Marketing 3010 Exam 3 Study Guide
Marketing 3010 Exam 3 Study Guide Mkt 3010-001
Popular in Principles of Marketing
verified elite notetaker
Popular in Marketing
This 5 page Study Guide was uploaded by Hannah Stephens on Wednesday March 30, 2016. The Study Guide belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 155 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
Reviews for Marketing 3010 Exam 3 Study Guide
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: 03/30/16
Notes fro 3/28/2016 • Supply Chain, Marketing Channels & Logistics are Related o Marketing Channel: Process of ownership and flow of goods. ▯ From point of production (good is finished) to point of consumption o Logistics Management: Product of being made • Logistics Components o Sourcing and procurement o Production and scheduling o Order processing o Inventory control o Warehouse and materials handling o Transportation • Intermediaries o Middleman o Agent or broker o Wholesaler o Retailer o Distributor o Dealer • Functions performed by Intermediaries (transactional function) o Buying o Selling o Risk Taking • Functions performed by Intermediaries (logistical function) o Assorting o Sorting o Storing o Transporting • Functions performed by Intermediaries (facilitating function) o Financing o Grading o Marketing info • Supply Chains Streamline Distribution o Reduce number of transactions o Increase value for consumers o More efficient and effective • Supply Chain Management Affects Marketing o Fulfilling delivery promises o Meeting customer expectations Notes fro 3/28/2016 o Reliant on an efficient supply chain • Electronic Data Exchange o CPFR: Collaborative planning, forecasting, and replenishment o Extranet vs. Intranet ▯ Intranet: inside the company▯the computer systems, data ▯ Extranet: Outside the company, could be a supplier. Gives a company the ability to control what data vendors can see. • Advanced Supply Chain Technology o Automatic ID System ▯ Bar coding ▯ Radio frequency technology ▯ Communications technology ▯ Supply chain software systems • Pull & Push Supply Chain o Pull: ▯ Orders based on sales data ▯ More accurate inventory ▯ Better when demand is uncertain o Push: ▯ Merchandise allocated based on forecast ▯ Does not need sophisticated IS system ▯ Good for steady demand items • Vendor-‐managed Inventory (VMI) o An approach for improving supply chain efficiency in which the manufacturer is responsible for maintaining the retailers inventory levels in each of its shares • Order Processing o Inventory Control System: Method of developing and maintaining an adequate assortment of materials or products to meet a manufacturing or a customer’s demand o Goal of Inventory Control: to minimize inventory levels while maintaining an adequate supply to meet customer demand • Advantages of Distribution Center o Inbound Transportation ▯ Dispatcher coordinates deliveries ▯ Manufacturer may pay transportation expenses or retailers may negotiate directly with trucking companies and pay expenses ▯ Receiving & Checking Notes fro 3/28/2016 • Receiving: arrival receipt • Checking: undamaged, order=received • RFID Tags ▯ Storing & Cross-‐Docking • Traditional • Cross-‐docking: prepare pallet of Wal-‐Mart CDs to go to a specific store • Combinations ▯ Getting Merchandise Floor-‐Ready • Ticketing and Marketing o More firms are forcing suppliers to ship floor ready merchandise EXAM 3 REVIEW NOTES • Benefits of JIT o Reduces raw material inventories o Shortens lead times o Increased product availability o Creates better supplier relationships o Reduces production and storeroom costs o Reduces paperwork o Lowers inventory investment • Substitution Effect • Delivery Gap: failing to meet company standards and on customer expectations • Companies spend a lot of money on training▯standards gap • Sale Data▯ generated at store level • Sales forecast • Goal of inventory control▯minimize inventory to maximize customer demand • Cross-‐docking • Vendor-‐managed inventory▯allows vendors to sale goods on consignment • Skimming▯setting highest possible price then decreasing the price over time • Intranet vs. Extranet o Extranet still secure, but data for suppliers o Know the difference o RIFD Tags▯used for inventory Notes fro 3/28/2016 • Instrumental Support (in book) • Diffusion of Innovation: Process by which innovation spreads 1. Relative advantage 2. Compatibility 3. Observability 4. Trialability a. 4 factors that make diffusion faster • Product development process o Licensing o Reverse engineering: taking apart a competitor’s product and analyzing it • P. 262▯Chart (lager) • P. 261-‐263 o Pioneer: (apple) introducer of product that starts whole new product • Calls into effect all of the 4 Ps: Product Launch • Difference between alpha and beta testing o Alpha: inside the company ▯ Even if someone takes a product home to test it, if they work for the company still considered alpha testing o Beta: outside company ▯ NASCAR hires Chevy and Chevy tests their products o Most products are in: Maturity phase o CDs▯starting to decline Ch. 13 Review • Differentiates between product and service (4) o Heterogeneous (variability) o Says that if Moe’s is slow and loses ability to sale burritos on Mondays so they come up with promotions to get people in the door ▯ Perishable o Hotels in non-‐peak season are cheap▯perishable • 4 Gaps: knowledge, delivery, communications, standards o Not having online store or gift cards▯knowledge, because not giving customer what they want • Market Research: Asks customer questions to overcome knowledge gap • When you expect something because of advertising and it doesn’t happen▯communications gap • 5 building blocks of service quality • p. 294: Emotional and Instrumental support Notes fro 3/28/2016 • Procedural and distributive fairness o Know difference • P. 325: difference between horizontal and vertical price fixing • Service recovery • Familiar with pricing sheet • JIT: get good (raw materials) right when you need it for the finished product • Quick Response (QR): same idea but as it relates to inventory—getting what you need to sell at that time • JIT is for manufacturing • QR is for inventory • Functions performed by intermediaries • Bait and Switch Pricing • Legal & Ethical Aspects of Pricing • 4 C: Price competition in small and large firms (monopoly, monopolistic competition, oligopoly, pure competition) • Factors Influencing Price Elasticity of Demand • Price Elasticity of Demand • What are the 5 C’s of Pricing • Role of price in the marketing mix • Evaluating service quality • How service market differs from product market • Ways to overcome bad service o Technology o Training o Automation • CEO of FedEx: Fred Smith
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'