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Marketing 300 uky > Chapter 14&15 exam review > Flashcards

Chapter 14&15 exam review Flashcards

1
Q

all the activities associated with the flow and transformation of production from raw materials through to the end consumer

A

Supply Chain

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2
Q

(sometimes called operations management ) involves the processes used to obtain resources to create value through sourcing, purchasing, and recycling, including materials and information

A

procurement

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3
Q

concerned with what materials a firm needs and where materials come from

A

Logistics management

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4
Q

is the act of negotiating and executing transactions to buy and sell goods, materials, and services

A

Supply Management

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5
Q

converting waste into reusable material, reprocessing, reclaiming, or reusing supplies and final products

A

Recycling

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6
Q

planning, implementing and controlling the efficient and effective flow and storage of products and information from the point or origin to consumption

A

Supplier

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7
Q

a set of approaches used to integrate the functions of operations management, logistics management, supply management, and marketing channel management so products and produced and distributed in the right quantities, the right locations and at the right time

A

Supply-Chain Management

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8
Q

a group of individuals and organizations that direct the flow of products from producers to customers within the supply chain

A

Marketing Channel (channel of distribution, distribution channel)

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9
Q

middlemen that link producers to other intermediaries or ultimate consumers through contractual arrangement or through the purchase and reselling of products

A

marketing intermediaries

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10
Q

having products available when the customer wants them

A

time utility

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11
Q

making products available in locations where customers wish to purchase them

A

Place utility

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12
Q

customers have access to the product to use now or store for future use

A

Possession Utility

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13
Q

formed by assembling, preparing, or otherwise refining the product to suit customer needs

A

Form Unity

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14
Q

an independent business that takes title to products and carries inventories

A

industrial distributor

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15
Q

an independent businessperson who sells complementary products and is compensated by commissions

A

Manufacture Agents

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16
Q

the use of two or more marketing channels to distribute the same product to the same target market

A

dual distribution

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17
Q

The products of one organization are distribute the same product to the same target market

A

Strategic Channel Alliance

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18
Q

delivering content through the internet to a computer or other devices

A

digital distribution

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19
Q

customer market or business market?; business customers often prefer to deal directly with procedures; are more likely to buy complex products and in large quantities

A
  1. Customer Characteristics
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20
Q

complex/expensive or standardized?; durable or fragile?

A
  1. Product Attributes
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21
Q

large or small
large firms are often in a better position to have more distributions centers, which reduce delivery times
smaller firms may be in a better position to serve smaller-scale regional needs

A

3.Type of Organizations

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22
Q

high or low

highly competitive markets require companies to keep costs and prices low

A
  1. Degree of competition
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23
Q

economic considerations will force organizations to make compromises
technology may help a firm modify/ improve its channel strategy
government regulations and trade agreements can affect channel strategy

A

Environmental Forces

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24
Q

if an intermediary is not adequately promoting an organization’s products, it may reconsider channel choices

A

characteristics of intermediaries

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25
Q

what are the 3 types of intensities of market coverage

A

intensive, selective distribution, exclusive

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26
Q

uses all available outlets to distribute a product
for most convenience products
multiple channels may be used

A

Intensive

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27
Q

uses only some available outlets to distribute a product
for shopping products
desirable when a special effort is important to customers

A

Selective distribution

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28
Q

uses a single outlet in a fairly large geographic area
for products purchased infrequently, consumed over a long period of time, or requiring service and information
only authorized dealers are used

A

Exclusive

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29
Q

supply chains can provide a competitive advantage for many marketers
supply chain decisions cut across all functional areas of a business
an effective and efficient supply chain can sustain a business in a variety of competitive environments

A

Competitive Priorities in Marketing Channels

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30
Q

the dominant leader of a marketing channel or supply chain; may be a producer, wholesaler, or retailer

A

Channel Captain (Channel Leader)

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31
Q

the ability of one channel member to influence other channel members’ goal achievements

A

Channel Power

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32
Q

vital if each channel member is going to gain something from the others

A

Cooperation

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33
Q

channel cooperation enables retailers, wholesalers, suppliers, and logistics providers do what 3 things?

