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Definition
is the process that maes products available to consumers when and where consumers want them. |
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encompasses all the components both inside and outside an organization that are necessary to convert raw materials into a good or service and then get it into the hands of customers. |
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managing the entire process of getting products out the door and eventually into the hands of final consumers. |
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Three processes of supply chain management |
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Definition
- The product flow: traces the product itself from raw resources to finished product and final delivery to the customer.
- the information flow: traces all info about a product as it moves through the process, (order informaiton and delivery status)
- financial flow: traces payment schedules, credit terms, and any other additional financial arrangements that may be necessary, such as title and ownership arrangements.
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is a set of marketing intermediaries who buy, sell, or transfer title (ownership) of products as they are passed from producer to consumer or business user. |
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Marketing intermediary
(middleman) |
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Definition
a business or person that moves goods and services between producers and consumers or b/w business users.
** they reduce the time and costs of providing products to customers |
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types of intermediaries
(3) |
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Definition
- wholesalers
- agents / brokers
- retailers
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Term
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Definition
intermediaries that buy and resell products to other wholesalers, retailers, and industrial users. Primarly sell B2B products.
(EX: local grocery store purchases tide laundry detergent from wholesaler who bought from p&g, manufactuer
EX: wholesale distributors = costco or sams club)
** primarily sell B2B ** |
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Term
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Definition
intermediaries that facilitate negotiations between buyers and sellers of goods and services but never take title (ownership) of products traded |
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Definition
intermediaries that buy products for resale to . Only sell consumer products. |
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Term
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Definition
technical term for wholesaler
is the independently owned businesses that take ownership of the products they handle. |
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cash-and-carry wholesalers
(limited-service wholesalers) |
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Definition
carry a limited line of fast-moving goods and sell to ssmall retailers for cash. |
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truck wholesalers
(limited-service wholesalers) |
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Definition
sell and deliver directly from their trucks. |
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drop shippers
(limited-service wholesalers) |
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Definition
don't carry inventory or handle products. They select a manufacturer who ships the merchandise directly to the customer.
(usually lumber and coal industries) |
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Term
Rack jobbers
(limited-service wholesalers) |
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Definition
serve grocery stores and rug retailers, mostly in nonfod items. They send delivery trucks to stores, where the delivery people set up racks or displays within the stores. |
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Term
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Definition
- manufacturers' agent: represent two or more manufacturers of complementary lines.
- selling agents: have contractual authority to sell a manufacturer's entire product line. (common in machinery and equipment businesses)
- purchasing agents: have long-term relationships with buyers and make purchases for them.
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two main types of retailers |
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Definition
- in-store retailers
- nonstore retailers
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Term
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Definition
2 or more retail outlets owned by a single corporation |
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Term
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Definition
a form of retailing in which consumer contact occurs outside the confines of a traditional brick-and-mortar retail store. (*internet, vending machines, kiosks, carts) |
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telemarketing
(nonstore retailing) |
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Definition
selling products over the phone. |
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direct selling
(nonstore retailing) |
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Definition
selling goods and services door-to-door at people's homes and offices or at temporary or mobile locations. (aka: multilevel marketing) |
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direct marketing
(nonstore retailing) |
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Definition
refers to any aspect of retailing a good or a service that atempts to bypass intermediaries. |
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Definition
the selling of consumer goods and services over the internet. |
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intensive distribution strategy |
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Definition
appropiate for companies selling convenience goods, such as newpapers, soft drinks, gum, etc...
** convenient for purchase ** |
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Term
selective distribution strategy |
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Definition
uses only a portion of the many possible retail outlets for selling products. |
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exclusive distribution strategy |
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Definition
using only one outlet in a geographic area.
(high quality sports cars, jewlery, or high fashion clothing) |
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Term
logistics
& inbound logistics |
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Definition
- refers to managing the flow of materials, info, and processes that are involved in getting a product from its initial raw stages to the point of consumption.
- any other goods and services from suppliers to the producer
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Definition
when and where they want them (outbound logistics) |
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Definition
the way in which goods are transported (via water, rail, truck or air) |
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Definition
storing products at convenient locations ready for customers when they are needed
- storage warehouses
- distribution warehouses
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Term
advantages and disadvatages of advertising media |
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Definition
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Term
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Definition
involves all the techniques marketers use to inform targeted customers of the benefits of a product and persuade them to purchse it. |
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Term
4 basic promotional tools used to promote goods or services: |
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Definition
- advertising
- public relations
- personal selling
- sales promotions
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Term
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Definition
strategic combination of these promotional tools used to reach targeted customers to achieve maketing objectives. |
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Term
steps involved in a promotional campaign
(6 steps) |
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Definition
- identify the target market
- determine marketing objectives - (trying to introduce new product or respond to an attack by a competitor?)
- design the message -(inform of benefits and in unified message)
- determine the budget - (find mix that has biggest bang for buck)
- implement the promotional mix - (integrate and coordinate all promotional efforst)
- evaluate and adjust as needed - (effectiveness of any promotional mix depends on clearly understood and meansurable onjectives.)
