exam 3

Question 1

Retailing

Answer 1

the channel of distribution where the customer meets the product/service and exchange occurs

Question 2

Place Utility

Answer 2

where its needed (location)

Question 3

Time Utility

Answer 3

saving time, when its needed (dicks=athletics, 24hr)

Question 4

Form Utility

Answer 4

type of product (custom shoes)

Question 5

Possession Utility

Answer 5

easy to gain ownership (delivery, CarMax finance)

Question 6

Form of Ownership

Answer 6

retailer,chain or franchise

Question 7

Independent Retailer

Answer 7

one outlet with individuals owners (local boutiques)

Question 8

Corporate Chain

Answer 8

multiple outlets under common ownership (walgreens,walmart)

Question 9

Contractual Systems

Answer 9

independetly owned stores that band together to act like a chain (franchise)

Question 10

Levels of Service

Answer 10

self-service, limited service, full service

Question 11

Self-Service

Answer 11

customer performs most traditional retailing functions (Ikea)

Question 12

Limited Service

Answer 12

customers are responsible for shopping activites,but assistance is available (target)

Question 13

Full-Service

Answer 13

many services provided to customers (nordstrom)

Question 14

Type of Merchandise Line

Answer 14

depth and breadth of product line

Question 15

Depth of Product Line

Answer 15

store carries a large assortment of specific products

Question 16

The breadth of Product Line

Answer 16

the store carries a wide variety of different product items

Question 17

Non-store Retailing

Answer 17

door to door sales, vending machines, amazon

Question 18

Retailing Mix

Answer 18

activites related to managing the store and the merchandise

Question 19

Retail Pricing

Answer 19

markup (added cost by retailer)
markdown (discount from retailer)
EDLP (no markdowns, low price)
factory outet stores (off-price retailers like homegoods)
single-price stores (one consistent price)
loss prevention (prevent breakage or theft)

Question 20

Store Location

Answer 20

choosing where to locate store:
central buisness district, malls, community shopping centers, strip mall (unrelated stores), power center (big anchor stores)

Question 21

Retail Communication

Answer 21

store image (colors, layout)
shopper marketing (use of displays, coupons)

Question 22

Merchandise

Answer 22

category management and marketing metrics

Question 23

Integrated Marketing Communications (IMC)

Answer 23

coordinating all promotional mix activites to provide a consistent message across all audiences

Question 24

Promotional Mix

Answer 24

the combination of communication tools use to:
inform, persuade, remind

Question 25

Advertising

Answer 25

paid non-personal communication

Question 26

Personal Selling

Answer 26

personal two-way communication between buyer and seller

Question 27

Public Relations

Answer 27

communications management

Question 28

Sales Promotions

Answer 28

Short-term value incentive

Question 29

Direct Marketing

Answer 29

direct communication for immediate response

Question 30

Target Audience

Answer 30

ultimate consumers, trade channel

Question 31

stage of product life cycle

Answer 31

intro, growth, maturity, decline

Question 32

product characteristics

Answer 32

complexity, purchase risk (social and financial), ancillary services (support services)

Question 33

decision stage of the buyer

Answer 33

prepurchase stage, inform and trial
purchase stage, persuade and close the deal
postpurchase stage, reduce regret, built loyalty

Question 34

Channel of Distribution

Answer 34

push and pull strategies

Question 35

Four W’s of Planning

Answer 35

Who is the target audience?
What are the objectives, budget, and tools?
Where should the campaign run?
When should the campaign run?