BA 303 - Final Exam
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| 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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