Marketing and Public Relations Flashcards Preview

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Flashcards in Marketing and Public Relations Deck (21)
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1
Q

Marketing Mix

A

product, place, pricing, promotion

2
Q

Product

A

a good, service, or idea.

3
Q

Place

A

place where product is provided

4
Q

Price

A

sales price of a good/service

5
Q

Promotion

A

Used to increase awareness of a good or service

6
Q

Break-even analysis

A

seeks to find the production level in which total expenses (fixed and variable cost) are paid for; profit = 0 at break-even

7
Q

break-even point

A

(number of meals sold) = Total fixed cost divided by (average selling price of meal - variable cost per meals

8
Q

Payback period

A

the amount of time it takes for an investment, purchase, or project to pay for itself

9
Q

Factor or markup factor method

A

raw food costs are multiplied by a markup factor that includes labor, overhead, profit

10
Q

Markup factor

A

divide percentage of money spent on raw food costs into 100

11
Q

selling price

A

food cost x markup factor (factor or markup factor method)

prime x pricing factor (Prime cost method)

12
Q

Prime cost method

A

accounts for labor and food cost via separate percentages.

13
Q

Prime cost

A

food cost + labor cost

14
Q

Pricing factor

A

100% divide by (food cost % + labor cost %)

15
Q

Loss leader strategy

A

item sold at less than cost to attract buyers who might then purchase products at profitable price

16
Q

Banquet hall

A

includes staff and service

17
Q

location catering

A

staffing and kitchen available but no availability for food prep and food is brought in from outside

18
Q

mobile unit

A

food is prepared kitchen and transported to desired location

19
Q

Pricing catering menus

A

food costs, labor, prep, maintenance, and overhead

20
Q

Collusion

A

inherent downfall of any internal control measure; involves two or more individuals working together to misappropriate assets and conceal the fraud.

21
Q

Cash account procedures

A

Separation of duties

Count and record cash balances before and after employee shifts

Receipts from customer orders should be sequentially numbered and held for future reconciliation.

Authorized employees should make disbursements via sequentially numbered checks

Cash should be deposited daily

A bank reconciliation should be done monthly by an outside party