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BA 303 - Final Exam

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Question
Answer
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  
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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  
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Information   gathering and distributing marketing research and intelligence information about actors and forces in the marketing environment needed for planning and aiding in exchange  
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Promotion:   developing and spreading persuasive communications about an offer  
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Contact   finding and communicating with prospective buyers  
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Matching   shaping and fitting the offer to the buyer’s needs, including activities such as manufacturing, grading, assembling, and packaging  
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Negotiation   reaching an agreement on price and other terms of the offer so that ownership or possession can be transferred  
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Physical distribution   transporting and storing goods  
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Financing   acquiring and using funds to cover the costs of the channel work  
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Risk taking   assuming the risks of carrying out the channel work  
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Channel level   layer of intermediaries that perform some work in bringing the product and its ownership closer to the final buyer  
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Direct marketing channel   no intermediary levels; company sells directly to consumers  
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Indirect marketing channels-   contains one or more intermediaries’  
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Channel conflict   disagreement among marketing channel members on goals and roles- who should do what and for what rewards  
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Horizontal conflict   occurs among firms at the same level of the channel  
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Vertical conflict   between different levels of the same channel (more common)  
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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  
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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  
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Corporate VMS   combines successful stages of production and distribution under single ownership.  
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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  
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Franchise organization   most common type of contractual relationship- a channel member called a franchisor links several stages in the production-distribution process  
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Manufactured-sponsored retailer franchise system   ex. Ford and its network of independent franchised dealers  
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Manufacturer   sponsored wholesaler franchise system  
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Service-firm-sponsored retailer franchise system   ex. Hertz, McDonald’s, Holiday Inn  
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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)  
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Horizontal Marketing Systems   channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity  
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Multichannel Distribution Systems   (hybrid marketing channels)- a single firm sets up two or more marketing channels to reach one or more customer segments  
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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  
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Intensive distribution   stock product in as many outlets as possible  
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Exclusive distribution   giving a limited number of dealers the exclusive right to distribute the company’s products in their territories  
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Selective distribution   Selective distribution  
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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  
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Supply chain management   managing upstream and downstream value-added flows of materials, final goods, and related info among suppliers, company, resellers, and final consumers  
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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  
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Intermodal transportation   combining two or more modes of transportation  
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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  
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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  
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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  
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Value-based pricing   setting price based on buyer’s perceptions of value rather than on the seller’s cost  
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Good-value pricing   offering just the right combination of quality and good service at a fair price  
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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  
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Fixed costs (overhead)   costs that do not vary with production or sales level  
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Variable costs   vary directly with the level of production  
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Total costs   sum of the fixed and variable costs for any given level of production  
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Cost-plus pricing   adding a standard markup to the cost of the product  
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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  
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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  
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Demand curve   shows the number of units the market will buy in a given time period, at different prices that might be charged  
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Price elasticity   a measure of the sensitivity of demand to changes in price  
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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  
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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  
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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  
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Optional-product pricing   offering to sell optional or accessory products along with their main products  
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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)  
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By-product pricing   setting a price for by-products in order to make the main product’s price more competitive  
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Product bundle pricing   sellers often combine several of their products and offer the bundle at a reduced price  
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Discounts   a straight reduction in price on purchases during a stated period of time  
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Allowances   promotional money paid by manufacturers to retailers in return or an agreement to feature the manufacturer’s products in some way  
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Segmented pricing   selling a product or service at two or more prices, where the difference in prices is not based on differences in costs  
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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  
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Reference pricing   prices that buyers carry in their minds and refer to when looking at a given product  
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Promotional Pricing   temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales  
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Geographic pricing   setting price based on the buyers geographic location  
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Dynamic pricing   adjusting prices continually to meet the characteristics and needs of individual customers and situations  
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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  
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Advertising   any paid form of nonpersonal presentation and promotion of ideas, goods or services by an identified sponsor  
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Sales promotion-   short-term incentives to encourage the purchase or sale of a product or service  
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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  
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Personal selling   personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships  
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Direct marketing   Direct marketing  
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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  
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Affordable method   set promotion budget at the level they think the company can afford  
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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  
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Competitive-Parity Method   setting promotion budgets to match competitor’s outlays  
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Objective-and –Task Method   Objective-and –Task Method  
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Advertising agency   a marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs  
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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  
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Salesperson   an individual acting for a company by performing one or more of the following activities: prospecting, communicating, servicing, and information getting.  
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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.  
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.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  
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Product sales force structure   sales force organization under which salespeople specialize in selling only a portion of the company’s products or lines  
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Customer sales force structure   sales force organization under which salespeople specialize in selling only certain customers to industries  
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Outside sales force   salespeople who travel to call on customers in the field  
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Inside sales force   salespeople who conduct business from their offices, via telephone, the internet or visits from prospective buyers  
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Team selling   using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts  
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Sales quotas   standards stating the amount they should sell and how sales should be divided among the company’s products  
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Selling process   steps the salesperson follows when selling, which include prospecting and qualifying, preapproach,, approach, presentation and demonstration, handling objections, closing and following  
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Prospecting   salesperson identifies qualified potential customers  
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Preapproach   salesperson learns as much as possible about a prospective customer before making a sales call  
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Approach   salesperson meets the customer for the first time  
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Presentation   salesperson tells the product “story” to the buyer, highlighting customer benefits and showing how the product solves the customer’s problems  
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Handling objections   salesperson seeks out, clarifies, and overcomes customer objections to buying  
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Closing   when the salesperson asks the customer for an order  
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Follow-up   when the salesperson follows up after the sales to ensure customer satisfaction and repeat business  
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Direct Marketing   direct communications with carefully targeted individual consumers to obtain an immediate response  
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Customer database   an organized collection of comprehensive data about individual customer or prospects, including geographic, demographic, psychographic and behavioral data  
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Telephone marketing   using the telephone to sell directly to customers  
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Catalog Marketing   direct marketing through print, video, or electronic catalogs that are mailed to select customers, made available in stores, or presented online  
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Direct-Response Television Marketing   direct marketing via television including direct-response television advertising or infomercials and home shopping channels  
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Integrated direct marketing   direct marketing campaigns that use multiple vehicles and multiple stages to improve response rates and profits  
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