A

1) speed up inventory replenishment
2) Improve Customer service
3) Cut the costs of bringing products to customers

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34
Q

self interest creates misunderstanding about role expectations of channel members
communication is poor between channel members
there is increased use of multiple channels has increased the chance for miscommunication and conflict

A

Channel Conflict

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35
Q

combines two or more stages of the marketing channel under one management

A

Vertical Channel Integration

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36
Q

a single channel member coordinates or manages channel activities to achieve low-cost distribution aimed at satisfying target market customers

A

Vertical Marketing Systems (VMSs)

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37
Q

combines organizations at the same level of operation under one management
creates economics of sale

A

Horizontal marketing

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38
Q

activities used to move products from producers to consumers and other end users

A

Physical Distribution (logistics)

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39
Q

the contracting of physical distribution tasks to third parties; most distribution activities can be outsourced to firms with expertise in specific areas

A

Outsourcing

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40
Q

the time needed to complete a process

A

cycle time

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41
Q

the receipt and transmission of sales order information

A

order processing

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42
Q

what are the 3 main tasks of order processing

A

order entry, order handling, order delivery

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43
Q

begins when customers place orders

A

order entry

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44
Q

product availability and customer credit-worthiness is verified; order assembly occurs

A

order handling

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45
Q

delivery is scheduled with a carrier

A

order delivery

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46
Q

a computerized means of integrating order processing with production, inventory, accounting and transportation

A

Electronic Data Interchange (EDI)

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47
Q

developing and maintaining an adequate assortment of products to meet customers’ needs

A

inventory management

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48
Q

shortages of products that can result in loss of customers

A

stockouts

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49
Q

the inventory level that signals the need to place a new order

A

Reorder Point

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50
Q

the average time lapse between placing the order and receiving it

A

order lead time

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51
Q

the rate at which inventory is used/sold

A

usage rate

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52
Q

the extra inventory a firm keeps

A

Safety Stock

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53
Q

Reorder point=

A

(order lead time X usage rate) + safety stock

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54
Q

an inventory-management approach in which supplies arrive just when needed for production or resale

A

Just-in-time (JIT)

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55
Q

the physical handling of tangible goods, supplies and resources; also involves transportation from points of production to points of consumption

A

Materials Handling

56
Q

can reduce costs, the number of times a good is handled, improve customer service and increase customer satisfaction

A

efficient materials handling

57
Q

radio waves are used to track materials using scanners

A

radio frequency ID

58
Q

the design and operation of facilities for storing and shipping products

A

Warehousing

59
Q

3 types of warehouses:

A

Private, public, distribution centers

60
Q

Company-operated facilities for storing and shipping products

A

Private Warehouses

61
Q

Storage space and related to physical distribution facilities that can be leased by companies

A

Public Warehouses

62
Q

Large, centralized warehouses that focus on moving rather than storing goods

A

Distribution Centers

63
Q

the movement of products from where they are made to intermediaries and end users; the most expensive physical distribution function

A

Transportation

64
Q

5 Basic Transportation modes:

A 
Railroads
Trucks
Waterways
Airways 
Pipelines
65
Q

two or more transportation modes are used in combination

A

Intermodal Transportation

66
Q

organizations that consolidate shipments from several firms into efficient lot sizes

A

Freight Forwarders

67
Q

freight transportation firms that provide several modes of shipment

A

Megacarriers

68
Q

runs the risk of being viewed as anti-competitive

A

dual distribution

69
Q

courts have conflicting opinions on restricting intermediaries to certain sales territories

A

restricted sales territories

70
Q

a supplier furnishes a product to a channel member with the stipulation that the channel member purchases other products

A

Tying Agreement

71
Q

a manufacturer forbids an intermediary to carry products of competing manufacturers

