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USC / Marketing / MKT 350 / What is supply chain management?

What is supply chain management?

What is supply chain management?

Description

School: University of South Carolina
Department: Marketing
Course: Principles of Marketing
Professor: Courtney worsham
Term: Fall 2016
Tags: Marketing and exam
Cost: 50
Name: MKTG 350 Exam 4 Study Guide
Description: Marketing study guide exam
Uploaded: 11/17/2016
4 Pages 12 Views 13 Unlocks
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MKTG 350


What is supply chain management?



Test 4

Study Guide

Chapter 15

Supply chain management: set of approaches and techniques that firms use to  integrate suppliers, manufacturers, warehouses, stores, and transportation  intermediaries so that products are distributed in the right quantity to the right location  at the right time while minimizing costs

Logistics management  

Direct channel: manufacturer to customer

Direct channel One Intermediary: Manufacturer to retailer to customer Direct Channel Two Intermediaries: Manufacturer to wholesaler to retailer to  customer

EDI: electronic data interchange; computer-to-computer exchange of business  documents from a retailer to a vendor and back. In addition to sales data, purchase  orders, invoices, and data about returned merchandise can be transmitted back and  forth.


What are the different budget approaches?



RFID: radio frequency identification tags: tiny computer chips that automatically  transmit to a special scanner all the information about a container’s contents or  individual products

JIT and Q-R systems

Just in time: reduced lead time, increase product availability with lower inventory  investment

Quick response: deliver less merchandise on a more frequent basis 4 vertical marketing systems – independent, administered, contractual and  corporate  

Independent: several independent members—a manufacturer, a wholesaler, and  a retailer—attempt to satisfy their own objectives and maximize their profits, often at the expense of the other members. None of the participants have any control over the other


What are the 7 purposes of sales promotion?



Administered: There is no common ownership or contractual relationships, but  the dominant channel member controls or holds the balance of power. Contractual: firms at different levels of the supply chain join together through  contracts to obtain economics of scale and coordination to reduce conflict (working  together) We also discuss several other topics like What volume should you dilute a 100.0 ml solution of cacl2 of 5.00 m to obtain a solution with 0.750 m?
If you want to learn more check out Who is associated with realism in acting?

Corporate: parent company has complete control and can dictate the priorities  and objectives of the marketing channel because it owns multiple segments of the  channel If you want to learn more check out What sociological mean?

Chapter 16

Retailing: Business activities that add value to products or services that are sold to  consumers for their personal or family use

Retailing – unique features  

Breaking bulk: Refers to the way wholesalers achieve savings for their customers through buying merchandise in large lots and breaking the bulk into smaller units Assortment: The different types of products that a business makes or a retailer  offers for sale. It consists of the following characteristics- Breadth, Length, Depth,  Consistency

Atmospherics: The physical characteristics and surrounding influence of a retail  store that is used to create an image in order to attract customers. Music, smells,  furniture, etc

Provide services: provide services to customers; valet, personal shopping, coat  check, etc.

Services retailers: Firms that primarily sell services rather than merchandise, are a  large and growing part of the retail industry (banks, hospitals, gyms, spas, etc.) Intensive distribution: Designed to get products into as many outlets as possible.  Companies such as Proctor and Gamble, Pepsi, Kraft, and other national recognized  brands

Exclusive distribution: sold in just a few outlets, like Coach, exclusive geographic  territories, We also discuss several other topics like Why remain foragers?

Selective distribution: pick and choose retail outlets Don't forget about the age old question of What purpose does pork-barrel legislation serve?

Convenience stores: limited variety, good location

Specialty stores: limited number of merchandise categories targeted toward very  specific market segments by offering deep but narrow assortments and sales associate  expertise

Dept. stores: carry broad variety, deep assortment  

Category killers: discount with narrow and deep assortment, self-service, use buying  power to offer low prices

Extreme value retailers: small, full line, limited, very low prices (Dollar General) Off-price retailers: inconsistent assortment of brand names at low prices Share of wallet: the percentage of the customer’s purchases made from that retailer. Customer relationship management (CRM) system with a centralized customer data warehouse that houses a complete history of each customers’ interaction with the  retailer. Handle complaints, returns, and future promotions Don't forget about the age old question of If a mom has an a blood type, and the child has o blood type, what type of blood does the dad have?

