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Marketing > Exam 3 Practice Exams > Flashcards

Exam 3 Practice Exams Flashcards

(100 cards)

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1
Q

Affordable Approach

A

Companies spend what they think they can afford to spend on marketing. Not viewed as viable.

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2
Q

Objective and Task

A

Marketers consider the company’s objectives, strategy, and tactics, assigning a marketing cost to each.

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3
Q

Points of Differences

A

Characteristics of a product that make it superior to competitive substitutes

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4
Q

Consumer Marketing

A

Consumer marketers focus on the mindset of what people want in a brand/product

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5
Q

Shopper Marketing

A

Shopper marketing focus on how people behave in the SHOPPING PROCESS

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6
Q

Cash and Carry Wholesalers

A

Wholesalers that take title to merchandise but sell only to buyers that call on them, pay for and move/take away the merchandise themselves

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7
Q

Rack Jobbers

A

Retain title to the products they put on their shelves and bill retailers only for what is sold (hosiery).

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8
Q

Drop Shippers

A

Own the merchandise but never physically touch it. They receive orders and have the producers delivery directly to the customers.

There are used for bulky, hard to transport products like coal.

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9
Q

Truck Jobbers

A

Have a small warehouse where they stock trucks with goods to ship to retailers

They usually handle perishable or fast moving items such as diary.

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10
Q

Dog

A

Small share of a low-growth market . They have no promise of ever being winners for the firm, and they should be dropped whenever it would not disrupt the company’s operations.

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11
Q

Question Mark

A

A small share of a high-growth market. Management must decide whether to phase the SBU’s out or invest in them to make them stars

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12
Q

Stars

A

A dominant share in a high-growth market. These SBUs need extra cash to finance rapid growth

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13
Q

Cash Cows

A

Dominant share in a slow-growth market. They generate a lot of cash, they can pay for overhead or other SBUs

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14
Q

Retailing Mix Includes

A

Store Location
Merchandise
Retail Pricing
Communication

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15
Q

Pricing Objectives

A

Reflects corporate goals

Profit, sales revenue, market share. unit volume, survival, social responsibility

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16
Q

Pricing Contraints

A

Relates to the financial realities within the organization itself

(Demand for the product, newness of the product, cost of changing prices, single product versus a product line)

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17
Q

Countertrade

A

The practice of using barter rather than money for making global sales

(Accepting oil as payment for a shipment of cars)

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18
Q

Divest

A

Gives up on the brand and lets it die, or sells it to another company that can make it work.

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19
Q

Harvest

A

Stays in the market but allows its market share to decline over time.

It harvests profits from the brand for use elsewhere

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20
Q

Market Penetration

A

A firm starts at a low price and gradually raises it.

Low —> High

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21
Q

Market Skimming

A

A firm starts at a high price and gradually brings it down, “skimming” profits off the top

High —> Low

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22
Q

Breadth of Product Line

A

The variety of different items a store carries

Walmart offers a lot of shopping options so it is high breadth

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23
Q

Total Cost

A

Equals the sum of fixed cost and variable cost

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24
Q

Semiotics

A

The correspondence between symbols and their assigned meanings

(When in some nations black is a sign of mourning while in other white is a sign of mourning)