A

Exclusive dealing

72
Q

producers have the right to choose channel members

A

Refusal to deal

73
Q

all the transaction in which the buyer intends to consume the products through personal, family, or household use; can occur in stores, through direct selling, vending machines, and online

A

Retailing

74
Q

an organization that purchase products for the purpose of reselling them to ultimate customers

A

Retailer

75
Q

2 major types of retailers

A

General-Merchandise Retailers, Specialty Retailers

76
Q

offer a variety of product lines, stocked in considerable depth

A

General-merchandise retailers

77
Q

9 types of general-merchandise retailers

A

department stores, discount-stores, extreme-value stores, convenience stores, supermarkets, superstores, hypermarkets, warehouse clubs, warehouse showrooms

78
Q

large retail organizations with wide product mixes; employ at least 25 people ex: Macy’s, Sears, J.C. Penney

A

Department Stores

79
Q

self-service, general merchandise outlets that regularly offer brand name and private brand products at low prices ex: walmart, kmart, target

A

Discount-Store

80
Q

Retailers that are a fraction of the size of conventional discount stores ex:dollar tree

A

extreme-value stores

81
Q

small self-service stores that are open long hours and carry a narrow assortment of products, usually convenience items, as well as services such as ATMs ex: 7/11 , circle K

A

Convenience Store

82
Q

large self-service stores that carry a complete line of food products as well as some nonfood products ex: Kroger, Safeway, Publix

A

Supermarkets

83
Q

giant retail outlets that carry products ordinarily found in supermarkets, but also routinely purchased consumer products ex:Walmart supercenter

A

Superstores

84
Q

combine supermarket and discount store shopping in one location ex:carrefore

A

Hypermarkets

85
Q

large-scale, members-only selling operations combining cash-and-carry wholesaling and discount retailing. ex: sams club, costco

A

Warehouse clubs

86
Q

retail facilities in large, low-cost buildings with warehouse materials-handling technology, verticle merchandise displays, large on-premises inventories, and minimal services. ex:ikea

A

Warehouse Showrooms

87
Q

3 types of specialty retailers

A

traditional specialty retailers, category killers, off-price retailers

88
Q

carry a narrow product mix with deep product lines. They are sometimes called “limited-line retailers”

A

Traditional Specialty Markets

89
Q

a very large specialty store concentrating on a major product category and competing on the basis of low prices and product availability

A

Category Killers

90
Q

buy manufacturer’s seconds, overruns, returns and off-season production runs at below-wholesaler prices for resale to consumers at deep discounts

A

Off-Price Retailers

91
Q

the least flexible of the strategic retailing issues, but very important

A

location of retail stores

92
Q

factors affecting the retail store location are

A

location of intended target market
kinds of products sold
availability of transportation and ease of movement to/from site
competitors’ locations

93
Q

Freestanding structures, shopping malls and centers, and business districts are all

A

types of locations

94
Q

usually consist of several small convenience and specialty stores

A

Neighborhood centers

95
Q

contain one or two department stores, some specialty stores and convenience stores

A

community shopping centers

96
Q

feature the largest department stores, widest among product mixes and deepest product lines of all shopping centers

A

regional shopping centers

97
Q

contain the widest and deepest product mixes

A

superregional shopping centers

98
Q

typically open-air and feature upscale stores

A

lifestyle shopping centers

99
Q

combine off-price stores with category killers

A

Power shopping centers

100
Q

an arrangement in which a supplier or franchiser, grants a dealer, or franchisee, the right to sell products in exchange for some types of consideration

A

franchising

101
Q

identifying an unserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of the consumers in that segment

A

retail positioning

102
Q

projecting a functional and psychological picture that appeals to the target market

A

Store Image

103
Q

The physical elements in a store’s design that appeal to consumers’ emotions and encourage buying

