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Principles of Marketing > Exam #3 > Flashcards

Exam #3 Flashcards

1
Q

Supply Chain

A

Three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer.

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2
Q

Downstream flow of products/services

A

Movement of goods, information, promotion, etc. toward the final consumer

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3
Q

Upstream flow of finances

A

Movement of payment, information, returns, etc. from the customer toward the manufacturer and other supply chain partners

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4
Q

Supply Chain Value Added

A

Value added to products as it moves downstream (availability, manufacturing, packaging); returns value moving upstream (payment, feedback, product development, etc.)

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5
Q

Production Costs

A

reduce production costs by streamlining processess

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6
Q

Location

A

Add value through better logistics (movement of goods)

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7
Q

Time

A

Add value by reducing upstream and downstream flow time

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8
Q

Control

A

Add value by allowing firms better oversight of upstream and downstream flows

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9
Q

Channel Level

A

A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer adding value

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10
Q

Direct to Consumer

A

Channel level with no intermediaries

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11
Q

Wholesaler

A

Buys large quantities from various producers, warehouses them, and resells them to retailers/businesses

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12
Q

Distributors

A

Buys noncompeting products, warehouses them, and resells to retailers or directly to end users

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13
Q

Intensive

A

Distribution of products in as many outlets as possible (consumer products). Boosts revenue, impulse buying, convenience, awareness, etc.

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14
Q

Selective

A

Distribution of products through a limited number of dealers (luxury brands - reduces cost, improves relationship building, consistent with price/value)

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15
Q

Exclusive

A

Distribution of a product through one/few intermediaries in a specific geographic region (automobiles, appliances) - exclusiveness, control, relationships

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16
Q

Pull strategies

A

Gain customer interests for product

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17
Q

Push strategies

A

Gain intermediaries interests for product

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18
Q

Supply chain orientation

A

a management philosophy that guides the actions toward actively managing the upstream and downstream flow (outward focus)

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19
Q

Supply chain management

A

Actions taken to coordinate the flows in a supply chain; view as a system of interrelated companies that make up the supply chain and something to be managed

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20
Q

Supply chain management cont.

A

Ultimate goal is to integrate related companies to such a degree that they function as one organization
X - one/more independent channel members, each separate businesses = individual profit seeking
DO - provide channel leadership and act as a unified system to meet customer needs

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21
Q

Logistics

A

Part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer

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22
Q

Retailers

A

Purchase and resell products to consumers for their personal or family use; differentiated by product category and target market

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23
Q

Value added to consumers - retail

A

providing the products to consumers when and where they want them

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24
Q

Value added to manufacturers - retail

A

Allow manufacturers to focus on the development and production of goods rather than the final distribution to end-customers

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25
Q

Supermarkets

A

Large, self-service retailers supplying a wide variety of food beverage and kitchen products

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26
Q

Supercenters

A

Traditional grocery items, apparel, beauty, home goods, electronics [one stop shopping]

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27
Q

Warehouse retailers

A

Food and general merchandise products usually in larger quantities

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28
Q

Convenience retailers

A

Offer a limited variety and assortment of merchandise, usually snack foods and minor essentials, at an easily accessible location

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29
Q

Department stores

A

Wide range of products displayed as a collections of smaller “departments” within the store

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30
Q

Specialty retailers

A

Concentrate on a specific product category

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31
Q

Off-price retailers

A

An inconsistent variety and assortment of branded products

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32
Q

Drugstores

A

Primarily sell pharmaceuticals, health and wellness, medicine, beauty, limited food and beverages

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33
Q

Service retailers

A

Mostly sell services rather than merchandise (banks, auto shops)

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34
Q

E-tailers

A

Allow customers to shop for and buy products online for home delivery

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35
Q

Omnichannel retailing

A

Multichannel retailing approach that allows the customer to have an integrated customer experience across all of a retailer’s distribution platforms (carmax)

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36
Q

Needs for a successful omnichannel retailer:

A

Infrastructure, Process, People

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37
Q

Infrastructure

A

Successful vendor and supplier relationships, appropriate supply chain and logistics capabilities

