NUSC 4272: Food Service Systems Management II Midterm Exam 2024
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Course
NUSC 4272
Institution
NUSC 4272
marketing - ANSWER-consists of individual and organization 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 - ANSWER-views mar...
NUSC 4272: Food Service Systems
Management II Midterm Exam 2024
marketing - ANSWER-consists of individual and organization 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 - ANSWER-views marketing as an organizational
function and set of processes for creating, communicating, delivering value to
customers and for managing customer relationships in ways that benefit the
organization and stakeholders
macro-marketing - ANSWER-look at economy's entire marketing system, the objective
is to create goods and services and make them available when and where they are
needed
economy - ANSWER-producers + consumers
producers - ANSWER-concerned with their income and production
consumers - ANSWER-concerned with what you can buy with your money
micro-marketing - ANSWER-looking at individual company, smaller approach
western economics - ANSWER--market driven, consumers decide how much they are
willing to purchase and production is based off that
-price fluctuates based on the needs of the consumers and how much the producer is
wanting to sell
value exchange - ANSWER-the seller has something of value (goods, ideas, services)
and the buyer has something of value (money, credit, labor, goods)
Law of Diminishing Demand - ANSWER--As the price increases the consumer(demand)
purchases less, while when the price decreases the consumer purchases more
-As the price increases the seller (supply) produces more, while the when the price
decreases the seller produces less
-In the middle of this is the equilibrium price: selling price
Late 1800s: - ANSWER--Industrial Revolution
-beginning of mass production and marketing
-products made more economically
1920: - ANSWER--advertising and sales focus
-automobile rise
, -trying to sell people on products being made
1950s: - ANSWER--after WWII
-marketing and department companies rise
-increase in consumer research on what buyers really want
Today - ANSWER--focuses on satisfying the customer
customer satisfaction - ANSWER-the positive, negative, or neutral feelings about the
value received from a product
customer loyalty - ANSWER-the frequency with which the customer consistently
purchases a specific brand
Code of Ethics - ANSWER-rules for standards of professional behavior
Standards of Practices - ANSWER-measure of what is expected to happen
marketing concepts - ANSWER-management philosophy of how a company views
customers and the sale of their products
manufacturing/production concept - ANSWER--concentrate on how good your
production is and how you can distribute it efficiently
product concept - ANSWER-customers prefer existing products so companies should
focus on improving existing products
selling concept - ANSWER-need a large selling and promotion effort
marketing concept - ANSWER-determines needs and wants of target market and is
trying to satisfy these needs more than other competitors
societal marketing concept - ANSWER-organization determines needs and wants and
company needs to deliver these to improve consumers/society's well being
-trying to help society as a whole, more social aspect
target market - ANSWER-similar group of customers to whom the company wishes to
appeal
-define characteristics and need such as age, income, ethnicity, religious background,
education
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