Class 14 and 15

Question 1

3 strategies for arriving at the right price and driving profitability

Answer 1

1) hone your/hire for analytical skills
2) move towards a value-based pricing model
3) take the AI leap

Question 2

7 P’s of Marketing

Answer 2

• product
• promotion
• price
• placement
• people
• process
• physical evidence

Question 3

definition of marketing

Answer 3

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Question 4

Marketing Purpose (3)

Answer 4

• understand your customer so well
• the product or service fits
• and sells itself

Question 5

Marketing focus for manufacturer

Answer 5

• build product/brand awareness
• build demand for the product/brand
• “sell” the product/brand to build market

Question 6

Marketing focus for distributor

Answer 6

• distinguish yourself in the market
• focus on your value proposition
• more emphasis on your brand versus your products

Question 7

who are the two disruptors?

Answer 7

amazon and sears

Question 8

e-commerce definition

Answer 8

maintaining business relationships and selling information, services, and commodities using telecommunications networks

Question 9

Reasons for NOT providing eCommerce (7)

Answer 9

• Upset Field Reps
• hard to get data started
• distribution is relationship business
• already have ecommerce
• too expensive
• lack expertise
• too busy

Question 10

six steps for starting a successful ecommerce business

Answer 10

• plan for your online business
• ask customers what they want/need
• build ecommerce infrastructure
• deliver big with well planned supply chain
• attract customers
• grow reputation –> grow business

Question 11

expenses for B2B ecommerce (8)

Answer 11

• acquisition
• on-going operation
• efficiency and productivity objectives
• future needs for agility and flexibility
• integration
• implementation
• cost of content
• marketing

Question 12

advantage of ecommerce (6)

Answer 12

• keep up with competitors
• meet needs of customers
• attract new customers
• increase sales
• new/improved sales process
• new way to interact with old and new customers

Question 13

support functions of wholesale distribution process (4)

Answer 13

• IT
• performance management (ERP)
• HR
• finance

Question 14

departments of wholesale distribution process (5)

Answer 14

• sales and marketing
• procurement
• warehouse operations
• service and repair
• value added service

Question 15

5 S’s

Answer 15

• source
• stock
• store
• sell
• ship

Question 16

traditional warehouses are… (4)

Answer 16

• labor-intensive
• simple technology
• slower
• mistakes are common

Question 17

future warehouses are.. (4)

Answer 17

• less labor-intensive
• advanced technology
• faster
• reduce mistakes

Question 18

warehouse process flow (3)

Answer 18

• inventory management
• selection
• shipping

Question 19

why a barcode is important (5)

Answer 19

• error prevention
• large inventory tracking
• reduces repetitive labor
• cost savings
• speed

Question 20

the biggest challenge is not the technology, but ensuring that you have…

Answer 20

the necessary internet connectivity