MKT 3250 Exam 2 | Verified with 100% Correct Answers

MKT 3250 Exam 2 | Verified with 100% Correct Answers The ________ function represents the role that Hope Spring's distributors have in storing, sorting, and transporting bottled water to the Coffee Collective. Logistical A(n) ________ is an intermediary who sells Hope Springs' bottled water to retailers such as The Coffee Collective. Wholesaler By satisfying the customer service factor of ________, the distributor will ensure that deliveries of Hope Springs' bottled water to The Coffee Collective are consistent in lead-time, will arrive safely, and are complete. dependability Given Hope Springs' focus on the environment, it actively practices ________ to support retailers' water bottle recycling initiatives by collecting their used water bottles and reusing or disposing the plastic whenever possible. reverse logistics When Jeff Bezos founded A in 1994, he was laying the foundation for the world's largest ________, because A uses the Internet to make its products and services available to its consumers. digital marketing channel Amazon creates many utilities for its customers, but perhaps the most valuable utility for consumers is ________, the utility created by having the offerings available where consumers need it, on A. Place To improve its inventory turnover, Amazon shares purchasing forecasts and sales information with its suppliers to ensure that the right amount of the right product arrives at the right place at the lowest possible cost. When Amazon and its suppliers work together to move a product from the source of raw materials to consumption, it is an example of Logistics Amazon and its suppliers have an intense focus on cost and efficiency in the supply chain with a goal of creating ________ for consumers. lower prices Shoppers on A have differing needs that must be satisfied during the exchange, which often include the need for information, convenience, variety, and/or pre- or postsale services. These needs are collectively referred to as buyer requirements A student goes onto A to purchase a biology textbook that was published by McGraw-Hill Higher Education and then sold to Amazon through a book wholesaler. In this marketing channel, A would best be classified as a virtual retailer One of the major drawbacks of online shopping is the lack of instant gratification because consumers must wait for their products to be delivered. One of Amazon's recent innovations is the development of unmanned aerial drones that allow Amazon to provide its customers with faster delivery service—in some cases, 30-minute delivery. This innovation in supply chain management serves as an example of innovation driven by an understanding of the customer To create ________ utility for her customers, Martha decides to open The Coffee Collective close to the college campus. place The Coffee Collective, a(n) ________, is the most common form of retail ownership. independent retailer Decisions by The Coffee Collective regarding which type of organic dog biscuit to offer is an example of which retail mix component? merchandise When Martha was starting The Coffee Collective, she purchased the right furniture, painted with certain colors, hired the right employees, and is now selling appropriate snacks. These are all examples of which component of the retail mix? communication When measuring the effectiveness of her retailing strategy, Martha decides to measure the sales per square foot, which is calculated by dividing ________ by selling area in square feet. total sales The Mall of America, while located in chilly Minneapolis, MN, is located at the intersection of major freeways, with easy access to a major airport in a thriving metropolitan area. Store location is to the retailing mix as ________ is to the marketing mix. Place The Mall of America is currently more than 4.87 million square feet and has more than 400 stores—with plans for expansion. With its large size and diverse retail offerings, the Mall of America would best be classified as a regional shopping center In the retail positioning matrix, the Mall of America would be positioned in the ________ breadth of product line, and ________ value added quadrant. broad; high To compete with the convenience of online retail, the Mall of America offers a mix of sit-down dining, fast casual, and fast-food dining choices. The various dining experiences are a ________ for Mall of America as compared to online malls. point of differentiation The Mall of America utilizes ________ because it combines the traditional elements of promotion (including advertising, social media, and personal selling) with functional and psychological elements to position the mall and create its high-end image. retail communication To keep consumers coming to the Mall of America from around the world, mall management must ensure that the retail offerings at the mall include a mix of national department stores and specialty retail. The mix of retailers at the Mall reflects the ________ element of the retailing mix. Merchandise What is the purpose of a marketing channel? A. It directs the flow of all of a firm's promotional efforts so that the communication message is clear. B. It brings all of a firm's retailers together in terms of what they will charge for the firm's product. C. It