Term
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Definition
| Place: All activities to get the right products to the right customer when that customer wants it. |
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Term
| What is supply chain management? |
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Definition
| The set of approaches and techniques employed to effectively integrate their suppliers, manufacturers, warehouses, stores and transportation intermediaries into a seamless value chain in which merchandise is produced and distributed in the right quantities to the right locations and at the right time as well as t minimizing system wide costs while satisfying the service levels their customers require. |
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Term
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Definition
| firms engaged in buying, taking, storing and physically handling goods in large quantities, then reselling in smaller quantities to retailers or users. |
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Term
| What is the marketing channel? |
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Definition
| The set of instituitons that transfer ownership of and move goods from the point of production to the point of consumption. |
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Term
| What is logistics management? |
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Definition
| The integration of two or more activities for the purpose of planning, implementing, and controlling the efficient flow of raw materials, in process inventory and finished goods from the point of origin to the point of consumption. |
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Term
| What are the two ways supply chain adds value? |
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Definition
1.) Streamlines distribution- reduces the time to process and deliver an order, reduces inventory requirements, improves manufacturing scheduling, reduces error.
2. Affects marketing - Sales department must coordinate delivery promises and advertising and promotion must be in coordination with inventory and transportation departments. |
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Term
| What are the five interrelated activities of supply chain management activities? |
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Definition
1.) Making information flow
2.) Making merchandise flow
3.)Managing inventory
4.) Designing the supply chain
5.) Managing relationships |
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Term
| What are the 5 information flows? |
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Definition
1) Customer to store- customer purchases product and gets receipt.
2) Store to buyer- point f sale terminal records purchase information and transmits to buyer. Sales information is integrated into inventoy management system.
3) Store to manufacturer- sales information is aggregated to create new order for mechandise sent to manufacturer or to distributor. Can be submitted by buyer or go directly automatically.
4) Store to manufacturer ( again ) - if merchandise is ordered frequently the order process may become automatic and bypass the buyer.
5) Store to distribution center - order is transmitted to distribution center to coordinate deliveries and check inventory. |
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Term
| What is electronic data interchange? |
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Definition
| Computer to computer exchange of business documents from the retailer to the vendor and back. data transmitted back and forth includes sales data, purchase rders, invoices and data about returned merchandise. include advanced shipping notices,intranet, extranet,and CPFR. |
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Term
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Definition
| Collaboraton planning, forecasting and replenishment. uses EDI when the retailer send sales info and manufacturer created a computer generated sales forecast and delivery schedule. |
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Term
| Whats the difference between intranet and extranet? |
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Definition
intranet is secure communication network using the internet to transmit EDI
Extranet is a collaborative network through the intenet to link business with supplier, customers or other businesses. |
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Term
| What are the parts to making merchandise flow? |
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Definition
Inbound transportation- dispatcher coordinates deliveries to a distribution cente and schedules the time slot for delivery.
Receiving and checking- uses UPC label or RFID which transmits all info about a container's contents.
Storing and cross docking
Getting merchandise floor ready
shipping merchandise to stores
just in time inventory management systems |
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Term
| What are the three types of distribution centers? |
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Definition
traditional- merchandise is unloaded and placed on racks or shelves for storage.
2.) cross docking- vendors ship merchandise already prepackaged in the quantity required for each store.
3.) combination distribution cente- merchandise is kept both ways depending on the items. |
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Term
| In terms of getting merchandise floor ready, what are the ways in which merchandise can be recieved? |
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Definition
1.) Floor ready merchandise- ready to be sold
2.) Ticketing and marking- create price and identification labels and placing them on the merchandise before it is placed for sale. |
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Term
| What are the benefits of a just in time nventory system? |
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Definition
| reduces lead time, increases product availability, lower inventory investment. |
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Term
| What do JIT inventory systems come with? |
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Definition
| significant costs, so must be run effectively. |
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Term
| What are the three keys to designing a supply chain structure? |
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Definition
1.) Supply chain management is an integral part of any marketing strategy.
