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Ch. 6-11 Review

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Samantha is married with two children. She is a college graduate with a household income of $85,000 per year. What type of segmentation variables are being used to describe Samantha?
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Demographic
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What are the four steps in order to designing a customer driven marketing strategy?
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Marketing Segmentation, Targeting, Differentiation, and Positioning
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Diamond manufacturer encourage women purchase achievement ring. Whereas left hand says “we” right hand says “me”. What behavioral segmenting basis is this?
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Occasion segmentation
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Business buyers can be segmented by all of the following factors EXCEPT: -psychographics -demographics -geography -benefits sought
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Psychographics
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Nick’s pet supplies divides the pet market according to race, occupation, income, and life cycle. Segmentation used?
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Demographic
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If a company doing business in Europe and Asia groups together customers from each country with similar needs and buying behavior, it is using…
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Intermarketing Segmentation
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In general, a company should enter only segments in which it can…
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Offer superior value and gain competitive advantage
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To be useful, market segments must be all but… -actionable -measurable -undifferentiable -substantial
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Undifferentiable
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What is the following an example of? To busy people who need to always be in the loop, blackberry is a wireless solution that gives you an easier, reliable way to stay connected to data, people and resources while on the go…
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Positioning Statement
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Some Wal-Mart stores in the SE USA offer several Mexican brands to cater to the larger Mexican population in that area. This is an example of:
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Local Marketing
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Which of the following target market strategies is LEAST likely to succeed when marketing a good or service in the USA? -micromarketing -concentrated -differentiated -undifferentiated
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Undifferentiated
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The way the product is defined by consumers on important attributes, place occupied in consumers minds relative to competing products, is known as the product’s…
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Position
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A moving company’s ads stress the loving care taken when packing, loading, and unloading the client’s possessions. Competitive advantage being promoted is based on…
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Services differentiation
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Which of the following value propositions reflects status and a lofty lifestyle? -more for more -less for more -more for same -same for less
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More for more
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What is the core customer value for travelers who stay overnight at hotels?
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Relaxation and a good night’s sleep
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Soft drinks, soap, and magazines are examples of what products?
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Convenience
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A hospital purchases a new MRI machine costing millions of dollars. This is an example of?
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Capital Item-Installation
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Mercedes introduced C-Class cars for $30,000 without hurting its ability to sell other models priced at $100,000 or more. The new car was an example of successful…
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Downward line stretching
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Defined as anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
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Product
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The product Kraft markets several brands in many product categories. Cheese and dairy are examples of the?
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Product Mix
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The number of different product lines a company carries constitues a product mix’s…?
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Width
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Julia is willing to pay more for name brand products because she believes that she attains greater value. This describes which concept?
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Brand Equity
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Kenmore appliances and Craftsman tools are brands only in Sears. These brands are examples of…
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Private Brands
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Honda, a popular car, also markets several products like motorcycles, generators, and lawn equipment…this is…
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Brand Extension
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In assessing which new features to add to a product, a company must weigh each feature’s ___ to customers versus its ___ to company.
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Value;cost
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Hotels and resorts charge lower prices in the off-season to offset the ___ of service characteristic
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Perishability
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a group of products that are closely related because they function in similar manner, are sold to same customer, marketed to same outlets, and fall within given price ranges
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Product Line
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Service providers must consider four characteristics when designing marketing programs. Which one does not belong? -service intangibility -inseparability -perishability -heterogeneity -variability
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Heterogeneity
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Which most likely is seen as a major asset of a company, outlast product and facilities?
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Brands
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What are the two ways a company can obtain new products?
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New product development and acquisition
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New product development starts with?
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Idea generation
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Berry drink appeal to women who need a boost…would be considered a?
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Product Concept
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Customers, competitors, distributors, and suppliers are considered what type of source for new product ideas?
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External sources
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Before moving further with new development process, review sales, costs and projects for new product to see if it satisfies the company’s objectives…this is…?
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Business analysis
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If a product concept survives business analysis, it moves into the ___ stage of new product development process.
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Product development
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In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness? -product development -introduction -growth -maturity -adoption
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Introduction
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A new breakfast cereal is promoted and sold in a single city for a short time. If successful, it has passed the ___ stage of new product development process
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Test market
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Several successful companies develop new product that focus on solving consumer’s problems to create better experiences…what approach to new product development is this?
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Customer centered
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Internet enabled mobile phones are currently experiencing rapid market acceptance and increasing profits. Which state of PLC is this?
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Growth
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Style, fads and fashions have their own unique life cycles. Which of these typically lasts longest?
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Style
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Your product gradually gains popularity and seems to have settled into long maturity, but must sell abroad to keep sales healthy….you must….
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Modify the market
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Sales of product X have been declining steadily. Competitors show no sign of leaving the market, and advertising costs are moderate. Best strategy is…?
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Harvest the brand
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Best description of a product steward?
