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Flashcards in Understanding Business Chapter 15 Deck (34):
1

Marketing Intermediaries

Organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C).

2

Channel of Distribution

A whole set of marketing intermediaries. such as agents. brokers. wholesalers. and retailers. that join together to transport and store goods in their path (or channel) from producers to consumers.

3

Agents and Brokers

Marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but do not take title to the goods they offer.

4

Wholesaler

A marketing intermediary that sells products to other organizations.

5

Retailer

An organization that sells to ultimate customers.

6

Utility

In economics. the want-satisfying ability. or value. that organizations add to goods and services

7

Time Utility

Adding value to products by making them available when they're needed.

8

Place Utility

Adding value to products by having them where people want them.

9

Possession Utility

Doing whatever is necessary to transfer ownership from one party to another. including providing credit. delivery. installation. guarantees. and follow-up service.

10

Information Utility

Adding value to products by opening two-way flows of information between marketing participants.

11

Service Utility

Adding value by providing fast. friendly service during and after the sale and by teaching customers how to best use products over time.

12

Merchant Wholesalers

Independently owned firms that take title to the goods they handle.

13

Rack Jobbers

Wholesalers that furnish racks or shelves of merchandise to retailers. display products. and sell on consignment.

14

Cash-and-Carry Wholesalers

Wholesalers that serve mostly smaller retailers with a limited assortment of products.

15

Drop Shippers

Wholesalers that solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer.

16

Intensive Distribution

Distribution that puts products into as many retail outlets as possible.

17

Selective Distribution

Distribution that sends products to only a preferred group of retailers in an area.

18

Exclusive Distribution

Distribution that sends products to only one retail outlet in a given geographic area.

19

Electronic Retailing

Selling goods and services to ultimate consumers (e.g.. you and me) over the Internet.

20

Telemarketing

The sale of goods and services by telephone.

21

Direct Selling

Selling to customers in their homes or where they work.

22

Direct Marketing

Any activity that directly links manufacturers or intermediaries with the ultimate customers.

23

Corporate Distribution Systems

A distribution system in which all of the organizations in the channel of distribution are owned by one firm.

24

Contractual Distribution Systems

A distribution system in which members are bound to cooperate through contractual agreements.

25

Administered Distribution Systems

A distribution system in which producers manage all of the marketing functions at the retail level.

26

Supply Chain (or value chain)

The sequence of linked activities that must be performed by various organizations to move goods from the sources of raw materials to ultimate consumers.

27

Supply Chain Management

The process of managing the movement of raw materials. parts. work in progress. finished goods. and related information through all the organizations involved in the supply chain. managing the return of such goods. if necessary. and recycling materials when appropriate.

28

Logistics

The marketing activity that involves planning. implementing. and controlling the physical flow of material. final goods. and related information from points of origin to points of consumption to meet customer requirements at a profit.

29

Inbound Logistics

The area of logistics that involves bringing raw materials. packaging. other goods and services and information from suppliers to producers.

30

Materials Handling

The movement of goods within a warehouse. from warehouses to the factory floor. and from the factory floor to various workstations.

31

Outbound Logistics

The area of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers (people like you and me).

32

Reverse Logistics

The area of logistics that involves bringing goods back to the manufacturer because of defects or for recycling materials.

33

Freight Forwarder

An organization that puts many small shipments together to create a single large shipment that can be transported cost-effectively to the final destination.

34

Intermodal Shipping

The use of multiple modes of transportation to complete a single long-distance movement of freight.