2.) Knowing and understanding customer expectations is an important part
3.) Several factors pertaining to members determine supply chain structure. |
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Term
| What is distribution intensity, and what are the three levels of it? |
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Definition
relates to the number of supply chain members to use each level.
it is dividded into intensive distribution, exclusive, and selective.
Intensive- as many outlets as possible
exclusive- few retailers granted exclusive territories
selective- uses a few selected customers in a territory. |
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Term
| what are the two ways to manage supply chains? |
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Definition
1) coordinate the channel using a vertical marketing system
2.) Developing strong relationships with supply chain partners. |
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Term
| What are the four types of vertical marketing systems? |
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Definition
1.) Independant or conventional- each member attempts to satisfy their own objectives and profits at expense of others
2.) Administrative- There is no common ownership and no contractual relationship, but the dominate channel member controls the relationship
3.)contractual- a formalized contract where terms and responsibilties are spelled out
4) Corporate- all or a portion of the supply chain is owned by one organization |
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Term
| What are the key factors in managing successful supply chain relationships? |
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Definition
1.) Managing trust
2.) Open communication
3.) common goals
4.) Credible commitments |
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Term
| What is logistics management? |
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Definition
| the integration of two or more activites for the purpose of planning, implementing, and controlling the efficient flow of raw materials, in process inventory, and finished goods from the point of origin to the point of consumption |
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Term
| What is a marketing channel? |
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Definition
| the set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption. consists of all the institutions and marketing actvities in the marketing process |
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Term
| What is meant by quick response? |
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Definition
| An inventory management system used in retailing, merchandise just in time for sale when the customer wants it |
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Term
| What is meant by a strategic relationship ( partnering relationship)? |
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Definition
| A supply chain relationship that the members are committed to maintaining long term, investing in opportunities that are mutually beneficial; requires mutual trust, open communication, common goals, and credible commitments. |
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Term
| What is supply chain conflict? |
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Definition
| Results when supply chain members are not in agreement about their goals, roles or rewards. |
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Term
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Definition
| the set of business activities that add value to products and services sold to consumers for their personal or family use |
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Term
| What does retailing include? |
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Definition
1) products bought at stores
2) products bought through catalogues
3) products bought over the internet
4) services like airlines, hotels and restaurants |
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Term
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Definition
| those firms engaged in buying, taking title to, often storing and physically handling goods in large quantities and then reselling the goods to retailers, industrial or business users. |
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Term
| What is true about retail firms? |
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Definition
there are more than 1 million retail firms in the U.S. and at least 95 % are single stores
over 11% of employees in the U.S. work in retail |
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Term
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Definition
| that part of the retail market in which the most successful retailers compete because the biggest potential customer base resides there. |
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Term
| great new retailers often start out with: |
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Definition
1.) An innovative format or products
2.) Offer a low price advantage
3.) Achieve operational excellence through great supply chain management |
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Term
| To maintain a successful competitive position, retail firms must do what two things? |
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Definition
1.) Audit and fine tune
2.) Change their innovative and operational skills |
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Term
| Overtime, retail customers may be lured away by retailers who offer what? |
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Definition
| innovative products or formats, lower price, or both |
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Term
| How do retailers created value? ( 3 things) |
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Definition
pulling it all together for you and offering the selection you desire
Successfully competing in a value driven world
Continuing to improve their shopability |
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Term
| In terms of using the four P's to create value, what can you do with a product? |
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Definition
1.) providing the right mix of merchandise and service
2.) Offering private label brands to differentiate themselves |
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Term
| What things can you do to add value with price? |
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Definition
Using it to define the value of the merchandise and service
Aligning price with the other elements of the retail mix |
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Term
| What can you do to add value with promotion? |
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Definition
Advetising in the appropriate media
using effective in store displays*
providing store credit and rewards card