A

Atmospherics

104
Q

storefront, displays, entrances

A

exterior atmospherics

105
Q

lighting, wall and floor coverings, store fixtures

A

interior atmospherics

106
Q

a retail strategy of managing groups of similar, often sustainable, products produced by different manufacturers

A

Category management

107
Q

the use of telephone, internet and nonpersonal media to communicate product and organizational information to customers

A

Direct marketing

108
Q

the selling of products outside the confines of a retail facility

A

Nonstore retailing

109
Q

occurs when an organization provides a catalog from which customers make selections and place orders via mail, telephone, or the internet

A

catalog marketing

110
Q

occurs when a retailer advertises a product and makes it available through mail or telephone orders

A

direct response marketing (Scholastic marketing)

111
Q

the performance of marketing-related activities by telephone; can help generate sales leads, improve customer service, accelerate payments on past-due accounts, rais funds for nonprofit organizations and gathering marketing data

A

Telemarketing

112
Q

makes products available through computer connections

A

Online retailing

113
Q

it is the marketing of products to ultimate consumers through face-to-face at home or in the workplace

A

Direct Selling

114
Q

The use of machines to dispense products selected by customers

A

Automatic Vending

115
Q

all transactions in which products are bought for resale, for making other products, or for general business operations

A

Wholesaling

116
Q

an individual or organization that sells products which are bought for resale, for making other products, or for general business operations

A

wholesaler

117
Q

wholesalers serve as an extension of the products sales force and act as a conduit of information
provides financial assistance
reduces a producer’s warehousing expenses and inventory investment by holding goods in inventory
can be a source of working capital

A

Services Provided by Wholesalers: To Producers

118
Q

assist with marketing strategy, especially distribution
help retailers select inventory
are often specialists on market conditions and experts at negotiating final purchases
can reduce a retailer’s burden of looking for and coordinating supply sources

A

Services provided by wholesalers: to retailers

119
Q

independently owned businesses that take title to goods, assume risks associated with ownership and generally buy and resell products to other wholesalers, business customers, and retailers

A

Merchant Wholesalers

120
Q

perform the wildest possible range of wholesaling functions; handle either consumer or business products and provide various marketing services to their customers

A

full-service wholesalers

121
Q

carry a wide product mix but offer limited depth within product lines

A

general-merchandise wholesalers

122
Q

carry few product lines but offer and an extensive assortment of products within those lines

A

Limited-Line Wholesalers

123
Q

offer the narrowest range of products

A

specialty-line wholesalers

124
Q

full service, specialty-line wholesalers that own and maintain display racks in supermarkets, drugstores, and variety stores

A

Rack Jobbers

125
Q

provide fewer marketing services than full-service wholesalers and specialize in just a few functions, passing on the rest of the functions to customers or other intermediaries

A

limited-service wholesalers

126
Q

intermediaries whose customers pay cash and furnish transportation

A

cash-and-carry wholesalers

127
Q

transport a limited line of products directly to customers for on-the-spot inspection and selection

A

Truck wholesalers

128
Q

take title to goods and negotiate sales but never take actual possession of products

A

Drop Shippers

129
Q

use catalogs instead of sales forces to sell products to retail and business customers

A

Mail-order

130
Q

intermediaries temporarily employed by buyers or sellers in order to unite buyers and sellers

A

Brokers

131
Q

represent either buyers or sellers on a permanent basis

A

Agents

132
Q

independent intermediaries who represent sellers and usually offer customers complete product lines

A

manufacturers’ Agents

133
Q

market either all of a specified product line or a manufacturers’ entire output; perform every wholesaling function except taking title of product

A

selling agents

134
Q

receive goods on consignment from local sellers and negotiates sales in large, central markets

A

Commission Merchants

135
Q

manufacturer-owned intermediaries that sell products and provide support to the manufacturers’ salesforce

A

Sales Branches

136
Q

manufacturer-owned operations that provide services normally associated with agents

A

sales offices

Marketing 300 uky (11 decks)

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