GBS 151 – Chapter 12-15 Review – Flashcards
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merchant wholesaler
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A middleman that purchases goods in large quantities and then sells them to other wholesalers or retailers and to institutional, farm, government, professional, or industrial users
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fuctional middle man
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A middleman that helps in the transfer of ownership of products but does not take title to the products
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vertical channel integration
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The combining of two or more stages of a distribution channel under a single firm's management
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full service wholesalers
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A middleman that performs the entire range of wholesaler functions
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limited line wholesaler
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A middleman that stocks only a few product lines but carries numerous product items within each line
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specialty line wholesaler
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A middleman that carries a select group of products within a single line
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general merchandise wholesaler
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A middleman that deals in a wide variety of products
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retailer
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A middleman that buys from producers or other middlemen and sells to consumers
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Distribution channel
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A sequence of marketing organizations that directs a product from the producer to the ultimate user; same as marketing channel
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Merchant middleman
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A middleman that actually takes title to products by buying them
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limited service wholesaler
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A middleman that assumes responsibility for a few wholesale services only
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vertical marketing system
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A centrally managed distribution channel resulting from vertical channel integration
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Exclusive distribution
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The use of only a single retail outlet for a product in a large geographic area
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wholesaler
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A middleman that sells products to other firms
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middleman
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A marketing organization that links a producer and user within a marketing channel; same as marketing intermediary
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supply chain management
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Long-term partnership among channel members working together to create a distribution system that reduces inefficiencies, costs, and redundancies while creating a competitive advantage and satisfying customers
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selective distribution
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The use of only a portion of the available outlets for a product in each geographic area
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Intensive distribution
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The use of all available outlets for a product
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raw material
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the basic material that actually becomes a part of the product
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consumer product
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a product purchased to satisfy personal and family needs
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process material
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a material used directly in the production of another product
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specialty product
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possesses one or more unique characteristic
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component part
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item that becomes part of a physical product
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shopping product
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a product buyers are willing to expend effort for
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product line
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a group of similar products that differ slightly
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product
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everything one receives in an exchange
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business services
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an intangible product that an organization uses in operations
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convenience product
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relatively in expensive purchased frequently that buyers want to exert minimal effort for
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accessory equipment
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standardized equipment used in a firms production
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business product
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a product bought for resale for making other products
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major equipment
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large tools and machines
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product mix
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all products a firm offers
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supply
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an item that facilitates production but does not become a part of finished product
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place utility
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Utility created by making a product available at a location where customers wish to purchase it
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marketing concept
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business philosophy that involves entire organization
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marketing mix
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combo of product, price, distribution, and promotion
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market
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group of individuals/ organizations that need products in a given category
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marketing
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the process of planning and executing the conception, pricing, promotion and distribution
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marketing strategy
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a plan that will enable an organization to make best use of its resources, etc.
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possesion utility
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utility of transferring ownership
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relationship marketing
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developing mutually beneficial long term relationships with customers
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time utility
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Utility created by making a product available when customers wish to purchase it
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target market
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a group of individuals or organizations for which a firm develops and maintains a marketing mix suitable for
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form utility
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production inputs into finished projects
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utility
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the ability to satisfy a need
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frequent user incentive
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A program developed to reward customers who engage in repeat (frequent) purchases
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yellow pages advertising
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Simple listings or display advertisements presented under specific product categories appearing in print and online telephone directories
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cooperative advertising
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An arrangement whereby a manufacturer agrees to pay a certain amount of the retailer's media cost for advertising the manufacturer's product
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infomercial
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A program-length televised commercial message resembling an entertainment or consumer affairs program
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promotion mix
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The particular combination of promotion methods a firm uses to reach a target market
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direct mail advertising
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Promotional material mailed directly to individuals
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coupon
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Reduces the retail price of a particular item by a stated amount at the time of purchase
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selective demand advertising
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Advertising that is used to sell a particular brand of product; same as brand advertising
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primary demand
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Advertising whose purpose is to increase the demand for all brands of a product within a specific industry
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buying allowance
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A temporary price reduction to resellers for purchasing specified quantities of a product
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trade show
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An industry-wide exhibit at which many sellers display their products
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premium
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A gift that a producer offers the customer in return for buying its product
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point of purchase display
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Promotional material placed within a retail store
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advertising
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A paid nonpersonal message communicated to a select audience through a mass medium
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sample
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A free product given to customers to encourage trial
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advertising agency
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An independent firm that plans, produces, and places advertising for its clients
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integrated marketing communications
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Coordination of promotion efforts for maximum informational and persuasive impact on customers
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advertising media
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The various forms of communication through which advertising reaches its audience
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institutional advertising
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Advertising designed to enhance a firm's image or reputation
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out of home advertising
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Short promotional messages on billboards, posters, signs, and transportation vehicles
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promotion
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Communication about an organization and its products that is intended to inform, persuade, or remind target market members
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rebate
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A return of part of the purchase price of a product
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Integrated marketing communications
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ensures that customers receive a consistent message
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Advertising, public relations, personal selling, and sales promotion
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the promotion mix
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Primary demand advertising
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aimed at stimulating demand for an entire industry
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Direct mail advertising
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the most selective medium
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target market
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To succeed an advertising campaign must reach its
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personal selling
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The most expensive, adaptable method of promotion mix is
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rebate
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a return of part of the purchase price to the consumer
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public relations
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Sponsoring programs on public television is an example of
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positioning
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The ______ of a product is the development of a product image in consumer's minds relative to competing product
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channel of distribution
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a sequence of organizations that directs a product from producer to ultimate user
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TRUE
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transportation is NOT a basic factor of the selection of distribution channels
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supply chain management
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should reduce inefficiencies and lower costs
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Vertical marketing systems
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corporate, contractual, and administered.
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TRUE
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The functions wholesalers provide are necessary
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Merchant wholesaler
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a middleman that purchases good in large quantities and then sells
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Discount stores
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self-service, general merchandise outlets that sell goods at lower than usual prices
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planned shopping center
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a self-contained retail facility designed to serve diverse groups of customers.
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Warehousing
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refers to the set of activities involved in receiving and storing goods and preparing them for reshipment
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Product
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everything one receives in an exchange
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Stages of product life
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introduction, growth, maturity and decline
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Product line
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producing something completely different from current product (poultry producers making veggie burgers)
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Product modification
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when a company changes one or more of a product's characteristics to manage product mix
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brand
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a name, term, symbol or design
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Price
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the amount of money that a seller is willing to accept in exchange for a product
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Cost based pricing
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where one company references another when setting its price
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markup pricing
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a company adds an amount to the total cost of a product to produce a profit
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Price skimming
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a strategy of charging the highest price possible for a product during the intro phase
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discount
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deduction from the price
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Marketing
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the organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relations in a way that benefits the organization
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Forms of utility:
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form, place, time, and possession
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marketing concept
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an approach that involves the entire organization
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market
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a group of individuals and or organizations that have needs for products in a given category and have the ability, willingness, and authority to purchase such products
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target market
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The elements of the marketing mix are combined to satisfy the
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economic forces
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The effects of economic conditions on consumers ability and willingness to buy are considered
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assess the market
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The first stage in developing a marketing plan is to
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sales forecast
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the amount of a product an organization plans to sell during a certain period
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marketing information system
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a computer based system for continually gathering internal and external information
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TRUE
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Buying center is NOT a major category of factors that influence the consumer buying process
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discretionary income
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Money used for entertainment
