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Flashcards in Final Marketing Management Deck (56)
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1

The dollar amount added to the cost of sales to get the selling price

Mark up

2

% of selling price that is added to the cost to get the selling price

Mark up percent

3

The sequence of markups firm use at different levels in a channel

Mark up chain

4

the number of times the inventory is sold in a year

stock turn rate

5

adding a reasonable markup to the average cost of the product

Average cost of reasonable markup

6

When revenue = cost
After this point, you make a profit

Break Even Analysis

7

the change in total revenue that results from the sale of one or more units of a product

Marginal Revenue

8

the change in total cost when another unit is produced
the cost of producing one more unit after the break-even point

Marginal Cost

9

extra profit on the last unit sold
MR-MC=___

Marginal Profit

10

Similar products that have priced products within a range

Full Line

11

Selling lots of products for lower price

Product Bundling

12

Marketer puts 2 things together that go with each other to sell

Complementary Product

13

Product has elasticity. People lower price and people react. May lose money on product, but will make money on everything else they buy

Loss Leader

14

Marketer who sets price to maximize profit and want a certain return on product. Other marketers follow suit

Price Leader

15

All of the product of the same line are priced the same

Price Lining

16

Perception of what you buy is your money's worth

Psychological Pricing

17

High price and paid in cash/money on hand

Prestige Price

18

psychology in pricing (use $9.99 instead of $10)

Odd-even

19

Tools for control

1. Sales analysis
2. Performance Analysis
3. Performance Index
4. Iceberg Principle
5. Full Cost Approach
6. Contribution Margin
7. Market Audit

20

Look at everything to launch

Full Cost Approach

21

Selling price - Variable Cost

Contribution Margin

22

Dollars organization needs for fixed assets

Capital

23

Short term dollar's organization needs

Working Capital

24

Profit is a ____ of capital

Internal Source

25

Selling stocks and bonds is a _____ of capital

External Source

26

Go to the bank and take out a loan

Debt Financing

27

Document that says all expenses are taken care of

Cash Flow Statement

28

Ability to produce a certain quantity and quality of products or services

Production Capacity

29

Quantity will be there, but customized for that store

Mass Customization

30

What to do with excess inventory?

Try to sell, export overseas, outlet malls, etc.