Ch. 9, 10, 11

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Eskimo​ Joe's sells​ branded, ready-to-wear​ clothing, hats, drink​ ware, coasters, and other products directly to end consumers. Based upon this​ description, one could say that these product categories collectively represent the​ __________ of Eskimo​ Joe's product assortment.

breadth

​A(n)_______ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to find the final buyer.

channel layer

A key element of​ Smashburger's pricing strategy is determining price steps between its​ quarter-pound, one-third​ pound, and​ half-pound hamburgers. The practice of setting prices for different products offered by a company within a single category is known as​ __________.

product-line pricing

Which technology could one day make the entire supply chain intelligent and​ automated?

radio frequency identification

​Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called​ ___________.

retail convergence

​________ refers to the activities involved in selling products or services directly to final consumers for their​ personal, nonbusiness use.

retailing

By performing the channel function of​ ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost.

selling and promoting

In addition to selling food and drink through its restaurant and​ bar, Eskimo​ Joe's sells a variety of items that feature its popular Eskimo Joe logo. These products are sold directly to final consumers for their personal use. Based upon this​ description, Eskimo​ Joe's may be categorized as a​ __________.

Service retailer

Which type of business are you staying at when you stay at a hotel for a family​ vacation?

Service retailer

The practice of coming into retail stores to check out merchandise and prices but making purchases online using a computer or mobile device is called​ _______.

Showrooming

You go to the local jewelry store to choose a birthday gift for a friend. Which type of retailer is the jewelry​ store?

Specialty Store

Which type of retailer carries a narrow product line with deep assortments within those​ lines?

Specialty stores

​________ refers to setting price based on​ buyers' perception of value rather than on the​ seller's cost.

customer value-based pricing

Online marketers taking business from traditional​ brick-and-mortar retailers is an example of​ _____.

disintermediation

Companies that use​ ________ continually adjust prices to meet the characteristics and needs of individual customers and situations.

dynamic pricing

Carefully orchestrating the​ store's layout and​ displays, background​ music, colors, and smells is related to​ ________.

experiential retailing

The average Toyota car contains more than​ 10,000 moving​ parts, all manufactured by hundreds of independent suppliers that Toyota neither owns nor controls. The process by which Toyota identifies and ensures that parts arrive on time to its manufacturing facilities is known as​ __________.

inbound logistics

Toyota develops intimate relationships with many of its key​ suppliers, many of whom build distribution facilities in close proximity to​ Toyota's relay centers and assembly plants. For new car​ models, these suppliers often work together with Toyota engineers during the early stages of the design process and work collaboratively to come up with innovations that lower costs and improve the quality of its finished vehicles. This type of team approach is referred to as​ __________ logistics management.

integrated

Producers of convenience products typically use​ ______ distribution.

intensive

Toyota suppliers are required to adopt information and automated communication technologies that ensure that​ Toyota's relay centers and assembly plants have just the right amount of parts on hand to satisfy sales forecasts and the corresponding production schedule. This inventory management practice is described in the book and video as​ __________ logistics.

just-in-time

A discount store​ (for example,​ Target, Kohl's, or​ Walmart) sells standard merchandise at lower prices. To do​ this, discount stores accept which of the following two​ conditions?

lower margins and higher sales volume

When Apple Computer Company introduced its​ iPhone, its priced the new product at​ $599, considerably higher than either their iPod or competing cellular phones. Apple Computer was pursuing a​ ___________________ new product pricing​ strategy.

market-skimming

Your favorite ice cream travels from the​ producer, who manufacturers the​ product, through several other organizations before arriving at the local grocery​ store, where you purchase the product. What is this set of organizations​ called?

marketing channel

Eskimo​ Joe's sells it merchandise through its​ on-site store, via an​ e-commerce website, and using a direct mail catalog. Based upon this​ description, Eskimo​ Joe's is​ a(n) __________.

omni-channel retailer

Smashburger is investigating adding a​ half-pound burger to the menu at a lower price point. It has performed​ market-pricing experiments, with the new burger listed at either​ $4.29 or​ $3.99. The company has found little change in sales at the lower price. Based upon this​ finding, one could say that demand for the new burger is​ ___________.

price inelastic

Which of the following channel structures would be best suited for a ballpoint ink​ pen?

producer-wholesaler-retailer-consumer

Bath​ & Body Works offers​ "three-fer" deals on its soaps and lotions​ (such as three antibacterial soaps for​ $10). This is an example of​ _______ pricing.

product-bundle

Smashburger is seeking to attract customers who eat out at casual dining​ restaurants, like P.F.​ Chang's and​ Applebee's. The average ticket price for customers at these restaurants is​ $13. For these​ customers, $13 is a​ __________ in considering the relative value of​ Smashburger's offerings.

