Study marketing chptrs 13, 14 Flash Cards

 
Pile Management Card
marketing chptrs 13, 14

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brokers
independent firms or individuals whose principle function is to bring buyers and sellers together to make sales
manufacturer's agents
work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory
merchant wholesalers
independently owned firms that take title to the merchandise they handle
retail life cycle
the process of growth and decline that retail outlets, like products, experience is described by the retail life cycle
wheel of retailing
describes how new forms of retail outlets enter the market. usually they enter as low-status, low-margin stores
category management
a popular approach to managing the assortment of merchandise today
multi-channel retailers
utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television, and online retailing
power center
a huge shopping strip with multiple anchor stores
regional shopping centers
consist of 50 to 150 stores that typically attract customers who live or work within a 5 to 10 mile range
central business district
the oldest retail setting, the community's downtown area
store location
involves where to locate the store and how many stores to have
shrinkage
a special issue for retailers trying to keep prices low
original markup
the difference between retailer cost and initial selling price. when products do no t sell as quickly as anticipated, their price is reduced
markup
refers to how much should be added to the cost the retailer paid for a product to reach the final selling price
retail pricing
in setting prices for merchandise, retailers must decide on the markup, markdown, and timing for markdowns
retailing mix
includes activities related to managing the store and the merchandise in the store
telemarketing
involves using the telephone to interact with and sell directly to consumers
scrambles merchandising
offering several unrelated product lines in a single store
breadth of stores
stores that carry a broad product line, with limited depth, are referred to as general merchandise stores
depth of line
stores that carry a considerable assortment of related line of items are limited-line stores
full service retailers
include most specialty stores and department stores, provide many services to their customers
limited service
provide some services, such as credit and merchandise return, but not others, such as clothing alterations
self-service
requires that the customer performs many functions and little is provided by the outlet
contractual systems
involve independently owned stores that band together to act like a chain
corporate chain
involves multiple outlets under common ownership
merchandise line
describes how many different types of products a store carries and in what assortment
level of service
used to describe the degree of service provided to the customer
form of ownership
distinguishes retail outlets based on whether individuals, corporate chains, or contractual systems own the outlet
independent retailer
one of the most common forms of retail ownership. owned by an individual
retailing
includes all activities involved in selling, renting, and providing goods and services to ultimate consumers for personal, family, or household use
vendor-managed inventory
the supplier determines the product amount and assortment a customer needs and automatically delivers the appropriate items
convenience
there should be a minimum of effort on the part of the buyer in doing business with the seller
communication
a two-way link between buyer and seller that helps in monitoring service and anticipating future needs
dependability
is the consistency of replenishment
customer service
the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience
total logistics cost
includes expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing, and return goods handling
harmonizing the supply chain with the marketing strategy
a company needs to ensure that what the supply cain is capable of doing well is consistent with the targeted customer's needs and its marketing strategy. if a mismatch exists between what the supply chain does particularly well and a company's marketing strategy, the company will either need to redesign the supply chain to support the marketing strategy or change the marketing strategy
understanding the supply chain
a company must understand what a supply chain is designed to do well. supply chains range from those that emphasize being responsive to customer requirements and demand to those that emphasize efficiency with a goal of supplying products at the lowest possible delivered cost
Understanding the customer
a company must identify the needs of the customer segment being served. these needs, such as a desire for a low price or convenience of purchase, help a company define the relative importance of efficiency and responsiveness in meeting customer requirements
Aligning a supply chain with marketing strategy
1. understand the customer
2. understand the supply chain
3. harmonize the supply chain with the marketing strategy
supply chain management
is the integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering goods and services that provide value to consumers
supply chain
a sequence of firms that perform activities required to create and deliver a good or service to consumers or industrial users
logistics
involves hose activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost
horizontal conflict
occurs between intermediaries at the same level in a marketing channel, such as between two or more retailers (target and kmart) or two or more wholesalers that handle the same manufacturer's brands
disintermediation
channel conflict that arises when a channel member bypasses another member and sells or buys products direct
vertical conflict
occurs between different levels in a marketing channel
channel conflict
it arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals
profitability
determined by the revenues earned minus cost for each channel member and for the channel as a whole
satisfying buyer requirements
1. information
2. convenience
3. variety
4. pre- or postsale services
selective distribution
lies between these two extremes and means that a firm selects a few retail outlets in a specific geographical area to carry its products
exclusive distribution
the extreme opposite of intensive distribution because only one retail outlet in a specified geographical area carries the firm's products
intensive distribution
means that a firm tries to place its products and services in as many outlets as possible
vertical marketing systems
are professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact
dual distribution
an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product.
dealer
a more imprecise term than distributor that can mean the same as distributor, retailer, wholesaler, and so forth
distributor
an imprecise term, usually used to describe intermediaries who perform a variety of distribution functions, including selling, maintaining inventories, extending credit, and so on; a more common term in business markets but may also be used to refer to wholesalers
retailer
an intermediary who sells to consumers
wholesaler
an intermediary who sells to other intermediaries, usually to retailers; term usually applies to consumer markerts
agent or broker
any intermediary with legal authority to act on behalf of the manufacturer
middleman
any intermediary between manufacturer and end-user markets
marketing channel
consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users.
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