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25
Participative Pricing
Consumers participate in setting the price through HAGGLING
26
Non-price Competition (value)
Competing by adding value to the product without lowering the price
27
Price Competition
Decreasing one's price to compete
28
Internet Reference Price
What the consumer expects a product will cost
29
External Reference Price
A reference price provided by a company, usually intending to change consumers' internal reference price
30
To increase value the most, marketers should
Decrease benefits
31
Transactional Fuction
Buying, SELLING and assuming RISK by taking on a stock of merchandise Selling - Manufacturers sell to wholesalers, who sell to retailers, who sell to consumers. A salesperson in a retail store sells products directly to customers Risk Tasking - Retailers assume risk when they buy products with the intent to sell them. There is no way the retailer can absolute sure that it will sell al of the products it acquires for resale
32
Vendor-Managed Inventory (VMI)
A tool suppliers use to determine the product amount and assortment a customer needs and automatically delivers the appropriate item to ensure buyer satisfaction (Target hires CVS to stock all their over the counter drug, beauty and nutrition products)
33
Non-store Retailing
Retailing that occurs outside a retail outlet, such as direct marketing, direct selling, and automatic vending
34
Price Lining Strategy
Setting the price of a line of products at a number of different pricing points
35
Target Pricing
Estimating the price that the ultimate consumer would be willing to pay for a product
36
Yield Management Pricing
Charging of different prices to maximize revenue for a set amount of capacity at any given time (Airlines constantly adjust their prices to match demand and supply) This is NOT off-peak pricing
37
Prestige Pricing
The use of price to add value to the product in the mind of consumers / giving their products a felling of exclusivity. The fact that customers are paying a high price if part of what makes the product desirable to them (Usually luxury goods)
38
Bundle Pricing
Bundling together complementary products and services and pricing them accordingly (Value-meals at McDonalds)
39
Channel Captain
Controls the activity of the channel by coordinating, directing, and supporting other channel members. The channel captain could be the manufacturer, the wholesaler, or the retailer.
40
Customerization
The growing practice of not only customizing a product but also personalizing the marketing and overall shopping and buying interaction for each customer
41
Depth of Product Line
The firm carries a large assortment of each item | Specialty stores -- Victoria Secret (Yankee Candle)
42
Exclusive Distribution
Only one retail outlet in a specified geographical area carries a firms products (Gucci, Henri Bendel)
43
Intensive Distribution
Trying to put your product in as many stores as possible | Coke
44
Grey Market (Parallel Importing)
A situation in which a good is sold via a channel of distribution that is not officially approved
45
Cost + Fixed Fee Pricing
Where a contracted firm receives a fixed fee in profit, despite what extraneous costs may be incurred
46
Survival Pricing Objective
Doing whatever is necessary to keep the company up and running
47
Paralysis By Analysis
Marketing teams or groups of people will get bogged down in analyzing a problem instead of fixing it
48
Demand-pricing
Used by manufactures to determine wholesale price
49
Personalization
Choosing and developing content on a website that is customized to the needs and wants of the consumer. This action is initiated by the consumer themselves, not the firm
50
Manufactured-Sponsored Retail Franchise Systems
An example is Dodge licensing dealers to sell their cars under certain types of maintenance and sale conditions
51
Break-even Analysis
Operates under the assumption that every unit produced is sold The total revenue line must be steeper than the total cost line
52
Brand Loyalist
Prefer buying online than shopping at traditional means. They have several favorite websites, which the visit often and purchase often from
53
Self-service
Customers perform most the functions of an outlet, with little interference by the firm itself
54
Deceptive Pricing
Promoting a price that mislead customers | Buy one get one free but, the first item is equal to buying two
55
Predatory Pricing
Undercutting competition
56
Marketing Plan
One-year planning document that is put together by the marketing team in conjunction with other organizational members
57
Net Sales
Total Sales - Returns
58
Organizational Culture
Values, ideas, attitudes, and behaviors of those who work in and around an organization (Google being well known for its attitude of being okay with and encouraging, creative or developmental failure. Google sees failure a symptom of innovation)
59
Network Marketing
MLM (multi-level marketing) such as Monat, Herbalife similar to pyramid scheme buts, they say it isn't.
60
Stakeholders
Any individual or group of individuals who are either primarily or secondarily affected by the actions of a company. (Customers, employees, shareholders, board of directors -- pretty broad)
61
3 Variable's of Retail Strategy
Position, Location, Image
62
Pure Standardization
Using the same exact business plan in new countries when expanding operations
63
Value-Pricing
Where product and service benefits are simultaneously increased while maintain or decrease price (To combat Walmart's success, Publix improves the quality of its food while improving the level of service its workers give -- Publix's price stay the same)
64
Marketing ROI
The use of modern methods to analyze, quantify, and optimize marketing SPENDING
