Sports marketing

How many steps are there to determine price?

6

What is a prototype?

A developing product.

What is supply

A stock of a resource from which a person or place can be provided with the necessary amount of that resource

What is promotion

Activities to persuade consumers

What is capitalism

An economic and political system in which a countries trade and industry are controlled by private owners for profit rather than by the state

What is Penetration Pricing?

Attempts to sell at one low price to entire market

What are the 5 types of product decisions to consider during the product planning phase?

Brand name packaging labeling product design product related services

What governmental regulation eliminated price discrimination?

Clayton Act

What is an example of value in use pricing?

Company produces computer operated machinery used in car manufacturing.

What is product depth

Depth of a product mix means the total number of variations for each product a company offers within

What is the goal of the finance department

Determined use of company resources and funds

What does the idea of prestige pricing suggest?

Different prices place different consumer perceptions.

Which government regulation strengthened provisions of the Clayton Act?

Eliminated price discrimination

The Sherman Antitrust Act of 1890 did which of the following?

Eliminated price fixing

What are the advantages of group training

Employees learn and listen from each other

what are examples of a producer

Farming

What department carries out the employment process

Human resource department

What is commercialization

Includes mass distribution to targeted customers

What are the 4 steps in the product life cycle in the correct order?

Introduction, growth, maturity, decline

What is the definition of a list price

Is the basic published or advertised price.

What are the 2 Profit Oriented Objectives?

Make as much profit as possible, and low prices expand the size of the market.

What are the 3 advantages to one price policies

Makes pricing easier, customer goodwill, administrative, convenience

What is Demand-Backward pricing also known as?

Market minus pricing

What is the focus of the maturity stage in the product lifecycle stage 3

Maturity

What is a product width?

Number of Product lines. Width or breath of the product mix means the total number of product lines that a company offers to sell.

what does evaluating employee performance help with

Obtain qualified workers

What are the four functions of management

Planning organizing directing and controlling

War examples of a service firm

Plumbing

When screening ideas of a product what 5 ideas should a company evaluate their ideas off of?

Practicality, financial capability marketability demand and profit potential company objectives

Which type of business produces process goods by changing raw goods into a more finished form

Processors

What is a product mix?

Product mix or product assortment is a set of the total number of product lines that a seller offers in the market to its buyers.

Manufacturers use break-even point calculations to help do what with a product?

Sales revenue equals the cost of the making.

What are examples of a nonprofit organization

Salvation army

What is a test market?

Selling a product in an exclusive area.

What can Status quo oriented objectives help with?

Stabilize prices

What is accounting

System used to record classify summarize and report the financial position of a business

What is interest-rate

The proportion of a loan that is charged as interest in the borrower typically expressed as an annual percentage of a loan outstanding

What is a trough in the business cycle

The trough is the borrowing process of moving from contraction or declining business activity

What is the business cycle

This is cycles are intervals of expansion followed by a recession and economic activity

When do companies begin to make a profit?

When the point is reached

What is a product line

a group of related products all marketed under a single brand name that is sold by the same company.

What does it mean when a product has inelastic demand?

a product doesn't change as much as the price

What is a product related service?

benefit customers and company

What items should be included on a label?

brand names, quality or grade, weight and size, product care and instructions manufacturing origin possible warnings artwork slogans or logos.

What are the advantages of Flexible pricing?

competitors prices, relationship with customer, and customers bargaining ability.

What are the 3 types of price level policies?

flexible, price, and one price policy.

What are the 7 steps of the product development process?

idea generation, idea screening, concept assessment, product development, product testing, commercialization, evaluation

What are the four stages of a product life cycle

introduction growth maturity decline

What is an asset

items of value owned by business

what does unemployment rate show

measures to share of workers in the labor force who do not currently have a job but are actively looking for work

What are the 4 things companies can do to maintain their product planning success?

monitoring new or existing products, improving current products, creating product variations and eliminating weak producers.

What is intrinsic motivation

motivation by internal factors/ desires

What are seasonal Discounts?

offered to encourage buyers to buy earlier than what the current demand requires.

What are the four ps of marketing or the marketing mix

place promotion price and product

What are the 3 pricing objectives

profit oriented, sales oriented, status quo

What is bait pricing?

setting some very low prices to attract customers