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Flashcards in FIRST TEST Deck (142):
1

What are the R.O.P.E.S.?

Respect Openmindedness Participation Escuchar Smile

2

What are the 4 P's of marketing?

Product, Price, Promotion, and Place

3

What is "Branding"?

name, word or words, symbol, or design that identifies an organization and its products

4

What is "Brand Name"?

a word or words, letters, or numbers representing a brand that can be spoken, such as “Gatorade” or “Los Angeles Lakers”

5

What is a Trademark?

a device that legally identifies ownership of a registered brand or trade name

6

What is the Brand Identity?

the name evokes the strength of the brand

7

What is Brand Equity?

the value the brand has beyond its actual functional benefits - ex. Apple iPhones can be bad but people will still buy them because it is an apple iphone

8

What are three steps to develop brand identity?

develop, link, and help

9

What is the develop part in forming brand identity?

yankees are a professional baseball team - must form your product

10

What is the link part in forming brand identity?

ex. yankees fan thinks positively about the club - it is about inking the brand name with an emotion

11

What is the help part of brand identity?

You have help in the form of advertisements and companies above you promote you products

12

What is Marketing?

the process of developing, promoting, and distribuiting products, or goods and services, to satisfy customer’s needs and wants

13

What is the Marketing Concept?

idea that organizations need to satisfy their cutomer while also trying to reach their organization’s goals

14

What is the Market?

potential customers with shared needs who have the desire and ability to buy a product

15

What are needs?

a lack of basic necessities such as food, clothing, or shelter

16

what are wants?

things that people desire based on personality, experiences, or information about a product

17

What is a Target Market?

a specific group of consumers that an organization selects as the focus of its marketing plan

18

What are Demographics?

statistics that describe a population in terms of personal characteristics

19

What is the Marketing Mix?

a combination of four basic marketing strategies, known as the 4 Ps --- Product, price, place, and promotion

20

What is the channel of distribution?

path a product take from the produce to the consumer

21

How do businesses make money? What is the formula?

R-C=P - Revenue - Costs = Profit

22

Main difference between good and service?

good is tangible while a service is intangible good is clothes, you can hold it service is someone coating your driveway, you cannot hold that

23

What are examples of demographics?

- age - location (climate) - income - education level - gender - ethnicity

24

What is Mass Marketing? What is it about its target market?

promoting products with one key message that is directed to everyone - no target market

25

What is Mass Marketing useful for?

effective for the use of needs - effective for essential

26

What is Mass Marketing not useful for?

not effective for wants

27

How do companies find their target market?

demographic research

28

What is the example of Product in the marketing Matrix?

- design - cost - quantity and quality - name - packaging

29

What is the example of Price in the marketing Matrix?

- how much can we charge to max our revenue

30

What is the example of Place in the marketing Matrix?

- geographcial area - or area within a store - channel of distribution - path from producr to consumer ex. amazon - brilliant bc how they connect of producers to consumers. they have everything you want - huge automated warehouse

31

What is the example of Promotion in the marketing Matrix?

advertisements, things like that, bill boards

32

How marketers compete without listeing the price?

image is everything and hw they present the product makes people want to buy it regardless of the price

33

What is Economics?

study of the choices and decisions that effect making, distributing, and using goods and services

34

What does GDP stand for?

Gross domestic product

35

What is Gross?

total amount of money

36

What is Domestic?

home country

37

What is Product?

goods and services

38

What is GDP?

value of all goods and services produced within the country.

39

What is profit?

the money left after all costs and expenses of a business are paid.

40

What is competition?

the struggle among companies for customers

41

What is supply?

all the products avaliable for sale

42

What is demand?

the customer’s desire to buy products

43

What is Copyright?

legal protection of a creator’s intellectual property or products

44

What are some examples of Copyrights?

books, films, video games, music - anything copyright is all in the library of congress

45

What must you do if you want to use something that is copyrighted?

- if you want to use it, you need permission and you must pay a ROYALTY to the legal owner of the copyright

46

What is sole proprietorship?

when a business involves only one owner

47

What is a Partnership?

when a business has two or more owners

48

What is a limited Partnership?

when a partnership has a “silent partner”

49

What is a corporation?

business entity that has the ability to conduct business and enter into contracts apart from its owner or owners

50

What is Subchapter's Corporation?

this type of corporation must follow all the same government regulations as a corporation, but it is taxed like a partnership.

51

What are opportunity costs?

what a consumer misses out on by making a purchase

52

What are examples of opportunity's cost?

