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Principles of Marketing > Exam #3 > Flashcards

Exam #3 Flashcards

(119 cards)

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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
Supermarkets
Large, self-service retailers supplying a wide variety of food beverage and kitchen products
26
Supercenters
Traditional grocery items, apparel, beauty, home goods, electronics [one stop shopping]
27
Warehouse retailers
Food and general merchandise products usually in larger quantities
28
Convenience retailers
Offer a limited variety and assortment of merchandise, usually snack foods and minor essentials, at an easily accessible location
29
Department stores
Wide range of products displayed as a collections of smaller "departments" within the store
30
Specialty retailers
Concentrate on a specific product category
31
Off-price retailers
An inconsistent variety and assortment of branded products
32
Drugstores
Primarily sell pharmaceuticals, health and wellness, medicine, beauty, limited food and beverages
33
Service retailers
Mostly sell services rather than merchandise (banks, auto shops)
34
E-tailers
Allow customers to shop for and buy products online for home delivery
35
Omnichannel retailing
Multichannel retailing approach that allows the customer to have an integrated customer experience across all of a retailer's distribution platforms (carmax)
36
Needs for a successful omnichannel retailer:
Infrastructure, Process, People
37
Infrastructure
Successful vendor and supplier relationships, appropriate supply chain and logistics capabilities
38
Process
Retailers must implement processes and strategies to ensure that the experience is seamless across channels
39
People
Success or failure of an omnichannel retailing strategy is totally dependent on a firm's employees
40
Product decisions (made by retailers)
Must fit the target market and positioning includes: product assortment, service mix, store atmosphere
41
Experiential retailing
Offering customer experiences; its more than just an assortment of goods; included in store atmosphere
42
Pricing decisions (made by retailers)
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)
43
Place decisions
Central business districts (located in cities) or shopping center (group of retail businesses)
44
Promotion decisions
Advertising, personal selling, sales promotions, public relations, direct marketing
45
Integrated Marketing Communications (IMC)
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
46
Communications mix
Advertising, sales promotions, personal selling, public relations, direct/digital
47
Promotional strategy
Inform, persuade, remind
48
Promotional media and message
Communicate customer value
49
Communication method
means for marketers to get a message to consumers (mass media, electronic media, personal communications, point-of-purchase, physical space, press)
50
Developing Marketing Communication (6 steps)
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
1. ID Target Audience
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
2. Establish Goals for Each Promotion
Inform, persuade, remind
53
Appeal
Reason for purchase, "what to say", content
54
Execution
The way the message is communicated, "how to say it", structure/format
55
Personal
involves two or more people communicating directly with each other
56
Word-of-Mouth
the impact of the personal words and recommendations of trusted friends, etc. carries considerable influence
57
Buzz Marketing
Cultivating opinion leaders and getting them to spread information about a product/service to other in their communities also carries considerable influence
58
Non-Personal
media that carry messages without personal contact or feedback
59
Broadcast
TV, Radio
60
Print
Newspaper, magazines, direct mail
61
Display
Billboards, signs, posters
62
Digital
Email, websites, mobile, social media
63
Events
grand opening, shows, exhibitions, tours
64
Product placement
brands incorporated into movie or TV show
65
The New Marketing Communications Model
Recognizes all touchpoints where customer encounters company, each contact will deliver a brand message, Goal: consistent, flexible, positive messages, IMC
66
Message source
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
Selecting specific media
selecting the best media vehicles, specific media, within each general vehicle type
68
Selecting timing
selecting the best time to present the media (all year, same time every year, real-time)
69
Feedback
involves the communicator understanding the effect on the target audience by measuring behavior resulting from the content
70
Elements of promotional mix
attention, interest, desire, action
71
Attention
first step attract attention
72
Interest
increasing interest
73
Desire
move to "I want it"
74
Action
Purchase the product
75
Mass advertising best for
simple product, large audience, lower cost
76
Sales promotions best for...
New product to increase trial of product
77
Personal selling best for...
complex, higher cost
78
Public relations best for...
increase awareness of overall brand/ product line
79
Advertising strength:
Attention and interest, large target market
80
Sales promotion strength:
desire and action, highly informed buyers
81
Personal selling strength:
interest, desire, action, small # of customers, higher prices products
82
Public relations strength:
attention and interest, large markets, firm has multiple products
83
Marketing budgets
all-you-can-afford, % of sales, competitive-parity, objective-task
84
Content marketing
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
Digital marketing
online marketing that can deliver content immediately to consumers through digital channels, devices and platforms
86
Inbound marketing
utilizes tools such as blogging, webinars, or follow-up emails
87
Search Engine Marketing
the process of driving traffic to a company's website from "free" or "organic" search results
88
Email marketing
a cost-effective method of retaining, nurturing, or attracting a new consumer base
89
Social media marketing
utilize online social networks and applications as a method to communicate mass and personalized messages about brands and products
90
Product focused buyers
involves replacing an existing product or purchasing a product that has been pre-chosen or regularly purchased items. Most likely to purchase
91
Browsers
consumer is not really looking to make purchase
92
Researchers
purchasing product for first time, unlike browsing this is more deliberate and will likely result in purchase
93
Bargain hunters
involves coupon and auction sites; often combined with browsing
94
On-time focused
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
Digital malls
digital retail site where a variety of sellers stock their goods with different purchase options; consumer unaware of firm selling
96
Digital marketplaces
digital retail site made up of small, independent sellers (Etsy)
97
Auction sites
list goods from individuals or firms that can be purchases through an auction bidding process or directly through "purchase now"
98
Buying clubs
allow consumers to buy in bulk, similar to warehouse clubs
99
Visible and invisible influencers
once marketers understand how consumers make purchasing decisions, they develop strategies to influence those decisions
100
Visible influencers
paid search, paid stores, paid display ads, sponsorship
101
Invisible influencers
cookies, cookie syncing, geotracking, bots
102
Social media
customizable, two way communications, targeted
103
Consumer feedback
feedback, reviews, chatter, influencers
104
Mobile marketing
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
Advertising
nonpersonal promotion communications about offerings that is paid for by the firm identified in the communication
106
Paid Advertising
requires a purchased time or space for communicating a message
107
Nonpersonal
Uses media to transmit a message to large numbers of individuals rather than marketing to consumers face-to-face
108
Advertising campaign
a collection of coordinated advertisements that share a single theme with the objective to inform, persuade, remind
109
Product lifecycle
the time it takes a product category to go from introduction until it is removed from the market
110
Two metrics
to gauge how often and how many consumers see an advertisement
111
Frequency
a count of how often a consumer is exposed to a promotional message
112
Reach
the % of the target market that has been exposed to the promotional message at least once during a specific time period
113
114
Puffery
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
Federal agents responsible for regulating ads
Federal Trade Commission, Federal Communications Commission, Self regulation
116
Sales Promotions
a set of nonpersonal communication tools designed to stimulate quicker and more frequent purchases of a product
117
Business-to-consumer sales promo
coupons, rebates, samples, contests, sweepstakes, loyalty programs
118
Trade (business-to-business) sales promo
allowances, training (better equip salesforce to speak with customers), cash incentives, sales contest, cost reduction
119
Trade Sales Promo
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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