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Term
integrated marketing communications (IMC) |
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Definition
strategy to deliver a clear, consistent, and unified message about a company and its products to customers at all contact points. |
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Term
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Definition
paid, impersonal mass communicationfrom an indentified sponsor to persuade or influence a targeted audience. |
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Term
Role that advertising plays in business & society? |
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Definition
- introduction and growth stages of a product's life cycle bc it builds mass brand awareness and association
- builds brand loyalty and equity
- lead to lower prices for consumers
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Term
Types of advertising
(10 types)
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Definition
- product advertising
- corporate (or institutional) advertising
- comparative advertising
- retail (local) advertising
- B2B advertising
- nonprofit advertising
- public service advertising
- advocacy advertising
- interactive advertising
- internet
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Term
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Definition
promots a specific product's uses, features and benefits
(most commonly thought of) |
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Definition
focuses on creating a positive image toward an organization or industry as oppoed to specific product.
(EX: "Beef, It's what's for dinner.) |
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Definition
directed to other businesses rather than to consumers. |
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Definition
focuses on promoting not-for-profit organizations
(EX: red cross, nature conservancy) |
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public service advertising |
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Definition
communicates messages on behalf of a good cause, such as the prevention of wildfires. |
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Definition
promotes and organization's positions on a public issue such as global warming or immigration |
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Term
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Definition
uses interactive media (video catalogue on the internet or kiosks at shopping malls |
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Definition
uses pop-up banness and ads to direct people to organization's websites |
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Definition
(largest form)
** junk mail ** |
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advantages and disadvantages of advertising media |
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Definition
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benefit of advertising online? |
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Definition
businesses can attempt to interact with their customers based on their needs and wants (customized product offerings) |
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Definition
displaying products iin television shows, movies and video games where they will be seen by potential customers.
(EX: coca-cola galsses in front of the judges on American Idol) |
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infomercials (paid programming) |
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Definition
run longer than traditional commercials and many run as long as regular television programs often in the form of talk show with llittle direct reference to the fact that they are actually ads. |
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Term
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Definition
the management function that establishes and maintains mutualy benefitial relationships between an organization and its stake holders, including consumers, sotckholders, employees, suppliers, and government. |
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public relation tools:
(3 types)
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Definition
- controlled messages
- semicontrolled messages
- uncontrolled messages
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Term
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Definition
include corporate (or institutional) advertising, advocacy advertising, and public service advertising. a company may also disseminate annual reporrts, brochures to send a controlled message to targeted audiences. |
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Definition
placed on websites in chat room and on blogs. What people say about a company is not strictly regulated. |
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Definition
generally take the form of publicity |
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Term
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Definition
information about an individual, an organization or a product transmitted through mass media at no charge |
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2 advantages of publicity |
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Definition
- it is free
- it is more believable because it is often presented as a news story
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Term
disadvantages of publicity |
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Definition
it is not controlled by the seller but by the media so when and how a news release, or anything will be convered by the media is outside the control of public relations managers. |
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Term
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Definition
a company's effort to minimize the harmful effects of a negative event. |
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Term
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Definition
the direct communication between a firm's sales force and potential buyers to make a sale and build good customer relationships.
(EX: laboratory supplies company may deploy a representativeto a reaserch facility to demonstrate new products.) |
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Term
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Definition
a salesperson who increases a company's sales by selling to new customers and increasing sale to existing customers.
(aka creative selling)
(used in real estate, insurance, appliace, automoible companies) |
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Term
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Definition
a salesperson who handles repeat sales and builds positive customer relationships.
** one major job is to ensure buyers have sufficient quanitits of products when and where they are needed **
(especially in B2B sales that require standardized products that don't require technical sales expertise) |
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Term
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Definition
salespeople who obtain new customers buy also focus on assisting current customers with technical matters. |
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Term
six steps for personal selling |
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Definition
- prospecting
- approaching the prospect
- presenting
- overcoming objections
- closing the sale
- following up
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Term
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Definition
identify qualified (ability and authority to purchase) potential customers
(EX: cold calling) |
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Term
approaching the prospect in the best way.
(2 ways) |
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Definition
- preapproach - salespeople learn as much as possible about their potential customers to determine their likely needs and think about how you can satisfy their needs
- actual approach - the idea is to meet, great, and put the prospect at ease. (build relationships)
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Term
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Definition
tell your product's story |
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Definition
anticipate them and counter them. |
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Term
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Definition
short-term activities that target consumers and other businesses for the purpose of generating interest in a product |
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Term
trade (B2B) sales promotions |
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Definition
any incentives to push a product through the distribution sysytem to final customers. |
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Term
consumer sales promotions |
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Definition
incentives designed to increase final consumer demand for a product
** goal is to generate interest and excitement around a product ** |
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coupons
(sales promotional tools) |
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Definition
discount certificates that reduce the price of a product and are redeemale at the time of purchase |
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rebates
(sales promotional tools) |
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Definition
provice a reduced price if the rebate form is mailed in along with a proof of purchase
(inexpensive for the businesses) |
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frequent-user incentives
(sales promotional tools) |
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Definition
offer frequent buyer cards for a free meal or iteam after a certain amount of purchases. |
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point-of-purchase (POP) displays
(sales promotional tools) |
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Definition
are strategically located to draw attention and encourage impulse purchases.
(EX: items placed on racks close to check out) |
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free samples
(sales promotional tools) |
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Definition
effective way to introduce a new product |
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contests and sweepstakes
(sales promotional tools) |
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Definition
use this to increase the sales of their products. |
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advertising specialties
(sales promotional tools) |
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Definition
frequently creat and give away every day items such as bottle of can opens with logos printed on them. |
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Term
The advantages and disadvantages of promotional tools |
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Definition
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