Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
75 Cards in this Set
- Front
- Back
|
Distribution (place) |
How a business gets its products to the customers |
|
|
Types of Marketing Channels |
Direct p->c Retailer p->r->c Wholesaler/Distributor p->w->r->c Agents/Brokers p->a->w->r->c |
|
|
Channel Intermediaries |
All of the organizations through which a product must pass between its point of production and consumption |
|
|
Types of Discrepancies |
Discrepancy of quantity Discrepancy of assortment Discrepancy of time/temporal Discrepancy of spatial/distance |
|
|
Discrepancy of Quantity |
The gap between what a company manufactures and what the customer wants |
|
|
Discrepancy of Assortment |
Having all the products in one place |
|
|
Discrepancy of Time/Temporal |
Having a product ready before the consumer is ready to buy it. |
|
|
Discrepancy of Spatial/Distance |
Making products available in locations convenient to consumers |
|
|
Specific Channel Functions |
Transactional Logistical Facilitating
(All channels do these at some point) |
|
|
Transactional Function |
Contacts customers, promotes products, negotiating, risk taking
Ex: Retailer |
|
|
Logistical Function |
Physical distributing products, storing products, sorting products
Ex: wholesaler, retailer |
|
|
Facilitating Function |
Researching, financing
Ex: Agents, Brokers
(Who Where Why?) |
|
|
Levels of Distribution |
Intensive Selective Exclusive |
|
|
Intensive Distribution |
Aimed at having a product available at every outlet |
|
|
Selective Distribution |
Sold at most outlets, but not all |
|
|
Exclusive Distribution |
Can only be purchased at one or few locations, very valuable |
|
|
Factors Affecting Channel Choices |
Buyer, Product, Market |
|
|
Channel Relationships |
Arm's Length Cooperative Integrated |
|
|
Arm's Length Relationship |
One time or unique need purchase. Low involvement/risk.
|
|
|
Cooperative Relationship |
Formal contract without longtime commitment.
Ex: McD's and Coke, still separate entities. |
|
|
Integrated Relationship |
Strong-bonded relationship. Acts as one company, knows all databases.
|
|
|
Social Dimensions of Channels |
Power Control Leadership Conflict |
|
|
Power |
One channel member influencing the behavior of other channel members |
|
|
Control |
One channel member's power effects another member's behavior |
|
|
Leadership |
Exercises authority and power |
|
|
Conflict |
Incompatibility, differences in goals |
|
|
Retailing Stores |
Department Specialty Convenience Drugstore Supermarket Discount Restaurants |
|
|
Retailing Location Issues |
Cost Location of target market Product type Transportation availability/Traffic Competitor location |
|
|
Franchise |
Franchisor grants franchisee the business rights to operate and sell a product
(saves money, local expertise) |
|
|
Non-store Retailing |
Automatic vending Electronic Retailing E-commerce/Online M-commerce |
|
|
Integrated Marketing Communications (IMC) |
The careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer |
|
|
Promotional Mix |
Advertising Public relations Personal selling Sales promotion |
|
|
Personal Selling |
One-on-one selling, most expensive |
|
|
Sales Promotions |
Induces impulse buying |
|
|
Marketing Communications |
Interpersonal Mass Hybrid model |
|
|
Interpersonal Communication |
Spoken communication that takes place between two or more individuals on a personal level
Ex:A salesperson speaking with a client |
|
|
Mass Communication |
Transmitting info to a large group of receivers |
|
|
Communication Process |
Two or more people attempt to consciously/unconsciously influence each other through the use of symbols or words to satisfy their respective needs
Sender -> Encoder -> Channel -> Decoder -> Receiver |
|
|
Goals and Tasks of Promotion |
Informing Reminding Persuading |
|
|
Informative Promotion |
Increasing awareness of a new product Early stages of PLC |
|
|
Reminder Promotion |
Reminding the customer that they need the product Maturity stage of PLC |
|
|
Persuasive Promotion |
Stimulate a purchase or switch to a new product Growth stage of PLC |
|
|
AIDA |
Attention - Interest - Desire - Action
List of events that may occur when a consumer engages with an ad |
|
|
AIDA
Advertising |
High attention, Low action |
|
|
AIDA
Public Relations |
High interest, desire, Low action |
|
|
AIDA
Sales Promotion |
High action |
|
|
AIDA
Personal Selling |
High everything |
|
|
Push Strategy |
Aggressive personal selling |
|
|
Pull Strategy |
Stimulate consumer demand |
|
|
Types of Advertising |
Pioneering Competitive Comparative |
|
|
Pioneering Advertising |
Used in introductory stage of PLC. Informs about new product |
|
|
Competitive Advertising |
Used in growth stage of PLC. Appeals to emotion, creates impression they're better |
|
|
Comparative Advertising |
Comparing two or more competing brands to help consumers choose which they prefer Used in mature or intro stage |
|
|
Media Types |
Owned Earned Paid |
|
|
Owned Media |
Channel a brand controls (website) Controlled by brand but keeps customers needs in mind |
|
|
Earned Media |
"Word of mouth" Customer becomes the channel. Free publicity, most credible. |
|
|
Paid Media |
Brand pays to leverage a channel (ads), poor credibility |
|
|
Crowdsourcing |
Involving a high number of people to come up with a product idea or change |
|
|
Corporate Social Responsibility (CSR) |
Social environmental impact created by a business |
|
|
Cause Related Marketing (CRM) |
Mutually beneficial collaboration between a corporation and a non-profit |
|
|
Ethics |
Guiding principle that comes from morals |
|
|
Morals |
Determined by a group of people (society) as a result of values and norms |
|
|
Legality |
Our morals dictate what is legal/illegal |
|
|
Ethical Decision Making Factors |
Extent of the problem Probability of harm Potential consequences Number of people effected Level of consensus |
|
|
FCPA Foreign Corrupt Practices Act |
A law that prohibits U.S. corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries.
|
|
|
Global Standardization |
The product is exactly the same globally, highly valued |
|
|
Promotion Adaption |
When the message is directed differently based on who is watching |
|
|
Individualism (component of culture) |
Giving priority to one's own goals over group goals and defining one's identity in terms of personal attributes rather than group identifications
|
|
|
Collectivism |
The priorities of a group are most important. |
|
|
Power Distance Index |
Focuses on authority orientation; cultures high in this tend to be hierarchical, with members Countries with English or similar languages
|
|
|
Uncertainty Avoidance Index |
Degree to which a society feels uncomfortable and avoids situations. |
|
|
Culture |
"Software of the mind" - it is uncontrollable |
|
|
External Environment Marketing Factors |
Competition Government policies Natural forces Social/Cultural forces Demographics Technology changes |
|
|
Tariff |
Tax on imports/exports |
|
|
Five Senses of Marketing |
Visual - Least proximity (men) Auditory -Tempo Volume Pitch 2nd Olfaction - Last line of defense 3rd (women) Haptics - Touch Gustatory - Greatest degree of proximity |
