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60 Cards in this Set
- Front
- Back
channel partnering
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a joint effort bya ll channel members to create a suplly chain that serves customers and creates a competitive advantage
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mass customization vs. Just in time
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Mass Customization method-orders are produced after they are ordered
JIT-raw materials arrive just before they are needed. |
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2 kinds of inventory control systems
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Materials Requirement Process-manages the replenishment of raw materials
Distribution Resource Process- manages the replenishment of the goods from the manufacturer to the consumer |
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retailing
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all the activities related to the sale of goods and servces to the consumer
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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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scrambled merchandising
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the offering of non-traditional goods and services under one roof
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mass merchandising
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a retailing strategy using moderate to low prices on large quantities of merchandice adn lower service to stimulate high turnover of products
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direct retailing
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the selling of products by reps who work door to door, office to office, or at home parties
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direct marketing
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techniques used to make a customer make purchases from their home, office, or other nonretail setting.
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retailing mix
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COnsists of the 6 P's:
Product, Placement, Price, Promotion, Presentation, and Personnel |
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adopter
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a consumer that is happy enough with their initial experience with a product to use it again
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innovation
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a product percieved as new by a potential adopter
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diffusion
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the process by which the adoption of an innovation spreads
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product category
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includes all brands that satisfy a particular type of need
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4 stages of a product
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Introductory
Growth Maturity Decline |
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Service
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The result of applying human or mechanical efforts to people or objects
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search quality
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a characteristic that can be assessed before purchase
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experience quality
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a characterstic that can be assessed only after purchase
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creedence quality
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a quality that still cannot be assessed even after purchase
eg. medical and consulting services |
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reliability
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The ability of a service to preform dependably, accurately, and consistently
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responsiveness
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The ability to provide prompt service
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assurance
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The ability to convey trust to the consumer
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empathy
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caring, individualized attention to customers
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tangibles
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the physical evidence of a service
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gap models
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identifies 5 gaps that could cause problems in service delivery
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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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marketing channel
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a set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer
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supply chain
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a connected chain of all the business entities that preform the logistics function
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merchant wholesaler
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buys from manufacturers, sells them to business
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logistics
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the process of strategically managing the efficient flow and storafe of raw materials, in process inventory, and finished goods from point or origni to point of consumption
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direct channel
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a distributon channel in which the manufacturer sells directly to the consumer
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strategic channel alliance
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a cooperation between two or more business in which their channels are shared
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supply chain management
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a management system that coordinates adn integrates all of the activities performed by supply chain members
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channel power, control, and leader
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power-power to influence behavior of another channel member
control-actually influencing leader-person who actually does the influencing |
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retailer
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a channel member that sells mainly to consimers
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undiferentiated targeting strategy
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views market as one big market with no individual segments, and thus requires only one marketing mix
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niche
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One segment of the market
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Product
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Everything, good and bad, that is gained in an exchage
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4 types of consumer products
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convenience, shopping, specialty, and unsought
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product mix
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all the products an organization sells
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brand
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a name, term, symbol, design, or combonation thereof that identifies a seller's products and differentiates them from competitors' products.
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brand name vs. brand mark
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name is everythign that can be spoken, while mark is everything that can't
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brand equity
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the value of a company and brand names
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generic product
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A no frills, no brand name, low cost product that is simply identified by its product category.
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manufacturer's brand vs. private brand
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manuf. is the brand name of a man., while a prvate brand is owned by a retailer.
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Individual vs. family brands
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Individual has a different brand for different products, while family use the same one for a group of products.
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persuasive labeling
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Tries to promote a theme or logo, and doesn't provide useful info.
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express warranty
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a written guarantee
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implied warranty
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an unwritten guarentee that the good or service is fit for the purpose for which it was sold
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New Product development Processm (7 steps)
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1.New Product Strategy
2.Idea Generation 3.Idea Screening 4.Business Analysis 5.Development 6.Test Marketing 7.Commercialization |
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screening
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eliminating the ideas which are inconsistent with a businesses new product strategy
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concept test
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testing a new product idea, before it has been created
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simultaneous product development
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A team approach to new product development
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simulated (laboratory) market testing
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the presentation of advertising and other promo materials for a test product to members of the test market
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commericialization
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the decision to produce a product
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Steps in Segmenting a Market
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1. Choose a Market
2. Choose a basis for segmenting it 3. Choose Segmentations Descriptors 4. Profile and Analyze Segments 5. Select Target Market 6. Design, implement, and maintain appropriate marketing mixes. |
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Market
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People or Organization with the ability and willingness to buy a good or service
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segmentation bases (variables)
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characteristics of individuals or groups
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6 kinds of segmentation bases
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geographic, demographic, Psychographic, Benefit, and geodemographic, and usage-rate
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geodemographic
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segmenting potential customers into neighborhood lifestyle categories (i.e. somewhat personality, somewhat geographic)
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