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BUSML 3250 Exam 3 Questions with Latest Update
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BUSML 3250 Exam 3 Questions with Latest Update
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BUSML 3250 Exam 3 Questions withLatest Update
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
Wholesaler - Answer-an intermediary who sells to other intermediaries, 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 inventory 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 information and research: providing information to customers and suppliers,
including competitive conditions and trends
Direct Channel - Answer-a distribution channel in which producers sell directly to
consumers
Indirect Channel - Answer-intermediaries are inserted between the producer and
consumers and perform numerous channel functions
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
Multichannel / Omnichannel Marketing - Answer-the blending of different
communication and delivery channels that are mutually reinforcing in attracting,
, retaining, and building relationships with consumers who shop and buy in traditional
intermediaries and online
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-the combination of successive stages of
production and distribution under a single ownership
Intensive Distribution - Answer-a level of distribution density whereby a firm tries to
place its products and services in as many outlets as possible
Exclusive Distribution - Answer-a level of distribution density whereby only one retailer
in a specific geographical area carries the firm's products
Selective Distribution - Answer-a level of distribution density whereby a firm selects a
few retailers in a specific geographical area to carry its products
Buyer Requirements (four categories) - Answer-Information, convenience, variety, and
pre- or postsale services
Channel conflict - Answer-arises when one channel member believes another channel
member is engaged in behavior that prevents it from achieving its goals
Vertical Marketing System - Answer-professionally managed and centrally coordinated
marketing channels designed to achieve channel economies and maximum marketing
impact
Vertical Conflict - Answer-occurs between different levels in a marketing channel
Disintermediation - Answer-a source of channel conflict that occurs when a channel
member bypasses another member and sells or buys products direct
Horizontal Conflict - Answer-occurs between intermediaries at the same level in a
marketing channel
Channel Captain - Answer-a channel member that coordinates, directs, and supports
other channel members
Logistics - Answer-those activities that focus on getting the right amount of the right
products to the right place at the right time at the lowest possible cost
Supply Chain - Answer-the various firms involved in performing the activities required to
create and deliver a product or service to consumers or industrial users
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