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BA 303 - Final Exam

QuestionAnswer
Value delivery network made up of the company, suppliers, distributors, and ultimately customers who “partner” with each other to improve the performance of the entire system
Marketing channel (distribution channel) of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user
Information gathering and distributing marketing research and intelligence information about actors and forces in the marketing environment needed for planning and aiding in exchange
Promotion: developing and spreading persuasive communications about an offer
Contact finding and communicating with prospective buyers
Matching shaping and fitting the offer to the buyer’s needs, including activities such as manufacturing, grading, assembling, and packaging
Negotiation reaching an agreement on price and other terms of the offer so that ownership or possession can be transferred
Physical distribution transporting and storing goods
Financing acquiring and using funds to cover the costs of the channel work
Risk taking assuming the risks of carrying out the channel work
Channel level layer of intermediaries that perform some work in bringing the product and its ownership closer to the final buyer
Direct marketing channel no intermediary levels; company sells directly to consumers
Indirect marketing channels- contains one or more intermediaries’
Channel conflict disagreement among marketing channel members on goals and roles- who should do what and for what rewards
Horizontal conflict occurs among firms at the same level of the channel
Vertical conflict between different levels of the same channel (more common)
Conventional distribution channel one or more independent producers, wholesalers and retailers, each a separate business seeking to maximize its own profits even at the expense of profits for the system as a whole
Vertical marketing system (VMS producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contacts with them, or has so much power that they all cooperate
Corporate VMS combines successful stages of production and distribution under single ownership.
Contractual VMS independent firms at different levels of production and distribution join together through contracts to obtain more economies or sales impact than they could achieve alone
Franchise organization most common type of contractual relationship- a channel member called a franchisor links several stages in the production-distribution process
Manufactured-sponsored retailer franchise system ex. Ford and its network of independent franchised dealers
Manufacturer sponsored wholesaler franchise system
Service-firm-sponsored retailer franchise system ex. Hertz, McDonald’s, Holiday Inn
Administered VMS leadership is assumed not through common ownership or contractual ties but through the size and power of one or a few dominant channel members (aka channel captains)
Horizontal Marketing Systems channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity
Multichannel Distribution Systems (hybrid marketing channels)- a single firm sets up two or more marketing channels to reach one or more customer segments
Disintermediation when product or service producers cut out intermediaries and go directly to final buyers, or when radically new types of channel intermediaries displace traditional ones
Intensive distribution stock product in as many outlets as possible
Exclusive distribution giving a limited number of dealers the exclusive right to distribute the company’s products in their territories
Selective distribution Selective distribution
Marketing logistics (physical distribution planning, implementing, and controlling the physical flow of goods, services and related info from points of origin to points of consumption to meet customer requirements at a profit
Supply chain management managing upstream and downstream value-added flows of materials, final goods, and related info among suppliers, company, resellers, and final consumers
Distribution Centers large, highly automated warehouses designed to receive goods from various plants and suppliers, take orders, fill them efficiently and deliver goods to consumers as quickly as possible
Intermodal transportation combining two or more modes of transportation
Vendor-Managed Inventory (VMI) Customer shares real-time data on sales and current inventory levels w/ supplier who then takes full responsibility for managing inventories and deliveries
Integrated logistics management emphasizes teamwork, both inside and outside company and among all the marketing channel organizations, to maximize the performance of the entire distribution system
Price amount of money charged for a product or service, or the sum of all the values that customers give up in order to gain the benefits of having or using a product or service
Value-based pricing setting price based on buyer’s perceptions of value rather than on the seller’s cost
Good-value pricing offering just the right combination of quality and good service at a fair price
Value-added pricing attaching value-added features and services to differentiate a marketing offer and support higher prices, rather than cutting prices to match competition
Fixed costs (overhead) costs that do not vary with production or sales level
Variable costs vary directly with the level of production
Total costs sum of the fixed and variable costs for any given level of production
Cost-plus pricing adding a standard markup to the cost of the product
Break-even pricing setting price to break even on the costs of making and marketing a product; or setting a price to make a target profit
Target costing pricing tat starts wit an ideal selling price based on customer-value considerations, then targets costs that will ensure that the price is met
Demand curve shows the number of units the market will buy in a given time period, at different prices that might be charged
Price elasticity a measure of the sensitivity of demand to changes in price
