rtf (4) Questions And Answers 2023 Update

rtf (4) Questions And Answers 2023 Update 1. What are the commonly used distribution channels for consumer products? ANSWER: The producer to consumer channel includes no marketing intermediaries with the product distribution coming from the producer directly to the consumer. The producer to retailer to consumer is when a middleman, a retailer, buys from producers and sells to consumers. Producer to wholesaler to retailer to consumer is a channel that many consumer goods follow as they pass through wholesalers to retailers. Producer to agent to wholesaler to retailer to consumer is when producers use agents to reach wholesalers and eventually the consumer. POINTS: 1 DIFFICULTY: Moderate REFERENCES: pp. 358-359 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: Distribution Channels and Market Coverage KEYWORDS: Bloom's: Comprehension 2. Compare and contrast intensive, selective, and exclusive distribution. Give an example of a product that normally would be distributed in the way for each type of market coverage. ANSWER: Intensive distribution is the use of all available outlets for a product, such as chewing gum or cleaning supplies. Selective distribution is the use of only a portion of the available outlets for a product in each geographic area, such as high-end clothing items. Exclusive distribution is the use of only a single retail outlet for the product in a large geographic area, such as Mini Coopers. POINTS: 1 DIFFICULTY: Moderate REFERENCES: p. 360 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: Distribution Channels and Market Coverage KEYWORDS: Bloom's: Comprehension 3. What is supply chain management, and what are its benefits? ANSWER: Supply-chain management is a long-term partnership among channel members working together to create a distribution system that reduces inefficiencies, costs, and redundancies while creating a competitive advantage and satisfying customers. Supply-chain management encourages cooperation in reducing inventory costs, transportation, administration, and handling. Supply-chain management also speeds order-cycle times and increases profits for all channel members. POINTS: 1 DIFFICULTY: Easy REFERENCES: pp. 360-361 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-2 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: Partnering Through Supply-Chain Management KEYWORDS: Bloom's: Knowledge 4. How do full-service wholesalers and limited service wholesalers differ? How do general merchandise wholesalers, limited-line wholesalers, and speciality-line wholesalers differ in the products they carry? ANSWER: Fullservice wholesalers perform the entire range of wholesaler functions—delivering goods, supplying warehousing, arranging for credit, supporting promotional activities, and providing general customer assistance. This differs from a limited-service wholesaler who assumes responsibility for only a few wholesale services, not the full range. POINTS: 1 DIFFICULTY: Moderate REFERENCES: p. 362 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-3 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: Marketing Intermediaries: Wholesalers KEYWORDS: Bloom's: Comprehension 5. How are department stores defined? Mention several examples of department stores. ANSWER: Department stores are large retail establishments that employ 25 or more persons and sell home furnishings, appliances, family apparel, and household linens and dry goods. Macy’s, Sears, and JCPenney are all department stores. POINTS: 1 DIFFICULTY: Moderate REFERENCES: p. 363 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-4 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: Marketing Intermediaries: Retailers KEYWORDS: Bloom's: Comprehension 6. What isthe goal of integrated marketing communications? ANSWER: The major goal of integrated marketing communications is to send a consistent message to customers. This approach fosters not only long-term customer relationships but also the efficient use of promotional resources. POINTS: 1 DIFFICULTY: Easy REFERENCES: p. 371 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-6 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: What is Integrated Marketing Communications? KEYWORDS: Bloom's: Knowledge 7. What is the role of promotion in the marketing mix? ANSWER: The role of promotion is to facilitate exchanges directly or indirectly by informing individuals, groups, or organizations and influencing them to accept a firm’s products or to have more positive feelings about the firm. The broader role of promotion is to maintain positive relationships between a company and various groups in the marketing environment. POINTS: 1 DIFFICULTY: Moderate REFERENCES: pp. 372-373 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-7 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: The Promotion Mix: An Overview KEYWORDS: Bloom's: Comprehension 8. What are the four primary elements in an organization’s promotion mix? Briefly describe each of the elements. ANSWER: The four primary elements in an organization’s promotion mix include: (1) advertising -paid nonpersonal messages communicated to a select audience through a mass medium; (2) personal selling--personal communication aimed at informing customers and persuading them to buy a firm’s products; (3) sale promotionuse of activities or materials as direct inducements to customers or salespersons; and (4) public relations- -a broad set of communication activities used to create and maintain favorable relationships between an organization and various public groups. POINTS: 1 DIFFICULTY: Moderate REFERENCES: pp. 372-373 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-7 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: The Promotion Mix: An Overview KEYWORDS: Bloom's: Comprehension 9. How doesimmediate-response advertising differ from reminder advertising? ANSWER: Immediate-response advertising is selective-demand advertising that aims at persuading consumers to make purchases within a short time. Reminder advertising is also selective advertising but with the intent to keep a firm’s name or product in front of the public. POINTS: 1 DIFFICULTY: Moderate REFERENCES: p. 373 LEARNING OBJECTIVES: FOBU.PRIDE.15.13-8 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: Advertising KEYWORDS: Bloom's: Comprehension 10. Compare and contrast institutional advertising and primary-demand advertising. Which type isthe BP’s “Still Working, Still Committed” campaign? Defend your answer. CONTINUES...