MAR- 1011 Principles of Marketing Final Exam|complete questions and answers, A+ Guide

MAR- 1011 Principles of Marketing Final Exam 1.Explain what a marketing channel is and why intermediaries are needed A marketing channel consist of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users. Intermediaries, make possible the flow of products from producers to buyers by performing 3 basic functions. The transactional function involves buying, selling and risk taking because intermediaries stock merchandise in anticipation of sales. The logistical function involves the storing and dispensing of products. The facilitating function assists procedures in making products and services more attractive to buyers. The performance of these functions by intermediaries creates time, place, form and possession utility for consumers. 2. Discuss the issues that influence channel strategy When determining marketing channel strategy the supply chain manager must determine what market, product and product factors will influence the choice of channel. The manager must also determine the appropriate level of distribution intensity. The intensity distribution is aimed at maximum market coverage. Selective distribution is achieved by screening dealers to eliminate all but few in any single area. The most restrictive form of market coverage is exclusive distribution which entails only one or few dealers within a given area. 3. Define the terms supply chain and supply chain management, and discuss the benefits of supply chain management Management coordinates and integrates all of the activities performed by supply chain members into a seamless process form the source to the point of consumption. The benefits of supply chain management include reduced inventory, transportation, warehousing and packaging costs, improved customers service and higher revenues. 4. Identify the eight key processes of excellent supply chain management, and discuss how each of these processes impacts the end customer The 8 key process for excellent supply chain management focus on: a. Customer relationship management b. Customer service management c. Demand management d. Order fulfillment e. Manufacturing flow management f. Supplier relationship management g. Product development and commercialization h. Returns management When company practice excellent supply chain management each of these process is integrated form end to the end in the supply chain. These process are made up to bundles of interconnected activities that supply chain partners are constantly focused on when delivering value to the customer. 5. Discuss the importance of retailing in the U.S. economy The importance of retailing plays a vital role in the USA economy for 2 reasons: a. The first one is the retail business this contribute our high standar of living by providing a fast number and advertising of good and service . b. The second is the retailing employ’s a large part of the USA working population which is a 15 million of people workers 6. Describe the major types of retail operations There are several types of retailing, such as department stores, specialty stores, supermarkets, drugstores, convenience stores, discount stores and retailstores. a. The housing several departments under one roof a department store carriers a wide variety of shopping and specialty goods, including apparel , cosmetics, housewares, electronics and furniture. Each department is usually headed by a buyer who selects the merchandise mix for the promotion devices and personal. b. The specialty store is not only a type of store but also a method of retail operations, specializing in a given type of merchandise. A typical specialty store carriers a deep but narrow assortment of merchandise and offers attentive customers service and knowledge sales clerks. c. The USA citizen spends about 60% of their food money in retail grocery stores, and 40% on food away from home. In comparison the USA citizen spend over ¾ of their food money in grocery since 1950. The discount stores are retailers that compete on the basis of low prices, high turnover, and high volume. A major force in retailing discounters can be classified into 4 major categories like: full line discounters like Walmart, Office Depot and other like Sam’s that have membership. 7. What is a promotional strategy? Explain the concept of a competitive advantage in relation to promotional strategy. A promotional strategy is the method that a company use to get information about the product or service they offer, out to consumers and public in general. This involves finding a target market and once completed having a better understanding and plan on how to reach that market in the most successful and cost effective means. The competitive advantage is the marketing strategy that takes a product or service and sets it’s apart form competition. Companies do this by focusing on the value of the product and how that relates to a very specific target audience. The idea being that a consumer will pickup a positive reaction on how well the product is comparative wise to similar products within the same market. 8. Discuss the AIDA concept and its relationship to the promotional mix