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NUSC 4272- Food Service Systems Management II Midterm Exam Study Guide
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NUSC 4272- Food ServiceSystems Management II Midterm
Exam Study Guide
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
types of marketing concepts - Answer 1. manufacturing/production concept
2.product concept
3. selling concept
4. marketing concept
5. societal marketing concept
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
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