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supply chain

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The connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function.

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supply chain management

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A management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value.

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relationship integration

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The ability of two or more companies to develop social connections that serve to guide their interactions when working together.

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measurement integration

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The performance assessment of the supply chain as a whole that also holds each individual firm or business unit accountable for meeting its own goals.

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technology and planning integration

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The creation and maintenance of information technology systems that connect managers across and through the firms in the supply chain.

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customer integration

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A competency that enables firms to offer long-lasting, distinctive, value-added offerings to those customers who represent the greatest value to the firm or supply chain.

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customer relationship management (CRM)

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allows companies to prioritize their marketing focus on different customer groups according to each group's long-term value to the company or supply chain.

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customer service management

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The customer service management process presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced.

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demand management

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The demand management process seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level and create demand-related plans of action prior to actual customer purchasing behavior.

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order fulfillment

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The order fulfillment process is a highly integrated process, often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time; involves generating, filling, delivering, and providing on-the-spot service for customer orders.

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manufacturing flow management

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concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility and to move products through a multi-stage production process.

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supplier relationship management

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supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers.

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product development and commercialization

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the group of activities that facilitate the joint development and marketing of new offerings among a group of supply chain partner firms.

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returns management

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The returns management process enables firms to manage volumes of returned product efficiently, while minimizing returns-related costs and maximizing the value of the returned assets to the firms in the supply chain.

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inventory control

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A method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer's or a customer's demand.

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order processing

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A system whereby orders are entered into the supply chain and filled.

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postponement

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A hybrid strategy that takes advantages from build-to-stock and build-to-order strategies.

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materials-handling system

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a method of moving inventory into, within, and out of the warehouse.

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supply chain technology

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The logistics information system serves as the link connecting all of the operational components of the supply chain.

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sustainable supply chain management

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involves the integration and balancing of environmental, social, and economic thinking into all phases of the supply chain management process.

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new-product strategy

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A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation.

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brainstorming

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The process of getting a group to think of unlimited ways to vary a product or solve a problem.

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electronic distribution

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A distribution technique that includes any kind of product or service that can be distributed electronically, whether over traditional forms such as fiber-optic cable or through satellite transmission of electronic signals.

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focus group

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The objective of focus group interviews is to stimulate insightful comments through group interaction.

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screening

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The first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are inappropriate for some other reason.

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concept test

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A test to evaluate a new-product idea, usually before any prototype has been created. Often successful for line extensions.

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simultaneous product development

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A team-oriented approach to new-product development where all relevant functional areas and outside suppliers participate in the development process.

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test marketing

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The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.

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diffusion

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The process by which the adoption of an innovation spreads.

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product life cycle

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A concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death).

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introductory stage

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The introductory stage represents the full-scale launch of a new product. During the introductory stage, sales normally increase slowly. Marketing costs are high due to higher dealer margins required to obtain adequate distribution and the cost of consumer incentives to try a product

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growth stage

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sales grow at an increasing rate, many competitors enter the market, and larger companies may acquire small pioneering firms

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maturity stage

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begins when sales increase at a decreasing rate, and the market approaches saturation. This is normally the longest stage of the PLC.

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decline stage

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The rate of decline depends on how rapidly consumer tastes change or substitute products are adopted. Many convenience products and fad items lose their market overnight.

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4 ways that services differ from goods

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intangible, inseparable, heterogeneous, and perishable

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intangible

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No physical object makes it hard to communicate benefits.

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inseparable

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Production and consumption are simultaneous, meaning the consumer takes part in production.

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hetergeneous

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Services depend on their employees for quality, which makes consistency difficult to achieve.

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perishable

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Services cannot be saved, and it is challenging to synchronize supply and demand.

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Search quality

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More often applied to goods, assessed before purchase

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Experience quality

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Assessed after purchase

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Credence quality

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Assessed only with appropriate knowledge

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Gap model of service quality

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A model of service quality called the gap model identifies five gaps that can cause problems in service delivery and influence customer evaluations of service quality.

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People processing

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takes place when the service is directed at a customer. Examples include health care and hairstyling

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Possession processing

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occurs when the service is directed at customers' physical possessions. Examples include lawn care, car repair, and dry cleaning.

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Mental stimulus processing

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refers to services directed at people's minds. Examples include spectator sports events, theater performances, and education.

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Information processing

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describes services that use technology or brainpower directed at a customer's assets. Examples include insurance, consulting, and banking.

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core service

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The most basic benefit the consumer is buying.

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supplementary service

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A group of services that support or enhance the core service.

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mass customization

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A strategy that uses technology to deliver customized services on a mass basis.

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Internal marketing

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Treating employees as customers and developing systems and benefits that satisfy their needs.

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nonprofit organization

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An organization that exists to achieve some goal other than the usual business goals of profit, market share, or return on investment (ex: churches, schools, museums, etc.)

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product development stages

answer

1. new product strategy 2. idea generation 3. idea screening 4. business analysis 5. development 6. test marketing 7. commercialization

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diffusion

answer

The process by which the adoption of an innovation spreads.