Benefits of the store

1. Browsing

2. Touching and Feeling Products

3. Personal Service  

4. Cash and Credit Payments

5. Entertainment and Social Experience

6. Immediate gratification

7. Risk Reduction

 Benefits of multichannel retailing channels

Integrated CRM

Brand Image

Pricing

Supply Chain

Chapter 17

IMC (Integrated Marketing Communications) represents the promotion P of the four Ps. It encompasses a variety of communication disciplines—advertising, personal selling,  sales promotion, public relations, direct marketing, and online marketing including social  media—in combination to provide clarity, consistency, and maximum communicative  

impact

Three elements in any strategy: consumer, channel of communication, and  evaluation of results

Communications process

Sender is who sends out the message

Transmitter encodes message (encoding converts idea to message) Media is the communications channel

Receiver (consumer) decodes message and interprets it  

Feedback loop: receiver can communicate with sender and informs whether  message was conveyed

AIDA

Awareness (ability to recognize/recall brand) leads to

Interest, which leads to

Desire (I want it), which leads to

Action—buy it

TOMA: top of mind awareness: consumers mention a specific brand first when asked  about a product

Advertising: most visible of the IMC and very effective at generating awareness; TV ads are the most effective

Personal selling: two way flow of communication between a buyer and a seller that is  designed to influence purchase decision

PR: public relations: organizational function that manages firm’s communications to  achieve objectives like building/maintaining a positive image, heading off unfavorable  stories, maintaining positive media relationships

4 budget setting methods

Objective and task: set our goal, identify the tasks needed to complete, how much  will it cost

Competitive parity: communication expenses equal share of market Percentage of sales: fixed percentage of forecasted sales

Available budget: money available after costs/profits have been budgeted

Chapter 18  

Advertising: a paid form of communication delivered through media from an  identifiable source about an organization, product, service, or idea designed to persuade  the receiver to take some action now or in the future.

Getting attention: identify target audience, set advertising objectives, determining  advertising budget, convey the message, evaluate and select the media, create  advertisements, assess impact

Push/pull strategies: push: pushy salespeople who push product onto retailer (B to B);  pull: manufacturer advertises directly to customers; get them to go to the store and ask  about the product --> will call manufacturer to order item for the store Inform, persuade and remind functions

Inform: is a communication used to create and build brand awareness Persuade: to motivate consumers to take action, growth and early maturity  Remind: remind or prompt repurchases, maturity  

Primary demand: drive interest in a product category or type of product, as opposed to focusing on a specific brand

Selective demand: persuade the target audience to select its brand over alternatives.

Social marketing: public service advertising (public welfare, sponsored by nonprofit,  etc)

USP: unique selling proposition

Advertising schedules

Continuous: runs steadily through the year

Pulsing: has a base level of advertising but increases advertising during certain  periods

Flighting: in spurts; heavy advertising followed by no advertising

Informational and emotional appeals  

Emotional: fear/safety, humor, happiness, love/sex, comfort, nostalgia Informational: help consumers make purchase decisions by offering factual  information that encourages consumers to evaluate the brand favorably on the basis of  the key benefits it provide

Advertising laws

FTC, FCC, FDA

Puffery: legal exaggeration

Deception: illegal

Public relations – general info on various elements

Publications: Inform various constituencies about the activities of the organization  and highlight specific areas of expertise

Video/Audio: Highlight the organization or support cause-related marketing efforts. Annual Reports: Give required financial performance data and inform investors and others about the unique activities of the organization

Media relations: Generate news coverage of the organization’s activities or  products/services.

Electronic media: Websites can contain all the previously mentioned toolbox  elements while e-mail directs PR efforts to specific target groups.

Sponsorships: special incentives or excitement-building programs that encourage  consumers to purchase a particular product or service

Sales promotion: could simply shift sales from the future to now,  Coupon: discount off the purchase price

Deals: short term price reduction

Premium: gives an item for free upon purchase, BOGO,  

Contests: competition based on skill/effort

Sweepstakes: prizes based on a drawing

Samples: try the product before buying

Loyalty Programs: retain customers with incentives

Point of Purchase Displays: merchandise at the checkout counters

Rebates: portion of purchase price returned to customer

Product placement: pay to have product included in movies/TV

Cross promotion: two or more firms team up to reach a specific target market 7 purposes of sales promotion  

Introduce new products

Attract new customers

Make existing customers buy more

Help firm stay competitive

Increase sales in off season

Add to stock of warehouse

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