Flashcards in Exam 3 Deck (54):
What is 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
What is a direct channel?
The product goes directly from producer to consumer
What is a indirect channel?
The product is sent to intermediaries who then send it to the buyer
What is multichannel marketing?
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 markets and online
what is dual distribution?
using two different channels for the same product
What is vertical marketing?
professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing outcomes
What is intensive distribution?
a firm tries to place their products in as many places as possible
What is exclusive distribution?
only one retailer in a specific geographical area carries the firms products
What is selctive distribution?
a few retailers are chosen in a geographical area for a product
What is channel conflict?
when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals
What is disintermediation?
channel conflict when another member of the same channel bypasses another member and buys direct
What is vertical conflict?
occurs between different levels of a channel
What is horizontal conflict?
occurs between two intermediaries in a channel such as two retailers or wholesalers
What is total logistics cost?
the expenses associated with transportation, material handeling, warehousing, inventory costs, stockouts, order processing, and returns
What is backward integration?
when a retailer owns a manufactoring operation
What is form of ownership?
distinguishes retailers based on whether independent retailers, corporate chains, or contractual systems own the the outlet
What are contractual systems?
independently owned stores that band together
What is the depth of the product line?
the store carries a large assortment of every item ( example different types of shoes)
What is the breadth of the product line?
the variety of items a store carries
What is scrambled merchandising?
offering several unrelated product lines in a store
What is a hypermarket?
a form of scrambled merchandising which consists of large stores that offers everything in a single outlet, eliminating the need for consumers to shop in more than one location
What is intertype competition?
competition between very dissimilar types of retail outlets that results from scrambled merchandising
What is the retail positioning matrix?
positions retail outlets on two dimensions: breadth of a product, and value added
What is the retailing mix?
the activities related to managing the store and the merchandise in the store
What is off price retailing?
selling brand name merchandise at lower than regular prices
What is the central business district?
the oldest shopping area found downtown, used prior to founding of the suburbs
What is a regional shopping center?
consists of 50 to 150 stores that attract customers who typically live or work within a 5- 10 mile radius
What is a community shopping center?
typically has one department store and often 20-40 smaller outlets
What is a power center?
a strip mall with a large chain store
What is shopper marketing?
the use of displays, coupons, product samples, and other brand communications to influence shopping in a store
What is category management?
an approach to managing the assortment of merchanides in which a manager is assigned the responsibility for selecting all products that consumers in a marketing segment might view as substitutes for each other, with the objective of maximizing sales and profits
What are the pieces of communication?
Source, message, receiver, encoding, decondinf
What is encoding?
The process of having the sender transform an idea into a set of symbols
What is decoding?
The reverse of the process of having the receiver take a set of symbols, the message, and transform the symbils into an idea
What is field of experience?
A mutually shared understanding and knowledge that the sender and receiver apply to the message so that it can be communicated effectively during the communication process
What is noise?
Includes extraneous factors that can work against effective communication by distorting a message it the feedback received
What is a pull strategy?
Directing the promotional mix at ultimate consumers to encourage then to ask the retailer for a product
What is competitive parity budgeting?
Allocating funds to promotion by matching the competitions absolute level of spending or the proportion per point if market share
What is all you can afford budgeting?
Allocating funds to promotion only after all budget items are covered
What is objective and task budgeting?
Allocating funds to promotion whereby the company : determines the promotion objectives, outlines the task to accomplish the objectives, and determines the promotion cost of performing those tasks
What is intermittent schedule?
periods of adveritsing are scheduled between periods of no advertising to reflect seasonal demand
What is a pulse schedule?
a flighting scheule is combined with a continuous schedule
What are limited service agencies?
only specialize in one area of the marketing matrix
What are trade oriented sales promotions?]
sales tools used to support a company's advertising and personal selling directed to wholesalers, retailers, and distributors
What is cooperative advertising ?
manufactorer pays a percentage of retailer's advertising expenses for the manufactorer's product
What is partnership selling?
buyers and sellers combine their expertise to create customized solutions
What is an order taker?
processes routine orders or reorders for products that were already sold by the company
What is a order getter?
sells in a conventional sense and identifies customers, provides customers with information, persuades customers to buy, closes sales
What are the 6 personal selling stages?
prospecting, preapproach, approach,presentation, close and follow up
What is stimulus response?
consists of information that must be provided in an accurate and throrough presentation to get the prospect to buy
What is need satisfaction presentation?
selling based on customer needs
What is adaptive selling?
involves adjusting the presentation to fit the selling situation
What is consultative selling?
focuses on problem identification where the salesperson serves as an expert on problem recognition and solution