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Lecture 7

BUAD301 Lecture 7: buad 301 test 3 study guide

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Business Administration

1. Characteristics of planning a retailer’s strategy a. Product offering b. Expand assortment and service; increase price c. Mass merchandise retailers d. Competing on convenience e. Retailing on the internet f. Examples: i. Product – product selection – different stores depending on environment ii. Place – physical or internet iii. Promotion – advertising, publicity, etc iv. Price – credit cards, whether or not to offer store card 2. Characteristics of the evolution of mass merchandising retailers and how some retailers focus on added convenience a. Mass merchandising concept – retailers should offer lower prices to get faster turnover and greater sales volumes – appeal to larger markets b. Supermarkets - wide assortments c. Discount houses – offer hard goods at substantial price cuts, from conventional retailers d. Mass merchandisers emphasize soft goods but still follow emphasis on lower margins, thousands of feet of floor space e. Supercenters/hypermarkets – large stores that try to carry not only food and drugs: where we are headed f. Category killers: retailers that focus on single product lines i. However online retailers are taking them down g. CONVENIENCE i. Convenience stores, automatic vending (us is behind) door to door selling) 3. Characteristics of retailing on the internet a. Brick and mortar stores have added online capabilities i. New meaning of convenience b. Handling and delivery costs c. Rapid growth d. Plan ahead, wait for delivery e. Showrooming – read reviews and buy from another channel 4. Characteristics of how agents are strong on selling a. Sells similar products for noncompeting producers – experts on local business customs and regulations b. Introduce new products c. types of agent wholesalers i. Brokers – bring buyers and sellers together between countries sometimes ii. Selling agents – take over marketing of producers iii. Export import agents – specialize in international trade 5. Characteristics of retailer size and profits and differences in retailing in different nations a. New ideas spread b. Mass marketing requires mass markets i. Diversity and respect way of life – must adapt 6. Characteristics of what is a wholesaler and how wholesaling is changing with the times a. Wholesalers are firms whose main function is to provide selling to retailers and other merchants b. In decline c. Progressive wholesalers adapt i. Use technology or voluntary chains ii. MuST add value aka friedas to Hispanic people d. Producers ship directly to customers 7. Characteristics of merchant wholesalers, specialty wholesalers, truck wholesalers, and rack jobbers a. Merchant wholesalers – own products they sell i. Service merchant wholesaler – provide all wholesaling fns 1. General merchandise wholesalers 2. Single or general line wholesalers 3. Specialty wholesalers – a. carry very narrow range of products b. supply info and service c. special knowledge d. distribute parts ii. OR limited function merchant wholesaler – only some fns 1. Cash and carry wholesalers – customer pays cash 2. Drop shippers – do not handle products, just sell 3. Truck wholesalers – specialize in delivering products stocked in trucks – promptly deliver perishables 4. Rack jobbers – hard to handle products – knows what to sell for particular area and sets up rack display 5. Catalog wholesalers b. Agent wholesalers – do not own products 8. See question two 13 9. Characteristics of how promotion communicates to target markets and the several promotion methods that are available a. Personal selling i. Most expensive per contact ii. Most effective (two-way communication) b. Mass selling i. Advertising 1. 250 bill annually total control positive ii. publicity 1. free no control positive or negative c. sales promotion i. 300 bill annually ii. coupon, paper or electronic iii. different than promotion 10. See question nine 11. Characteristics of someone who must plan, integrate, and manage the promotion blend a. Integrated marketing communication b. Sales managers- sales people (personal selling) c. Advertising managers d. Sales Promotion managers e. Marketing managers (all of the above) 12. Characteristics of how promotion requires effective communication a. Communication process: b. Source c. Encoding – get idea out of head, graph, chart, symbol, words d. Message channel (best way to deliver message depending on audience) e. Decoding – feelings and beliefs ADJUST message f. Receiver g. Pros and cons i. Mass selling: immediate feedback ii. Noise –reduces effectiveness - distractions h. Integrated direct response promotion i. Anything under advertising response to manufacturer in short time period ii. Seeks immediate feedback i. Target direct response promotion i. Reminding: haven’t stayed for 3 months or large after certain people for reviews 13. Characteristics of how the adoption processes can guide promotion planning a. Aida b. Adoption curve shows when different groups accept ideas c. Innovators – risk takers d. Early adopters and early majority i. Educated but less risk takers – more economical ii. Opinion leaders e. Late majority i. Older, social pressure, conservative f. Laggards or nonadopters i. Suspicious of new ideas ii. Older less educated 14. See question 13 15. See 13 16. See 12 15 17. Characteristics of how advertising objectives are a strategy decision and how objectives determine the kinds of advertising needed a. Specific advertising goals b. Product vs institutional, product vs image c. Pioneering: new and disruptive product d. Competitive advertising i. Develop selective demand ii. Forced into iii. Comparative advertising – use actual product names iv. What is better about your
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