Domain III, Topic D, Marketing and Public Relations

Question 1

_________ analysis

- Process of identifying a need, assisting potential clients in recognizing that need, and filling that need

Answer 1

Marketing

Question 2

________ channel

- Exchange of ownership: producer, processor, distributor, supplier, customer

Answer 2

Marketing

Question 3

A _______ or _______ is anything you offer in exchange for money or something else of value

Answer 3

Product, service

Question 4

The first step in a _________ process or plan is to identify a need that is not being filled, otherwise known as a ______ niche

Answer 4

Marketing, market

Question 5

A ___________ is where the service will be offered

Answer 5

Marketplace

Question 6

Market ____________ is dividing the market into groups of people with similar needs

Answer 6

segmentation

Question 7

___________ variables include age, gender, race, education, income

Answer 7

Demographic

Question 8

__________ variables include urban, suburban, climate, resources, cultural values

Answer 8

Geographic

Question 9

_____________ variables include social class, lifestyle (what is important to them and their mode of living), motive (the reason the customer makes a purchase)

Answer 9

Psychographic

Question 10

_____________ variables include occasions and loyalty

Answer 10

Behavioristic

Question 11

A market _____ is a need you are trying to fill

Answer 11

niche

Question 12

A ___________ ________ is how you would like the marketplace to view your product

Answer 12

Positioning statement

Question 13

A ______ ______ is a group of people or places with similar wants or needs with the potential for purchasing your product

Answer 13

Target Market

Question 14

Marketing __________ need to be quantifiable, attainable goals

Answer 14

objectives

Question 15

A marketing ________ is a route chosen to reach goals

Answer 15

Strategy

Question 16

A _______ ___ is a group of item you will offer

Answer 16

Product mix

Question 17

A _______ is a good, service, or idea

Answer 17

product

Question 18

The four P's of marketing are 
P\_\_\_\_\_\_
P\_\_\_\_
P\_\_\_\_
and
P\_\_\_\_\_\_\_\_

Answer 18

Product, place, price, promotion

Question 19

_________ Marketing

1) long term overall view of marketing in the organization in which resources are allocated and objectives set after defining the market
2) Selection and analysis of a target market; creation and maintenance of an appropriate marketing mix

Answer 19

Strategic

Question 20

______ marketing

- Use of marketing principles to advance a cause, idea, or behavior

Answer 20

Social

Question 21

________ marketing

- Filling customer’s needs or desires

Answer 21

Business

Question 22

A _________ point is the point at which sales revenue (income) will exactly cover fixed and variable costs

BE = Fixed costs / selling price - variable cost

BE = Number of average meals sold
FC = Total fixed costs
SP = Selling price of averaged priced meal
VC = Variable cost per averaged price meal

Answer 22

Breakeven

Question 23

_________ in sales volume
- Number of $ you need to bring in to break even

BE = Fixed costs / 1 - (Variable costs / sales)

Answer 23

Breakeven

Question 24

On a graph, the _________ point is where the total cost line crosses the revenue (sales) line

Answer 24

breakeven

Question 25

______ _______ Method

• Traditional method, markup method
  a) Mark - up is the difference between the cost and the selling price

1) 100 / food cost percentage = mark up factor
2) Mark - up factor x raw food cost = selling price
3) “Hidden cost” of 10% may be added to food cost to cover unproductive costs (losses in preparation, cooking, serving, unavoidable waste)

Answer 25

Factor Pricing

Question 26

_____ ____ Method

• Raw food cost + labor cost involved in making the item)
  a) Determine prime cost: Raw food cost + direct labor cost
  b) Determine price factor (markup)
  1) Add desired food cost percentage to percentage of direct labor cost
  2) divide total into 100
  c) selling price = prime cost x price factor (markup factor)

Answer 26

Prime cost method

Question 27

__________ pricing

• Done for a short time
  a) sale or special price is done to increase sales during a slow period

Answer 27

Promotions

Question 28

____ leaders

- Items priced lower to draw people in, in the hope that they will purchase other items at normal markups

Answer 28

Loss

Question 29

____ of ______ pricing

a) Price the product to ensure a predetermined percentage of profit
b) profit is established as a cost
c) Method
1) Add up all costs (including profit cost) as percentages
2) To find the targeted food cost percentage, subtract the total from 100%
3) To determine the selling price of the item

• Ttoal food cost / desired food cost percentage

Answer 29

Cost of Profit Pricing

Question 30

Fostering ______ _________ within the community requires

a) Good press relations, lobbying
b) Create and place newsworthy information to attract attention
c) Build and retain relations with legislators and government officials

Answer 30

Public relations