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Flashcards in Marketing and Public Relations Deck (21)
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1

Marketing Mix

product, place, pricing, promotion

2

Product

a good, service, or idea.

3

Place

place where product is provided

4

Price

sales price of a good/service

5

Promotion

Used to increase awareness of a good or service

6

Break-even analysis

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

7

break-even point

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

8

Payback period

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

9

Factor or markup factor method

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

10

Markup factor

divide percentage of money spent on raw food costs into 100

11

selling price

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

prime x pricing factor (Prime cost method)

12

Prime cost method

accounts for labor and food cost via separate percentages.

13

Prime cost

food cost + labor cost

14

Pricing factor

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

15

Loss leader strategy

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

16

Banquet hall

includes staff and service

17

location catering

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

18

mobile unit

food is prepared kitchen and transported to desired location

19

Pricing catering menus

food costs, labor, prep, maintenance, and overhead

20

Collusion

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

21

Cash account procedures

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