MKT 301 Final

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supply chain

"make and sell" view includes the firm's raw materials, productive inputs, and factory capacity

buying

A _____ allowance is a temporary price reduction offered to resellers for purchasing specified quantities of a product

horizontal conflict

Conflict among members at the same channel level

vertical conflict

Conflict between different levels of the same channel

informative advertising

is used when introducing a new product category; the objective is to build primary demand

conversion ratios, activity goals, win-loss analysis

key evaluation metrics (3 ways)

intensive distribution

large number of intermediaries

convenient stores

limited line of high-turnover goods

market-skimming pricing

midnight magic, a perfume manufacturing company, plans to release a new fragrance during the holiday season at $99 per bottle. the company intends to bring the price down to $49 within six months of its release to attract buyers who couldn't afford the initial price. which of the following pricing strategies is midnight magic using?

supermarket

most frequently shopped at type of retail store

specialty stores

narrow product line with deep assortment (ex. tiffany, radio shack)

disintermediation

occurs when product or service producers cut out intermediaries and go directly to final buyers, or when radically new types of channel intermediaries displace traditional ones

administered VMS

one member of the channel is large and powerful enough to coordinate the activities of the other members without an ownership stake

corporate VMS

one member of the distribution channel owns the other members. Although they are owned jointly, each company in the chain continues to perform a separate task

efficiency

Intermediaries offer producers greater _____ in making goods available to target markets

impact of PR

Lower cost than advertising Stronger impact on public awareness than advertising

horizontal

Managers at the Imperial Hotel-Chicago complained that the chain's overall image was hurt because Imperial Hotel-Dallas was overcharging guests and providing poor service. The Imperial Hotel was experiencing ________ conflict

loyalty programs

Marketing efforts that reward a person or organization for frequent purchases and the consumption of offerings

intermediaries

Middlemen that link producers to other intermediaries or ultimate consumers through contractual arrangements or through the purchase and resale of products

spreader

One of the positive effects of loyalty programs is ________ effect that the buyers are more likely to try related products offered by a marketer

marketing logistics

Physical distribution involves planning, implementing, and controlling the physical flow of goods, services, and related information from points of origin to points of consumption to meet consumer requirements at a profit

an indirect marketing channel

Plasticine Palace supplies its products exclusively to Arts & Crafts, a chain of stationery stores across the country. The chain then makes the plasticine available to end consumers. This is an example of ________

sales promotion

Short-term incentives to encourage purchases or sales of a product or service

narrow product lines; deep assortments

Specialty stores carry ________ with ________ within them

franchise

The ________ organization is the most common type of contractual vertical marketing system

greater the channel complexity

The greater the number of channel levels in a marketing channel, the ________

downstream partners

The marketing channels or distribution channels that look toward the customer

upstream partners

The set of firms that supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service

sales promotion

The use of short-term incentives to encourage the purchase or sale of a product or service is called ________

horizontal system

Two or more companies at one level join together to follow a new marketing opportunity

comparative advertising

When Verizon Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service. This example best illustrates ________

determining pricing policy for channel members

Which of the following is NOT a step in designing an effective marketing channel?

expanding sales and market coverage

Which of the following is an advantage of adding new channels in a multichannel distribution system?

direct marketing

Which of the following is one of the five major promotion tools?

public relations

Which of the following promotion tools involves building up a positive corporate image and handling unfavorable stories and events?

high-low pricing

_____ involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items

disintermediation

_____ occurs when product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones

price discrimination, price maintenance, deceptive pricing

pricing legislation across channel levels (3 types)

price fixing, predatory pricing

pricing legislation within channel levels (2 types)

advertising, personal selling, public relations, sales promotion, direct marketing

promotion mix (5 tools)

vertical marketing system

provide channel leadership and consist of producers, wholesalers, and retailers acting as a unified system and consist of: Corporate marketing systems Contractual marketing systems Administered marketing systems

channel conflict

refers to disagreement over goals, roles, and rewards by channel members

agents

represent buyers or sellers

retail price, service level, merchandise selection

retailers classification (3 ways)

leads, suspects, prospects, customer

sales metrics (4 sales cycles)

consumer, trade, sales force promotions

sales promotion objectives (3)

designing sales force strategy and structure, recruiting and selecting salespeople, training salespeople, compensating salespeople, supervising salespeople, evaluating salespeople

six major steps in sales force management

exclusive distribution

small number of intermediaries

prospect, pre-approach, approach, sales presentation, handle objections, close the sale, follow-up

steps in personal selling process

trade promotion

stimulate wholesalers and retailers to carry a producer's products and to market those products more aggressively

vertical

stylize, Inc. opened an online store that triggered disagreements between headquarters and the firm's exclusive dealers. this type of disagreement is known as a(n) _____ conflict

