MARKETING FINAL EXAM
Vendor-managed inventory
(VMI) is an inventory-management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items
what are advantages of using the online retailers?
- 24 hour access - ability to comparison shop
what are advantages of using direct mail and catalogs?
- fast and convenient for the customer - lower costs to acquire new customers compared to store
why do some companies routinely monitor blogs?
- gain insight into customer complaints - glean suggestions for future
a specialty merch wholesaler differs from a general merch wholesaler in what ways?
- it has an extensive assortment of items within the product lines it carries - it carries a narrow range of products
disadvantages of using direct mail and catalogs
- not "green" - increasing production and mailing costs
comparisons with social media and traditional media
- social media can be produced more cheaply - using social media requires fewer skills and less training
what are 2 benefits of retailing?
- value in the form of consumer utilities - positive impact on economy
Aligning a Supply Chain with Marketing Strategy
-Understand the Customer -Understand the Supply Chain -Harmonize the Supply Chain with the Marketing Strategy
logistical function activities
-assorting: creating product assortments from several sources to serve customers -storing: assembling and protecting products at a convenient location to offer better customer service -sorting: purchasing in large quantities and breaking into smaller amounts desired by customers -transporting: physically moving a product to customers
transactional function activities
-buying: purchasing product for resale or as an agent for supply of a product. -selling: contacting potential customers promoting products, and seeking orders -risk taking: assuming business risk in the ownership of inventory that can become obsolete or deteriorate
dependability in the customer service concept
-consistent lead time -safe delivery -complete delivery
organizations choosing competitor-oriented approaches to set prices might use which strategies?
-customary pricing -loss-leader pricing
retail life cycle
-early growth: stage of emergence of a retail outlet -accelerated development: both market share and profit achieve their greatest growth rates. -maturity stage: new retail forms enter the market, stores try to maintain their market share, and price discounting occurs. -decline stage: market share and profit rapidly fall.
facilitating function activities
-financing: extending credit to customers -grading: inspecting, testing, or judging products and assigning them quality grades -marketing information and research: providing info to customers and suppliers, including competitive conditions and trends
cost-oriented approaches considers these in the setting of a product's price
-manufacturing costs -overhead -profit
which 2 are the options when choosing a pricy policy?
-one-price -flexible-price
what are the 2 allowances offered to buyers?
-promotional -trade- in
which of the following may mean that the amount paid is not the same as the list price?
-rebates -discounts -surcharges
Level of Service
-self service -limited service -full service
what are two major types of agents used by producers?
-selling and maufactuerer's
which of the following are profit-oriented approaches to setting a price?
-target profit pricing -target return pricing
organizations can be most effective using skimming pricing under which two of the following conditions?
-the customer understand and highly values the product -the product is protected by patent
what could be used in managing potential channel conflicts?
-using expertise or economic influence -having a channel captain
Questions to ask when choosing a marketing channel and intermediaries:
1. which channel and intermediaries will provide the best coverage of the target market? 2. which channel and intermediaries will best satisfy the buying requirements of the target market? 3. which channel and intermediaries will be the most profitable?
marketing channel
A marketing channel consists of Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users.
the practice of exchanging products and services for other products and services rather than money.
Barter
Channel conflict
Channel conflict arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals.
Dual distribution
Dual distribution involves an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product.
Exclusive distribution
Exclusive distribution is a level of distribution density whereby only one retailer in a specific geographical area carries the firm's products.
Intensive distribution
Intensive distribution is a level of distribution density whereby a firm tries to place its products and services in as many outlets as possible.
Viral marketing
Internet-enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs
Multichannel marketing
Multichannel marketing involves the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.
Selective distribution
Selective distribution is a level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products.
cost-plus pricing entails
Summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price. -Used to set prices for business products
in target pricing,
The manufacturer deliberately adjusts the composition and features of a product to achieve the target price to consumers.
Vertical marketing systems
Vertical marketing systems are professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact.
