GSU MK 3010 - Final Exam Study Guide (8 pages)

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Final Exam Study Guide



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Final Exam Study Guide

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This is a study guide for Test 3 it covers chapters 15 through 19.


Pages:
8
Type:
Study Guide
School:
Georgia State University
Course:
Mk 3010 - Basic Marketing
Basic Marketing Documents
Unformatted text preview:

MK3010 1st Edition Exam 3 Study Guide Lectures 18 25 Lecture 18 Oct 30 Ch 15 Supply Chain Management indirect retailers buy from other organizations and sell to USA Direct channel buy airline tickets online Marketing channels add value reduce number of transactions increase value for consumers more efficient and effective Designing Marketing Channels direct indirect and two intermediaries Managing the Marketing Channel and Supply Chain Horizontal interaction with retailers Vertical manufacturer and retailer down supply chain Types of vertical marketing systems VMS vertical marketing systems cooperate own part of with channel of distribution I will be manufacturing and whole sellers who reach my customer like zara who designs and manufacturer own clothes Admin VMS channel functions because power of channel members Contractual VMS contract dictates how channel will function How a lot of channels are today Franchise extreme form of licensing dictates everything on lists Managing Marketing Channel and supply chain through strategic relationships Strategic relationship work together trusts between Kroger to give best prices they can to sell to customers Interdependence Kroger depend on PNG to bring the products Credible commitments both make investments Lecture 19 November 6 Ch 15 Electronic Data Interchange computers to computer exchange of business documents from a retailer to vendor and back Reduces cycle time because electronic reduced time Easily analyzed and used easy to download Enhances quality of communications more accurate Vendor managed inventory Manufacturer is responsible for maintaining the retailers inventory levels in each of its stores Manufacture automatically sends merchandise to store and distribution center when inventory reach s a certain level Manufactures don t have to focus on items already in stores Retailer no longer needs to monitor inventory levels and place orders Retailers need to monitor VMI closely Distribution Center VS Direct Store Depends on total lost associated with each and having the product available when the customer wants to buy it Advantages of distribution more accurate forecasts possible when forecast across all stores serviced by one distribution center rather than each store Enables retailers to carry less merchandise in stores Direct store is better for perishables Just in time systems the firm gets the merchandise just in time for it to be used Can be expensive Lecture 20 November 11 Ch 16 Choosing retail collaborates customer expectations drives our decision where are the customers looking to find product Online or store Choosing retail partners look at size if large I have resources smaller co don t Wal Mart doesn t ue middle man to buy product because large Co Intensive Head and shoulders shampoo in Kroger CVS and Gas stations Exclusive Tiffany s wedding ring or David Yurman specialty goods Types of Retailers Specialty Forever 21 GAP H M Warehouse club is retailer and distributor Full Line Discount Wal Mart K Mart Target Supercenter is a discount store CVS Convince and specialty Lecture 21 November 13 Ch 16 General Merchandise Retailers department stores full line discount specialty drugstores category specialists extreme value and off price Developing a Retail s strategy using the four P s Product Price Promotion and Place Benefits of Stores for Consumers browsing touching and feeling personal service cash and credit entertainment and social interaction instant gratification and risk reduction Benefits of internet and multichannel retailing deeper and broader selection personalization gain insights into consumer shopping behavior increase customer satisfaction and loyalty expand market presence Lecture 22 November 18 Ch 17 The AIDA Model Awareness Interest Desire Action Awareness Senders first must gain the attention Interest After awareness comes persuasion Desire I like I want Action Purchase is the only type of action Elements of an integrated marketing commination strategy Adverting sales promotion personal selling direct marketing and online marketing Planning for and measuring IMC Success Understand the outcome they hope to achieve before you begin goals can be short term like increasing awareness and prompting trial Setting and allocating the IMC Budget objective and task Will need to run 5 Ads each add is 10 000 so 50 000 budget Rule of Thumb Method percentage of sales should be x of my forecasted sales or I estimate sales to be 10 00 and 10 of that budget all you can afford to spend on your communication budget Measuring Success using Marketing Metrics Frequency how often the target audience is exposed to the communication in a specified period Reach is the percentage of the target audience exposed to the communication at least once Gross Rating Points GRP frequency multiples by reach used for print TV radio Lecture 23 November 20 Ch 18 Pull Strategy Get consumers to pull the product into the supply chain by demanding it Push Strategy increase demand by focusing on wholesalers distributors or sales people Advertising Objectives Inform about the product Persuade to try to buy the product Remind that product exists Institutional Advertisements Georgia State Ad We are a good school Product focused Advertisements most the Ads we see today Public Service Advertisements On public issue beneficial to society Media Planning process of evaluation and selecting the media mix to deliver a clear consistent compelling message Media Mix is combination of the media used and the frequency of advertising in each medium Media Buy is the actual purchase of airtime or print pages Determine Advertising Schedule Continuous runs steadily through the air Over a time period like smoking Ad Flighting is implemented in spurts with periods of heavy Ads followed by periods with no Ads Pulsing combines the continuous and flighting schedules by maintain a base level of Ad but increasing the Ad intensity during certain periods Lecture 24 December 2 Ch 18 Sales promotions can be targeted at either the end user consumer or channel members either push or pull Types of Sales Promotions Coupons deals premiums contests sweepstakes samples loyalty programs Point of Purchase POP displays rebates product placement Evaluated Sale Promotion using Marketing Metrics Realized margin cost of additional inventory increase in sales long term impact potential loss from switches from more profitable items and additional sales by customers Lecture 24 December 4 Ch 19 The


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