Marketing and Management Strategies Quiz

Definitions

• Consumer goods: Tangible goods sold to the public, including durable (cars) and non-durable (food) items.
• Consumer services: Intangible products sold to the public, like accommodations, insurance, or travel.
• Consumer: Individual purchasing goods/services for personal use.
• Customer: Individual, group, or organization purchasing from a business.
• Factor of production: Resources required for producing goods/services.
• Capital goods: Physical goods used to produce other goods/services (machines, vehicles).
• Adding value: Increasing the difference between the cost of input materials and the selling price of the finished product.
• Added value: The difference between the cost of input materials and the selling price of the finished product.
• Opportunity cost: The value of the next best alternative foregone.
• Entrepreneur: Individual taking financial risk of starting/managing a venture.
• Enterprise: Initiative to take risk in starting a business.
• Branding: Distinguishing a product through symbols, names, or trademarks.
• Multinational Business (MNC): A business with a head office in one country and operations in others.
• Intrapreneur: Employee responsible for turning an innovative idea into a profitable business venture.
• Business Plan: Document outlining a business, its objectives, strategies, financial forecast, and target market.

Business Structure

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Size of Business

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Business Objectives

• Business Objectives: Measurable targets for a business, written in its business plan.
• Corporate Social Responsibility (CSR): Businesses considering societal impact and accountability for decisions.
• Pressure Group: Individuals/organizations with common interests pressuring on businesses/goverments.
• SMART Objectives: Specific, Measurable, Achievable, Realistic, and Time-bound objectives.
• Annual (Company) Report: Document detailing a business's activities and finances during a year.
• Business Strategy: Long-term plan of action for achieving objectives.
• Tactic: Short-term action plan within a wider strategy.
• Target: Short-term objective.
• Ethical Code: Rules and guidelines on employee behaviour.

Stakeholders in a Business

• Stakeholders: Individuals/groups affected by/interested in a business's actions.
• External Stakeholders: Individuals/groups external to the business, yet impacted by its operations.
• Internal Stakeholders: Individuals/groups working within or owning the business.
• Trade Union: Organizations representing workers, aiming to improve their pay and working conditions.
• Stakeholder Concept: Multi-faceted approach to business responsibility, beyond only shareholders. Stakeholder Theory.

Human Resource Management (HRM)

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Motivation

• Manager: Responsible for setting goals, organizing resources, and motivating staff.
• Management: Coordinating efforts to accomplish business goals.
• Autocratic Management: Manager-centric decision-making with limited employee input.
• Paternalistic Management: Manager acts as a parent figure, making decisions for employees.
• Laissez-Faire Management: Manager-less decision-making, delegating to the workforce.
• Democratic Management: Collaborative decision-making, involving employees.
• Theory X: Assumes employees are lazy and unmotivated, needing constant supervision.
• Theory Y: Assumes employees are motivated and self-directed, enjoying work

Management

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Nature of Marketing

• Marketing Mix: The four key decisions (product, price, promotion, place) for effective marketing.
• Product: Goods or services that satisfy customer needs.
• Goods: Tangible Items, i.e. cars, soap.
• Services: Non-physical products, e.g. teaching, banking.
• Brand: Unique identifier to differentiate products from competitors.
• Intangible attributes: Qualities harder to measure and based on consumer opinion.
• Tangible attributes: Measurable product features for comparison with competitors.
• Unique selling point (USP): A distinctive feature setting a product apart from competitors.
• Product differentiation: Unique aspects of a product.
• Product positioning: Consumers' perception of a product compared to competitors.
• Product Portfolio Analysis: Reviewing a company's product range for resource distribution.
• Product Lifecycle: Stages a product goes through from introduction to withdrawal.
• Consumer durable: Long-lasting product for repeated use.
• Extension Strategy: Plan to extend the maturity phase of a product.
• Boston Matrix: Tool to analyze a company's product range based on market share and growth.

Market Research

• Market Research: Gathering, recording, and analyzing information about customers, competitors, and markets.
• Primary Research: Collecting original, first-hand data.
• Secondary Research: Utilizing existing data.
• Qualitative Data: Non-numerical data providing insights into motivations and behaviours.
• Quantitative Data: Numerical data for statistical analysis.
• Sampling: Selecting a subset of respondents from a larger population.
• Sample: Selected group representing the larger target market.
• Sampling bias: Sample not accurately representing the entire population.
• Arithmetic Mean: The average value.
• Mode: Most frequent value.
• Median: Middle value.
• Range: Difference between highest and lowest values.
• Coding: Categorizing qualitative data to identify patterns.

