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Definition
| process of identifying a need, assisting potential clients in recognizing that need, and filling that need |
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| exchange of ownership: producer, processor, distributor, supplier, customer |
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| anything you offer in exchange for money or something else of value |
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| First step of a marketing process/plan |
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Definition
| identify a need that is not being filled (market niche) |
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| where service will be offered |
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| divide market into groups of people with similar product needs (demographics, geographics, psychographics, behavioristics) |
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| Psychographic market segmentation |
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| social class, lifestyle, motive |
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| what is important to the customer and their mode of living |
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| the reason the customer makes the purchase |
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| behavioristic market segmentation |
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| need you are trying to fill |
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| how you would like the marketplace to view your pdt |
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| group of people or places with similar wants or needs with the potential for purchasing your pdt |
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| quantifiable, obtainable goals |
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| route chosen to reach goals |
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| group of items you will offer |
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| product, place, price, promotion |
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| a good, service, or idea (signature brand) |
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| marketing mix - promotion |
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Definition
| to increase or renew awareness, short term |
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Definition
| long term overall view of marketing in the organization in which resources are allocated and objectives set after defining the market; selection and analysis of a target market, creation and maintenance of an appropriate marketing mix |
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Definition
| use of marketing principles to advance a social cause, idea, or behavior |
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| filling customer's needs or desires |
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| dates, resources, costs, deadlines |
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| business name and legal entity, mission statement, description, goals, reasons, action plan, calendar of events, business summary |
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| business summary describes |
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Definition
| point at which sales revenue will exactly cover fixed and variable costs |
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| break even point (BE) in number of units sold calc |
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Definition
| fixed costs / (selling price of avg meal - variable costs of avg meal) |
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| break even point (BE) in sales volume calc |
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Definition
| fixed costs / 1-(variable costs/sales) |
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Definition
| 100 / food cost percentage = mark up factor |
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| traditional method of price markup |
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Definition
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Definition
| prime cost = raw food cost + direct labor cost. you take this value and multiply it by the markup factor to get the selling price. |
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| If you know the food cost and the labor cost add up to be 80%, how do you determine the markup factor? |
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Definition
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| Promotions pricing are done for what length of time and done why? |
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| Short, to increase sales during a slow period |
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Definition
| items priced lower to draw people in, in the hopes they will buy other more expensive items |
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| Definition of profit cost |
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Definition
| profit is established as a cost. every cost to the business has a predetermined percentage of cost. Working backwards from this, you can determine what the food cost should be. |
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| Steps to determine food cost from profit cost: |
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Definition
| 1) add up your cost %ages (fixed 25%, labor 35%, profit 10%, total=70%). 2) Subtract 70% from 100% = 30%. 3) Say you know your food cost is .78 cents per item. Divide this by the DESIRED food cost, 30%, .3, = selling price of 2.60. |
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