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Operations and Marketing Revision Flashcards | StudBud
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Operations and Marketing Revision
Operations and Marketing Revision
15 terms
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StudBud Administration
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#marketing #operations
Flashcards
15 cards
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Questions
15
Answers
1
The marketing mix consists of four major elements:
Operations, Marketing, Finance, HR
Product, Price, Promotion, Place
People, Place, Price, Products
Selling, Buying, Trading, Advertising
2
What is the strategic role of operations?
To reduce costs of making goods and providing services
To make goods and services that consumers want to buy
To give the business a competitive advantage
To correct problems as they occur
3
What does the performance objective flexibility mean in operations?
Business is able to change operations as required
Business aims to perform operations and deliver on time
Business aims to do operations at the lowest cost
Business aims to do operations quickly
4
The strategic role of marketing is to:
Develop marketing strategies
Develop & implement strategies to generate revenue and sales
Advertise products
Identify the target market
5
Which of the following marketing strategies is concerned with the packaging of a good?
Price
Place
Product
Promotion
6
Which of the following is a transformed resource for a medical clinic?
Medical diagnostic equipment
Doctors and nurses
Medicine
Patients
7
Which of the following products has the shortest lead time?
Fruit
Daily newspaper
Designer clothing
Cars
8
Markets are segmented according too which categories?
Cost, Needs, Wants, Differentiation
Systemic, Synergy, Dynamic, Engaging
Demographic, Psychological, Economical, Strategical
Demographic, Geographic, Physiographic, Behavioural
9
Market share refers to:
The % of total sales a business has compared to competitors
Increasing share prices
Increasing sales to gain a larger share
Sharing the market with competitors
10
Which of the following is an example of a loss leader pricing strategy?
Medical co. setting high price for vaccines
Fashion store sets high price to enhance its image
Supermarket sells cheap fruit to entice consumers into store
Airline enters market selling tix cheaper than competitors
11
What is market segmentation?
Dividing the total market into segments.
Dividing the niche market into sections.
Identifying the target market.
Creating a niche market.
12
A business offers retailer stock at lower price to other retailers. The business is engaging in
Deceptive advertising
Implied conditions
Price discrimination
Sugging
13
What is the influence of international trade agreements on the operations function?
Domestic businesses must become more efficient to compete
Nations can protect industries of national importance
Nations can trade more easily with each other
Businesses become more environmentally sustainable
14
A restaurant invites a leading food critic to sample new menu. The promotional strategy used is
Opinion leaders
Word of mouth
Advertising
Personal selling
15
Which of the following describes a market segment?
A product sold to a specific group of customers
A product aimed at customers that share characteristics
Products sold to businesses used in the production process
A product aimed at a wide group of customers