Consultative selling
a need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution
multichannel marketing characteristics
a blending of different communication and delivery channels goal is to attract, retain, and build relationships with buyers who use various channels.
a business-oriented website that lets users post their professional profiles to connect to a network of businesspeople
movement along a demand curve occurs because of
a change in price
what does NOT cause a shift in the demand curve: -change in consumer income -change in the price or availability of similar products -change in price -change in consumer tastes
a change in price
wheel of retailing
a concept that describes how new forms of retail outlets enter the market
blog
a contraction of "web log," is a web page that serves as a publicly accessible personal journal and online forum for an individual or organization
franchising involves
a contractual arrangement between a parent company and another entity that is allowed to operate a business under an established name.
an intermediary between a manufacturer and the user that does a variety of functions can be imprecisely called
a distributor
the typical relationship between price and demand is shown as
a downward sloping demand curve
strategic channel alliances
a firm's marketing channel is used to sell another firm's products.
_______________ makes possible the flow of goods from a producer, through intermediaries, to a buyer.
a marketing channel
dealer
a more imprecise term than distributor tha can mean the same as distributor, retailer, wholealer, and so forth.
Adaptive selling
a need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information
Reverse logistics
a process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal.
Collaborative filtering
a process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases
when a BOD determines a specific profit goal, marketing managers usually implement
a target return objective
Trade-in is given when
a used product is a part of the payment on a new product.
YouTube
a video-sharing website in which users can upload, distribute, view, and comment on videos
The eight-second rule
a view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds
a website that enables users to send and receive "tweets," messages up to 140 characters long
a shopping "bot" is
a website that searches the internet for a product specified by the consumer and provides a report on the locations of the best prices available.
a website where users may create a personal profile, add other users as friends, and exchange comments, photos, videos, and "likes" with them
wiki
a website whose content is created and edited by the ongoing collaboration of end users-suchaas generated and improving new product ideas
when an organization deliberately prices a product above the prices set for competing products, to entice those customer for whom pricing doesn't matter, the firm is engaging in:
above-market pricing
each intermediary in the marketing channel
adds value in terms of the functions it performs.
updating facebook
ads on mobile devices customizing facebooks news feed hashtag rollout recent purchases of WhatsApp
which 2 intermediaries have legal authority to act on behalf of the manufacturer?
agent and broker
Manufacturer's agents
agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory. Also called manufacturer's representatives
formula selling format presentation
aka canned presenation
direct channel marketing
allows consumers to buy products by interacting with various advertising media w/o face to face meeting with a salesperson. -includes: mail-order selling, direct-mail sales, catalog sales, telemarketing, interactive media, and tv home shopping.
Category management
an approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category
distributor
an imprecise term, usually used to describe intermediaries who perform a variety of distribution functions, including selling, maintaining inventories, extending credit, and so on.
A choiceboard
an interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options
retailer
an intermediary who sells to consumers
wholesaler
an intermediary who sells to other intermediaries, usually to retailers
cross-channel shopper
an online consumer who researches offerings online and then purchases them at a retail store
middleman
any intermediary between the manufacturer and end-user markets
agent or broker
any intermediary with legal authority to act on behalf of the manufacturer
mobile marketing
any marketing activity conducted through several internet networks to which consumers are connected on their personal device.
channel conflict
arises when one channel member believes another channel member is engaged in behavior that prevents from achieving its goals. -vertical channel conflict is between different levels in the channel -disintermediation -horizontal channel conflict is between intermediaries at the same level in the channel
store chains like JCPenney often establish the going market price for products in the minds of their competitors. JCPenney uses:
at-market pricing
Six Forms of nonstore retailing
automatic vending direct mail/catalogs tv home shopping online retailing telemarketing direct selling
the point at which the number of units sold generates enough revenue to equal total costs is known as:
break-even point
compared to other company objectives, the sales objective
can be translated more easily into meaningful targets for marketing managers
manufacturer's branch office
carries a producer's inventory and performs the functions of a full-service wholesaler.
a ___________ discount reduces the invoice total if the buyer pays the invoice prior to end of discount period
cash
an approach in which a manager is assigned the responsibility for selecting all products that consumers in a market segmnt might view as substitutes for each other is known as _________________ management
category
variable costs _________ production volume
change with. -Variable cost: sum of expenses of the firm that vary directly with the quantity of a product that is produced and sold.
