1. What are 4 core elements of marketing?
    • 1. Product
    • 2. price
    • 3. place
    • 4. promotion
  2. 3 Ps of service marketing?
    • 1. physical evidence of effectiveness
    • 2. process that instills customer confidence
    • 3. people
  3. Market development:
    expanded sales of existing products in new markets by expanding qualified available market/ target market
  4. 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
  5. 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)
  6. Market retrenchment:
    dropping out of a market segment/entire market by dropping unprofitable service or product
  7. Market segmentation:
    distinct groups of potential customers expected to buy certain services & products
  8. Product-market growth matrix:
    comparison of ways mgmt can consider to grow business:  market penetration, product development, market development, market diversification
  9. 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)
  10. patient autonomy:
    commit to collaborating/partnering with client
  11. 4 pillars of capitalism:
    • 1. democratic or freely elected govt
    • 2. free markets¬†
    • 3. private property rights
    • 4. govt regulations regarding contracts
  12. 5 basic needs of human:
    • 1. physiological needs
    • 2. safety
    • 3. love
    • 4. esteem
    • 5. self-actualization
  13. 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
  14. Marginal value:
    value of last increment of the good/service sold or purchased
  15. Utility:
    measure of satisfaction or benefit one receives from a product or service
  16. Elasticity of demand:
    responsiveness of any variable
  17. Price elasticity:
    sensitivity of demand to changing price
  18. Consumer price index (CPI):
    measures change in cost of a fixed collection of goods or services
  19. Gross domestic product:
    total money value of all goods/services produced in a country in a given year; must grow as population grows
  20. 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
  21. Explicit costs:
    tangible costs that can be easily accounted for; inc. direct & indirect costs, fixed, variable, & semi-variable costs, and marginal costs
  22. Indirect costs
    overhead costs, inc. administrative salaries, utility bills, building, etc
  23. Fixed costs
    inc. salaries & wages, rent, interest expenses on loans, depreciation of equipment
  24. Variable costs
    vary depending on volume, easy to control so generally the first to meet short-term financial goals
  25. Cost-effectiveness analysis:
    measures relative costs & outcomes assoc with particular activity or program in comparison with another program which produces the same outcome
  26. 4 basic fundamental statements:
    • 1. balance sheet
    • 2. income statement
    • 3. cash flow statement
    • 4. retained earnings statement
  27. Revenue:
    gross income
  28. Balance sheet:
    lists assets, liability, & owner's equity
  29. Income statement:
    report on financial performance of organization over time
  30. 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
  31. Retained earning statement:
    owner's equity statement
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