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Chapter 15 Marketing
Definitions
| Question | Answer |
|---|---|
| Value Chain | A series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link to the chain has the potential to either add or remove value from the product the consumer eventually buys |
| Supply Chain | All the activities necessary to turn raw materials into a good or service and put it in the hands of the consumer or business consumer |
| Distribution Channels | A subset of the supply chain, are important because a large part of the marketer's ability to deliver the value proposition rests on his ability to understand and develop effective distribution strategies |
| Logistics Management | the process of finally moving goods through the supply chain |
| Inbound Logistics | The stage in which the company receives materials it needs to manufacture its products |
| Operations | The stage where activities transform the materials into final product form, such as by machining, packaging and assembling |
| Marketing and Advertising | Part of value chain that handles advertising, promotion, channel selection and pricing |
| Service | Final part of value chain that seeks to enhance or maintain the value of the product, such as by installation and repair |
| Supply Chain Management | The management of flows among firms in the supply chain to maximize total profitability |
| Insourcing | A practice in which a company contracts with a specialist firm to handle all or part of its supply chain operations |
| Channel of Distribution | The series of firms or individuals that facilitates the movement of a product from the producer to the final customer |
| Channel Intermediaries | Firms or individuals such as wholesalers, agents, brokers, or retailers who help move a product from the producer to the consumer or business user |
| Breaking Bulk | Dividing larger quantities of goods inro smaller lots in order to meet the needs of buyers |
| Creating Assortments | Providing a variety of products in one location to meet the needs od buyers |
| Facilitating Functions | Functions of channel intermediaries that make the purchase process easier for customers and manufacturers such as offering credit to buyers |
| Disintermediation (of the channel of distribution) | The elimination of some layers of the channel of distribution in order to cut costs and improve the efficiency of the channel |
| Knowledge Management | A comprehensive approach to collecting, organizing, storing, and retrieving a firm's information assets |
| Online Distribution Piracy | The theft and unauthorized repurposing of intellectual property via the internet |
| Wholesaling Intermediaries | Firms that handle the flow of products from manufacturer to the retailler or business user |
| Independent Intermediaries | Channel intermediaries that are not controlled by any manufacturer but instead do business with many different customers |
| Merchant Wholesalers | Intermediaries that buy goods from manufacturers (take title to them) and sell to retailers and other business-to-business customers |
| Take Title | To accept legal ownership of a product and assume the accompanying rights and responsibilities of ownership |
| Cash-and-Carry Wholesalers | Provide low-cost merchandise for retailers and industrial consumers that are too small for other wholesalers' sales representatives to call on |
| Truck Jobbers | carry their products to small business customer locations for their inspection and selection --> perishable items like groceries |
| Drop Shippers | Are limited-function wholesalers that take title to the merchandise but never actually take possession of it. |
| Mail Order Wholesalers | Sell products to small retailers and other industrial customers, often located in remote areas, through catalogs rather than sales force |
| Rack Jobbers | Supply retailers with specialty items such as health and beauty products and magazines |
| Merchandise Brokers or Agents | Channel intermediaries that provide services in exchange for commissions but never take title to the product |
| Manufacturers' agents/reps | Independent sales people who carry several lines of noncompeting products and have contractual arrangement with manufacturers. |
| Selling Agents | market a whole product line or one manufacturer's total output |
| Commission Merchants | Sales agents who receive goods, primarily agricultural products such as grain or livestock |
| Consignment | To take possession of products without taking the title |
| Merchandise Brokers | intermediaries that facilitate transactions in markets such as real estate, food and used equipment |
| Channel Levels | The number of distinct categories of intermediaries that populate a channel of distribution |
| Producer-Retailer-Consumer Channel | The shortest indirect channel |
| Producer-Wholesaler-Retailer-Consumer Channel | is a common distribution channel |
| Hybrid Marketing System | A marketing system that uses a number of different channels and communication methods to serve a target market |
| Slotting Allowance | A fee paid in exchange for agreeing to place a manufacturer's products on a retailer's valuable shelf space |
| Conventional Marketing System | A multiple-level distribution channel in which channel members work independently of each other |
| Vertical Marketing System (VMS) | A channel of distribution in which there is formal cooperation among members at the manufacturing, wholesaling and retailing levels |
| Horizontal Marketing System | An arrangement within a channel of distribution in which two or more firms at the same channel work together for a common purpose |
| Intensive Distribution | Selling a product through all suitable wholesalers or retailers that are willing to stock and sell the item |
| Exclusive Distribution | Selling a product through a single outlet in a particular region |
| Selective Distribution | Distribution using fewer outlets than intensive distribution but more outlets than exclusive distribution |
| Channel Leader | A firm at one level of distribution that takes a leadership role, establishing operating norms and processes based on its power relative to other channel members |
| Logistics | The process of designing, managing, and improving the movement of products through the supply chain. It includes purchasing, manufacturing, storage and transport |
| Physical Distribution | The activities that move finished goods from manufacturers to final customers, including order processing, warehousing, materials handling, transportation and inventory control |
| Order Processing | The series of activities that occurs between the time an order comes into the organization and the time a product goes out of the door |
| Enterprise Resource Planning Systems (ERP) | A software system that integrates information across the entire company, including finance, order fulfillment, manufacturing, and transportation, then facilitates sharing of the data among the firm |
| Warehousing | Storing goods in anticipation of sale or transfer to another member of the channel of distribution |
| Materials Handling | The moving of products into, within, and out of warehouses |
| Transportation | The mode by which products move among channel members |
| Inventory Control | Activities to ensure that goods are always available to meet customer's demands |
| Radio Frequency Identification (RFID) | Product tags with tiny chips containing information about the item's content, origin, and destination |
| Just in Time (JIT) | Inventory management and purchasing processes that manufacturers and resellers use to reduce inventory to very low levels and ensure that deliveries from suppliers only arrive when needed |
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