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The marketing mix includes

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Products and Services Price Promotion Place *Service

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Price, promotion, placement and product (know as the four Ps) are variables of what?

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The Market Mix.

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What does the research and development department do?

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Designs your product line. The department needs to invent and revise products that appeal to your customers changing needs.

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Market research is designed to

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Understanding the market. Systematic gathering, recording and analyzing data.

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Primary market research includes:

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Collection of original data. Telephone or street surveys, experimens, panel studio, test marketing, behavior observation, and so on.

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Secondary market research involves:

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Collecting published information

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Market segmentation identifies customer group on the basis of their needs regarding:

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Geographic( particular area) , demographic( focuses on people, psychographic(lifestyle and behaviors)

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Distribution is best described as:

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The act of sharing something out to a number of recipients.

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What does target marketing involve?

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Enables you to identify, access, communicate with, and sell to those that are most likely to purchase your products.

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What is market segmentation?

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Marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them.

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Marketing strategy is most successful when it has:

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Marketing orientation which is an approach that requires an organization to gather information about their customers needs through research.

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Sales forecasting is often challenging due to the:

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An attempt to predict your unit sales and revenue performance. The sales forecast process often begins by assessing how total market will perform. This is challenging because- what will economic climate be like? will consumers make decisions on the same basis they have in the past? At what level will our competitors perform?

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What will factors will change a product's position on the perceptual map?

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The bigger products are located on the top left of the map. Smaller products appear lower down. Slower is closer to bottom left and faster is positioned bottom right

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Which activities would increase the material costs?

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Making the product smaller and faster.

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In Capstone Foundation, the two market segments are the

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low tech and high tech

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In Foundation, awareness of a product is created specifically through the:

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Products promotion budget.

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What does the ideal spot of a perceptual map define?

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The ideal spot defines low tech: upper left high tech: bottom right corner of map. This is where demand is highest.

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From year to year, market segments as shown on the perceptual map are:

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The overlap between the segments decreases because the low tech segment moves more slowly than the high tech segment.

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In Foundation, accessibility of a product is created through the:

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Is created through the products sales budget.

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The promotion budget follows in a pattern that if $1 million buys 30% awareness, then $2 million buys less than 60% awareness. This correlation is called:

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diminishing returns.

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The strength of the distribution investment is measured by:

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Sales.

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The strength of the promotional investment is measured by:

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Awareness

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The perceptual map evaluates and compares:

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...

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Reliability perceptions are expressed as:

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...

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The four components of the fine cut are:

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...

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Accounts payable

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Money an organization owes its vendors and suppliers.

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Accounts receivable

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The total amount of money owed to a business.

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Actual Market Share

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units sold market growth market share

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Asset Turnover

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Sales divided by the value of total assets for the same period

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Awareness

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promotion budget

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balance sheet identity

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assets=liabilities+equity

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bonds

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long term debt

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building (space) cost

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6 * cost

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buyers market

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sales > demand

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calculate customer survey score

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find the attractiveness score, multiply it by the importance percentage

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calculating contribution margin

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revenue * Cost of goods sold

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caliber

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talent of workforce

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capacity recorded is what you can produce in _____ shift, but you can actually produce ______ that

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one, twice

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common stock

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Shares of ownership in a public corporation. The shareholder has voting rights in the corporation.

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compliment

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number of workers

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contribution margin

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total revenues( price) - total variable costs ( material cost + labor)

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CSS Points

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find attractiveness by determining how close the product is to ideal and divide importance (%) and attractiveness score

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effective

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do the right things

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efficient

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doing things right

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formula for making sure you do not stock out

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(sales forecasting/ 11) * (12)

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Four methods for sales forecasting

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Market growth, potential market share, counting products, december customer survey score

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high tech MTBF

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17,000-23,000

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high tech price % age

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25-45 & 0

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how much does the ideal spot for high tech increase and decrease each year increases

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.7 in performance and decreases .7 in size

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How much does the ideal spot for low tech increase and decrease each year increases

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.5 in performance and decreases .5 in size

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how to reposition age

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change size or performance

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long term assets

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assets that are expected to be used in business operations for longer than one year

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long term liabilities

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liabilities owed for more than a year

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low tech MTBF

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14,000-20,000

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low tech price and age

answer

15-35 & 3

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promotion builds

answer

awareness

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retained earnings

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an amount earned by a corporation and not yet distributed to stockholders

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revenue

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price per unit * number of units

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sales builds

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accessibility

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short term assets

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Consists of cash and assets that can be, or expected to be, converted into cash within a year, i.e. stocks, bonds, inventory

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short term liabilities

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Those debts that will be paid off within one year.

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TQM means

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monitoring and improving the quality of products and services produced

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TQM stands for

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total quality management

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what makes up unit cost?

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material cost and labor cost

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when do you revise a low tech product to manage age?

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every 2 years

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you loose ____% of awareness per year

answer

33

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Not knowing exactly what will happen ( the consequences of your choices) is known as

answer

uncertainity

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Organizing is best described as

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Arranging the organizations resources and activities in such a way as to make it possible to accomplish the plan.

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Cost analysis

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The process of defining the costs of specific products or activities within a company.

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Consumer bills company Diaz for gas used during the month of December. Until they pay this bill Diaz company would consider the amount owed to be a

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Liability. Anything owed to creditors

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Assets equation

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Liabilities + owners equity.

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Asests definition

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A resource controlled by a company as a result of past events and from which future economic benefits are expected to flow to the company.

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Liabilities

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Obligations of a company or organization; amounts owed to lenders, suppliers and employees

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Owners equity

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The amount of ownership a company has in an asset. retained earnings and common stock.

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The Financial statement that shows the financial position of a company as of a particular date is the

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Balance Sheet

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Examples of current assets

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Cash, account receivable, inventory

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Anything of value that is used or leased by a firm for periods longer than a year

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long term liability

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The statement that includes assets, liabilities, and owners equity is

answer

balance sheet

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Fixed assets

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property, plant and equipment

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Accounting term for profit is

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net income

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Accounting term for profit

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revenues

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The financial document that shows revenues, expenses, and profits over time

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income statement

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The information presented in an income statement could be best described as

answer

Revenue- expenses= net income

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Depreciation expense is

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How much your assets go down in appreciation

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What is a dividend?

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The income the firm provides to its owners, shareholders, based on profits.

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Define " retained earnings"

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Profits that are reinvested back into the economy.

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Formula for the cost of improving your plant and equipment through capacity expansion and increased automation is:

answer

Cost= ( #units X $6) + ( #units X ($4 X automation level)

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In foundation, in general, when you decrease the MTBF it results in

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Higher tech, more expensive

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In Foundation, in general when you decrease the performance specification for your product it results in

answer

low tech, less expensive

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Controlling

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Measuring and comparing performance to expectations established in the planning process, and adjusting either the performance or the plan.

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The revision date

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Cut the time in half

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Customer Awareness

answer

Cake buys 35% awareness and it's awareness now is 56% Example (.56- (.56 x .33) +.35 = next years awareness.

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