Shared Flashcard Set

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FIM220
Exam I
55
Management
Undergraduate 2
02/29/2012

Additional Management Flashcards

 


 

Cards

Term
List changes in the food system
Definition
Recession, food vs. fuel, industry consolidation, threatened profit margins, consumer changes, information technology, product proliferation, power shifts in the channel, alternative distribution, flat or reduced market growth, international expansion.
Term
Number of products (increasing/decreasing)
Definition
Decreasing, due to the recession.
Term
Top 3 discount stores
Definition
Walmart, KMart, Target
Term
Top 3 drug stores
Definition
Walgreens, CVS, RiteAid
Term
Top 3 supermarkets
Definition
Albertsons, Safeway, Kroger
Term
3 major office supply stores
Definition
Office Depot, Staples, Office Max
Term
Alternative Distribution
Definition
Internet direct, hypermarket (Walmartization), specialty outlets (Starbucks on every corner)
Term
Where does Menard's fit?
Definition
Bottom left (low selection, low service)
Term
How many new products per year?

How many succeed?
Definition
14000

1 in 10
Term
4 P's
Definition
Product, price, promotion, place
Term
Global food market (in dollars)
Definition
$2.7 bl
Term
North American food market (in dollars)
Definition
$650 bl
Term
Demographic changes
Definition
Population growth, ethnic diversity, regional tastes
Term
Generation categories
Definition
Baby Boomers (1946-1964)
Generation X (1965-1976)
Generation Y (1977-1994)
Term
Family structure changes
Definition
Single, divorced, dual income, women in the workplace, gays and lesbians
Term
Consumer demand trends
Definition
Greater convenience, higher quality
Term
Types of food products
Definition
Staple, impulse, luxury
Term
Price elasticity of demand
Definition
>1 elastic (very responsive)
<1 inelastic (not very responsive)
Term
Consumer behavior
Definition
Switch from fine dining to fast food, private brands and coupons, switch stores to warehouses and supercenters
Term
3 largest away from home sources
Definition
Fast food 33% (younger, middle income)
Restaurant 23% (older, higher income)
Supermarket 20% (older, lower income, one person household)
Term
How much did restaurant sales fall in 2009?
Definition
2.5%
Term
3 types of shoppers
Definition
Economizers (33%)
Carefree spender (39%)
Time challenged (28%)
Term
Economizers
Definition
25% of sales
Low price is focus
More home cooked meals
lower income, less education
Weekly expenditure $66
Term
Carefree spenders
Definition
45% of spending
Least cost-conscious
Medium size household, high income, high education
Weekly expenditure $101
Term
Time challenged spenders
Definition
30% of spending
Busy lifestyles
High consumption of fast food
Large household
Weekly expenditure $92
Term
Two main channels
Definition
Grocery (retailers and wholesalers) and food service (retailers and distributors)
Term
Traditional channels
Definition
Supermarket, fresh format, warehouse, superstore, limited assortment, convenience, super warehouse
Term
Non traditional channels
Definition
Wholesale, supercenter, dollar store, drug store, mass merchandise, hypermarket
Term
Traditional grocery projections (increase/decrease)
Definition
Decrease
Term
CR4 (definition)
Definition
Concentration ratio (share of top 4 markets)
Term
Top 3 retailers in North America
Definition
Walmart, Kroger, Costco
Term
Top 3 supermarkets
Definition
Kroger, Albertsons, Safeway
Term
Top 3 worldwide food retailers
Definition
Walmart, Carrefour, Tesco
Term
Net profits (increasing/decreasing)
Definition
Decreasing
Term
Size of store (increasing/decreasing)
Definition
Decreasing
Term
Number of items (increasing/decreasing)
Definition
Increasing
Term
Weekly sales (increasing/decreasing)
Definition
Increasing
Term
Sales per transaction (increasing/decreasing)
Definition
Decreasing
Term
Types of food service
Definition
Fast food, full service, schools, health care facilities
Term
Largest food service company
Definition
Darden's
Term
Fastest growing eating establishment
Definition
Fast casual
Term
Margin-Markup
Definition
(Selling Price-Cost)/Selling Price
Term
Return on investment
Definition
Margin x turnover
Term
Consumer Product Management formula
Definition
Functional Food Product+Total Product/Service Features=Consumer's Overall Perception
Term
CPG
Definition
Consumer Packaged Goods
Term
Private labels represent __% of SKUs
Definition
20%
Term
Meijer core values
Definition
Customer centered, competitive spirit, freshness, familyness, health & safety
Term
Meijer 7 promises
Definition
Fresh, differentiate, low cost, localization, easy, competitive, talented team
Term
Push-Pull
Definition
^Push Consumer vPull
Retailer
Wholesaler
Manufacturer
Supplier
Term
Push-Pull
Definition
^Push Consumer vPull
Retailer
Wholesaler
Manufacturer
Supplier
Term
Promotion
Definition
Advertising, sales promotion, personal selling, public relations
Term
Channel influences
Definition
Volume, service
Term
Why use DSD?
Definition
Customers are large and well-defined, control is essential
Term
Why use Indirect SD?
Definition
Markets are fragmented and widely dispersed
Term
Types of distributors
Definition
Broad-line, system, self-distribution, secialty
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