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MKT 2100 > Exam 3 > Flashcards

Exam 3 Flashcards

(104 cards)

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1
Q

LOGISTICS

A

–the transporting, storing, and handling of goods in ways that match
target customers’ needs with a firm’s marketing mix—both within individual firms
and along a channel of distribution (i.e., another name for physical distribution)

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2
Q

PHYSICAL DISTRIBUTION

A

the transporting, storing, and handling of goods in
ways that match target customers’ needs with a firm’s marketing mix—both within
individual firms and along a channel of distribution (i.e., another name for logistics)

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3
Q

CUSTOMER SERVICE LEVEL

A

how rapidly and dependably a firm can deliver what
customers want

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4
Q

PHYSICAL DISTRIBUTION (PD) CONCEPT

A

all transporting, storing, and product-
handling activities of a business and a whole channel system should be coordinated
as one system that seeks to minimize the cost of distribution for a given customer
service level.

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5
Q

TOTAL COST APPROACH

A

evaluating each possible PD system and identifying all of
the costs of each alternative

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6
Q

SUPPLY CHAIN

A

the complete set of firms and facilities and logistics activities that
are involved in procuring materials, transforming them into intermediate and
finished products, and distributing them to customers

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7
Q

ELECTRONIC DATA INTERCHANGE (EDI)

A

an approach that puts information in a
standardized format easily shared between different computer systems

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8
Q

TRANSPORTING

A

the marketing function of moving goods

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9
Q

CONTAINERIZATION

A

grouping individual items into an economical shipping quantity
and sealing them in protective containers for transit to the final destination

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10
Q

STORING

A

-the marketing function of holding goods.

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11
Q

INVENTORY

A

the amount of goods being stored

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12
Q

PRIVATE WAREHOUSE

A

–storing facilities owned or leased by companies for their
own use

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13
Q

PUBLIC WAREHOUSE

A

–independent storing facilities

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14
Q

DISTRIBUTION CENTER

A

–a special kind of warehouse designed to speed the flow of
goods and avoid unnecessary storing costs

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15
Q

RETAILING

A

–all of the activities involved in the sale of products to final consumers

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16
Q

CORPORATE CHAIN

A

–a firm that owns and manages more than one store—and often
it’s many

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17
Q

FRANCHISE OPERATION

A

a franchisor develops a good marketing strategy, and then
retail franchise holders carry out the strategy in their own units

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18
Q

GENERAL STORES

A

—early retailers who carried anything they could sell in reasonable
volume.

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19
Q

SINGLE-LINE or LIMITED-LINE STORES

A

—stores that specialize in certain lines of
related products rather than a wide assortment

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20
Q

SPECIALTY SHOP

A

a type of conventional limited-line store—usually small and with a
distinct personality

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21
Q

DEPARTMENT STORES

A

–larger stores that are organized into many separate
departments and offer many product lines.

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22
Q

MASS-MERCHANDISING CONCEPT

A

the idea that retailers should offer low prices to
get faster turnover and greater sales volume by appealing to larger numbers

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23
Q

SUPERMARKETS

A

–large stores specializing in groceries—with self-service and wide
assortments

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24
Q

MASS-MERCHANDISERS

A

large, self-service stores with many departments that
emphasize soft goods (housewares, clothing, and fabrics) and staples (like health
and beauty aids) and selling on lower margins to get faster turnover.

