76 Cards in this Set
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__________ refers to the number of different product lines a company offers to its customers.
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Product Mix Width
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If Coca-Cola were to come out with a new product and a “no-name” small business came out with a similar product, stores would be more willing to stock the Coke product because of Coke’s __________.
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brand equity
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6 Essential Functions of Packaging
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identification
protection
information
enhance channel acceptance, usage, and disposal
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6 Benefits of Multiple Product Lines
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Offset sales fluctuations
avoid obsolescence
increase growth and profits
protect against competition
achieve greater impact
enable economical resource usage
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A grocery store’s product ______ consists of all the products the store carries in its inventory
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Mix
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A good brand should attract attention and _________.
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Be memorable
Distinguish the product from competing brands
Help communicate positioning
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What are typical examples of products that should use their labels to communicate expiration date information?
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Perishable items (eg - milk, cheese, yogurt)
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__________ are brand names and symbols that are legally protected.
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Trademarks
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__________ are trademarks that become overly used and generally accepted as the category name for particular products.
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Generics
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Business products such as copiers, fax machines, and personal computers are typically thought as __________.
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accessories
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___________ refers to a group of closely related products.
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Product line
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__________ refers to the number of brands or items offered with each product line.
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Product mix depth
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__________ products are typically widely distributed
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Convenience
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Campbell's Soups utilizes a ______ branding strategy.
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Family
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If a store has too many different brands of laundry detergent, this would be a example of having a bad product mix _____ because the difference between the brands isn’t significant enough for customers.
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depth
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Most U.S. product markets are saturated or are in the __________ stage of the product life cycle.
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maturity
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Competition first becomes significant during which stage of the product life cycle?
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growth
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Dr. Hoffman mentioned that Marriot hotel expanded into Marriot Resorts and into Marriot Courtyards. This was an example of a __________.
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two-way stretch
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3 reasons why new products typically fail?
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A competitor beats the firm to the market.
The product is no longer interesting to management.
The product fails to meet a desired price point.
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If a new product’s initial sales are slow, profits are negative, and customers are going through a learning process about the product, which stage of the life cycle is this product in?
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Introduction
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If a new product is offered, like a mp3 player, it sends older generation competitors into the ______ stage, like a CD player.
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Decline
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________ are customers that purchased mp3 players when they first came out, and _________ are people who wait to see if prices go down.
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Innovators; late majority
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If a new product can be easily copied by competitors, producers might try to use ___________ which includes starting off with a low price in order to maximize market-share and build brand loyalty.
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Penetration pricing
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Financial success of a product can be measured by 3 ways:
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ROI
Profitability
Margin Improvement
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A new product has been made available to customers. An individual customer becomes aware and receives knowledge of this product, has a liking for it and purchases it. This process is known as __________.
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individual adoption process
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If a retailer can easily pick and choose their suppliers, they can exert pressure upon their suppliers in order to make them move in the right direction. This is known as _____ power.
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Coercive
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__________ refers to the capacity of one channel member to influence the behavior of another channel member.
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Channel power
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If management attempts to minimize the cost of using logistical tasks taken as a whole, they are using the _______________.
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total cost approach
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For certain products such as gum, cigarettes and soft drinks consumers aren’t necessarily concerned if they buy it from Wal-Mart or a gas station. These products are _______ distributed
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intensively
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The development of efficient marketing channel structures is based on which two principles?
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Specialization of Labor
Transaction Efficiency
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If a company has a very good reputation in the market, others in the market may follow this company’s direction given its __________ power.
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referent
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If a particular product is delivered to the market via a three-level channel and the product is exclusively distributed, what level of control does the producer have over the marketing of this product?
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High control
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A marketing channel is the network of organizations that creates what 3 types of utilities?
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Time
Possession
Place
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The video lecture mentioned that manufacturers selling products online or through outlet stores are a great example of __________, since the manufacturer and its retailers are essentially competing over the same customers.
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channel conflict
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As described in the video lecture, Dell Computer is an example of which type of marketing channel length?
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Two-level
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The utility that offers customers the convenience of being able to obtain the product’s title from a retailer, rather then obtaining the title from the manufacturer is referred to as __________.