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38
Q

Process

A

Retailers must implement processes and strategies to ensure that the experience is seamless across channels

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39
Q

People

A

Success or failure of an omnichannel retailing strategy is totally dependent on a firm’s employees

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40
Q

Product decisions (made by retailers)

A

Must fit the target market and positioning includes: product assortment, service mix, store atmosphere

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41
Q

Experiential retailing

A

Offering customer experiences; its more than just an assortment of goods; included in store atmosphere

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42
Q

Pricing decisions (made by retailers)

A

Everyday- low- pricing (charging constant low prices and offering few sales discounts) or high-low pricing (charging higher prices on and everyday basis, coupled with frequent sales and other price promotions)

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43
Q

Place decisions

A

Central business districts (located in cities) or shopping center (group of retail businesses)

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44
Q

Promotion decisions

A

Advertising, personal selling, sales promotions, public relations, direct marketing

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45
Q

Integrated Marketing Communications (IMC)

A

Used to coordinate the various promotional mix elements to provide customers with a clear and consistent message about a firm’s products; more effective creating and developing relationships with customers

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46
Q

Communications mix

A

Advertising, sales promotions, personal selling, public relations, direct/digital

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47
Q

Promotional strategy

A

Inform, persuade, remind

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48
Q

Promotional media and message

A

Communicate customer value

49
Q

Communication method

A

means for marketers to get a message to consumers (mass media, electronic media, personal communications, point-of-purchase, physical space, press)

50
Q

Developing Marketing Communication (6 steps)

A
  1. Identify target audience
  2. Establish communications goal
  3. Design a message
  4. Choose the media to send message
  5. Select the message source
  6. Collect feedback
51
Q
  1. ID Target Audience
A

Effects what will be said, how it will be said, when it will be said, and where it will be said, and who will say it

52
Q
  1. Establish Goals for Each Promotion
A

Inform, persuade, remind

53
Q

Appeal

A

Reason for purchase, “what to say”, content

54
Q

Execution

A

The way the message is communicated, “how to say it”, structure/format

55
Q

Personal

A

involves two or more people communicating directly with each other

56
Q

Word-of-Mouth

A

the impact of the personal words and recommendations of trusted friends, etc. carries considerable influence

57
Q

Buzz Marketing

A

Cultivating opinion leaders and getting them to spread information about a product/service to other in their communities also carries considerable influence

58
Q

Non-Personal

A

media that carry messages without personal contact or feedback

59
Q

Broadcast

A

TV, Radio

60
Q

Print

A

Newspaper, magazines, direct mail

61
Q

Display

A

Billboards, signs, posters

62
Q

Digital

A

Email, websites, mobile, social media

63
Q

Events

A

grand opening, shows, exhibitions, tours

64
Q

Product placement

A

brands incorporated into movie or TV show

65
Q

The New Marketing Communications Model

A

Recognizes all touchpoints where customer encounters company, each contact will deliver a brand message, Goal: consistent, flexible, positive messages, IMC

66
Q

Message source

A

the message’s impact depends on how the target audience views the communicator; messages delivered by highly credible or popular sources are more persuasive

67
Q

Selecting specific media

A

selecting the best media vehicles, specific media, within each general vehicle type

68
Q

Selecting timing

A

selecting the best time to present the media (all year, same time every year, real-time)

69
Q

Feedback

A

involves the communicator understanding the effect on the target audience by measuring behavior resulting from the content

70
Q

Elements of promotional mix

A

attention, interest, desire, action

71
Q

Attention

A

first step attract attention

72
Q

Interest

A

increasing interest

73
Q

Desire

A

move to “I want it”

74
Q

Action

A

Purchase the product

75
Q

Mass advertising best for

A

simple product, large audience, lower cost

76
Q

Sales promotions best for…

A

New product to increase trial of product

77
Q

Personal selling best for…

A

complex, higher cost

78
Q

Public relations best for…

A

increase awareness of overall brand/ product line

79
Q

Advertising strength:

A

Attention and interest, large target market

80
Q

Sales promotion strength:

A

desire and action, highly informed buyers

81
Q

Personal selling strength:

A

interest, desire, action, small # of customers, higher prices products

82
Q

Public relations strength:

