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GSU MK 3010 - Final Exam Study Guide
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MK3010 1st EditionExam # 3 Study Guide Lectures: 18-25Lecture 18 (Oct. 30) Ch.15Supply Chain Management:- indirect retailers buy from other organizations and sell to USA.- Direct channel: buy airline tickets onlineMarketing channels add value: reduce number of transactions; increase value for consumers, more efficient and effectiveDesigning Marketing Channels: direct, indirect and two intermediariesManaging the Marketing Channel and Supply Chain:Horizontal: interaction with retailersVertical: 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 membersContractual VMS: contract dictates how channel will function. How a lot of channels are todayFranchise: extreme form of licensing, dictates everything on listsManaging Marketing Channel and supply chain through strategic relationships:Strategic relationship: work together trusts between Kroger to give best prices they can to sell to customersInterdependence: Kroger depend on PNG to bring the productsCredible commitments: both make investmentsLecture 19 (November 6) Ch.15Electronic 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 accurateVendor managed inventoryManufacturer 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 StoreDepends on total lost associated with each and having the product available when the customer wants to buy itAdvantages 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 storesDirect store is better for perishables.Just-in-time systems: the firm gets the merchandise just in time for it to be used. Can beexpensiveLecture 20 (November 11) Ch.16Choosing retail collaborates customer expectations: drives our decision= where are the customers looking to find product. Online or storeChoosing retail partners: look at size if large I have resources smaller co. don’t, Wal-Martdoesn’t ue middle man to buy product because large. Co.Intensive: Head and shoulders shampoo in Kroger CVS and Gas stationsExclusive: Tiffany’s wedding ring or David Yurman specialty goodsTypes of Retailers:Specialty: Forever 21, GAP, H&MWarehouse club is retailer and distributorFull Line Discount: Wal-Mart, K-Mart, Target Supercenter is a discount storeCVS=Convince and specialtyLecture 21 (November 13) Ch.16General 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 PlaceBenefits of Stores for Consumers: browsing, touching and feeling, personal service, cash and credit, entertainment and social interaction, instant gratification, and risk reductionBenefits 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.17The AIDA Model: Awareness, Interest, Desire, ActionAwareness: Senders first must gain the attentionInterest: After awareness comes persuasionDesire: I like/I wantAction: Purchase is the only type of actionElements 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 budgetRule 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 budgetMeasuring 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 atleast once- Gross Rating Points (GRP): frequency multiples by reach used for print, TV, radioLecture 23 (November 20) Ch.18Pull Strategy: Get consumers to pull the product into the supply chain by demanding itPush Strategy: increase demand by focusing on wholesalers, distributors, or sales people.Advertising Objectives: Inform: about the productPersuade: to try to buy the productRemind: that product existsInstitutional Advertisements: Georgia State Ad “We are a good school”Product-focused Advertisements: most the Ads we see todayPublic Service Advertisements: On public issue beneficial to society Media Planning: process of evaluation and selecting the media mix to deliver a clear, consistent, compelling messageMedia Mix: is combination of the media used and the frequency of advertising in each mediumMedia Buy: is the actual purchase of airtime or print pagesDetermine Advertising Schedule:Continuous: runs steadily through the air. Over a time period like smoking AdFlighting: 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.18Sales promotions: can be targeted at either the end user consumer or channel memberseither push or pullTypes of Sales Promotions: - Coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, Point of Purchase POP displays, rebates, product placementEvaluated Sale Promotion using Marketing Metrics:- Realized margin, cost of additional inventory increase in sales,


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GSU MK 3010 - Final Exam Study Guide

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