Mktg 4250 Review

1. What are some examples that exemplify these concepts: V.A.L.U.E?
• Virtualization- Death of distance.
• Agility- Dynamic global marketplace.
• Learning- Parallel information transfer.
• Understanding- Value-laden partnerships.
• Environment- Sustainability.
2. What are some examples that demonstrate various marketing utilities?
• Time Utility- Right product at the right time.
• Form Utility- Alteration of physical properties &/or packaging to create value to a customer.
• Place Utility- Value given depending on “where” in the distribution process (Theatre, Living Room, etc.)
• Possession Utility- Ownership utility. Creates value through the exchange/transfer of ownership of goods/services across the flows of goods & services. (Mortgages & other payment plans)
• Service Utility- “Market Offerings.” The assistance/support that adds value to any transaction/exchange. (Warranties & customer service)
3. What does inventory-carry in-stock mean?
The amount of inventory held. Could also be “holding costs.”
4. What does “death of distance” mean?
Virtualizing processes to connect various components of the Supply Chain electronically.
5. What are some characteristics of the retail industry in the 21st century?
Technology enabled innovation. Need for speed. Convenience. Expect more. Greater choices. More direct.
6. What do CRM mediators, system solvers, resource markets, relationship managers mean?
In the 21st century, CRM mediators serves as the retailer. System solvers serve as the wholesalers, Resource markets serve as resource prospectors. Relationship managers serve as the customers.
7. What are different channel roles and their characteristics?
• Transportation of Goods- Customer driven delivery.
• Flows of Goods & Services- Inseparable/connect.
• Service Quality- Exceed customer expectations.
• Service Scope- Anywhere, anytime. 24/7.
8. What do SCM, DCM mean?
VCM: Value-Driven Flows

SCM: Supplier Driven Flows:
Resource markets –>Producer–> Wholesaler–> Retailer –> Consumer

DCM: Customer Driven Flows
Resources marketsProducer Wholesaler Retailer Consumer