65
Multinational Marketing (Multi-domestic)
When firms tend to view the world as being made up of different regions that need to be treated differently (MTV has MTV Europe and MTV Asia. Each is differently marketed towards their culture)
66
Functional Group
A form that divides its units based on the activities of that group, such as financial affairs or shopping or manufacturing, is dividing its units by functional groupings
67
Hunter-gather
Online consumers that tend to use the internet as more as a consumer magazine, using it mainly to do ''research'' on big purchases, and compare products and prices via reviews and company websites Hunter-gatherers tend to be married couples with children
68
Socio-Culture
Different customs, language practices and traditions | Small Japanese living space is a national customer best described as socio-culture
69
Sales Component Analysis
Traces sales revenues to their sources, such as specific products, sales territories, or customers
70
Balance of Trade
The difference between exports and imports in a country. If exports > Imports, there is a trade surplus. If Imports > exports, there is a trade deficit
71
Dual Distribution
Selling the same product to two different channels | Retail stores and large apartment complexes
72
Corporate Goals
Specific, MEASUREABLE objectives the organization seeks to achieve. Firms needs to have a specific time frame within which they hope to complete their goals and they need to able to measure their progress towards their goals (Sales revenue goals, profit goals, ROI goals, market share goals, unit sales goals)
73
Corrective Action
A deviation between the current state of the company and the goals of the company. This is when contingency plans might have to come into play.
74
Single-line
Yankee Candle only selling candles in their stores It has great depth in this particular merchandise line
75
Click-and-mortar
Using the internet to browse retail sites and do LIGHT RESEARCH but, tends to make her purchases in traditional retail outlets Brick and mortar? More like click and mortar
76
Core Competencies
Refer to ABSOLUTE advantages
77
Sustainable Competitive Advantage
Refers to advantages REALTIVE to our competitors
78
International Marketing
When we extend the approach a company would use in domestics markets to international markets (what Disney did at first in Europe)
79
Sales Office Wholesaler
Manufacturer-owned and does not carry inventory
80
Transactional Marketing (Global Marketing)
Focuses on short-term Emphasis on price Product quality The "old way" to do business in comparison to Relationship Marketing (long-term, emphasis on mutual satisfaction, interaction quality)
81
Economic Intergration
The EU, NAFTA, and the various Asian free trade agreements are all high-profiles attempts at economic integration with similar economic goals attempt to ease or eliminate restrictions of trade between them
82
Discounter
High breadth of selection and low value-added
83
Marketing Audit
Comprehensive, unbiased, periodic review of the strategic MARKETING PROCESS of a firm or SBU
84
Choiceboard
An online tool provided by a firm that allows a customer to design a product by choosing from a variety of options for certain features of the product, such as color and size (Nike "Design Your Own" tool -- you're picking from the choices they give you)
85
Below-market Pricing
Selling something below market value to retain them as a loyal customer or create a value image (Honda dealership selling a car at a lose to gain loyalty)
86
Marketing Metric Purpose
Measure the quantitative value of a marketing activity.
87
Diversification
Selling new products to new markets
88
Direct Investment
Costliest and riskiest form of global market entry, which involves actually manufacturing and selling directly in a foreign country (Tesla building Shanghai factory)
89
Forward Vertical Intergration
A channel member moves down the channel, towards the consumer (Pepsi acquired all of tis North American bottlers in 2009)
90
Backward Vertical Intergration
A channel members moves up the channel, towards the manufacturer (Netflix began as a distributer, but it later decided to produce its own original series and movies in addition to distributing content)
91
Horizontals Conflict
Occurs between actors at the same level in the marketing channel (Grocery store retailers like Publix and Whole Foods are competitors at the same level in the channel, so conflict between them is horizontal)
92
Vertical Conflict
Occurs between actors at different levels within one market channel, such as a conflict between a wholesaler and a retailer (Conflict between McDonalds corporation and individual McDonald's franchisees)
93
Department Store
High value added and high breadth of selection | Macys, Nordstrom
94
Inventory Management
If you see RFID in the exam -- this is it. OR EDI (Electronic Data Interchange)
95
Facilitating Functions
Financing (Credit card loyalty program of a store) Market research
96
Interactive Marketing
Two-way buyer-seller / BUYER CONTROLS
97
Scramble Merchandising
Offering several unrelated product lines in a single store
98
Collaborative Filtering
Compare each user's purchases with the purchases of other users with similar preferences to create a list of purchase recommendations
99
Retail Positioning Matrix
An analytic tool that positions retail outlets in terms of the BREADTH of product line and value added
100
FOB (free on board origin pricing)
A method of pricing where the prices the seller quotes including only the cost of loading the product onto the vehicle and specifies the location where the land is to occur

Marketing (2 decks)

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