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MGT 103 > week 7 > Flashcards

week 7 Flashcards

1
Q

What is the kind of innovation that requires all brand new learning?

A

discontinuous innovation

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2
Q

What is another name for multiproduct?

A

family branding and umbrella branding

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3
Q

What are the 4 P’s?

A

product, price, promotion, place

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4
Q

What are the 4 C’s?

A

customer solution, customer cost, convenience, communication

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5
Q

What is value?

A

a customer’s subjective assessment of benefits relative to costs in determining the worth of a product

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6
Q

How do we calculate value?

A

value = customer benefits - customer costs

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7
Q

What are three things that you have to do before differentiating your product?

A

show your customer what they can achieve by using your brand, leverage your points of parity, and make your points of difference compelling

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8
Q

What does it mean to leverage your points of parity?

A

consumer must perceive your product to be a legitimate and credible player in the frame

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9
Q

What is the distribution channel?

A

a set of interdependent organizations involved in the process of making a product or service available for use by the consumer or business user

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10
Q

What does a distribution channel look like?

A

manufacturer -> distributor -> retailer -> consumer

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11
Q

What is supply chain?

A

all the activities necessary to turn raw materials into a good or service and put it in the hands of the consumer

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12
Q

What is a direct channel structure?

A

company to consumer (e.g. etsy, farmer’s market)

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13
Q

What is an indirect channel?

A

either company, wholesaler, retailer, customer, or same but without wholesaler

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14
Q

What are hybrid channels?

A

a company that uses both direct channels and indirect channels (e.g. apple: has own store, sells through different stores)

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15
Q

What is the definition of a direct market channel?

A

manufacturer and end customer interact directly with no intermediaries

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16
Q

What are some disadvantages of direct market channel?

A

takes time to establish, difficult to establish breadth

17
Q

What are some advantages of indirect market channels?

A

rapid distribution can be implemented quickly

18
Q

What are some disadvantages of indirect market channel?

A

loss of control over selling environment

19
Q

What are the four steps of value chains?

A

efficiently getting the product, in good condition to where, it is convenient for the consumer to buy it, in a setting that is consistent with the brand’s image

20
Q

What is full vertical integration?

A

a firm gets involved in new portions of the value chain and controls multiple aspects from supply chain to customer facing portion

21
Q

What is forward vertical integration?

A

manufacturers gaining ownership or control over the intermediary at the next level down (e.g. take over the retail space)

22
Q

What is backward vertical integration?

A

retailers might own the manufacturing operation (integrate away from customers)

23
Q

What is intensive distribution?

A

placing product in many outlets, for the convenience of the customer (convenience products)

24
Q

What is exclusive distribution?

A

placing the product in very few outlets (shopping products e.g. a laptop)

25
Q

What is selective distribution?

A

somewhere between the other two; most products (specialty products)

26
Q

What are slotting allowances?

A

fees that are paid by the manufacturer to the retailer to get space in store

27
Q

How many employees in the US work in retail?

A

20%

28
Q

What is self service?

A

customers perform many functions during the purchase process

29
Q

What is limited service?

A

customers responsible for most shopping activities but salespeople are available for help in some departments (jewelry, fragrance)

30
Q

What is full service?

A

specialty stores and department stores; wanting to make the customer’s life as easy as possible (nordstrom)

31
Q

What are omni channels?

A

having a brick and mortar and an online store that complement each other

32
Q

What percent of shopping happens online?

A

16%

33
Q

What are atmospherics?

A

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

MGT 103 (7 decks)

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