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GEEM MIDTERM
| Question | Answer |
|---|---|
| What is Marketing Mix? | An organizational function and set of processes for creating, communicating, and delivering value to customers. |
| What are the 7 P's of Marketing Mix? | Product, Place, Price, Promotion, People, Process, and Physical Evidence (Packaging). |
| Which P generates revenue? | Price - it is the only P in the 7 P's that generates revenue for the business. |
| What is Product? | Anything in the form of good, service, or idea consisting of tangible and intangible attributes offered to satisfy a want or need. |
| What is Place? | Making products available in the right quantities and locations where customers want them. |
| What is Price? | The peso value assigned to a product/service after considering costs, competition, objectives, positioning, and target market. |
| What is Promotion? | Any form of communication used to inform, persuade, and remind people about goods, services, image, or ideas. |
| What are the 3 levels of packaging? | Primary Package, Secondary Package, and Tertiary Package. |
| What is Primary Package? | The product's immediate container. |
| What is Secondary Package? | Package that protects the primary package and is thrown away when the product is about to be used. |
| What is Tertiary Package? | The bigger package that totally supports the product. |
| What are the 4 general kinds of products? | Breakthrough, Differentiated, Copycat, and Niche products. |
| What are the 3 levels of product? | Tangible products, Augmented products, and Generic products. |
| What are the 2 types of goods? | Durable goods (long period, expensive) and Non-Durable goods (quickly consumed, inexpensive). |
| What are the 3 types of services? | Rented-goods services, Owned-goods services, and Non-good services. |
| What are Convenience Products? | Products purchased with minimum effort (includes Staples and Impulse products). |
| 1. Idea generation 2. Idea screening 3. Concept development/testing 4. Business analysis 5. Product development 6. Market testing 7. Commercialization. | |
| What are the 8 steps of Product Design? | 1. Identify need 2. Research 3. Ideation 4. Design 5. Prototype 6. Test 7. Improve/Finalize 8. Produce/Launch. |
| What is Penetration Pricing? | Setting low prices initially to increase price once desired market share is achieved. |
| What is Skimming Pricing? | Setting initially high prices, then lowering them to offer the product to a wider market. |
| What is Bundling? | Two or more products or services offered at one reduced price. |
| What is Premium Pricing? | Setting a very high price to reflect quality. |
| What does ATL Marketing stand for? | Above the Line Marketing - wide scope, mainly untargeted (e.g., national TV campaign). |
| What does BTL Marketing stand for? | Below the Line Marketing - targets specific groups of people with focus. |
| What does TTL Marketing stand for? | Through the Line Marketing - integrated strategy using both BTL and ATL approaches. |
| What are examples of BTL sales promotions? | Product samples, Coupons, Price packs, Premiums, Advertising Specialties, Patronage Rewards, Contests and Games. |
| What does the 'S' in SWOT stand for? | Strength - strong attributes or capabilities providing an advantage in exploiting business opportunities. |
| What does the 'W' in SWOT stand for? | Weaknesses - attributes needing improvement (e.g., poor leadership, lack of capital, incompetent labor). |
| What does the 'O' in SWOT stand for? | Opportunities - business circumstances that must be maximized for benefit and development. |
| What are the 4 M's of Operations? | Manpower, Method, Machine, and Materials. |
| What is Method in 4 M's? | Process of combining raw materials and transforming them; also called technology or techniques of production. |
| What is Manpower in 4 M's? | The right human resources who handle business operations (includes labor, intellectual, and creative abilities). |
| What is Machine in 4 M's? | Technology used in efficiently operating the business; described as the "best friend" of manpower. |
| What is Materials in 4 M's? | The matter from which a thing is or can be made; includes supply chain management. |
| What are the 4 stages of Product Life Cycle? | Introduction, Growth, Maturity, and Decline. |
| What characterizes Introduction Stage? | New product, low sales, high advertising expenses, little or no profit, focus on creating awareness. |
| What characterizes Growth Stage? | Sales increase quickly, profit increases, production increases, distribution expands, competitors may enter. |
| What characterizes Maturity Stage? | High sales, widely known, strong competition, sales growth slows, compete through price/quality/features. |
| What characterizes Decline Stage? | Sales decrease, profit decreases, some competitors leave, customer demand becomes smaller. |
| What is Process Design? | Planning how resources, activities, and operations are organized to produce goods or services. |
| What is Process Selection? | Choosing the most suitable production process based on product, customer demand, and available resources. |
| What is Process Focus Strategy (Job Shop)? | Used when products are highly customized; each customer may require a different product/service. |
| What is Repetitive Focus Strategy? | Uses assembly line where products are produced repeatedly (moderate volume, standardized products). |
| What is Product Focus Strategy? | Designed for producing large quantities of standardized products continuously (high volume, low variety). |
| What is Mass Customization Strategy? | Combines mass production with customer customization. |
| What is Process Flow Analysis? | The study of how materials, information, and activities move through a production process. |
| What is a Bottleneck? | The slowest step in a process that limits overall capacity. |
| What is Design Capacity? | The maximum output that can be achieved under ideal conditions. |
| What is Effective Capacity? | The maximum output realistically achieved after considering normal operating conditions (breaks, maintenance). |
| What is Actual Output? | What is really achieved; always less than or equal to Effective Capacity. |
| What is the formula for Capacity Utilization? | (Actual Output Design Capacity) × 100 |
| What is the formula for Efficiency? | (Actual Output ÷ Effective Capacity) × 100 |
| What is Lead Capacity Strategy? | Increasing capacity before demand actually occurs (prevents lost sales, but high investment risk). |
| What is Lag Capacity Strategy? | Waiting until demand exceeds current capacity before expanding (lower risk, but risk of lost sales). |
| What is Match Capacity Strategy? | Expanding capacity gradually as demand increases (balanced approach). |
| What is Flexible Capacity Strategy? | Using temporary solutions (overtime, part-time, rentals) to meet demand fluctuations. |
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