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UA ACCT 200 - Marketing Study Guide

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Ch.16 -Different classifications of retailing**oForm of ownership -Independent retailer -Corporate chain -Contractual system oLevel of service -Self service -Limited service -Full service oMerchandise line -Depth of line-Breadth of line -Identify from a list non-store retailing examples oAutomatic vending oDirect mail and catalogs oTelevision home shopping oOnline retailing oTelemarketing oDirect Selling -Different levels of service, which ones are the most labor intensive for the customer as well as the company oSelf-service: most labor intensive for the customer oFull-service: most labor intensive for the company -What is the term shrinkage in retailing refer to oRetailers trying to keep prices low, breakage, theft and fraud by customers and employees -What goes into the retailing mix oRetail pricing oStore location oRetail communication oMerchandise -What is the wheel of retailing, what does it refer to oDescribes how new forms of retail outlets enter the market, passage of time -Starts with low prices, margin, status -Goes to higher prices, margin, status, -Then still higher prices, margin, status -Finally new form outlet enters retail environment with same characteristics -What is multi-channel marketing oThe blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining and building relationships with consumers WA#-Be able to calculate a markup oMarkup = Selling price - COGS oMarkup on cost/selling price = Selling price - COGS/Selling price x 100 -What is a full service merchant wholesaler oGeneral merchandise wholesaler: carry a broad assortment of merchandise and performall channel functions (little depth)oSpecialty merchandise wholesaler: narrow range of products but have an extensive assortment of products (large depth) -Define a merchant wholesaler oMerchant wholesalers are independently owned firms the take title to the merchandise they handle -What are the different utilities of retailing oTime oPlace oForm oPossession -Understand an example and differentiate between breadth and depth oBreadth: number of different product lines oDepth: Number of items within each product line -Know the different types of franchising types oBusiness format franchises: McDonalds, 7-eleven, subway oProduct distribution franchises: Ford, Coca-Cola Ch. 17 -What does the promotional mix include (IMC) oAdvertising (mass)oPersonal selling (customized)oSales promotion (mass)oPublic relations (mass)oDirect marketing (customized) -Understand and what comprises the IMC (definition) oIntegrated marketing communications: coordinate a variety of promotion alternatives to provide a consistent message across audiences -What are the strengths and weakness of each advertising type oAdvertising -Efficient in reaching a large amount of people -Difficult to receive good feedback, high absolute cost oPersonal selling -Immediate feedback, very persuasive, can give complex info -Extremely expensive, messages may vary oSales promotion-Effective in changing behavior, flexible-Easily abused and duplicated promotion wars oPublic relations -Credible source-Difficult to get media cooperation oDirect marketing -Messages can be prepared quickly, relationship with consumer -Declining customer response, database management is expensive -Understand the communication process oA source oA messageoA channel of communication oA receiveroProcesses of encoding and decoding -Know the characteristics of the promotional mix oComplexity: technological sophistication oRisk: financial, social, and physical risk oAncillary services: degree of service or support required after the sale -Be able to differentiate between a push and pull strategy oPush: directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product oPull: directing its promotional mix at ultimate consumers, retailers order the product from wholesalers and this the item is pulled through the intermediaries -Four different budgeting approaches of the IMCoPercentage of sales: finds are allocated to promotion as a percentage of past or anticipated sales oCompetitive Parity: matching the competitor's absolute level of spending or the proportion of point market share oAll you can afford: money is allocated to promotion only after all other budget items have been coveredoObjective and task: determines objects, outlines tasks, determines promotion cost -Know the different phases of the IMC oPlanning, implementation, evaluation -Identify target audience -Specify promotion objectives -Set the promotion budget -Select, design, schedule the promotion -Know the different forms of direct marketing oDirect mail and catalogsoTelevision home shopping oTelemarketing oDirect selling -Know the EU E-privacy directive oProvides explicit laws for website owners, concerns the processing of personal data and the protection of privacy online -How does IMC effect lead generation oResult of an offer designed to generate interest in a product or service and request for additional information -Promotional mix uses three things to persuade people oPioneering (informational) oCompetitive (persuade) oReminder -Intro: inform -Growth: persuade -Maturity: remind -Decline: phase outCh.18 -Advertising can take 3 forms, what are they? oPioneering (informational) oCompetitive (persuasive) oReminder -Examples of pioneering, competitive, reminder ad oPioneering - tells people what the product can do, what it is, and how it where it can be found oCompetitive - promotes specific brand features and benefits oReminder - reinforces previous knowledge of a product -What are the 4 commonly used forms of intuitional advertising oAdvocacy - states company's position on an issue oPioneering oCompetitive oReminder -Know what advertising appeal is being used from an example oFear, sex and humor -What are some of the goal of institutional advertising oBuild goodwill or an image for an organization rather than promote a product or service-Know the equation: oreach x frequency = grp (gross rating points) oWill help solve multiple questions -What are advertisers trying to maximize and minimize through advertising oTry to maximize reach in their target market at the lowest cost - What kind of advertising schedules are there oContinuous (steady schedule): when seasonal factors are unimportant, advertising is run throughout the year oFlighting (intermediate schedule): periods of advertising are scheduled between periods of no


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