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Protect consumers from harm; protect company from liability by identifying and solving potential product problems
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Because names, labels and colors don’t translate from one country to another, international marketers must assess….
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Packaging
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Setting price based on buyer’s perceptions of value rather than on seller’s cost is called….
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Value Based Pricing
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Monthly costs (rent, interest, salaries etc.) that must be paid regardless of output each month are..
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Fixed Costs
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Consumer perceptions of products value set the ___ for prices?
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Ceiling
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A manufacturer of bikes has fixed costs of $500,000 and variable of 30 per bike. If a company sells bikes for $80, how many must be sold to break even?
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10,000
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Describes how responsive demand will be to a change in price
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Price elasticity
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Initially you price your new motorcycle at 30,000 but drop to 27,000. Demand jumps by 40%…in this case demand is…?
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Highly elastic
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Market penetration pricing works best when all except what conditions are met?
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Product has a premium image
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A firm using ____ when charging a high price for a new product with intention of reducing price in the future.
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Price skimming
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Computer printers have become inexpensive. However ink costs as much as printer. WHat mix strategy being used?
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Captive product pricing
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Discounts offered to channel members for services they proved are called…
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Functional discounts
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Priceway grocery advertises products at low prices to attract customers to store to buy other items at normal markups…this is…?
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Promotional pricing
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Charging the same price plus freight to all customers, regardless of location is called…?
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Uniform-delivered pricing
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David checked airline prices on internet and noticed prices changed during the day on different days when checked.
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Dynamic pricing
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With product bundle pricing, sellers can combine several products and offer the bundle ___
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At a reduced price
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Price discrimination is legal under what conditions?
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If a seller can prove costs per unit are different when selling to different retailers
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Marketing channel design calls for analyzing consumer needs, setting channel objectives, ____, and evaluating them
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Identify major channel alternatives
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A drug store bundles together shampoo, conditioner, hairspray, and brush, and offers for one price. Performing the ___ Channel function…
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Matching
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What is not a typical supply chain member? -reseller -supplier -wholesaler -retailer creditor -government agency
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Government agency
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3 major types of vertical marketing systems?
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corporate, contractual and administered
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To cut dist. cost at factory, you purchased a share of trucking company. Have drawn trucking company into a…
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Corporate VMS
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Consumers used to be only able to purchase Dell from manufacturer, now can purchase from retailers like office depot and directly from Dell. This is an example of…
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Multichannel distribution system (HYBRID)
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Airlines no longer give commissions to travel agents for booking flights for customers. This is…?
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Disintermediation
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Sally is a furniture sales person working for an independent firm whose sales force handles products from many companies…Zalika is a…
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Manufacturer’s agent
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BMW allows only limited number of dealers right to dist. Its products in certain cities. Level of intensity used?
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Exclusive
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When a producer requires a dealer not to handle competitors products, it is engaging in…
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Exclusive dealing
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Managing upstream and downstream value added flows of materials, final goods, and info among suppliers, the company resellers and consumers are known as…
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Supply chain management
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GM ships cars by rail from primary plant. At certain locations, unload from train and move to semi-trucks. Using…
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Intermodal transportation (2+)
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Marketing logistics is getting the product to the right person, and place at the right time…what is not included in this process?
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Customer ideas for new products
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Wal-Mart trims distribution costs by requiring teamwork, both inside company and among all venders.
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Integrated logistics management
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All activities involved in selling products to final consumer for personal use
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Retailing
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Wal-Mart, Toys R Us, and Best Buy are stores classified as…
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Self service retailers
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Store open 24 hours a day is called…
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Convenience store
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Kroger uses price promotions at high prices normally to encourage customers to visit…this is…
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High low pricing
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Ace Hardware is a group of independent retailers who set up a central buying organization and conduct joint promotion efforts. This is…
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Retailer cooperative
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Costco’s suppliers offering of seconds, overstocks, and closeouts, diamonds…is an example of how a retailer can differentiate itself through ____
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Product assortment
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A&F has dark interiors, large graphics of people in bad poses. This represents?
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Store atmosphere
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Retail convergence means greater ___ for retailers and greater difficulty in ___ offerings
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Competition; differentiating
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Many communities are building shopping that have upscale scores, dining, and entertainment around “town square” this is…
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Lifestyle centers
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The ___ concept suggest many begin as low margin, low price, low status…and take place of other retailers who moved upscale
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Wheel of retailing
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Includes all activities involved in selling goods and services to those buying for resale or business use
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Wholesaling
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Savvy wholesales realize existence comes from increasing efficiency and effectiveness of ___
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Entire Marketing Channel
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Wholesalers perform all of the following but… -sell/promote -manufacture -financing -warehousing
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Manufacture
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Matt represents several wineries in Napa Valley. He has contractual authority to sell output but never takes title or possession of wines… Matt is a …
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Agent
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Truck wholesales are a type of limited service wholesaler that does NOT…
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Offer credit or financing