Market-skimming pricing setting a high initial price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales
Market penetration pricing setting a low price for a new product in order to attract a large number of buyers and a large market share
Product line pricing setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features and competitors’ prices
Optional-product pricing offering to sell optional or accessory products along with their main products
Captive-product pricing setting a price for products that must be used along with a main product (ex. Razor blades for a razor or film for a camera)
By-product pricing setting a price for by-products in order to make the main product’s price more competitive
Product bundle pricing sellers often combine several of their products and offer the bundle at a reduced price
Discounts a straight reduction in price on purchases during a stated period of time
Allowances promotional money paid by manufacturers to retailers in return or an agreement to feature the manufacturer’s products in some way
Segmented pricing selling a product or service at two or more prices, where the difference in prices is not based on differences in costs
Psychological pricing pricing approach that considers the psychology of prices and not simply the economics; the price is used to say something about the product
Reference pricing prices that buyers carry in their minds and refer to when looking at a given product
Promotional Pricing temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales
Geographic pricing setting price based on the buyers geographic location
Dynamic pricing adjusting prices continually to meet the characteristics and needs of individual customers and situations
Promotion mix (marketing communications mix) specific blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to persuasively communicate customer value and build relationships
Advertising any paid form of nonpersonal presentation and promotion of ideas, goods or services by an identified sponsor
Sales promotion- short-term incentives to encourage the purchase or sale of a product or service
Public relations building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories and events
Personal selling personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships
Direct marketing Direct marketing
Integrated marketing communications (IMC) company carefully integrates its many communications channels to deliver a clear, consistent, and compelling message about the organization and its brands
Affordable method set promotion budget at the level they think the company can afford
Percentage-of-sales-method setting promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price
Competitive-Parity Method setting promotion budgets to match competitor’s outlays
Objective-and –Task Method Objective-and –Task Method
Advertising agency a marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs
Public Relations building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories and events
Salesperson an individual acting for a company by performing one or more of the following activities: prospecting, communicating, servicing, and information getting.
Sales force management analysis, planning, implementation, and control of sales force activities. It includes designing sales force strategy and structure and recruiting, selecting, training, supervising, compensating and evaluating firm’s salespeople.
.Territorial sales force structure a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company’s full line
Product sales force structure sales force organization under which salespeople specialize in selling only a portion of the company’s products or lines
Customer sales force structure sales force organization under which salespeople specialize in selling only certain customers to industries
Outside sales force salespeople who travel to call on customers in the field
Inside sales force salespeople who conduct business from their offices, via telephone, the internet or visits from prospective buyers
Team selling using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts
Sales quotas standards stating the amount they should sell and how sales should be divided among the company’s products
Selling process steps the salesperson follows when selling, which include prospecting and qualifying, preapproach,, approach, presentation and demonstration, handling objections, closing and following
Prospecting salesperson identifies qualified potential customers
Preapproach salesperson learns as much as possible about a prospective customer before making a sales call
Approach salesperson meets the customer for the first time
Presentation salesperson tells the product “story” to the buyer, highlighting customer benefits and showing how the product solves the customer’s problems
Handling objections salesperson seeks out, clarifies, and overcomes customer objections to buying
Closing when the salesperson asks the customer for an order
Follow-up when the salesperson follows up after the sales to ensure customer satisfaction and repeat business
Direct Marketing direct communications with carefully targeted individual consumers to obtain an immediate response
Customer database an organized collection of comprehensive data about individual customer or prospects, including geographic, demographic, psychographic and behavioral data
Telephone marketing using the telephone to sell directly to customers
Catalog Marketing direct marketing through print, video, or electronic catalogs that are mailed to select customers, made available in stores, or presented online
Direct-Response Television Marketing direct marketing via television including direct-response television advertising or infomercials and home shopping channels
Integrated direct marketing direct marketing campaigns that use multiple vehicles and multiple stages to improve response rates and profits
Created by: jmm5149
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