choice of a marketing ____________ by a producer might involve examining a number of factors, including coverage of the target market, buyer requirements, and profitability
channel
corporate vertical marketing system
combination of successive stages of production and distribution under a single owndership
not only is getting customers into stores by using newspapers and tv considered retail _____________, so is the use of displays and signs placed at the point of purchase or in aisles.
communication
Spam
communications that take the form of electronic junk mail or unsolicited e-mail
Cookies
computer files that a marketer can download onto the computer or mobile phone of an online shopper who visits the marketer's website
social media
consist of online media where users submit comments, photos, and videos—often accompanied by a feedback process to identify "popular" topics
supply chain
consists of a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users.
Retailing
consists of all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use.
Scrambled merchandising
consists of offering several unrelated product lines in a single store
Sales management
consists of planning the selling program and implementing and evaluating the personal selling effort of the firm
personal selling process
consists of sales activities occurring before, during, and after the sale itself, consisting of six stages: (1) prospecting, (2) preapproach, (3) approach, (4) presentation, (5) close, and (6) follow-up
retailing mix
consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise
Total logistics cost
consists of the expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing, and return goods handling.
User generated content (UGC)
consists of the various forms of online media content that are publicly available and created by end users
Logistics
consists of those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost.
Telemarketing
consists of using the telephone to interact with and sell directly to consumers
the demand for a product class, a product, or a brand, or the newness of a product can act as pricing __________ to limit a firm's options.
constraints
social media offers consumers less privacy and anonymity than does traditional media. why is this a concern to consumers?
consumers may fear their unethical outsiders will gain access to their information
wholesaler-sponsored voluntary chains and retailer-sponsored cooperative are two types of ____________ marketing systems
contractual vertical
wholesaler-sponsored voluntary chains and retailer-sponsored cooperatives are two types of ____________ marketing systems.
contractual vertical
_________________ are most likely to utilize sophisticated tech for inventory management and cost control in operations
corporate chains
Estee Lauder both manufacturers MAC cosmetics and owns MAC retail stores. this is an example of a __________ marketing system.
corporate vertical
vertical marketing systems
corporate, contractual, and administered
pricing approaches that consider the production and marketing costs and then add enough to cover direct expenses, overhead, and profit are known as:
cost-oriented
adding a fixed % or fixed fee to the total costs for a product is known as __________ pricing.
cost-plus
fixed costs are:
costs that do not fluctuate when producetion changes
for some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price, __________ pricing is used.
customary
price deals that mislead consumers fall into the category of
deceptive pricing
media richness
degree of acoustic, visual, and personal contact between 2 communication partners. -the higher the media richness and quality of presentation, the greater the social influence that communication partners have on each other's behavior
generally, the greater the __________ for a product, the higher the price can be set.
demand
penetration, price lining, and bundle pricing are all types of which pricing approach?
demand
the relationship between price and quantity sold is called the ___________
demand curve
consumer tastes and income are among the factors that determine their willingness and ability to pay for products are services. They are known as ____________ factors.
demand factors
if a manufacturer is working to position its retail stores and determining how they will implement the 4 P's they are _____________
developing retail strategy
when a wood furniture manufacturer has his unique shop attached to his plant, and sells from that space, as well as via catalog and internet
direct channel structure
_________________ channels allow consumers to buy products by interacting w/ advertising media instead of face-to-face w/ salesperson
direct marketing
if a firm sells the same product to different buyers at different prices, it may be considered price ___________.
discrimination
manufacturer's sales office
does not carry inventory, only performs sales function, and serves as an alternative to agents and brokers
category killers
dominate the market in one category -Best Buy with electronics
Ability to reach both large and niche audiences
done by both social and traditional media
direct selling is sometimes called __________________ retailing
door to door
GE sells its large appliances directly to home and apartment builders but uses retail stores like Lowe's to sell to consumer. this is called
dual distribution
channel influence
economic expertise identification legitimate right
possession utility
efforts by intermediaries to help buyers take possession of a p/s. ex: airline tickets delivered by travel agent.
