Marketing Mix
What P does packaging fall under?
Product
This is a small number of people who are brought together to discuss a particular problem, product, or service.
Focus Group
What is the formula for breakeven
FC/ SP- VC
Refers to the way in which managers tend to operate, such as in an autocratic, democratic, laissez-faire manner.
Management style
Created the motivation hygiene/ two factor theory
Frederick Herzberg
Here the firm add a percentage to costs as profit margin to come to their final pricing decisions
cost plus pricing
A grouping of consumers or businesses within a particular market that has one or more things in common is...
market segment
Give 1 reason why breakeven analysis is useful
To see how many units a company must produce in order to breakeven
The skill of getting things done through other people by inspiring, influencing and motivating them
Leadership
The need for recognition and respect from others falls under this stage...
Esteem
What P involves distribution
Place
Explain what Primary Data is, and give examples
NEW information that is collected for a particular purpose.
ie: interviews, focus groups, observations, surveys
List one disadvantage of breakeven
Not all goods produced are sold
Refers to a decision maker who takes into account the views of employees.
Democratic Leader
List Maslow's Hierarchy from most basic needs to highest needs.
Physiological, Safety, Love/Belonging, Esteem, Self-Actualization
What is price skimming
Set a high price to begin with then slowly lower it
Identify 3 ways to group customers into market segments
demographics
psychographics
and geographics
Explain 1 thing a business could do to improve cash inflows
advertising campaign to boost sales by cash
Managers and leaders treat their employees as if they were family members by guiding them through a process of consultation. In their opinion, they act in the best interest of their workers
Paternalistic
The assumption that employees like work, are creative, seek responsibility, and will exercise self-direction and self-control if they are committed to the goals.
Theory Y
Name 2 functions of packaging
1) Protect the product
2) Protect the customer
3) Warn the customer
Identify 3 major complaints/limitations of qualitative research.
It takes too long, requires clearer goals, can not be statistically organized, and problems with reliability and validity.
Define margin of safety
Margin of safety is how much output can fall before a business reaches its breakeven point
Planning, Organizing, Directing/Coordinating, and Controlling
The management process
Attempting to increase the scope of a job by broadening or deepening the tasks undertaken
Job enlargement