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possession
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According to the video lecture, the first and most obviously necessary component of a logistics system is:
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transportation
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A traditional mom and pop (small) retailer that buys their products from wholesalers like Sam’s Club are at which level in the marketing channel?
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Four-level
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Products that are shopping products, such as blue jeans, are typically __________ distributed
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selectively
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Intermediaries are also known as:
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middlemen
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Which of the following is not one of the three dimensions that comprise marketing channel structure?
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Logistical tasks that need to be performed
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__________ is power resulting from technological knowledge or proprietary reasons
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Expert
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According to the video lecture, this component of a logistics system involves cross-docking and can be undertaken either privately or publicly.
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Warehousing
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What stage of the retail life cycle would a full-service gas station be in?
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Decline
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Avon, Tupperware Parties and door to door vacuum salesmen are great examples of which nonstore-based retailer?
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Direct selling
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This type of retailer represents manufacturers with non-competing product lines and works under contract within protected sales territories. The price, delivery, service, warranties and other handling are spelled out within the contract.
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Department store
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Which type of wholesaler never takes possession of the goods and acts as an independent agent for manufactures?
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Manufacturer’s Sales Office
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According to the video lecture, another name for downtown is __________.
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central business district
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T/F: The internet will increase overall consumer demand for retail products.
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False
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T/F: Internet shoppers would probably buy more online if they could return items more easily.
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True
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T/F: E-tailers must pay better attention to customer service.
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True
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Lady Footlocker would be considered a ______ store characterized by ______ product width, but ______ product depth.
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specialty; narrow; deep
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________ are a type of store-based retailer that offers one stop shopping and is currently combining supermarkets with department stores
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Supercenters
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__________ is a combination of merchandise, price, advertising and promotion, customer services and selling, and store layout and design.
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Retail mix
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The US Census Bureau classifies chain stores into two categories:
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2-10 stores or 11+
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Which margin and turnover combination is the hardest to maintain as a viable business option?
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Low-Margin/Low-Turnover Retailer
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_________ retailers operate from a fixed location that requires consumers to travel to the store to view and select merchandise and/or services.
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Store-based
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This wholesaler accounts for 50% of sales but usually doesn’t extend credit.
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Merchant Wholesalers with Limited Service
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_______ are varied in size and are the ultimate specialty store.
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Category killers
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Toys-R-Us is an example of what type of retailer?
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category killer
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Define: Scrambled Merchandising
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unrelated lines of merchandise being carried by a single retailer.
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Define: Wheel of Retailing
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Start with basic retailer/product mix and then expand
(eg - supermarket adding bakery, deli, and florist)
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__________ attempt to reach the consumer at home, work, or any place other than a store where they might be susceptible to purchasing.
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Non-store-based retailers
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6 Types of Store-based Retailers
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Convenience Stores
Department Stores
Specialty Stores
Supermarkets
Supercenters
Category Killers
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5 Types of Non-Store-Based Retailers
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Street peddling
Mail-order
Electronic shopping
Automatic Merchandising
- eg. vending machines
Direct selling
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3 Types of Wholesalers
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Manufacturer's Sales Branches
Merchant Wholesalers
- Full/Limited Service
Agents and Brokers
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______ is the planning, implementing, and controlling of the physical flows of materials and final products from points of origin to points of use to meet customer’s needs at a profit.
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Logistics (aka physical distribution)
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_________ occurs when one channel member believes that another channel member is impeding the attainment of its goals.
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Channel Conflict
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_________ is power from contract agreement or organizational relationships
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Legitimate Power
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______ is the ability to offer an award (e.g. granting of exclusive distribution)
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Reward power
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_______ is the threat of punishment (e.g. a manufacturer might threaten a retailer with loss of exclusive distribution
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Coercive power
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In general, the ______ the channel structure, the higher the degree of control, and vice versa.
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shorter
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The lower the intensity of distribution, the _______ the degree of control, and vice versa.
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higher
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Products that are expensive, infrequently purchased, are sought after by consumers (i.e. specialty goods), or which require considerable after-sale servicing are the most likely candidates for ___________ distribution.
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Exclusive
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Shopping products, or those that consumers seek out, are sold through ______ distribution.
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selective
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A 5-Level Marketing Channel consists of:
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Manufacturer
Agent
Wholesaler
Retailer
Consumer
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MKT 305: EXAM 1