when a 1% decrease in price produces more than 1% increae in quanitty sold, the product or service is:
elastic
Bots
electronic shopping agents or robots that comb websites to compare prices and product or service features
internet marketing channels
employ the internet to make products and services available for consumption or use by consumers or organizational buyers. -combine electronic and traditional intermediaries.
form utility
enhancing a p/s to make it more appealing to buyers
executive salaries are a good example of:
fixed costs
corporate vertical marketing systems
forward integration backward integration
ford licenses its dealers to sell cars subject to specific sales and service conditions under its
franchise agreement
a _______________ benefits from its ownership arrangement because the parent company assists in selecting the location, setting up the store, advertising, and training personnel.
franchisee
product-distribution franchises
franchisor provides a few general guidelines and the franchisee is much more independent.
business format franchises
franchisor provides step-by-step procedures for most aspects of the business and guidelines for the most likely decisions a franchisee will face.
strategic channel alliances are common in __________ , where the creation of marketing channel relationships is expensive and time consuming.
global marketing
place utility
having a p/s available where consumers want it ex: gas station on a highway
time utility
having a product or service when you want it ex: next-morning delivery
A dealer is angry with goodyear tire about its decision to sell its brand through sears and walmart, which is an example of
horizontal channel conflict
a store's ____________ includes functional attributes like prices and store layout and psychological attributes like excitement and style
image
what customers CAN buy is influenced by their
income
to increase customer value for a given price, the market must:
increase perceived benefits
Brokers
independent firms or individuals whose principal function is to bring buyers and sellers together to make sales
contractual vertical marketing
independent production and distribution firms integrate their efforts on a contractual basis to obtain greater functional economics and marketing impact than they could achieve alone.
form of ownership
independent retailer corporate chain contractual systems
________________ offer customers convenience, personal service, and lifestyle compatibility
independent retailers
Merchant wholesalers
independently owned firms that take title to the merchandise they handle
self-disclosure
individuals want to make a positive impression to achieve a favorable image with others. this image is affected by the degree of self disclosure about a person's thoughts ,feelings, likes or dislikes -greater self disclosure is likely to increase one's influence on those reached
for business products, an ______________ performs a variety of marketing channel functions, including selling, stocking, delivering a full product assortment, and financing.
industrial distributor
the marketing channel for business products sometimes features an _________________, which in many ways is like a wholesaler in consumer channels
industrial distributor
despite the recent increases in gas prices, americans have barely decreased their consumption, which is an example of:
inelastic demand
Buyer Requirements
information variety convenience pre or post sale service
social media deliberately seeks to ensure that the message does not end with an individual receiver,
instead, the goal is to reach "active recievers" those who will become influentials with the brand.
the highest level of distribution density is known as
intensive
target market coverage (density)
intensive distribution exclusive distribution selective distribution
_____________ add value by performing transactional, logistical, and facilitating functions
intermediaries
opentable.com is an example of
internet marketing channels
Disintermediation
involves channel conflict that arises when a channel member bypasses another member and sells or buys products direct.
A sales plan
is a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed
Customer service
is the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience.
Major (key) account management
is the practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships
Shopper marketing
is the use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store
demand curve is derived by measuring how many units a product are sold at various ______________.
levels of price.
according to the price equation, the actual price is the __________ price less incentives and allowances, plus extra fees.
list
japanese car firms are willing to give up immediate profits for long-term penetration of the market. this pricing objective is known as:
managing for long-run profits
wholly owned extensions of the producer that perform wholesaling activities are known as
manufacturer's branches
retail pricing
markup: how much should be added to the cost the retailer paid for a product to reach the final selling price. markdown: occurs when the product does not sell at the original price and an adjustment is necessary timing; varies by retailer
current profit _________ and target _______ are 2 strategies used by firms that are pursuing a profit pricing objective.
maximization; return
which profit-oriented pricing objective is common in many firms because the targets can be set and performance measured quickly?
