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NUSC 4272 Exam 1 Latest Update
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NUSC 4272 Exam 1 LatestUpdate
Marketing overview - Answer Consists of individual & organizational activities that
facilitate and expedite satisfying exchange relationships in a dynamic environment
through the creation, distribution, promotion, and pricing of goods, services, and ideas
- American Marketing Association
- Efficient and fair system which directs an economy's flow of goods from producers to
consumers and accomplishes the objectives of society
- Need to satisfy both the customer's needs and the company's objectives
- 40 - 60% of consumer $'s goes toward marketing activities
2 levels of marketing - Answer Macro-Marketing and Micro-Marketing
- Macro looks at the economy's entire marketing system
- Micro looks at individual company
Macro-marketing - Answer Objective to create goods & services & make them available
when & where they are needed
- Economy = Producers + Consumers
- Producers: concerned with their income & production
- Consumers: concerned with what you can buy with your $
Free market economy - Answer Market driven, "Capitalism", Price is a measure of value
and fluctuates so both producers & consumers are happy
- Consumers decide what to purchase & therefore affect production
- What is someone willing to pay?
Other economies? - Answer - Russia has mixed economy
- China has a socialist market economy
Law of Diminishing Demand - Answer Consumer
- if the price of a commodity is raised; a smaller quantity will be demanded
- if the price of a commodity is lowered; a greater quantity will be demanded
,Late 1800s/Industrial Revolution - Answer - Beginning of mass production & marketing
- Products made more economically
- Focus of distribution
1920s - Answer Advertising & Sales focus- differentiating products
1950s - Answer - Marketing dept.
- Consumer research
- Advise mgmt of how to design, price, distribute & promote
Marketing today - Answer - Customer satisfaction: customer's positive, neutral, or
negative feelings about the value received from a product
- Customer loyalty: refers to the frequency with which a customer consistently
purchases a specific brand
Ethics of marketing - Answer - A Code of Ethics: Rules for standards of professional
behavior, based on relationships within businesses and professional organizations
- Standards of Practice: Measure of what is expected to happen
Ethical Conduct - Answer - Priority of an organization
- Through proper planning, organizing, staffing, leading, and controlling ensure that
ethical conduct is followed
- Academy of Nutrition and Dietetics Code of Ethics (AND Code of Ethics)
- Sponsorship (Advertising and Sponsorship)
Different marketing concepts - Answer Management philosophy of how a company
views customers and the sale of their products (goods, services, ideas)
- Manufacturing/production concept: available & affordable; concentrate on production
& distribution efficiency
- Product concept: customers prefer existing product, should focus on improvement
(Kotler, Bowen, & Makens, 1999)
- Selling concept: need a large selling & promotion effort
- Societal marketing concept: organization determines needs and wants and co. needs
to deliver these to improve consumer's & society's well-being (social marketing)
Who's involved in marketing? - Answer - Producers
- Sellers
, - Buyers
- Due to ↑ costs in noncommercial foodservice, now marketing
- Must be competitive
Social vs. Business marketing - Answer - Social: marketing to advance a cause, change
a behavior
- Business: fills customer needs or desires
Need for marketing - Answer - Just because have a good product does not mean that it
will sell
- Marketing encourages this need
- Must look at both the product & the marketing system
- Sustainability, plant-based/vegan options, curbside and drive-thru, smart tech
solutions, mobile ordering (employee shortages)
- Secret menus
Top Seven - Answer (1) (Super)-Size does matter
(2) Fish and chicken don't always deserve their healthful rep
(3) Download the (nutritional) lowdown
(4) Go green
(5) Skip the mocha-frappe-espresso-ccino-with-whipped-cream coffee drink
(6) Think outside your go-to wrapper
(7) Step away from the soda
Portfolios - Answer - Includes: resume, references, cover letter, examples of your work
(review before an interview so you can talk about a few different things)
- Online or paper
Market oriented business - Answer - Think about the market system (market research,
menu planning, service, promotion/advertising)
- Marketing concept - affects all activities and emphasizes satisfying the customers'
needs
- Direction the company is going (planning, policies, and operations determined by the
market/customer)
- Profitable because satisfying the customer's needs
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