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Marketing 3010 Exam 3 Study Guide

by: Hannah Stephens

Marketing 3010 Exam 3 Study Guide Mkt 3010-001

Marketplace > Clemson University > Marketing > Mkt 3010-001 > Marketing 3010 Exam 3 Study Guide
Hannah Stephens

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About this Document

These notes cover what we went over in class.
Principles of Marketing
Carter Willis McElveen
Study Guide
Marketing 3010, Clemson University, Marketing 3010 Exam, Marketing 3010 Study Guide, Study Guide
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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.

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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          


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