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MGMT Study Guide Exam2

by: Johanna Glaser

MGMT Study Guide Exam2 MKT 3310-003

Johanna Glaser
GPA 3.717

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About this Document

This is a study guide based off of the reading guide given to us on blackboard and any hand outs given in class.
Principles of Marketing
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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.

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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


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