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25
SUPERCENTERS (HYPERMARKETS)
very large stores that try to carry not only food and drug items, but all goods and services that the consumer purchases routinely
26
STOCKTURN RATE
the number of times the average inventory is sold during a year.
27
CONVENIENCE (FOOD) STORES
a convenience-oriented variation of the conventional limited-line food stores
28
AUTOMATIC VENDING
--selling and delivering products through vending machines
29
OMNICHANNEL
-a multichannel selling approach where a single retailer provides a seamless customer shopping experience from desktop computer, mobile device, telephone, or brick-and-mortar store.
30
WHEEL OF RETAILING THEORY
--new types of retailers enter the market as low- status, low-margin, low-price operators and then, if successful, evolve into more conventional retailers offering more service with higher operating costs and higher prices
31
SCRAMBLED MERCHANDISING
retailers carrying any product lines that they think they can sell profitably.
32
WHOLESALING
-the activities of those persons or establishments that sell to retailers and other merchants, or to industrial, institutional, and commercial users, but who do not sell in large amounts to final consumers
33
WHOLESALERS
--firms whose main function is providing wholesaling activities
34
MANUFACTURERS’ SALES BRANCHES
separate warehouses that producers set up away from their factories.
35
MERCHANT WHOLESALERS
wholesalers that own (take title to) the products they sell
36
SERVICE WHOLESALERS
merchant wholesalers that provide all the wholesaling functions.
37
GENERAL MERCHANDISE WHOLESALERS
service wholesalers that carry a wide variety of nonperishable items such as hardware, electrical supplies, furniture, drugs, cosmetics, and automobile equipment
38
SINGLE-LINE (OR GENERAL-LINE) WHOLESALERS
service wholesalers that carry a narrower line of merchandise than general merchandise wholesalers.
39
SPECIALTY WHOLESALERS
service wholesalers that carry a very narrow range of products and offer more information and service than other service wholesalers
40
LIMITED-FUNCTION WHOLESALERS
merchant wholesalers that provide only some effort into deciding the best way to satisfy a need.
41
CASH-AND-CARRY WHOLESALERS
like service wholesalers, except that the customer must pay cash
42
DROP-SHIPPERS
wholesalers that own (take title to) the products they sell but do not actually handle, stock, or deliver them
43
TRUCK-WHOLESALERS
wholesalers that specialize in delivering products that they stock in their own trucks.
44
RACK JOBBERS
merchant wholesalers that specialize in hard-to-handle assortments of products that a retailer doesn’t want to manage—and they often display the products on their own wire racks
45
CATALOG WHOLESALERS
sell out of catalogs that may be distributed widely to smaller industrial customers or retailers that might not be called on by other wholesalers
46
AGENT WHOLESALERS
wholesalers that do not own (take title to) the products they sell.
47
MANUFACTURERS’ AGENTS
--agent wholesalers that sell similar products for several noncompeting producers for a commission on what is actually sold
48
EXPORT AGENTS
--manufacturers’ agents who specialize in export trade.
49
IMPORT AGENTS
-manufacturers’ agents who specialize in import trade
50
BROKERS
--agent wholesalers who specialize in bringing buyers and sellers together
51
EXPORT BROKERS
brokers who specialize in bringing together buyers and sellers from different countries
52
IMPORT BROKERS
--brokers who specialize in bringing together buyers and sellers from different countries
53
SELLING AGENTS
--agent wholesalers who take over the whole marketing job of producers, not just the selling function.
54
COMBINATION EXPORT MANAGER
--a blend of manufacturers’ agent and selling agent—handling the entire export function for several producers of similar but noncompeting lines
55
AUCTION COMPANIES
--agent wholesalers that provide a place where buyers and sellers can come together and complete a transaction
56
PROMOTION
-communicating information between seller and potential buyer or others in the channel to influence attitudes and behavior.
57
PERSONAL SELLING
direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a videoconference over the Internet
58
MASS SELLING
--communicating with large numbers of potential customers at the same time.
59
ADVERTISING
any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor
60
SALES PROMOTION
those promotion activities—other than advertising, publicity, and personal selling—that stimulate interest, trial, or purchase by final customers or others in the channel.
61
PUBLICITY
any unpaid form of nonpersonal presentation of ideas, goods, or services
62
