BUSI 2204 Final Exam Practice QuestionsAnd Answers Already Grade A.

BUSI 2204 Final Exam Practice QuestionsAnd Answers Already Grade A. Marketing Channel - ANSWERS-A set of interdependent organizations that facilitate the transfer of ownership as products move from producer to business user or consumer. Non Traditional Channel - ANSWERS-• Help to differentiate a product • Internet, mail-order, infomercials • Vending machine Intensive Distribution - ANSWERS-Is aimed at maximum market coverage. Disintermediation - ANSWERS-Horizontal conflict occurs among channel members on the same level Outsourcing - ANSWERS-The use of an independent third-party to perform some function. Contact Efficiency - ANSWERS-Reducing the number of required transactions Temporal discrepancy - ANSWERS-A product is produced but a customer is not ready to buy it. Marketing channel (channel of distribution) - ANSWERS-A set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer Inventory Control System - ANSWERS-A method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer's or a customer's demand. Channel Conflict - ANSWERS-A clash of goals and methods among distribution channel members Channel Control - ANSWERS-one marketing channel member intentionally affects another member's behavior Channel Leader (channel captain) - ANSWERS-a member of a marketing channel who exercises authority and power over the activities of other channel members Channel Members - ANSWERS-All parties in the marketing channel that negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller as they move the product from the manufacturer into the hands of the final consumer. Channel Partnering (Channel Cooperation) - ANSWERS-the joint effort of all channel members to create a supply chain that serves customers and creates a competitive advantage Channel Power - ANSWERS-a marketing channel member's capacity to control or influence the behavior of other channel members. Coverage - ANSWERS-Ensuring product availability in every outlet where potential customers might want to buy it. Direct Channel - ANSWERS-A distribution channel in which producers sell directly to customers. discrepancy of assortment - ANSWERS-the lack of all the items a customer needs to receive full satisfaction from a product or products. discrepancy of quantity - ANSWERS-the difference between the amount of product produced and the amount an end-user wants to buy. distribution resource planning (DRP) - ANSWERS-distribution resource planning (DRP) electronic data interchange (EDI) - ANSWERS-information technology that replaces the paper documents that usually accompany business transactions, such as purchase orders and invoices, with electronic transmission of the needed information to reduce inventory levels, improve cash flow, streamline operations, and increase the speed and accuracy of information transmission. electronic distribution - ANSWERS-a distribution technique that includes any kind of product or service that can be distributed electronically, whether over traditional forms, such as fibre-optic cable, or through satellite transmission of electronic signals. exclusive distribution - ANSWERS-a form of distribution that involves only one or a few dealers within a given area horizontal conflict - ANSWERS-a channel conflict that occurs among channel members on the same level intensive distribution - ANSWERS-a form of distribution aimed at having a product available in every outlet where target customers might want to buy it just-in-time production (JIT) - ANSWERS-a process that redefines and simplifies manufacturing by reducing inventory levels and delivering raw materials just when they are needed on the production line. logistics - ANSWERS-the process of strategically managing the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption. logistics information system - ANSWERS-the link that connects all the logistics functions of the supply chain. mass customization (build-to-order) - ANSWERS-a production method whereby products are not made until an order is placed by the customer; products are made according to customer specifications. materials requirement planning (MRP) (materials management) - ANSWERS-an inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacture order processing system - ANSWERS-a system whereby orders are entered into the supply chain and filled. outsourcing (contract logistics) - ANSWERS-a manufacturer's or supplier's use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing retailer - ANSWERS-the market intermediary that sells goods and services to the final consumer. selective distribution - ANSWERS-a form of distribution achieved by screening dealers to eliminate all but a few in any single area. spatial discrepancy - ANSWERS-the difference between the location of a producer and the location of widely scattered markets. strategic channel alliances - ANSWERS-cooperative agreements between business firms to use one of the manufacturer's already established distribution channels. supply chain - ANSWERS-the connected chain of all the business entities, both internal and external to the company, that perform or support the marketing channel functions. supply chain management - ANSWERS-a management system that coordinates and integrates all the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value. supply chain team - ANSWERS-an entire group of individuals who orchestrate the movement of goods, services, and information from the source to the consumer. temporal discrepancy - ANSWERS-a product is produced but a customer is not ready to buy it