creating an ovverall showcase retail environment
establishing perceptions of value with music, color, scent
using direct sales person contact |
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Term
| What things can you do to add value in terms of place? |
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Definition
recognizing the importance of location
ensuring that all locations are convenient ones |
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Term
| In terms of the internet and electronic retailing, what does the internet offer? |
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Definition
1.) The internet offers an alternative to traditional bricks and mortar retailing
2.) The internet has provided the ability for the niche players to expand their trade area
3.) the internet has enabled retailers to become multi channel retailers. |
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Term
| What do E stores offer customers? |
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Definition
| the convenience of a wide selection available at any time that they can view from the comfort of their home or office and can have delivered directly to their door. |
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Term
| What are some internet helpers? |
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Definition
Standardized an uniquely branded products are easier to purchase over the internet
Consumers can persue the entire assortment and obtain product information
Consumers can access an eretailer from anywhere internet service is available
the internet is open 24 hours a day seven days a week. |
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Term
| What are some internet hinders? |
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Definition
Internet is deficient in offering pre trial experience and evaluation
internet retailing is limited in its ability to offer high trust persuasive communication
there is usually a time delay between purchase an obtaining merchandise or service
There is less perceived privacy and security
less entertaining environment
cost of handling and shipping can add considerably to the costs of fulfillment in internet retailing |
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Term
| What are the types of retailing |
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Definition
| Food retailers, general merchandise retailers, |
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Term
| What are the three major categories of food retailers? |
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Definition
1. Conventional supermarkets- offer groceries, meat and produced with limited sales of nonfood items and general merchandise.
2.) Big box food retailers- carry both food and nonfood items in three types: super center, hypermarket and warehouse club; LARGER than conventional supermarket.
convenience stores- limited items, small store, speedy checkout |
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Term
| What are general merchandise retailers? |
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Definition
| May be a discount, specialty department or drug store, category specialist, off price or extreme value retailer, often sells through multiple channels such as the internet and catalogues. |
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Term
| What are the eight major categories of retailers? |
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Definition
1) Discount stores- broad merchandise, limited service, low prices.
2.) Specialty stores- limited number of complementary merchandise in small stores
3) Category specialists- narrow variety but deep assortment
4.) Category killers- specialists that offer an extensive assortment in a category so other retailers have difficult competing
5.) Department stores- carry many different types of merchandise and deep assortments
6.) Drug stores- health and grooming merchandise.
7.)off price retailers- inconsistent assortment of merchandise a low prices.
8.) extreme value- general merchandise discount store found in lower income urban or rural areas. |
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Term
| What is a bricks and mortar retailer? |
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Definition
| traditional, physical store |
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Term
| What are multichannel retailers? |
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Definition
| retailers that sell merchandise in more than one retail channel |
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Term
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Definition
| set of business activities that add value to products and services sold to consumers for their personal or family use; includes products bought at stores, through catalogs, and over the internet, as well as services like fast food retaurants, airlines, and hotels |
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Term
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Definition
| geographical area that contains the potential customers of a particular retailer or shopping center |
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Term
| What is integrated marketing communications? |
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Definition
| represents the promotion dimension of the four P's; encompasses various communication media to provide clarity, consistency, and maximum impact. |
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Term
| What is included in the communication disciplines? |
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Definition
1.) General advertising
2.) Personal selling
3.) Sales promotion
4.) Public relations
5.) Direct marketing
6.) Electronic media |
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Term
| What is the communications process consist of? |
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Definition
| Sender, transmitting, encoding,communication channel, receiver,decoding, noise, feedback loop. |
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Term
| How do consumers percieve communication? |
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Definition
reccievers decode messages differently.
sender adjust messages according to the medium and recievers taits. |
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Term
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Definition
| Common model of the series of mental stages consumers encounter because of marketing communications. |
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Term
| What does AIDA stand for? |
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Definition
Attention/ Awarness- a message is wasted if it does not get the audieces attention
I- interest- once the consumer knows the product exists the communication must increase interest in the product.
D- Desire- the message must then create the desire to purchase the product.
