MGMT Study Guide Exam2
MGMT Study Guide Exam2 MKT 3310-003
Popular in Principles of Marketing
Popular in Department
This 3 page Study Guide was uploaded by Johanna Glaser on Sunday October 9, 2016. The Study Guide belongs to MKT 3310-003 at University of Nebraska at Omaha taught by Amy Rodie in Fall 2016. Since its upload, it has received 28 views.
Reviews for MGMT Study Guide Exam2
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 10/09/16
Exam 2 Highlight- Know How to Calculate Highlight- Important Term Highlight- Important Concept Chapter 12 Breakeven(BE) Analysis Number of unit sales required to “breakeven” = number sold so that sales= total costs ¿Costs Break-Even Point Price−VariableCost= Calculating Mark-Up Percentages Markup as percentage of cost= Markup/Cost Markup as a percentage of selling price= Markup/Selling Price *Hint: Mark-up is ALWAYS the numerator *Mark-up: MU; Mark-down: MD o Ex. Cost: $2.50 MU: $1.00 P: $3.50 o MU is what percentage of cost? 1.00/2.50= .4 so MU= 40% of Cost o What is Selling Price Cost + MU= $3.50 Fixed Costs- costs that do not vary with changes in the number of units produced or sold Variable Costs- costs that vary directly with changes in the number of units produced or sold Total Cost- the sum of average fixed and average variable costs times the quantity produced Chapter 13 Supply Chains (SC) A channel where members consider themselves long-term partners SC success= goal of all members Each SC member works to o Optimize customer satisfaction by: Minimizing cost (inefficiencies) Increasing utility via product in right place at the right time SC compete with other SCs o Rather than channel member vs. similar channel members (Walmart vs. Sears) o Ex. Tupperware Rubberm Rubberm aid aid Fleming Tuperware Walmart Lady Wolners Consumer Consume Consume r r Goal: improve profits for ALL members of that SC SCs are recent “technology” made it possible Requires each member to o Understand each member’s roles o Cooperate, negotiate, give-and-take Includes: o Traditional channel members (Producer, wholesaler, retailer) o Others (warehouses, transportation, banks) All SC are Channels All Channels are NOT SCs Distribution- the decisions and activities that make products available to customers when and where they want to purchase them Dual Distribution- the use of two or more marketing channels to distribute the same products to the same target market o Ex. Firm sells products through retail outlets and through mail- order or website Produc Produc er er Retailer Custom Custom er er Chapter 14 Major Types of Retail Stores General Merchandise Retailers o Department stores (Von Maur, Dillard’s) o Discount Stores (Kohl’s) o Convenience Stores (Gas stations, Casey’s, QT) o Supermarket (grocery store) o Superstores (Walmart, Target) o Hypermarket (HUGE mall/Walmart like store) o Warehouse Clubs (Sam’s Club, Costco) o Warehouse Showrooms (NE Furniture Mart) Specialty Retailers Traditional Specialty Retailers o Specialize in narrow, deep product line Ex. Pottery Barn, Borsheims, Pier 1, Batteries Plus Bulbs, Stereo West Wholesaling Wholesaling- all transactions in which products are bought for resale, for making other products, or for general business operations o Not limited to goods Ex. Financial institutions Wholesaler- buy products and resell them to reseller, government, and institutional users o Determine whether a specific transaction is a wholesaling transaction or not o 3 services provided for producers extension of the sales force financial assistance keep producers up to date on market developments o 3 services provided for retailers assist with marketing strategy select inventory coordinating supply sources o 4 criteria used to classify different types of wholesalers independently owned or owned by a producer whether it owns the products it handles range of services provided breadth and depth of its product lines o 3 major types of wholesalers Merchant Wholesalers- independently owned businesses that take title to goods, assume ownership risks, and buy and resell products to other wholesalers, business customers, or retailers Full-service wholesaler- perform widest range of wholesaling functions o Ex. Help with store design, site selection, personnel training etc. Limited-Line Wholesaler- Carry only a few product lines o Ex. Groceries, light fixtures Agents & Brokers- negotiate purchases and expedite sales but do not take title to products Agents- represent either buyers or sellers on a permanent basis Brokers- are intermediaries that buyers and sellers employ temporarily Manufacturers’ Sales Branches & Offices Sales braches- manufacturer –owned intermediaries that sell products and provide support services to the manufacturer’s sales force
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'