cglisan's version from 2017-12-12 17:50

Section 1

Question Answer
MarketingThe process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return
Behavioral SegmentationDivides buyers into segments based on their knowledge, attitudes, uses, or responses to a product
Types of Behavioral SegmentationOccasion segmentation (Campbells producing more soup in cold months), benefit segmentation (OJ), User status (potential users of williams-sonoma are anyone getting married), usage rate (18% of BK customers contribute for 50% of sales)
Price Elasticity of DemandElasticity of -1.6 means for every 1% increase in price, demand decreases by -1.6%

Section 2

Question Answer
Value delivery networkThe company's suppliers, distributors, and customers, who partner with each other to improve the performance of the entire system
Contractual VMSIndependent firms, at different levels of production and distribution, join together through contracts, to create larger economies of scale, then they could have alone
Administered VMSCoordinates successive stages of production and distribution through the size and power of one of their parties
Horizontal Marketing SystemWalmart and McDonald's
Multichannel Distribution SystemA single firm sets up 2+ marketing channels to reach 1+ customer segments (magazine subscription example)

Section 3

Question Answer
Self servicecustomers "locate-compare-select" to save time and money (kroger, target)
Full-serviceassist customers in every phase of buying process (Neiman Marcus, Tiffany, Nordstrom)
Limited Servicein-between, carries goods that customers need information about (Sears, JC Penny

Section 4

Question Answer
Specialty StoreNarrow product line with deep assortment in product line
Department StoreWide variety of product lines, each operating as a seperate department
SupermarketSelf-service, low margin/high volume
Category killerDeep assortment of particular product line

Section 5

Question Answer
Discount storelow margins/high volume
Off-price retailerRetailer that buys at less than regular wholesale prices and sells below retail
Indepndent off-price retailerIndependently owned or are divisions of larger retail corporations (TJX owns TJ Maxx, Marshalls)
Factory outletsManufacturer-owned and operated stores by firms -- offer excess inventory at discounted prices
Warehouse clubsOff-price retauer that sells limited selection of goods at deep discounts for those who pay membership fees

Section 6

Question Answer
Advertainment Ads so entertaining you would want to watch them
Brand integrationMake the brand an inseperable from entertainment or content (coke and american idol) -- includes Product Placement and Native Advertising (advertising that looks in form and fucntion like natural content