A- Action- the communication must then move the consumer from the point of desire to actually making the purchase. |
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Term
| What is the lagged affect? |
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Definition
| consumers do not often act immediately. it takes several exposures to an ad campaign to get them to become interested in the product. |
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Term
| What are the IMC strategy elements? |
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Definition
| Advertising, personal selling, sales promotions,direct marketing, public relations, electronic media. |
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Term
| Key words about advertising |
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Definition
most visible
a paid form of communication
identifiable source
delivered through a communication channel
designed to persuade the reciever to take some action now |
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Term
| key words about personal selling |
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Definition
two way flow of communication designed to influence buyers purchase decision
- represents important component especially b2b
- more costly |
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Term
| sales promotion key words |
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Definition
- special incentive
- coupons, rebates, contests, free samples, point of purchase displays
- designed to be used in conjunction with other promotion programs.
- short term sales, but may be long term part of program |
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Term
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Definition
- deliver promotional materials individually to potential customers
- mediums include telephone, mail, tv commercials, catalogues, internet and email
- enhanced by the use of databases |
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Term
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Definition
| function that manages the firm's communication to achieve a variety of objectives including building and maintaining a positive image, heading off unfavorable stories, mainting positive relationship with the media |
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Term
| What does public relations include? |
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Definition
cause related marketing when a charity and business form a parternship to market an image, product or service.
also includes event sponsorship |
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Term
| What does elctronic media include? |
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Definition
corporate blogs
online games
text messaging |
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Term
| Planning and measuring IMC success, what do goals mean? |
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Definition
each IMC program must have goals and objectives
- short term and long term
- short term generating inquiries, increasing awareness, prompting trial
- long term increasing sales, market share, and customer loyalty. |
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Term
| what are the two parts of the budget? |
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Definition
objective and task method- set objectives and determine the budget required to achieve the communication objectives
rule of thumb- use prior sales and communication activties to determine present communication budget |
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Term
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Definition
| involves frequency, reach, gross rating points ( reach multiplied by frequency ) |
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Term
| what are some tracking methods? |
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Definition
| web tracking, click through tracking, couponing, online referring |
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Term
| IMC legal and ethical issues |
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Definition
commercial speech- a message with an electronic motivation this is to promote a product or service or persuade someone to purchase and so on. Marketers can only make commercial claims that are based on fact not mere opinions.
non commercial speech- a message that does not have an economic motivation and is therefore fully protected by the first amendment
advertising and direct marketing are commercial speech. Public relations is not. |
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Term
| What is stealth marketing? |
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Definition
| a strategy used to attract consumers using promotional tactics that deliver a message in an unconventional way |
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Term
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Definition
| A marketing approach that encourages people to pass along a marketing message to other potential consumers |
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Term
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Definition
| paid, identifable source, delivered through communication channel, designed to take action now |
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Term
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Definition
| the medium that carries message |
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Term
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Definition
| measure how often the audience is exposed to a communication within a specified period of time |
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Term
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Definition
represents the promotion dimension
encompases a variety of communication disciplines |
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Term
| What is the objective and task method: |
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Definition
| An imc budgeting method that determines the cost required to undertake specific tasks to accomplish communication objectives; process entails setting objectives, choosing media, and determining costs. |
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Term
| What are rule of thumb methods |
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Definition
| Budgeting methods that bases the IMC budget on either the firm's share of the market in relation to competition, a fixed percentage of forecasted sales, or what is left after operating costs and forecasted sales have been budgeted. |
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Term
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Definition
| the two way communication between a buyer or buyers and a saler that is desgined to influence the buyer's purchase decision. |
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Term
| what is relationship selling? |
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Definition
| sales philosophy and process emphasizing commitment to a long term relationship and investing in mutually beneficial opportunities. |
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Term
| What are some value added personal selling? |
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Definition
1.) Salespeople educate and provide advice.
2.) Salespeople save time and simplify buying |
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Term
| What is business to business buying process? |
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Definition
| need recognition, product specifications,RFP process, Proposal analysis, order specification, vendor analysis. |
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