reference price

Toyota sources parts from suppliers​ globally, ships them to manufacturing plants all over the world for vehicle​ assembly, and sells the finished new automobiles to end consumers through an international network of franchised and​ company-owned dealerships. The process by which the company manages upstream and downstream​ value-added flows of​ materials, final​ goods, and related information is known as​ __________.

supply chain management

​New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital​ sound, super-wide​ screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing?

value-added pricing

One major objective associated with a​ market-penetration pricing strategy is to​ ________.

win a large market share

UPS charges different prices for shipping depending on an​ item's destination. The more distant the city the package is being shipped​ to, the higher the price UPS charges. Which geographic pricing method is UPS​ using?

zone pricing

Many of​ Smashburger's competitors combine a​ burger, fries, and a drink offered at a reduced​ "combo" price. This practice is known as​ __________.

Product-bundle pricing

Stan and the staff at Eskimo​ Joe's believe that creating a​ fun, one-of-a-kind restaurant and store atmosphere for its target customers will move them to visit more often and buy Eskimo Joe branded products. In so​ doing, Eskimo​ Joe's exemplifies​ __________ retailing.

experiential

Sunoco is an example of which type of​ retailer?

Convenience store

In addition to Eskimo​ Joe's, Stan and his partners own two other​ restaurants: Joseppis' Italian Kitchen and Mexico​ Joe's. Which type of organizational approach to retailing does this​ represent?

Corporate chain

You paid 75 cents for a can of soda this morning.​ However, the​ seller's cost is only 50 cents. Which type of selling strategy is the soda company most likely​ using?

Cost-plus pricing

After segmenting and defining their target​ markets, what should retailers do​ next?

Decide how they will differentiate and position themselves in the market.

What is the overall goal when retailers choose their product​ assortment?

Differentiate the retailer while matching target​ shoppers' expectations.

You have developed a new product and have created a website where customers can go to order the product. Which type of channel are you most likely​ utilizing?

Direct Channel

Offering just the right combination of quality and good service at a fair price is known as which type of​ strategy?

Good-value pricing

What are the four major functions of​ logistics?

Warehousing, inventory​ management, transportation, logistics information management

You have decided to open a retail store that offers many products. When choosing a wholesaler to work​ with, you need one that will provide financing and has stock available on short notice. Which type of wholesaler should you​ choose?

Wholesale merchant

Sherwin-Williams sells its paint and other branded products exclusively through​ company-owned retail stores.​ Sherwin-Williams has established​ a(n) _________.

corporate VMS

Which channel partners in a​ company's supply chain are upstream from a manufacturer or​ producer?

suppliers

When the company has defined its channel​ objectives, it should next identify its major channel alternatives in terms of the types of​ intermediaries, the number of​ intermediaries, and​ __________________.

the responsibilities of channel members

One retail trend resulting from economic conditions is​ ________.

tighter consumer spending

Selling below cost with the intention of punishing a competitor or gaining higher​ long-run profits by putting competitors out of business is an illegal practice called​ _______.

predatory pricing

Which of the following functions do intermediaries not​ perform?

Production

Which of the following is a reason that producers use marketing channels and channel​ intermediaries?

Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.

If a company wishes to sell the exact number of units to cover both its variable and fixed​ costs, what type of pricing strategy is it​ using?

Break-even pricing

After researching products similar to yours in the​ industry, you decide that your product has superior value. As​ such, you decide to price your product above the other products in the same industry. Which type of pricing strategy are you most likely​ using?

Competition-based pricing

As a​ marketer, you decide to focus not on the cost of producing the​ product, but rather on the​ customer's perception of the value of the product. Which type of pricing are you engaged​ in?

Customer value-based pricing

Which of the following statements is true regarding initiating price​ cuts?

Cutting prices in an industry loaded with excess capacity may lead to price wars

Full-line forcing is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line. Which of the following statements is true regarding​ full-line forcing?

It may or may not be legal.

While working at a grocery​ store, you notice a man who always works in the magazine area. He keeps the area​ clean, pulls outdated​ magazines, and restocks the shelves with the newest magazine editions. Which type of wholesaler does he most likely work​ for?

Rack jobber

​Geared2Beer, a craft beer​ brand, identifies a market segment that is willing to pay premium prices for its craft​ beer, and Geared2Beer managers select an ideal selling price. Managers then determine the costs to create craft beer that meets the ideal selling price. The​ company's pricing approach is referred to as​ ________.

target costing

Why do producers use​ intermediaries?

to increase efficiency

Toyota works closely with its​ suppliers, distributors,​ and, ultimately, customers who collaborate with each other to improve overall channel performance. This intricate and evolving system of downstream and upstream partners can be described as​ a(n) __________.

value delivery network

According to the​ video, by offering an a la carte​ menu, premium​ ingredients, and gourmet side​ dishes, Smashburger is able to extract a price premium from its loyal customers. This type of pricing approach is referred to as​ __________ pricing.

value-added


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