makes possible the flow of products and services from a producer, through intermediaries, to a buyer. D. It directs the distribution efforts of a firm's suppliers to ensure optimal delivery time frames are met. In a consumer market, an intermediary who sells to other intermediaries is called a(n) ______. Wholesaler A retailer is an intermediary that sells to ______. Consumers What statement is TRUE about marketing channels? A. indirect channels are longer than direct ones B. the more intermediaries, the shorter the channel C. more intermediaries are involved in direct channels D. every channel must have a retailer in it Compared to marketing channels for consumer products, business channels exhibit what characteristics? (Select all that apply) A. the channel is typically very long B. the channel is typically shorter C. the complexity of business transactions requires the use of many intermediaries D. the channel tends to rely on one intermediary or none at all The individuals or firms involved in the process of making products available to consumers or industrial users are referred to as a ______. marketing channel O is a reservation mechanism for restaurants. It uses the Internet to allow consumers to reserve tables in many establishments throughout the United States. It is an example of a ______. digital marketing channel What intermediary sells specifically to consumers? Retailer What marketing channel allows consumers to buy products by interacting with various print or electronic media instead of a face-to-face meeting with a salesperson? direct to consumer marketing What are the two types of marketing channels? direct and indirect An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product is known as ______. dual distribution Professionally managed and centrally coordinated marketing channels that are designed to achieve channel economies and maximize marketing impact are known as ______. vertical marketing systems The highest level of distribution density in which products and services are placed in as many outlets as possible, is known as _____________ distribution. Intensive Amazon and Orbitz are both part of _______ marketing channels. Digital GE sells its large appliances directly to home and apartment builders but uses retail stores like Lowe's to sell to consumers, in a strategy known as ______. dual distribution Channel conflict occurs between ______. two different channel members What are the three major types of vertical marketing systems? A. corporate B. administered C. contractual D. logistical E. transactional F. facilitating The over 1 million ATM machines owned by Visa are an example of Visa's strategy to provide a(n) _______ distribution of cash. Intensive When one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals, ________ arises. channel conflict Carlos' firm manufactures custom-made furniture that is sold through various furniture retailers. Carlos sources the wood he needs from various lumber manufacturers and uses a distributor to get his products to the retail stores for sale. The suppliers of the wood, the distributor, and the retail stores are all part of a ______. supply chain When designing a supply chain that meets customer requirements and aligns with strategy, what are the two goals that firms try to achieve? A. to be more efficient B. to be more personalized C. to be more responsive D. to be less connected Expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return goods handling are included in ______. total logistics cost Those activities that focus on getting right amount of the right products to the right place at the right time at the lowest possible cost are known as ______. Logistics ________, as it pertains to a supply chain, is the ability to satisfy users in terms of time, dependability, communication, and convenience. customer service What are two benefits associated with reverse logistics? A. improved customer service B. reduced waste in landfills C. lowered operating costs for companies D. improved cooperation of channel intermediaries ________ are typically designed to be either responsive or efficient, depending upon a firm's strategy to meet customer requirements. supply chains Many logistics costs are interrelated; for example, increasing inventory costs with additional warehouses should result in ______. reduced transportation costs In the context of a supply chain, customer ____________ is the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience. Service The process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal is known as ______ logistics. Reverse Which items should be considered as part of total logistics cost? (Select all that apply) A. materials handling and warehousing B. marketing research C. order processing D. sales promotion costs Reverse logistics is ______. A. the use of specialized firms to perform most or all logistics functions, instead of performing them in-house B. the process of reclaiming recyclable and reusable materials for repair, redistribution, or disposal C. the development of customer service standards for consumer returns D. the combining of many small shipments into larger lots that can then be transported at reduced rates The set of activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use is referred to as ______. retailing