9. What are the roles differences and values deliveries between extramediaries and intermediaries?
Extramediaries- Outside channel. Provide resource advantages that add value to exchange relationships. Integrated marketing communications. Ability to consolidate physical distribution. Market intelligence. Extant customer relationships. Specialization in skills & knowledge.
Intermediaries- Within channel. Organizations that mediate exchange utility in buyer-seller relationships through the transfer of title/ownership of a market offering. Core competencies. Contactual efficiency. Routinization. Customer value. Minimizing risk. Assortment
10. What is channel disintermediation?
Eliminating the intermediaries in B2C and C2C i.e producers, wholesaler, retailer
11. What is the channel flow of Food Inc.?
Farms/Producers -> Manufacturer/Factories -> Warehouse/Distributor -> Retailers/Restaurants -> End consumers/customers
12. What is the characteristic of the food industry according to the Food Inc. video?
Efficiency. Low cost food to meet growing demand of consumers. Morals and or ethics overshadowed by need to fulfill great demand.
13. How does the food industry garner power, according to Food Inc. video?
Mass produced low cost food, oligopoly and buying out of local farmers
14. What are the differences between “marketing channels” and “marketing” and “marketing strategy” concepts?
a. Marketing channels – marked by a highly globalized, technology-driven “value chain” that fortifies the importance of agility, competition, and multichannel marketing. Won’t allow me to upload images w/o account upgrade sorry!
15. How was Nike originated/established?
a. Nike originated from a partnership between Stanford graduate student Phil Knight and his track coach Bill Bowerman. Initially, they were a US distributor for the Japanese athletic brand Onitsuka Tigers, or commonly known as ASICS. After the relationship failed, Bowerman disassembled the aforementioned ‘Tigers’ and thought of ways to make them better for runners. Nike’s initial sales distribution channels were printed ads and a mail-order catalog. Nike continued to push it’s brand worldwide and took advantage of the cheap labor in China, Indonesia, Mexico and Vietnam.
16. What are some examples that exemplify economic, socio-cultural (socio-political??), technological, demographic environmental factors of marketing channels?
a. Economic
i. Description – The fluctuations in currencies, market conditions, access to capital and global financial market.
1. EXAMPLE – Increases in the price of crude oil.
b. Socio-Political
i. Description – Changes in the social or political setting that may promote or constrain the flow of market offerings.
1. EXAMPLE – Change in the political leadership of a nation.
c. Technological
i. Description – Innovations and inventions that generate new ways of attaining channel efficiency and effectiveness.
1. EXAMPLE – Introduction of robotics in manufacturing cars.
d. Demography
i. Description – Shifts in education, gender, income, ethnic populations, and other discrete population factors.
1. EXAMPLE – Increased diversity of U.S. consumers.
e. Psychological (Not in the question but it’s in the slide)
i. Description – The non-monetary, cognitive factors that impact customers’ attitudes toward exchanges.
1. EXAMPLE – Reduction in consumer confidence
17. What is real time sharing of information?
a. Real time sharing of information is use of current technology (internet) to share information between major players of the supply chain (e.g. buyer and seller sharing manufacturing specs to minimize unnecessary hiccups or costs.) to maximize efficiency and profitability.
18. What type of company is Li and Fung?
a. Value-chain delivery company that may be viewed as a channel extramediary.
i. Channel extramediaries are individuals or organizations providing resource advantages that add value to exchange relationships. They are a value-added supply chain manager that customizes a supply chain for a customer.
19. What are the main differences between traditional marketing channels and 21st century marketing channel?
a. Traditional – Focused on the domain of the physical goods.
b. 21st century – Emphasizes “market offerings” (bundling of goods and services).
What is reverse logistics?
a. Reverse logistics is the process of planning, implementing, and controller the efficient, cost effective flow of raw materials, in-process inventory, finished goods and related inform from the point of consumption to the point of origin for the purpose of recapturing or proper disposal.
i. The good have completed their useful life for the consumer or customer and are returned because they can be remanufactured or refurbished by the manufacturer. There are multiple incentives for both the customer and the manufacturer to do so; either there are sustainability incentives to the consumer (laws to encourage the return of obsolete or depleted goods), or the costs of returning the goods are lower than the disposal costs for the customer, or the return and reuse costs for the manufacturer are lower than the costs of manufacturing new parts.
21. What does direct channel mean?
a. Direct channel refers to the form of selling directly to the end user. It cuts out the need for a “middleman”. (e.g. Ebay, Etsy, iTunes). Technology has enabled companies to make direct channel marketing such a success.
22. What the values of distribution types?
Not sure
23. What are some of the functions of supply chain management?
i. Inventory Management
ii. Distribution Management
iii. Channel Management
iv. Payment Management
v. Financial Management
vi. Supplier Management
vii. Transportation Management
viii. Customer Service Management
24. What are examples of Operant resources?
a. Knowledge and skills (intangible)
i. Tutorials, training, education etc.
25. What are examples of Operand resources?
a. Physical resources, goods, etc. (tangible)
26. What characterizes traditional goods-centered dominant logic?
The traditional, goods-centered logic focuses on concepts such as value co-creation, operant resources, and phenomenological value. It describes and explores the processes that take place when value is created in a mutually reciprocal manner, through systems of exchange.
27. What characterizes service-centered dominant logic?
A service-centered view is inherently customer oriented and relational. Service is customer-determined and co-created; thus, it is inherently customer oriented and relational. (Example: The use of S-D logic friendly concepts such as value co-creation and operant resources indicates that service science is moving toward a more service-centered foundation)
28. What is the definition of service centered dominant logic?
The dominant logic focused on tangible resources, embedded value, and transactions.
29. Who determines values in the service-centered dominant logic?
Value is defined through each entry into the marketplace
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