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gap model

answer

A model of service quality called the gap model identifies five gaps that can cause problems in service delivery and influence customer evaluations of service quality.

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internal marketing

answer

Treating employees as customers and developing systems and benefits that satisfy their needs.

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supply chain integration

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-A systems approach where the overall performance of the chain is greater than the sum of its parts. -Occurs when multiple functional areas coordinate business processes to seamlessly link to one another.

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business processes

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composed of bundles of interconnected activities that stretch across firms in the supply chain.

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Outsourcing logistics function

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Outsourcing of logistics functions is a rapidly growing segment in which a manufacturer or supplier turns over the entire or partial function of supply chain management to an independent third party.

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Supply chain risk, security, and resilience

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Proactive supply chain security measures seek to protect key inventory and assets while reactive supply chain resiliency measures ensure that the supply chain is back up and running as soon as possible in the event that a disruption occurs.

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marketing channel

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A set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer.

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channel members

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Negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer.

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retailer

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Firms in the channel that sell directly to customers

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merchant wholesaler

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An institution that buys goods from manufacturers, takes title to goods, stores them, and resells and ships them. *DO TAKE TITLE TO GOODS*

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Agents and brokers

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Wholesaling intermediaries who facilitate the sale of a product by representing channel members. *DO NOT TAKE TITLE TO GOODS*

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direct channel

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typical in business and industrial markets. Manufacturers buy large quantities of raw materials, major equipment, processed materials, and supplies directly from other manufacturers, particularly if detailed technical specifications are required. The channel from producer to government is also a direct channel.

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Nontraditional channel

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include the Internet and mail-order channels, help differentiate a firm's product from the competition.

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Strategic channel alliances

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Producers use another manufacturer's already-established channel.

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pros/cons of integrated relationship

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pros: Closely bonded relationship; explicitly defined relationships cons: High capital investment; any failure could affect every channel member

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channel power

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A channel member's capacity to control or influence the behavior of other channel members.

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channel control

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A situation that occurs when one marketing channel member intentionally affects another member's behavior.

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channel partnering

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The joint effort of all channel members to create a channel that serves customers and creates a competitive advantage.

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retailing

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All the activities directly related to the sale of goods and services to the ultimate consumer for personal, non-business use.

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independent retailer

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Owned by a single person or partnership and not part of a larger retail institution.

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chain store

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Owned and operated as a group by a single organization.

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franchise

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The right to operate a business or to sell a product.

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gross margin

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The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted.

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nonstore retailing

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shopping without visiting a store

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automatic vending

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the use of machines to offer goods for sale—for example, the soft drink, candy, or snack vending machines found in college cafeterias and office buildings.

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direct retailing

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representatives sell products door-to-door, office-to-office, or at home sales parties.

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direct marketing

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refers to the techniques used to get consumers to make a purchase from their home, office, or other nonretail setting.

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telemarketing

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the use of the telephone to sell directly to consumers.

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direct mail

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can be the most efficient or the least efficient retailing method, depending on the quality of the mailing list and the effectiveness of the mailing piece.

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online retailing

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allows customers to shop over the Internet.

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retailing mix (6 P's)

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product, price, place, promotion, personnel and presentation

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promotional strategy

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A plan for the optimal use of the elements of promotion: advertising, public relations, social media, etc.

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competitive advantage

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the set of unique features of a company and its products that are perceived as superior over the competition. These features include: low price, excellent service, high product quality, etc.

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interpersonal communication

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direct, face-to-face communication between two or more people. (ex: personal selling one-on-one)

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mass communication

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communicating a concept or message to larger audiences, usually through a mass medium such as television or newspapers. (ex: Superbowl Sunday commercials)

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promotional mix

answer

A combination of promotion tools used to reach the target market and fulfill the organization's overall goals. The promotional mix includes: advertising, public relations, advertising, etc.

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advertising

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Most commonly distributed by traditional media, though increasingly through non-traditional media, such as Web sites, e-mail, blogs, and interactive video kiosks in malls and supermarkets.

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public relations

answer

Evaluates public attitudes, identifies areas within the organization that public may be interested in, and executes a program to earn public understanding.

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function of public relations

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-maintain a positive image -generate favorable publicity -introduce new products

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sales promotion

answer

Marketing activities—other than personal selling, advertising, and public relations—that stimulate consumer buying and dealer effectiveness. (ex: free samples, coupons)

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personal selling

answer

Planned presentation to one or more prospective buyers for the purpose of making a sale.

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social media

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Promotion tools used to facilitate conversations among people online.

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traditional selling

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Attempts to persuade the buyer into a specific point of view; creates a win-lose outcome.

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relationship selling

answer

Long-term relationships; creates a win-win outcome.

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AIDA concept

answer

Model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message.

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AIDA

answer

Attention Interest Desire Action

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Integrated marketing communications

answer

The careful coordination of all promotional messages to assure the consistency of messages at every contact point where a company meets the consumer.

MKTG 301- Exam #3 (VCU-Slough) – Flashcards

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