, etc
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Fixed costs
inc. salaries & wages, rent, interest expenses on loans, depreciation of equipment
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Variable costs
vary depending on volume, easy to control so generally the first to meet short-term financial goals
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Cost-effectiveness analysis:
measures relative costs & outcomes assoc with particular activity or program in comparison with another program which produces the same outcome
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4 basic fundamental statements:
- 1. balance sheet
- 2. income statement
- 3. cash flow statement
- 4. retained earnings statement
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Balance sheet:
lists assets, liability, & owner's equity
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Income statement:
report on financial performance of organization over time
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Cash flow statement:
- mandatory report on cash that flows through the business from core operations, financing, & investing
- -reports only actual cash, not any future incoming/outgoing cash
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Retained earning statement:
owner's equity statement
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