Marketing Mix - Product

• Marketing Mix: The four key decisions (product, price, promotion, place).
• Product: Goods or services created for customer need satisfaction.
• Goods: Tangible Items, i.e. cars, soap.
• Services: Non-physical products, e.g. teaching, banking.
• Brand: Unique identifier to differentiate products from competitors.
• Intangible Attributes: Qualities harder to measure and based on consumer opinion.
• Tangible Attributes: Measurable product features for comparison with competitors.
• Unique Selling Point (USP): A distinctive feature setting a product apart from competitors.
• Product Differentiation: Unique aspects of a product.
• Product Positioning: Consumers' perception of a product compared to competitors.
• Product Portfolio Analysis: Reviewing a company's product range for resource distribution.
• Product Lifecycle: Stages a product goes through from introduction to withdrawal.
• Consumer durable: Long-lasting product for repeated use.
• Extension Strategy: Plan to extend the maturity phase of a product.
• Boston Matrix: Tool to analyze a company's product range based on market share and growth.

Marketing Mix - Price

Marketing Mix - Promotion

• Promotion: Methods to inform/persuade consumers about a product.
• Advertising: Paid communication through various platforms (TV, newspapers).
• Direct Promotion: Promotional efforts directly targeting consumers.
• Sales Promotion: Short-term incentives to increase sales.
• Promotion Mix: Combination of promotional strategies for a business.
• Digital Promotion: Marketing through online channels.
• E-commerce: Online buying/selling

Inventory Management

• Inventory: Goods/materials held by a business for production and customer demand.
• Inventory Management: Process of managing inventory ordering, storage, and usage.
• Economic Order Quantity (EOQ): Optimal order quantity for balancing costs.
• Buffer Inventory: Minimum stock to prevent production halt.
• Re-order Quantity: The quantity of items ordered each time.
• Lead Time: Duration between placing an order and receiving it.
• Re-order Level: Inventory point triggering a new order.
• Supply Chain: System of businesses for product production and distribution.
• Supply Chain Management: Managing the entire supply chain process.
• Just-in-Time (JIT) Inventory Management: Minimizing inventory by receiving supplies only when needed.
• Just-in-Case (JIC) Inventory Management: Maintaining higher levels of buffer inventory.

Capacity Utilisation and Outsourcing

• Maximum (Full) Capacity: Highest consistent output level.
• Capacity Utilization: Percentage of maximum capacity used.
• Outsourcing: Hiring another business to handle part of the production process.
• Excess Capacity: Output lower than full production capacity.
• Rationalisation: Reducing capacity by shutting down factories or production units.
• Capacity Shortage: Demand exceeding production capacity.
• Business Process Outsourcing (BPO): Outsourcing specific business functions like HR or finance.

Business Finances

• Cash Flow: Net balance of cash in/out of a business.
• Insolvent: Inability to meet short-term debts.
• Cash Flow Forecast: Estimation of future cash inflows/outflows.
• Cash Inflow: Money received.
• Cash Outflow: Money spent.
• Net Cash Flow: Difference between cash inflows and outflows.
• Opening Cash Balance: Beginning period cash amount.
• Closing Cash Balance: End-of-period cash amount.
• Credit Control: Monitoring customer debt payments.
• Bad Debt: Unpaid bills unlikely to be recovered.
• Overtrading: Rapid expansion without sufficient funds leading to cash flow problems.

Cost

• Cost Centre: Department incurring costs without generating revenue.
• Direct Costs: Costs directly associated with production.
• Indirect Costs: Costs not directly linked to a specific production unit.
• Fixed Costs: Costs unaffected by output levels.
• Variable Costs: Costs linked to output levels.
• Total Cost: Sum of fixed and variable costs.
• Profit Centre: Division generating both revenue and incurring costs.
• Average Cost: Total cost divided by the number of units produced.
• Full Costing: Attributing all costs to products/divisions.
• Contribution Per Unit: Price less variable costs.
• Break-even Point: Output where total revenue equals total costs.
• Break-even Analysis: Process to calculate break-even point using data on costs and revenue.
• Margin of Safety: Difference between actual output and the break-even output level.

Budgeting

• Budgeting: Planning future financial activities.
• Budget Holder: Person managing a budget.
• Variance Analysis: Comparing actual results to budgeted figures.
• Delegated Budgets: Budgets assigned to lower-level managers.
• Incremental Budgeting: Using the previous year’s budget as a starting point.
• Zero Budgeting: Justifying every expense, with no automatic allocations.
• Favorable Variance: Change exceeding budget expectations.
• Flexible Budgeting: Budget adjustments for changes in sales/output levels.
• Adverse Variance: Change falling under budget expectations.

Test your knowledge on key concepts in marketing and management strategies. This quiz covers topics like pricing methods, promotional goals, and management styles. Ideal for students and professionals looking to refresh their understanding of these essential principles.