maximizing current profit
the objective of logistics management in a customer-driven supply chain is to ______________ while delivering ________________.
minimize logistics costs; maximum customer service
manufacturers often use intermediaries to distribute their products because intermediaries
minimize the number of sales contacts
what refers to firms using stores, catalogs, and internet to sell merchandise?
multichannel marketing
movement along a demand curve implies
no changes have occurred in any demand factors except for price.
marketing managers may identify profit, market share, social responsibility, or even survival as pricing ___________.
objectives
pricing __________ frequently reflect corporate goals, while pricing __________ often relate to conditions existing in the marketplace.
objectives; constraints
Showrooming
occurs when a shopper visits a retail store to inspect merchandise but then goes online to compare prices from other retail and online sellers to attempt to make the best purchase
sears offers a craftsman radial saw for $499.99 rather than $500, using a ___________ pricing approach.
odd-even
a __________ policy is also known as fixed pricing
one price
exclusive distribution only uses
one retailer in a geographical area
time in the customer service concept
order cycle or replenishment time for an item. -the time between the ordering of an item and when it is received. quick response and efficient consumer response delivery systems. -restocking an item when it begins to be low.
what should be considered as part of total logistics cost?
order processing materials handling and warehousing
independent retailers and corporate chains are 2 forms of retail _______________
ownership
the ability to attract price sensitive customers and discourage competitors from entering a market make which pricing strategy appealing?
penetration
logistics management
practice of organizing the cost-effective flow of raw materials, in process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements.
when using ____________ pricing, a firm sets a very low price for one or more of its products with the specific intent to drive competitors out of business.
predatory
which of the following is an example of a demand - oriented approach to setting an approximate price
prestige
total revenue = unit _________ x quantity _______
price ; sold
the percentage change in quantity demanded relative to a percentage change in price is known as:
price elasticity of demand
a firm must know its competitors' _________ in order to best set its own
prices
what is true of vending machines?
prices for products in them tend to be higher than those in stores.
An order taker
processes routine orders or reorders for products that were already sold by the company
forward integration
producer owns the intermediary at the next level down in the channel.
convenience in the customer service concept
product must be convenient to order / not worry about mechanistic details.
a price reduction offered to channel members for featuring the product in advertising or selling activities is called _______________ allowance.
promotional
example of UGC
providing an online rating and comments for a product or service
reduction in unit costs for a larger oder as known as _____________ discounts.
quantity
price elasticity of demand is expressed as percentage change in __________ divided by the percentage change in _____________.
quantity demanded ; price
selling agents
represent a single producer and are responsible for the entire marketing function of that producer.
which of the following refers specifically to an intermediary that sells to consumers
retailer
backward integration
retailer owns a manufacturing operation
Multichannel retailers
retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television home shopping, and online retailing
a firm with a sales objective will set prices at a level that generates more
revenues
firms that set _____________ objectives believe that increased revenues will in turn lead to increase in market share and profit.
sales
the modern drugstore carries food, camera equipment, and toys. this is an example of
scrambled merchandising
between the two extremes in distribution density, intensive and exclusive, is the level known as ______________ distribution, in which a firm selects a few retailers in a geographic area to carry products
selective
loss-leader pricing entails:
selling a product below its customary price to attract attention to it.
off-price retailing
selling brand-name merchandise at lower than regular prices.
An order getter
sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service
price fixing is the conspiracy among firms to
set prices for a product
the 3 factors influencing the demand curve are consumer tastes, the consumer income, and the price and availability of ________
similar products
Apps
small, downloadable software programs that can run on smartphones and tablet devices
the term "Web 2.0" more recently is referred to as
social media -this is because new functionalities exist to make possible a high degree of user interactivity --ex: blogs and wikis
when a coffee purveyor chooses fair-trade coffee beans from its suppliers, its profits are often reduced. this is an example of _____________ as a pricing objective.
social responsibility
Permission marketing
solicitation of a consumer's consent (called "opt-in") to receive e-mail and advertising based on personal data supplied by the consumer
Sephora is a leading perfume and cosmetic store chain that only sells merch. in this narrow area but has deep assortment of various cosmetics. this is what type of retailer?
