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Understanding Business: Chapter 15
N/A
34
Accounting
Undergraduate 1
06/01/2009

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Term
marketing intermediaries
Definition
Organizations that assist in moving goods and services from producers to industrial and consumer users.
Term
channel of distribution
Definition
A whole set of marketing intermediaries, such as wholesalers and retailers that join together to transport and store goods in their path (or channel) from producers to consumers.
Term
agents/brokers
Definition
Marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don't take title to the goods.
Term
wholesaler
Definition
A marketing intermediary that sells to other organizations.
Term
retailer
Definition
An organization that sells to ultimate consumers.
Term
utility
Definition
In economics, the want-satisfying ability, or value, that organizations add to goods or services when the products are made more useful or accessible to consumers than they were before.
Term
time utility
Definition
Adding value to products by making them available when they're needed.
Term
place utility
Definition
Adding value to products by having them where people want them.
Term
possession utility
Definition
Doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, guarantees, and follow-up service.
Term
information utility
Definition
Adding value to products by opening two-way flows of information between marketing participants.
Term
service utility
Definition
Adding value by providing fast, friendly service during and after the sale and by teaching customers how to best use products over time.
Term
merchant wholesalers
Definition
Independently owned firms that take title to (own) the goods they handle.
Term
rack jobbers
Definition
Wholesalers that furnish racks or shelves full of merchandise to retailers, display products, and sell on consignment.
Term
cash-and-carry wholesalers
Definition
Wholesalers that serve mostly smaller retailers with a limited assortment of products.
Term
drop shippers
Definition
Wholesalers that solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer.
Term
intensive distribution
Definition
Distribution that puts products into as many retail outlets as possible.
Term
selective distribution
Definition
Distribution that sends products to only a preferred group of retailers in an area.
Term
exclusive distribution
Definition
Distribution that sends products to only one retail outlet in a given geographic area.
Term
electronic retailing
Definition
Selling goods and services to ultimate consumers (e.g., you and me) over the Internet.
Term
telemarketing
Definition
The sale of goods and services by telephone.
Term
direct selling
Definition
Selling to consumers in their homes or where they work.
Term
direct marketing
Definition
Any activity that directly links manufactureres or intermediaries with the ultimate consumer.
Term
corporate distribution
Definition
A distribution system in which all of the organizations in the channel of distribution are owned by one firm.
Term
contractual distribution system
Definition
A distribution system in which members are bound to cooperate through contractual agreements.
Term
administered distribution system
Definition
A distribution system in which producers manage all of the marketing function at the retail level.
Term
supply chain (or value chain)
Definition
The sequence of linked activities that must be performed by various organizations to move goods from the sources of raw materials to ultimate consumers.
Term
supply-chain management
Definition
The process of managing the movement of raw materials, parts, work in progress, finished goods, and related information through all the organizations involved in the supply chain; managing the return of such goods, if necessary; and recycling materials when appropriate.
Term
logistics
Definition
The marketing activity that involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points or origin to points of consumption to meet customer requirements at a profit.
Term
inbound logistics
Definition
The area of logistics that involves bringing raw materials, packaging, other goods and services, and information from suppliers to producers.
Term
materials handling
Definition
The movement of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various workstations.
Term
outbound logistics
Definition
The area of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers (people like you and me).
Term
reverse logistics
Definition
The area of logistics that involves bringing goods back to the manufacturer because of defects or for recycling materials.
Term
freight forwarder
Definition
An organization that puts many small shipments together to creat a single large shipment that can be transported cost-effectively to the final destination.
Term
intermodal shipping
Definition
The use of multiple modes of transportation to complete a single long-distance movement of freight.
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