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ISU MKT 230 - Final Exam Study Guide

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MKT 230 1st EditionFinal Exam Study GuideChapter 16 – Lecture 18 & 191. Define retailing and retailer.a. Retailing – All transactions in which the buyer intends to consume the product through personal, family, or household use.b. Retailer – An organization that purchases products for the purpose of reselling them to ultimate consumers, it creates utility for consumers2. What is the importance of retailing in the US?a. There are over 1 million retailers in the US and 20% of all employees in the US work in retail. The majority of personal income is spent in retail establishments3. How do retailers enhance value?a.4. Know and differentiate between the different types of retailers.a. General-Merchandise Retailersi. Supermarkets – Large, self-service stores that carry a complete line of food products as well as some nonfood productsii. Superstores – Giant retail outlets that carry products ordinarily found in supermarkets, but also routinely purchased consumer productsiii. Hypermarkets – Combine supermarket and discount store shopping in one locationiv. Warehouse clubs – large-scale, members-only selling operations combining cash-and-carry wholesaling and discount retailingv. Warehouse Showrooms – Retail facilities in large, low-cost buildings with warehouse materials-handling technology, vertical merchandise displays, large on-premises inventories and minimal services (IKEA)b. Specialty Retailersi. Traditional Specialty Retailers – Carry a narrow product mix with deep product lines. They are sometimes called limited-line retailersii. Category Killers – a very large specialty store concentrating on a major product category and competing on the basis of low prices and product availability (Best Buy)iii. Off-Price Retailers – Buy manufacturers’ seconds, overruns, returns and off-season runs at below-wholesale prices for resale to consumers at deep discounts (TJ MAX)5. Why is location important for retailers?a. It is the least flexible of the strategic retailing issues6. What is retail positioning?a. Retail positioning – Identifying an unserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment7. What are atmospherics in reference to store image?a. Atmospherics – The physical elements in a store’s design that appeal to consumers’ emotions and encourage buyingi. Exterior atmospherics – storefront, displays, entrancesii. Interior atmospherics – lighting, wall and floor coverings, store fixtures8. What is category management?a. Category management – a retail strategy of managing groups of similar, often substitutable, products produced by different manufacturers, it represents amove towards a collaborative supply-chain initiative that enhances customer value9. Define direct marketing and catalog marketing.a. Direct Marketing – The use of telephone, Internet, and nonpersonal media to communicate product and organizational information to customersb. Catalog Marketing – Occurs when an organization provides a catalog from which customers make selections and place order via mail, telephone, or the Internet10. What is telemarketing? a. Telemarketing – The performance of marketing-related activities by telephone11. What is franchising? The advantages and disadvantages?a. Franchising – an arrangement in which a supplier, or franchiser, grants a dealer, or franchisee, the right to sell products in exchange for some type of considerationi. Advantages – start a business with limited capital, more successful than independent outlets, fast product distribution, franchiser gets to dictate many aspects of the businessii. Disadvantages – franchisee must pay to use the name, products, and assistance, and the franchisee gives up control when entering into the agreement12. What is wholesaling? A wholesaler?a. Wholesaling – All transactions in which products are bought for resale, for making other products, or for general business operationsb. Wholesaler – An individual or organization that sells products which are bough for resale, for making other products, or for general business operations13. What services do wholesalers provide to producers? To Retailers?a. To Producers:i. Extension of producer’s sales force, pay for transporting goods, reduce warehousing expenses and inventory investment, extend credit and assume losses, source of working capital, conduits for informationb. To Retailer:i. Assist with marketing strategy, especially distribution, helps retailer selectinventory, often specialists on market conditions, reduce a retailer’s burden 14. Define brokers and agents.a. Brokers – Intermediaries temporarily employed by buyers or sellers in order to unite buyers and sellersb. Agents – Represent either buyers or sellers on a permanent basisChapter 18 – Lecture 201. What is advertising?a. Advertising is a paid form of nonpersonal communication that is transmitted to atarget audience through mass media2. What are the types of institutional advertising?a. Institutional advertising promotes organizational images, ideas, and political issues (the video shown in class of the first Apple computer). One type of this advertising is advocacy advertising, which promotes a company’s position on a public issue (a company sponsoring a charity event)3. What are the types of product advertising?a. Product advertising – promotes the uses, features, and benefits of productsb. Pioneer Advertising – focuses on stimulating demand for a product category by informing potential buyers about the productc. Competitive Advertising – attempts to stimulate demand for a specific brand by indicating a brand’s features, uses and advantages relative to competing brands4. What are the forms of competitive advertising?a. Comparative Advertising – compares the sponsor brand with other brands on the basis of one or more product characteristics, like Mac vs. PCb. Reminder Advertising – reminds customers that an established brand is still around and still offers certain characteristics and benefitsc. Reinforcement Advertising – assures current users that they have made the rightchoice and shows how to get the most satisfaction from the brand5. What is an advertising campaign?a. Advertising campaign – designing a series of advertisements and placing them invarious media to reach a certain audience6. What is a target audience and how do marketers analyze


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