specialty outlet
sales quota
specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period
Account management policies
specify whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out
general merchandise stores
stores that carry a broad product line, with limited depth. -Macy's ect.
when one firm's marketing channel is used to sell another firm's products
strategic channel alliance
when starbucks coffee is distributed to local food stores by Kraft foods, this is an example of
strategic channel alliance
everyday low pricing (EDLP)
strategy that emphasizes consistently low prices and eliminates most markdowns
competition-oriented approaches to pricing
stress what "the market" is doing
____________ are typically designed to be either responsive or efficient, depending upon a firm's strategy to meet customer requirements
supply chains
Interactive marketing
the two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller
multichannel marketing
the blending of different communication and delivery channels that a mutually reinforcing in attracting, retaining, and building relationships with consumers.
Personalization
the consumer-initiated practice of generating content on a marketer's website that is custom tailored to an individual's specific needs and preferences
market share can be measured as the ratio of __________ compared to the total industry units sold.
the firm's units sold
Customerization
the growing practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer
the newer a product and the earlier it is in its life cycle,
the higher the price that can usually be charged.
supply chain management
the integration and organization of information and logisitcs activities across firms in a supply china for the purpose of creating and delivering p/s that provide value to consumers.
one or more intermediaries between ____________ defines an indirect channel
the manufacturer and consumer
target market density
the number of stores in the geographic area and the type of intermediaries to be used at the retail level of distribution.
Dynamic pricing
the practice of changing prices for products and services in real time in response to supply and demand conditions
Relationship selling
the practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time
retail life cycle
the process of growth and decline that retail outlets, like products, experience. It consists of the early growth, accelerated development, maturity, and decline stages
to many consumers, price provides information about:
the quality of the product
depth of a product line
the store carries a large assortment of each item
replenishment time
the time between ordering an item and when it is available for use or sale.
Personal selling
the two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision
Salesforce automation (SFA)
the use of computer, information, communication, and Internet technologies to make the sales function more effective and efficient
in which way do intermediaries in the marketing channel enhance the value of a product for consumers?
they provide utility: time, place, form, and possession.
in the context of supply chain, customer service is the ability of logistics management to satisfy users in terms of
time, convenience, dependability.
4 utilities are provided by retailers in varying degrees. they are:
time, place, form, and possession
break-even analysis analyzed the relationship between:
total cost and total revenue
a break-even analysis chart shows the intersection of which two curves?
total costs and total revenue
___________ discounts are known as functional discounts
trade
Functions Performed by Intermediaries
transactional, logistical, facilitating
aligning a supply chain with the marketing strategy
understand the customer understand the supply chain harmonize the supply chain with the marketing strategy
the pricing objectives based on the quantity of product sold by a firm is also called
unit volume
Behavioral targeting
uses information provided by cookies for directing online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising
total cost is the sum of which of these? -marginal cost -variable cost -fixed cost -unit price
variable and fixed
breadth of a product line
variety of different items a store carries -a store carries books, shoes, and clothes
sources of channel conflict
vertical conflict disintermediation horizontal conflict
Web communities
websites that allow people to congregate online and exchange views on topics of common interest
what essential to consider when setting a price?
what will pay for all associated costs, including marketing? what will provide a profit to the company? what are customers willing to pay? -Price must be right in the sense that customers must be willing to pay it; it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product; AND it must earn a profit for the company.
a firm that would typically be called a ________________ in consumer markets would perform the same functions as a distributor in business markets.
wholesaler
contractual vertical marketing systems
wholesaler-sponsored voluntary chains retailer-sponsored cooperatives franchising -Manufacturer-Sponsored Retail Franchises -Manufacturer-Sponsored Wholesale Franchises -Service-Sponsored Retail Franchises -Service-Sponsored Franchises
a direct channel is one that moves a product from the manufacturer to a consumer ....
without a retailer
changing different prices for a product in order to maximize revenue for a set amount of capacity at any given time is known as ___________ pricing.
yield management