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BUSML 3250 Exam 3 Questions with Correct Answers
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BUSML 3250 Exam 3 Questions with Correct Answers
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BUSML 3250 Exam 3 Questions withCorrect Answers
Marketing Channel - Answer-Consists of individuals and firms involved in the process of
making a product or service available for use or consumption by consumers or industrial
users.
Agent or Broker - Answer-any intermediary with legal authority to act on behalf of the
manufacturer to resell products
Wholesaler - Answer-An intermediary that buys goods in large amounts and resells
them to other intermediaries in smaller lots, usually to retailers, term usually applies to
consumer markets.
Transactional Functions - Answer-Buying: Purchasing products for resale or as an
agent for supply of a product
Selling: Contacting potential customers, promoting products, and seeking orders
Risk taking: Assuming business risks in the ownership of inv that can become obsolete
or deteriorate
Logistical Functions - Answer-Assorting: Creating product assortments from several
sources to serve customers
Storing: assembling and protecting products at a convenient location to offer better
customer service
Sorting: purchasing in large quantities and breaking into smaller amounts desired by
customers
Transporting: Physically moving a product to customers
Facilitating Functions - Answer-Financing: Extending credit to customers
Grading: inspecting, testing, or judging products and assigning them quality grades
Marketing info and research: providing info to customers and suppliers, including
competitive conditions and trends
Direct Channel - Answer-a distribution channel in which producers sell directly to
consumers
ie. insurance companies
-high control
-high cost
-low coverage
Indirect Channel - Answer-intermediaries are inserted between the producer and
consumers and perform numerous channel functions, add retailer or wholesaler
-low control
-low cost
, -high coverage
Direct to Consumer Marketing Channels - Answer-Allow consumers to buy products by
interacting with various print or electronic media without a face-to-face meeting with a
salesperson.
- mail-order selling, direct-mail sales, catalog sales, telemarketing, interactive media,
televised home shopping
Multichannel / Omnichannel Marketing - Answer-The blending of different
communication (electronic) and delivery channels that are mutually reinforcing in
attracting, retaining, and building relationships with consumers who shop and buy in
traditional intermediaries and online. Sometimes called omnichannel marketing.
Vertical Marketing Systems - Answer-Professionally managed and centrally coordinated
marketing channels designed to achieve channel economies and maximum marketing
impact.
Corporate vertical marketing system - Answer-A system in which the parent company
has complete control and can dictate the priorities and objectives of the supply chain; it
may own facilities such as manufacturing plants, warehouse facilities, retail outlets, and
design studios.
Intensive Distribution - Answer-A level of distribution density whereby a firm tries to
place its products and services in as many outlets as possible. Coca-Cola
Exclusive Distribution - Answer-A level of distribution density whereby only one retailer
in a specific geographic area carries the firm's products. Yves Saint Laurent (specialty
products)
- Limits head to head competition and provides point of difference
Selective Distribution - Answer-A level of distribution density whereby a firm selects a
few retailers in a specific geographic area to carry its products. ie. Dell
Buyer Requirements - Answer-Consideration in channel choice satisfies some interests
buyers want fulfilled:
-Information
-Variety
-Convenience
-Pre- or Post-Sale Service
Channel Conflict - Answer-Arises when one channel member believes another channel
member is engaged in behavior that prevents it from achieving its goals.
Vertical Conflict - Answer-a channel conflict that occurs between different levels in a
marketing channel, most typically between the manufacturer and wholesaler or between
the manufacturer and retailer
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