- college player could go to nfl but becmes a teacher - misses out on money - so when u hae a choice of two decisions and u choose on thing you miss out on another which is opportunity cost

53

What are the two groups of competition?

price and non price

54

What is price competition?

ex. price-match walmart + best buy - things such as 2k are the same but can drive prices down key factor when competeing for price: demand

55

What is non price competition?

- luxury cars - apparel (nike, Under Armour, adidas) - cereal - pric is same but different intangibles - everything is different but PRICE - luxury car shave different things they can do thats different than other cars, or the wuality (how it drives, how it handles, seating types, interior desgin - apparell looks different or the quality - cereal (boxes are different, types etc...

56

What is elasticity of demand?

when the price go es up or down the price demand in turn goes up or down - if something becomes more expensive, the demand goes down - if something becomes less expensive, the demand increases

57

What is inelasticity of demand?

when the demand doesn't change - if price goes up, demand doesnt change - if price goes down, demand doesnt change

58

What are examples of price competition?

- sports contracts (E) - Pencil (I) - Tickets (E)

59

What are examples of non-price competition?

- bottled water - dasani, poland spring

60

What is a Patent? and examples

20 year protection of an invention ex. first ipod, it had the scroll

61

What is a Trademark?

words, names, symbols, sounds, or colors that distnguish goods and services

62

What is examples of words in a trademark?

just do it

63

What are examples of names in a trademark?

Nike, Under Armour, Reebok

64

What are examples of Colors in a trademark?

yellow and red from mcdonalds, color combiations that other companies cant use, cant use same letting North Carolina: as their trademark on their baby blue

65

What are examples of sound in a trademark?

red robbin (the red robbin Yum! is a trade work

66

what are property rights?

play a role in protecting innnovations, and ideas

67

What role does property rights serve?

these things incentivises creative and thinking

68

What are examples or property rights?

trade mark, patent, etc...

69

APPLE MARKETING MATRIX development of (product)?

- cutting edge technology - trend setting - innovation in both hardware and software (pushed the boundaries of capabilities) - dont have to be the first to have the idea, they have to be first to integrate - integrated music on phone and phone

70

APPLE MARKETING MATRIX (promoting)?

- tv - reputation - word of mouth - social media

71

APPLE MARKETING MATRIX (distribute)?

APPLE STORE big adavntages - trouble shooting (fixes your problems) - testing (allows you to samle) - experts (people there always willing to help and are very smart) genius bar**********

72

Respect Openmindedness Participation Escuchar Smile

What are the R.O.P.E.S.?

73

Product, Price, Promotion, and Place

What are the 4 P's of marketing?

74

name, word or words, symbol, or design that identifies an organization and its products

What is "Branding"?

75

a word or words, letters, or numbers representing a brand that can be spoken, such as “Gatorade” or “Los Angeles Lakers”

What is "Brand Name"?

76

a device that legally identifies ownership of a registered brand or trade name

What is a Trademark?

77

the name evokes the strength of the brand

What is the Brand Identity?

78

the value the brand has beyond its actual functional benefits - ex. Apple iPhones can be bad but people will still buy them because it is an apple iphone

What is Brand Equity?

79

develop, link, and help

What are three steps to develop brand identity?

80

yankees are a professional baseball team - must form your product

What is the develop part in forming brand identity?

81

ex. yankees fan thinks positively about the club - it is about inking the brand name with an emotion

What is the link part in forming brand identity?

82

You have help in the form of advertisements and companies above you promote you products

What is the help part of brand identity?

83

the process of developing, promoting, and distribuiting products, or goods and services, to satisfy customer’s needs and wants

What is Marketing?

84

idea that organizations need to satisfy their cutomer while also trying to reach their organization’s goals

What is the Marketing Concept?

85

potential customers with shared needs who have the desire and ability to buy a product

What is the Market?

86

a lack of basic necessities such as food, clothing, or shelter

What are needs?

87

things that people desire based on personality, experiences, or information about a product

what are wants?

88

a specific group of consumers that an organization selects as the focus of its marketing plan

What is a Target Market?

89

statistics that describe a population in terms of personal characteristics

What are Demographics?

90

a combination of four basic marketing strategies, known as the 4 Ps --- Product, price, place, and promotion

What is the Marketing Mix?

91

path a product take from the produce to the consumer

What is the channel of distribution?

92

R-C=P - Revenue - Costs = Profit

How do businesses make money? What is the formula?

93

good is tangible while a service is intangible good is clothes, you can hold it service is someone coating your driveway, you cannot hold that

Main difference between good and service?

94

- age - location (climate) - income - education level - gender - ethnicity

What are examples of demographics?

95

promoting products with one key message that is directed to everyone - no target market

What is Mass Marketing? What is it about its target market?

