Transcript marketing
CHAPTER 7 MARKETING A group of people, also known as customers is called what? (434) • Market What is marketing? (434) • The process of communicating a businesses message to its market. What are the 4 “P’s” in the marketing concept? (436) • • • • Place Product Price Promotion What are the 3 primary elements of the contemporary marketing mix? (436) • Product service mix • Presentation mix • Communication mix Customer trends are also known as what? (437) • Market trends What is the way in which an operation tells its customers about its products and services? (437) • Communication mix Which contemporary marketing mix consists of all the elements that make the operation look unique? (437) • Presentation mix What are the 5 steps to a successful marketing plan? (438) • • • • • Research the market Establish objectives Develop a market strategy Implement an action plan Evaluate/modify the action plan as needed A SWOT analysis looks at what 4 things? (442) • • • • Strengths Weaknesses Opportunities Threats What is the experimental method of marketing? (448) • An operation might try out a product for a limited time or with a limited group of people What is the observational method of marketing? (448) • This involves observing how customers react in a natural setting towards a product Explain the survey method of marketing. (448) • In this method, a marketer gathers information using questionnaires. Please explain sampling. (449) • This involves testing a product with a specific, small group, sometimes called a focus group. What does mass marketing do? (450) • Treats everyone in the market as having the same wants and needs. What does target marketing do? (450) • Treats people as different from each other and tries to make a focused appeal to a distinct group of customers. What is breaking down a large market into smaller groups of similar individuals called? (450-453) • Market segmentation What are demographics? (450) • This refers to the ways in which researchers categorize or group people. What are the 4 ways an operation can segment the market? (451-452) • • • • Demographic segmentation Geographic segmentation Product usage segmentation Lifestyle segmentation The main goal of target marketing is to… (452) • Target marketing helps you to focus your promotion and advertising efforts on specific groups. A promotional mix may include some of these 5 components: (457) • • • • • Advertising Sales promotion Personal selling Public relations Direct marketing What is it called when an operation pays to present or promote its products, services or identity? (457) • Advertising Radio commercials are what form of market communication? (457) • Advertising Our white bread normally sells for $2.50 a loaf. By selling it to people who use other services in the building, we are using what type of market communication? (457) • Sales promotion What is a premium? (459) • Free or reduced price merchandise, such as a pen or cup that shows the name and location of the restaurant, usually given away or sold for a reduced price with the purchase of a food item. What is it called when 2 or more sponsors develop complementary promotions or offer complementary promotional Materials? (461) • Cooperative sales promotion What is interacting with the people in the local area to create awareness of and trust for an operation? (461) • Community relations What is a packet of information given to media representatives to answer potential questions about a business • Pressorrelease organization called? (462) What is the primary sales tool in most restaurants? (468) • Menu What are some examples of promotional materials? You DO NOT need to give definitions. (460) • Signage • • • • • • • • Flyers Premiums Carryout and door hanger menus Appeal and brand name merchandise Point of Purchase materials Merchandising materials Direct mail Email Daily Specials is an example of what type of menu? (472) • Du jour menu What type of menu offers breakfast, lunch and dinner at any time of day? (473) • California menu How are most menus organized? (475) • In the order in which they are actually eaten • • • • • • • Appetizers Soup Salad Sandwiches Entrees Vegetables Desserts When planning a menu, what 6 things do managers and chefs need to keep in mind? (476) • • • • • • Physical layout of the facility Skills of personnel Availability of ingredients Target market’s wants and needs Target market’s expectations Profit margin What are the 2 steps in menu creation? (476-480) • Planning • Design What 2 purposes does menu pricing serve (482-485) • To provide information to customers • To determine profitability How do you calculate the cost of an item using the food percentage method? (483) • Item food cost / Food cost percentage = Menu price What are the 4 classifications that come from menu engineering? (490) • • • • Star Plow horse Puzzle Dog What does it mean when a menu item is called a star? (490) • These items are both popular and profitable What does it mean when a menu item is called a puzzle? (490) • These items are unpopular but very profitable. What does it mean when a menu item is called a dog? (491) • These items are unpopular and unprofitable. What is it when a menu item is referred to as a plow horse? (490) • These items are popular but less profitable.