A

attention and interest, large markets, firm has multiple products

83
Q

Marketing budgets

A

all-you-can-afford, % of sales, competitive-parity, objective-task

84
Q

Content marketing

A

marketers now view themselves more broadly as content marketers, using their own and user-generated, it is not about product - it informs, educates and entertains

85
Q

Digital marketing

A

online marketing that can deliver content immediately to consumers through digital channels, devices and platforms

86
Q

Inbound marketing

A

utilizes tools such as blogging, webinars, or follow-up emails

87
Q

Search Engine Marketing

A

the process of driving traffic to a company’s website from “free” or “organic” search results

88
Q

Email marketing

A

a cost-effective method of retaining, nurturing, or attracting a new consumer base

89
Q

Social media marketing

A

utilize online social networks and applications as a method to communicate mass and personalized messages about brands and products

90
Q

Product focused buyers

A

involves replacing an existing product or purchasing a product that has been pre-chosen or regularly purchased items. Most likely to purchase

91
Q

Browsers

A

consumer is not really looking to make purchase

92
Q

Researchers

A

purchasing product for first time, unlike browsing this is more deliberate and will likely result in purchase

93
Q

Bargain hunters

A

involves coupon and auction sites; often combined with browsing

94
Q

On-time focused

A

may combine product-focused shopping, browsing, researching, and bargain hunting all at the same time, shopping for a gift and will not return to shop once the purchase is made

95
Q

Digital malls

A

digital retail site where a variety of sellers stock their goods with different purchase options; consumer unaware of firm selling

96
Q

Digital marketplaces

A

digital retail site made up of small, independent sellers (Etsy)

97
Q

Auction sites

A

list goods from individuals or firms that can be purchases through an auction bidding process or directly through “purchase now”

98
Q

Buying clubs

A

allow consumers to buy in bulk, similar to warehouse clubs

99
Q

Visible and invisible influencers

A

once marketers understand how consumers make purchasing decisions, they develop strategies to influence those decisions

100
Q

Visible influencers

A

paid search, paid stores, paid display ads, sponsorship

101
Q

Invisible influencers

A

cookies, cookie syncing, geotracking, bots

102
Q

Social media

A

customizable, two way communications, targeted

103
Q

Consumer feedback

A

feedback, reviews, chatter, influencers

104
Q

Mobile marketing

A

a set of practices that enable organizations to communicate and engage with their audience through any mobile device or network; allows for location based ads, instant feedback, make educated decisions

105
Q

Advertising

A

nonpersonal promotion communications about offerings that is paid for by the firm identified in the communication

106
Q

Paid Advertising

A

requires a purchased time or space for communicating a message

107
Q

Nonpersonal

A

Uses media to transmit a message to large numbers of individuals rather than marketing to consumers face-to-face

108
Q

Advertising campaign

A

a collection of coordinated advertisements that share a single theme with the objective to inform, persuade, remind

109
Q

Product lifecycle

A

the time it takes a product category to go from introduction until it is removed from the market

110
Q

Two metrics

A

to gauge how often and how many consumers see an advertisement

111
Q

Frequency

A

a count of how often a consumer is exposed to a promotional message

112
Q

Reach

A

the % of the target market that has been exposed to the promotional message at least once during a specific time period

113
Q
A
114
Q

Puffery

A

ads that make broad exaggerated or boastful statements about a product that are subjective; marketers are allowed to make claims that cannot technically be proven false

115
Q

Federal agents responsible for regulating ads

A

Federal Trade Commission, Federal Communications Commission, Self regulation

116
Q

Sales Promotions

A

a set of nonpersonal communication tools designed to stimulate quicker and more frequent purchases of a product

117
Q

Business-to-consumer sales promo

A

coupons, rebates, samples, contests, sweepstakes, loyalty programs

118
Q

Trade (business-to-business) sales promo

A

allowances, training (better equip salesforce to speak with customers), cash incentives, sales contest, cost reduction

119
Q

Trade Sales Promo

A

typically directed toward front-line employees that deal directly with customers and designed to increase sales for a product or brand

Principles of Marketing (3 decks)

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