96

effective for the use of needs - effective for essential

What is Mass Marketing useful for?

97

not effective for wants

What is Mass Marketing not useful for?

98

demographic research

How do companies find their target market?

99

- design - cost - quantity and quality - name - packaging

What is the example of Product in the marketing Matrix?

100

- how much can we charge to max our revenue

What is the example of Price in the marketing Matrix?

101

- geographcial area - or area within a store - channel of distribution - path from producr to consumer ex. amazon - brilliant bc how they connect of producers to consumers. they have everything you want - huge automated warehouse

What is the example of Place in the marketing Matrix?

102

advertisements, things like that, bill boards

What is the example of Promotion in the marketing Matrix?

103

image is everything and hw they present the product makes people want to buy it regardless of the price

How marketers compete without listeing the price?

104

study of the choices and decisions that effect making, distributing, and using goods and services

What is Economics?

105

Gross domestic product

What does GDP stand for?

106

total amount of money

What is Gross?

107

home country

What is Domestic?

108

goods and services

What is Product?

109

value of all goods and services produced within the country.

What is GDP?

110

the money left after all costs and expenses of a business are paid.

What is profit?

111

the struggle among companies for customers

What is competition?

112

all the products avaliable for sale

What is supply?

113

the customer’s desire to buy products

What is demand?

114

legal protection of a creator’s intellectual property or products

What is Copyright?

115

books, films, video games, music - anything copyright is all in the library of congress

What are some examples of Copyrights?

116

- if you want to use it, you need permission and you must pay a ROYALTY to the legal owner of the copyright

What must you do if you want to use something that is copyrighted?

117

when a business involves only one owner

What is sole proprietorship?

118

when a business has two or more owners

What is a Partnership?

119

when a partnership has a “silent partner”

What is a limited Partnership?

120

business entity that has the ability to conduct business and enter into contracts apart from its owner or owners

What is a corporation?

121

this type of corporation must follow all the same government regulations as a corporation, but it is taxed like a partnership.

What is Subchapter's Corporation?

122

what a consumer misses out on by making a purchase

What are opportunity costs?

123

- college player could go to nfl but becmes a teacher - misses out on money - so when u hae a choice of two decisions and u choose on thing you miss out on another which is opportunity cost

What are examples of opportunity's cost?

124

price and non price

What are the two groups of competition?

125

ex. price-match walmart + best buy - things such as 2k are the same but can drive prices down key factor when competeing for price: demand

What is price competition?

126

- luxury cars - apparel (nike, Under Armour, adidas) - cereal - pric is same but different intangibles - everything is different but PRICE - luxury car shave different things they can do thats different than other cars, or the wuality (how it drives, how it handles, seating types, interior desgin - apparell looks different or the quality - cereal (boxes are different, types etc...

What is non price competition?

127

when the price go es up or down the price demand in turn goes up or down - if something becomes more expensive, the demand goes down - if something becomes less expensive, the demand increases

What is elasticity of demand?

128

when the demand doesn't change - if price goes up, demand doesnt change - if price goes down, demand doesnt change

What is inelasticity of demand?

129

- sports contracts (E) - Pencil (I) - Tickets (E)

What are examples of price competition?

130

- bottled water - dasani, poland spring

What are examples of non-price competition?

131

20 year protection of an invention ex. first ipod, it had the scroll

What is a Patent? and examples

132

words, names, symbols, sounds, or colors that distnguish goods and services

What is a Trademark?

133

just do it

What is examples of words in a trademark?

134

Nike, Under Armour, Reebok

What are examples of names in a trademark?

135

yellow and red from mcdonalds, color combiations that other companies cant use, cant use same letting North Carolina: as their trademark on their baby blue

What are examples of Colors in a trademark?

136

red robbin (the red robbin Yum! is a trade work

What are examples of sound in a trademark?

137

play a role in protecting innnovations, and ideas

what are property rights?

138

these things incentivises creative and thinking

What role does property rights serve?

139

trade mark, patent, etc...

What are examples or property rights?

140

- cutting edge technology - trend setting - innovation in both hardware and software (pushed the boundaries of capabilities) - dont have to be the first to have the idea, they have to be first to integrate - integrated music on phone and phone

APPLE MARKETING MATRIX development of (product)?

141

- tv - reputation - word of mouth - social media

APPLE MARKETING MATRIX (promoting)?

142

APPLE STORE big adavntages - trouble shooting (fixes your problems) - testing (allows you to samle) - experts (people there always willing to help and are very smart) genius bar**********

APPLE MARKETING MATRIX (distribute)?