Marketing Mix: Product and price
Telling consumers about the product’s availability and convincing them, if possible, that your brand is the one to choose.
A. Product
B. Price
C. Promotion
D. Place
Promotion
The use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy.
A. Promotion
B. Promotion mix
C. Above-the-line promotion
D. Below-the-line promotion
A. Promotion
True or False
Intellectual capital is intangible capital of a business that includes human capital (well trained and knowledgeable employees), structural capital (databases and information systems) and relational captial (good links with supplier and customers).
True
True or False
Operations planning is preparing input resources to supply products to meet expected demand.
True
Which numbers of coffee shop inventories?
1. Automatic Drip Coffee Makers
2. Milk, Water, and Sweeteners
3. Refrigerators and Freezers
4. Database of vehicles listing unit
5. Dishes
1, 2, 3, and 5
Providing up-to-date and easily accessible two-way communication links with customers to both promote the product and gain back important consumer market research information.
A. Customer solution
B. Cost to customer
C. Communication with customer
D. Convenience to customer
C. Communication with customer
These are off ered when the receipt is returned to the manufacturer.
A. Money-off coupons
B. Customer loyalty schemes
C. Money refunds
D. BOGOF
C. Money refunds
This is included in inputs
A. Finished goods
B. Services
C. Components for other firms
D. Capital
D. Capital
The benefit of CAD is ....
A. complexity of the programs
B. need for extensive employee training
C. large amounts of amount of computer processing power required
D. errors are reduced
D. errors are reduced
Choose one or more of correct statements about risk of wastage and obsolescence.
1. Working capital tied up in goods in storage could be put to another use.
2. If inventories are not used or sold as rapidly as expected, then there is an increasing danger of goods deteriorating or becoming outdated.
3. Goods oft en become damaged while held in storage or while being moved – they can then be sold only for a much lower price.
2 and 3
It is an identifying symbol, name, image or trademark that distinguishes a product from its competitors.
Brand
It is a payment by a company to the organisers of an event or team/individuals so that the company name becomes associated with the event/team/individual.
Sponsorship
It is involving a high quantity of capital equipment compared with labour input.
Capital intensive
It is the ability of a business to vary both the level of production and the range of products following changes in customer demand.
Operational flexibility
It refers to the normal time taken between ordering new stocks and their delivery.
Lead time
It involves the setting of very low prices for some products – possibly even below variable costs – in the expectation that consumers will buy other goods too
Loss leaders
This refers to the chain of intermediaries a product passes through from producer to final consumer.
Channel of distribution
It is converting inputs into outputs.
Production
It is producing items in a continually moving process.
Flow production
It refers to the optimum or least-cost quantity of stock to re-order taking into account delivery costs and stock-holding costs.
Economic order quantity
The price increased from $4 to $5 and demand fell from 300 units per week to 270 units. What is the PED?
0.4
How to describe two-intermediaries channel
Manufacturer --> Wholesaler --> Retailer --> Consumer
In FerJez Company, labour productivity is 400. It has 10 workers. How many products are produced?
4,000 products
Firms expand to increase capacity to avoid turning business away but they also benefi t from the advantages of large-scale production – these are called economies of scale.
Mention 3 from 5 economies of scale.
1 Purchasing economies
2 Technical economies
3 Financial economies
4 Marketing economies
5 Managerial economies
Manufacturing businesses will hold inventories in three distinct forms. What are they?
1 Raw materials and components
2 Work in progress
3 Finished goods