predatory pricing

the act of setting prices low in an attempt to eliminate the competition

price discrimination

the action of selling the same product at different prices to different buyers, in order to maximize sales and profits

pure competition

under _____, the market consists of many buyers and sellers trading in a uniform commodity

conventional distribution channel

a(n) _____ consists of one or more independent producers, wholesalers, and retailers, each seeking to maximizes own profits, sometimes even at the expense of the system as a whole

sense-and-respond

A view of the market that specifies that planning starts by identifying the needs of target customers, to which the company responds by organizing a chain of resources and activities with the goal of creating customer value is a(n) ________ view

agent

A(n) ________ does not take title to goods and represents buyers or sellers on a more permanent basis than a broker

public relations

Building good relations with the company's publics through favorable publicity, a good corporate image, and effective handling of unfavorable news

without communication from competitors

Federal legislation on price fixing requires that sellers set their prices ________

persuasive advertising

________ becomes more important as competition increases. With this type of advertising, a company's objective is to build selective demand

intensive

________ distribution is a strategy in which producers of convenience products and common raw materials stock their products in as many outlets as possible

wholesaling

________ includes all activities involved in selling goods and services to those buying for resale or business use

self-service

________ is a type of service offered by those retailers who serve customers that are willing to perform their own "locate-compare-select" process in order to save money

deceptive pricing

________ occurs when a seller states price savings that are not actually available to consumers

corporate vertical marketing system

a _____ integrates successive stages of production and distribution under single ownership

channel level

a _____ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer

informatie, persuasive, comparative, reminder

advertising objectives (4)

price maintenance

agreement under which a manufacturer fixes the minimum price below which a trademarked or name brand article may not be sold to the ultimate consumer or user

price fixing

an agreement (written, verbal, or inferred from conduct) among competitors that raises, lowers, or stabilizes prices or competitive terms

$15

assume a manufacturer with fixed costs of $100,000, a variable cost of $10, and expected sales of 50,000 units wants to earn a 20% markup on sales. what is the manufacturer's markup price?

multichannel distribution system

atlas imports and exports sells products directly to consumers via the atlas web site, and through local retailers as well. which of the following is evident here?

brokers

bring buyers and sellers together and assist in negotiations

analyze needs, set objectives, identify alternatives, evaluate

channel design decisions

optional product

companies involved in deciding which items to include in the base price and which to offer as options are engaged in _____ pricing

conventional distribution systems

consist of one or more independent producers, wholesalers, and retailers. Each seeks to maximize its own profits, and there is little control over the other members and no formal means for assigning roles and resolving conflict

contractual VMS

consists of independent firms joined together by contract for their mutual benefit

comparative advertising

directly or indirectly compares the brand with one or more other brands

brokers and agents

do not take title, perform a few functions, and specialize by product line or customer type

elastic

if demand changes greatly with a small change in price, we say the demand is _____

direct

in a(n) _____ channel, a store sells christmas ornaments to customers via its online click-to-order catalogs

horizontal marketing system

in a(n) _____, two or more companies at one level join together to follow a new marketing opportunity

wholesaling

includes all activities involved in selling goods and services to those buying for resale or business use

retailing

includes all the activities in selling products or services directly to final consumers for their personal, non-business use

manufacturers' sales branches and offices

is a form of wholesaling by sellers or buyers themselves rather than through independent wholesalers

persuasive advertising

is important with increased competition to build selective demand

reminder advertising

is important with mature products to help maintain customer relationships and keep customers thinking about the product

third-party logistics

is the outsourcing of logistics functions to third-party logistics providers

marketing channels

the decisions and activities that make products available to customers when and where they want to purchase them

deceptive pricing

the method by which retailers use deceptive means to trick the customers into thinking that they are paying a lower price for the product, than what they are actually supposed to

product line pricing

tone zone plans to introduce four mp3 player models over the next year. these models range from basic players at $99 per unit, to more sophisticated players at $399 per unit. the more features a model has, the more expensive it is. what pricing strategy is tone zone using for its range of mp3 players?

upstream and downstream

two types of partners in supply chain

transactional, functional, strategic, affiliative

types of sales relationships (4)

buying, buy-back, scan-back, merchandise

types of trade allowances (4)

merchant wholesalers, agents and brokers, manufacturers' sales branches and offices

types of wholesalers (3 types)

sense and respond

under _____ view, planning starts by identifying the needs of target customers, to which the company responds by organizing a chain of resources and activities with the goal of creating customer value

customer perceptions of the product's value

what sets the ceiling for product prices?

discount and allowance pricing

which of the following price adjustment strategies involves reducing prices to reward customer responses such as volume purchases, paying early, or promoting the product promptly?

downstream partners

which of the following terms refers to the partners such as wholesalers and retailers that form a vital link between the firm and its customers?

the method ignores demand and competitor prices

why is markup pricing most likely impractical?

department stores

wide variety of product lines


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