SALES MANAGER
--managers concerned with managing personal selling.
63
ADVERTISING MANAGER
--managers of their company’s mass-selling effort in television, newspapers, magazines, and other media
64
SALES PROMOTION MANAGER
--managers of their company’s sales promotion effort
65
PUBLIC RELATIONS
communication with noncustomers—including labor, public interest groups, stockholders, and the government.
66
INTEGRATED MARKETING COMMUNICATION
the intentional coordination of every communication from a firm to a target customer to convey a consistent and complete message
67
THE AIDA MODEL
-consists of four promotion jobs: (1) to get Attention, (2) to hold Interest, (3) to arouse Desire, and (4) to obtain Action
68
COMMUNICATION PROCESS
--a source trying to reach a receiver with a message
69
SOURCE
-the sender of a message
70
RECEIVER
--the target of a message in the communication process, usually a potential customer
71
ENCODING
--the source in the communication process deciding what it wants to say and translating it into words or symbols that will have the same meaning to the receiver.
72
DECODING
--the receiver in the communication process translating the message.
73
MESSAGE CHANNEL
--the carrier of the message
74
PUSHING
-using normal promotion effort—personal selling, advertising, and sales promotion—to help sell the whole marketing mix to possible channel members
75
PULLING
--using promotion to get consumers to ask intermediaries for the product.
76
ADOPTION CURVE
--shows when different groups accept ideas
77
INNOVATORS
--the first group to adopt new products.
78
EARLY ADOPTERS
-the second group in the adoption curve to adopt a new product; these people are usually well respected by their peers and often are opinion leaders
79
EARLY MAJORITY
--a group in the adoption curve that avoids risk and waits to consider a new idea until many early adopters try it and like it.
80
LATE MAJORITY
--a group of adopters who are cautious about new ideas
81
LAGGARDS or NONADOPTERS
prefer to do things the way they have been done in the past and are very suspicious of new ideas.
82
PRIMARY DEMAND
--demand for the general product idea, not just the company’s own brand
83
SELECTIVE DEMAND
demand for a company’s own brand rather than a product category.
84
TASK METHOD
-an approach to developing a budget—basing the budget on the job to be done
85
BASIC SALES TASKS
order-getting, order-taking, and supporting
86
ORDER GETTERS
salespeople concerned with establishing relationships with new customers and developing new business.
87
ORDER-GETTING
--seeking possible buyers with a well-organized sales presentation designed to sell a good, service, or idea.
88
ORDER TAKERS
--salespeople who sell to regular or established customers, complete most sales transactions, and maintain relationships with their customers
89
ORDER-TAKING
the routine completion of sales made regularly to target customers
90
SUPPORTING SALESPEOPLE
salespeople who help the order-oriented salespeople but don’t try to get orders themselves
91
MISSIONARY SALESPEOPLE
supporting salespeople who work for producers by calling on intermediaries and their customers
92
TECHNICAL SPECIALISTS
supporting salespeople who provide technical assistance to order-oriented salespeople.
93
CUSTOMER SERVICE REPS
supporting salespeople who work with customers to resolve problems that arise with a purchase, usually after the purchase has been made
94
TEAM SELLING
--different sales reps working together on a specific account
95
MAJOR ACCOUNTS SALES FORCE
salespeople who sell directly to large accounts such as major retail chain stores
96
TELEMARKETING
--using the telephone to call on customers or prospects
97
INSIDE SALES FORCE
a sales force that meets with customers in a manner that is not face-to-face
98
SALES TERRITORY
a geographic area that is the responsibility of one salesperson or several working together.
99
SALES QUOTA
--the specific sales or profit objective a salesperson is expected to achieve
100
PROSPECTING
--following all the leads in the target market to identify potential customers
101
SALES PRESENTATION
a salesperson’s effort to make a sale or address a customer’s problem
102
PREPARED SALES PRESENTATION
a memorized presentation that is not adapted to each individual customer.
103
CONSULTATIVE SELLING APPROACH
a type of sales presentation in which the salesperson develops a good understanding of the individual customer’s needs before trying to close the sale
104
SELLING FORMULA APPROACH
--a sales presentation that starts with a prepared presentation outline—much like the prepared approach—and leads the customer through some logical steps to a final close

MKT 2100 (3 decks)

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