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Marketing > Exam 3 (ch. 11 & 12) > Flashcards

Exam 3 (ch. 11 & 12) Flashcards

1
Q

All activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use

A

Retailing

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2
Q

Business whose sales come primarily from retailing

A

Retailer

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3
Q

Retailers can be classified by what 4 things:

A
  • amount of service
  • product lines
  • relative prices
  • organizational approach
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4
Q

What are some characteristics of self-service retailers

A
  • customers are willing to self-serve to save money
  • discount stores
  • digital retailers
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5
Q

What are some characteristics of limited-service retailers

A
  • most department stores
  • digital retailer
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6
Q

What are some characteristics of full-service retailers

A
  • salesperson assist customers in every aspect of shopping experience
  • high-end department stores
  • specialty goods
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7
Q

What kind of product lines are in specialty stores

A

Narrow product lines with deep assortments

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8
Q

What kind of product lines are in department stores

A

Some variety of product lines ; each line is operated as a separate department

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9
Q

What kind of product lines are in supermarkets

A

Large, low-cost, low-margin, high-volume, self-service operations

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10
Q

What kind of product lines are in convenience stores

A

Limited line of high-turnover convenience products at slightly higher prices

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11
Q

What kind of product lines are in super stores

A

Wide variety and limited assortment

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12
Q

What kind of product lines are in category killers

A

Giant specialty stores

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13
Q

Luxury stores have…

A

…high margins

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14
Q

Discount stores have…

A

…low margins that are offset by high volume

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15
Q

Off-price retailers are…

A

…stores selling products at lower price than the full price stores (ex. TJ Maxx; Marshall’s

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16
Q

What organizational approach does corporate chain stores use

A

Multiple outlets that are commonly owned or controlled

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17
Q

What organizational approach does voluntary chains use

A

Wholesaler-sponsored groups of independent retailers

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18
Q

What organizational approach does retailer cooperatives use

A

Groups of independent retailers who buy in bulk

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19
Q

What organizational approach does franchise organizations use

A

A contractual association between a manufacturer, wholesaler, or service organization and independent businesspeople who buy the right to own and operate one or more units in the franchise system

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20
Q

What are 5 retailing trends

A
  1. Growth nonstore retailing
  2. Global expansion of major retailers
  3. New retail formats introduced
  4. Growing importance of retail technology
  5. Green retailing
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21
Q

All activities involved in selling goods and services to those buying for resale or business use

A

Wholesaling

22
Q

A firm engaged primarily in wholesaling activity. Intermediary which purchases products in large quantities and store them until they can be resold. Generally, sell the products they bought to other intermediaries

A

Wholesaler

23
Q

What are 9 functions performed by wholesalers

A
  • selling and promoting
  • warehousing
  • risk bearing
  • buying and assortment building
  • transportation
  • market information
  • bulk breaking
  • financing
  • management services and advice
24
Q

What are three types of wholesalers

A
  1. Merchant wholesalers
  2. Brokers and agents
  3. Manufacturers and retailers branches and offices
25
Q

Independently owned wholesaler business that takes title to the merchandise it handles

A

Merchant wholesalers

26
Q

Bring buyers and sellers together and assist in negotiation, usually in exchange for commissions. Does not own a legal ownership of the products

A

Brokers and agents

27
Q

Wholesaling by sellers or buyers themselves rather than through independent wholesalers

A

Manufacturers and retailers branches and offices

28
Q

What are the 4 wholesaling trends

A
  • need for greater efficiency
  • demands for lower prices
  • increased use of technology
  • blurring distinction between large retailers and wholesalers
29
Q

The blend of promotional tools a company uses to persuasively communicate customer value and build customer relationships

A

Promotion mix (AKA marketing communications mix)

30
Q

What 5 tools are used in promotion mix (marketing communications mix)

A
  • advertising
  • sales promotion
  • personal selling
  • public relations
  • direct marketing
31
Q

Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

A

Advertising

32
Q

Short term incentives to encourage the purchase or sale of a product or service

A

Sales promotion

33
Q

Personal presentation by the firms sales force for the purpose of making sales and building relationships

A

Personal selling

34
Q

Building good relations with the company’s various public’s by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories and events

A

Public relations

35
Q

Direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships

A

Direct marketing

36
Q

Why do company’s use advertising

A

Reaches the masses and is low cost per exposure

37
Q

Why do company’s use personal selling

A

Involves personal interaction and is highly effective

38
Q

Why do company’s use sales promotion

A

Short term to attract customer attention

39
Q

Why do company’s use public relations

A

Gets through as news rather than sale growing attempt

40
Q

Why do company’s use direct marketing

A

Less public; immediate and customized

41
Q

What are the 4 methods for setting the budget

A
  • affordable method
  • percentage of sales method
  • competitive parity method
  • objective and task method
42
Q

What budgeting method sets at the level they think a company can afford

A

Affordable method

43
Q

What budgeting method is when promotion budget is a certain percentage of forecasted sales

A

Percentage of sales method

44
Q

What budgeting method involves setting promotional budget to match competitors budgets

A

Competitive parity method

45
Q

What budgeting method bases budget on what it wants to accomplish

A

Objective and task method

46
Q

Percent of people in target market exposed

A

Reach

47
Q

Number of times product is exposed

A

Frequency

48
Q

Qualitative impact of message exposure

A

Impact

49
Q

What media timing is evenly scheduled

A

Continuity

50
Q

What media timing is unevenly scheduled

A

Pulsing

51
Q

The net return on advertising investment divided by the costs of the advertising investment

A

Return on advertising investment

52
Q

What are the 7 Public relations tools

A
  • product placement
  • news
  • speeches
  • written materials
  • audiovisual materials
  • corporate identity materials
  • public service activities

Marketing (9 decks)

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