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MKT 305: EXAM 3
__________ refers to the number of different product lines a company offers to its customers. |
Product Mix Width |
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 __________. |
brand equity |
6 Essential Functions of Packaging |
identification
protection
information
enhance channel acceptance, usage, and disposal
|
6 Benefits of Multiple Product Lines |
Offset sales fluctuations
avoid obsolescence
increase growth and profits
protect against competition
achieve greater impact
enable economical resource usage
|
A grocery store’s product ______ consists of all the products the store carries in its inventory |
Mix |
A good brand should attract attention and _________. |
Be memorable
Distinguish the product from competing brands
Help communicate positioning |
What are typical examples of products that should use their labels to communicate expiration date information? |
Perishable items (eg - milk, cheese, yogurt) |
__________ are brand names and symbols that are legally protected. |
Trademarks |
__________ are trademarks that become overly used and generally accepted as the category name for particular products. |
Generics |
Business products such as copiers, fax machines, and personal computers are typically thought as __________. |
accessories |
___________ refers to a group of closely related products. |
Product line |
__________ refers to the number of brands or items offered with each product line. |
Product mix depth |
__________ products are typically widely distributed |
Convenience |
Campbell's Soups utilizes a ______ branding strategy. |
Family |
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. |
depth |
Most U.S. product markets are saturated or are in the __________ stage of the product life cycle. |
maturity |
Competition first becomes significant during which stage of the product life cycle? |
growth |
Dr. Hoffman mentioned that Marriot hotel expanded into Marriot Resorts and into Marriot Courtyards. This was an example of a __________. |
two-way stretch |
3 reasons why new products typically fail? |
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.
|
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? |
Introduction |
If a new product is offered, like a mp3 player, it sends older generation competitors into the ______ stage, like a CD player. |
Decline |
________ are customers that purchased mp3 players when they first came out, and _________ are people who wait to see if prices go down. |
Innovators; late majority |
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. |
Penetration pricing |
Financial success of a product can be measured by 3 ways: |
ROI
Profitability
Margin Improvement |
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 __________. |
individual adoption process |
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. |
Coercive |
__________ refers to the capacity of one channel member to influence the behavior of another channel member. |
Channel power |
If management attempts to minimize the cost of using logistical tasks taken as a whole, they are using the _______________. |
total cost approach |
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 |
intensively |
The development of efficient marketing channel structures is based on which two principles? |
Specialization of Labor
Transaction Efficiency |
If a company has a very good reputation in the market, others in the market may follow this company’s direction given its __________ power. |
referent |
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? |
High control |
A marketing channel is the network of organizations that creates what 3 types of utilities? |
Time
Possession
Place |
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. |
channel conflict |
As described in the video lecture, Dell Computer is an example of which type of marketing channel length? |
Two-level |
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 __________. |
possession |
According to the video lecture, the first and most obviously necessary component of a logistics system is: |
transportation |
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? |
Four-level |
Products that are shopping products, such as blue jeans, are typically __________ distributed |
selectively |
Intermediaries are also known as: |
middlemen |
Which of the following is not one of the three dimensions that comprise marketing channel structure? |
Logistical tasks that need to be performed |
__________ is power resulting from technological knowledge or proprietary reasons |
Expert |
According to the video lecture, this component of a logistics system involves cross-docking and can be undertaken either privately or publicly. |
Warehousing |
What stage of the retail life cycle would a full-service gas station be in? |
Decline |
Avon, Tupperware Parties and door to door vacuum salesmen are great examples of which nonstore-based retailer? |
Direct selling |
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. |
Department store |
Which type of wholesaler never takes possession of the goods and acts as an independent agent for manufactures? |
Manufacturer’s Sales Office |
According to the video lecture, another name for downtown is __________. |
central business district |
T/F: The internet will increase overall consumer demand for retail products. |
False |
T/F: Internet shoppers would probably buy more online if they could return items more easily. |
True |
T/F: E-tailers must pay better attention to customer service. |
True |
Lady Footlocker would be considered a ______ store characterized by ______ product width, but ______ product depth. |
specialty; narrow; deep |
________ are a type of store-based retailer that offers one stop shopping and is currently combining supermarkets with department stores |
Supercenters |
__________ is a combination of merchandise, price, advertising and promotion, customer services and selling, and store layout and design. |
Retail mix |
The US Census Bureau classifies chain stores into two categories: |
2-10 stores or 11+ |
Which margin and turnover combination is the hardest to maintain as a viable business option? |
Low-Margin/Low-Turnover Retailer |
_________ retailers operate from a fixed location that requires consumers to travel to the store to view and select merchandise and/or services.
|
Store-based |
This wholesaler accounts for 50% of sales but usually doesn’t extend credit. |
Merchant Wholesalers with Limited Service |
_______ are varied in size and are the ultimate specialty store. |
Category killers |
Toys-R-Us is an example of what type of retailer? |
category killer |
Define: Scrambled Merchandising |
unrelated lines of merchandise being carried by a single retailer.
|
Define: Wheel of Retailing |
Start with basic retailer/product mix and then expand
(eg - supermarket adding bakery, deli, and florist) |
__________ attempt to reach the consumer at home, work, or any place other than a store where they might be susceptible to purchasing.
|
Non-store-based retailers |
6 Types of Store-based Retailers |
Convenience Stores
Department Stores
Specialty Stores
Supermarkets
Supercenters
Category Killers
|
5 Types of Non-Store-Based Retailers |
Street peddling
Mail-order
Electronic shopping
Automatic Merchandising
- eg. vending machines
Direct selling
|
3 Types of Wholesalers |
Manufacturer's Sales Branches
Merchant Wholesalers
- Full/Limited Service
Agents and Brokers |
______ 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.
|
Logistics (aka physical distribution) |
_________ occurs when one channel member believes that another channel member is impeding the attainment of its goals. |
Channel Conflict |
_________ is power from contract agreement or organizational relationships |
Legitimate Power |
______ is the ability to offer an award (e.g. granting of exclusive distribution) |
Reward power |
_______ is the threat of punishment (e.g. a manufacturer might threaten a retailer with loss of exclusive distribution |
Coercive power |
In general, the ______ the channel structure, the higher the degree of control, and vice versa. |
shorter |
The lower the intensity of distribution, the _______ the degree of control, and vice versa. |
higher |
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. |
Exclusive |
Shopping products, or those that consumers seek out, are sold through ______ distribution. |
selective |
A 5-Level Marketing Channel consists of: |
Manufacturer
Agent
Wholesaler
Retailer
Consumer
|