MKTG 350 EXAM 4 WITH ACCURATE
SOLUTIONS
supply chain management - ANS-set of a approaches and techniques that firms use to
integrate suppliers, manufacturers, warehouses, stores, and transportation
intermediaries so that products are distributed in the right quantity to the right location at
the right time while managing costs.
logistics management - ANS-customer service, demand forecasting, distributor
communication, inventory control, materials handling, order processing, parts and
service support, plant and site selection, procurement, packaging, handle return of
goods, transportation, warehousing & storage
extreme value retailers - ANS-full line, limited, very low prices, (Dollar General)
off price retailers - ANS-inconsistent assortment of brand name at low prices, buying
opportunistically (TJ Maxx)
share of wallet - ANS-the percentage of customer's purchases made by a certain
retailer
customer relationship management - ANS-system with a centralized customer data
warehouse that houses a complete history of each customer's interaction with the
retailer, regardless of where it was purchased
benefits or internet and multichannel retailing - ANS-deeper and broader selection,
personalization, gain insights into consumer shopping and behavior, increase share of
wallet, some chance of cannibalization, increase customer satisfaction and loyalty,
expand market presence
benefits for store customers - ANS-browsing, touching and feeling, personal service,
cash and credit, entertainment and social interaction, instant gratification, risk reduction
integrated marketing communications (IMC) - ANS-promotion, advertising, personal
selling, sales promotion, public relations, direct marketing, and online marketing
including social media—in combination to provide clarity, consistency, and maximum
communicative impact
communications process - ANS-sender (firm)—>transmitter encodes messages (words,
pictures, jingles)—> communications (media)—>receiver (consumer) decodes message
, AIDA - ANS-awareness, interest, desire, action
the series of mental stages through which consumers move as a result of marketing
communications
TOMA - ANS-top of mind awareness
highest level of awareness, occurs when consumers mention a specific brand name first
when they are asked about a product or service
advantages of advertising - ANS-most visible element of IMC, extremely effective at
creating awareness and generating interest, have to find to break through the clutter
personal selling - ANS-more expensive, more complicated items—>B2B products,
salespeople add significant value, which makes the expense worth it
PR - ANS-"free" media attention, importance of PR has grown as cost of other media
has increased, consumers becoming more skeptical about marketing, PR becoming
more important
objective and task budget method - ANS-determines the budget required to undertake
specific tasks to accomplish communication objectives, set objectives, choose media,
and determine costs
rule of thumb budget method - ANS-use prior sales and communication activities to
determine the present communication budget, competitive parity
sales budget method - ANS-communication budget is a fixed % of sales based on past
or competitors, does not consider new plans
available/affordable budget method - ANS-allocate money, whatever's leftover will go to
marketing, doesn't give enough emphasis to marketing
advertising - ANS-paid for communication by an identified sponsor that goes through
the mass media for the purpose of informing persuading or reminding very impersonal
because it goes out to millions of people at one time
push ad strategy - ANS-designed to increase demand by focusing on wholesalers,
distributors, or sales people.
using communications push product down the supply chain
-trade sales promotions: manufacturer creates special incentive for retailer to buy
product
-trade advertising: only featured in trade magazines going to retailers/industry
SOLUTIONS
supply chain management - ANS-set of a approaches and techniques that firms use to
integrate suppliers, manufacturers, warehouses, stores, and transportation
intermediaries so that products are distributed in the right quantity to the right location at
the right time while managing costs.
logistics management - ANS-customer service, demand forecasting, distributor
communication, inventory control, materials handling, order processing, parts and
service support, plant and site selection, procurement, packaging, handle return of
goods, transportation, warehousing & storage
extreme value retailers - ANS-full line, limited, very low prices, (Dollar General)
off price retailers - ANS-inconsistent assortment of brand name at low prices, buying
opportunistically (TJ Maxx)
share of wallet - ANS-the percentage of customer's purchases made by a certain
retailer
customer relationship management - ANS-system with a centralized customer data
warehouse that houses a complete history of each customer's interaction with the
retailer, regardless of where it was purchased
benefits or internet and multichannel retailing - ANS-deeper and broader selection,
personalization, gain insights into consumer shopping and behavior, increase share of
wallet, some chance of cannibalization, increase customer satisfaction and loyalty,
expand market presence
benefits for store customers - ANS-browsing, touching and feeling, personal service,
cash and credit, entertainment and social interaction, instant gratification, risk reduction
integrated marketing communications (IMC) - ANS-promotion, advertising, personal
selling, sales promotion, public relations, direct marketing, and online marketing
including social media—in combination to provide clarity, consistency, and maximum
communicative impact
communications process - ANS-sender (firm)—>transmitter encodes messages (words,
pictures, jingles)—> communications (media)—>receiver (consumer) decodes message
, AIDA - ANS-awareness, interest, desire, action
the series of mental stages through which consumers move as a result of marketing
communications
TOMA - ANS-top of mind awareness
highest level of awareness, occurs when consumers mention a specific brand name first
when they are asked about a product or service
advantages of advertising - ANS-most visible element of IMC, extremely effective at
creating awareness and generating interest, have to find to break through the clutter
personal selling - ANS-more expensive, more complicated items—>B2B products,
salespeople add significant value, which makes the expense worth it
PR - ANS-"free" media attention, importance of PR has grown as cost of other media
has increased, consumers becoming more skeptical about marketing, PR becoming
more important
objective and task budget method - ANS-determines the budget required to undertake
specific tasks to accomplish communication objectives, set objectives, choose media,
and determine costs
rule of thumb budget method - ANS-use prior sales and communication activities to
determine the present communication budget, competitive parity
sales budget method - ANS-communication budget is a fixed % of sales based on past
or competitors, does not consider new plans
available/affordable budget method - ANS-allocate money, whatever's leftover will go to
marketing, doesn't give enough emphasis to marketing
advertising - ANS-paid for communication by an identified sponsor that goes through
the mass media for the purpose of informing persuading or reminding very impersonal
because it goes out to millions of people at one time
push ad strategy - ANS-designed to increase demand by focusing on wholesalers,
distributors, or sales people.
using communications push product down the supply chain
-trade sales promotions: manufacturer creates special incentive for retailer to buy
product
-trade advertising: only featured in trade magazines going to retailers/industry
