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Utilizing a single marketing mix to reach a uniform (everyone in the market is viewed as the same) target market defines what targeting strategy?
-Undifferentiated
-Behavioral
-Differentiated
-Psychographic
-Concentrated
Undifferentiated
Where might the term 'evoked set' or "consideration set' come into use within the field of marketing?
-During construction of a BCG (Boston Consulting Group) matrix
-During the consumer buying decision process
-During consideration of using a diversification strategy
-When using Maslow's hierarchy of needs
-When using the time ERA's to define a product approach
During the consumer buying decision process
If Tovota has fixed costs of $ 100.000.000 for the manufacture of its Prius and sells the car for $20,000 with 10% of the sales price taken away by the independent dealer, what is the breakeven point for the Toyota Prius?
-15 million dollars
-5,555 cars
-55 million dollars
-5.556 cars
-5.555.55 cars
-5.555.55 cars
What percentage market share seems reasonable and most likely for a company to have within their market? (which answer is the most realistic market share shown)
-Apple has 90 % of the global smartphone market
-Honda has 70% of the luxury car market worldwide
-Ford has 18% of the domestic vehicle market
-Facebook has 99 % of the global social media market
-Kellogg's has 2 % of the breakfast cereal market
-Ford has 18% of the domestic vehicle market
Which branding strategy would involve hiding the identity of the manufacturer which is actually making the product being branded by a retailer or wholesaler.
-Brand extension
-Mixed branding
-Co-branding
-Family branding
-Multiproduct branding
-Mixed branding
What is the forth stage of the product adoption process?
-Late Majority
-Trial
-Evaluation
-Free Samples
-Interest
-Trial
Which of the following is the best example of a nondurable good?
-Laundry detergent
-Automobile
-Shoes
-Laser Surgery
-iPad
-Laundry detergent
A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can
-stand up to ethical scrutiny
-create a new product
-create innovation
-create a market
-increase sales and profitability for the company using it
-increase sales and profitability for the company using it
When considering global business, which is considered as a licensing agreement?
-Boeing makes parts for other aircraft companies in the USA.
-Toyota has manufacturing facilities that they own in Kentucky by which they manufacture vehicles.
-Exxon and BP join together to form another company which will run seismic data in the search for oil.
-Tide is a brand of Proctor and Gamble or P&G via license.
-Yoplait yogurt grants a USA manufacturer the right to produce their yogurt in the USA.
-Yoplait yogurt grants a USA manufacturer the right to produce their yogurt in the USA.
To be identified as a market segment, its members must
-have common needs and respond similarly to market actions
-have different needs and have potential for future growth
-have potential for future growth and have potential for increased profit or ROl
-represent a large share of the entire market and have critical buying power.
-have different needs and respond similarly to market actions
-have common needs and respond similarly to market actions
Which branding strategy is an example of Family branding?
-Duracell makes batteries for Costco under the Kirkland name
-Kroger uses its Kroger name on all of its products
-Family branding uses brand names, brand marks and brand equity on the products
-Sunbeam puts their company name on all of their products
-Nike creates brand names like Nike Vapor Fly and Air Max for their shoes
-Sunbeam puts their company name on all of their products
When referring to the PLC, in one word, what best explains why profits peak in late growth while sales peak in maturity?
-markets
-sales
-profits
-margins
-segments
-margins
A different market segment usually requires a different marketing action that in turn means greater costs. If increased revenues don't offset extra costs of this action, a marketer should ____ to reduce the number of marketing actions. Select the best answer given the situation.
-family brand their products
-discontinue offering the good or service
-increase the advertising budget
-combine segments
-limit the product offerings
-combine segments
General Mills different types of cereals, each targeted at a different type of user, are an example of multiple products aimed at multiple markets. Manufacturing these different cereals is clearly more expensive than producing one, but seems worthwhile if it serves customers' needs better, doesn't reduce quality or increase price, and
-decreases the cost of the physical plant
-adds to the manufacturer's sales revenues and profits
-conforms to all FDA guidelines
-creates economy of scale
-stabilizes the sales revenues and profits
-adds to the manufacturer's sales revenues and profits
Criteria for forming segments involve both similarities and differences. The similarities must be _____ a segment, and the differences must be _____ segments.
-absent in; throughout
-throughout; absent in
-within; among the different
-outside; across
-outside; among
-within; among the different
Which of the following statements demonstrates the formation of a segment based on household size, considered as the number of people living in the home?
-GE built a downsized smaller microwave oven to heat only single servings at a time
-Del Monte offers a line of canned fruit with no added sugar or artificial sweeteners
-A gourmet grocer advertises its services on a small-audience classical music station even though there is a much larger-audience rock station in the area
-A fast food hamburger restaurant is open for breakfast on Sunday mornings but not on weekdays.
-Campbell's makes spicier nacho cheese sauce for its distributors in Texas than it does in Maine.
-GE built a downsized smaller microwave oven to heat only single servings at a time
In the star cell of the BCG (BOSTON CONSULTING GROUP) MATRIX, the main objective of promotion is
-Awareness and Education
-Market share
-Differentiation
-Educate the market
-Create Awareness
-Market share
The old adage "birds of a feather flock together" relates to which type of segmentation approach used mainly by retailers and based upon where people reside by zip code?
-Psychographic
-Demographic
-Market-dominated
-VALS
-PRIZM
-PRIZM
The SRI's VALS Program is an example of a
-study on the hierarchy of effects
-purchasing behavior study
-psychographic and demographic system of segmentation
-portfolio approach of marketing strategy
-learning theories study
-psychographic and demographic system of segmentation
A marketing strategy is how a marketing goal is to be achieved. Two factors that usually characterize a marketing strategy and must be included in any strategy are
-a specified target market and a marketing program to reach it
-a detailed marketing plan and marketing budget
-marketing strategies and marketing tactics
-specific goals and organizational objectives
-marketing programs and deviation control
-specific goals and organizational objectives????
How a customer interacts with a product can be considered what type of segmentation variable?
-Geographic
-Behavioristic
-Age
-VALS
-Psychographic
-Behavioristic
Provide another phrase, word or term for a 'reference group'
-Consideration set
-Evoked set
-Opinion leaders
-Secondary
-Peers
-Peers
Generally, the average length of time it takes for a product category to move from the introduction stage of its product life cycle to the decline stage is
-18 months
-unpredictable
-20 vears
-30 vears
-5-10 years
-unpredictable
The Consumer Buying Decision process has five stages, what is the forth stage called, titled or named ?
-Purchase
-Undifferentiated approach
-Evaluation of alternatives
-Post purchase evaluation
-Consideration set
-Purchase
Which influence on the consumer buying decision process includes motivation, attitudes and learning?
-Psychological
-Perception
-Situational
-Social
-Lifestyle
-Psychological
When Walmart creates their Great Value brand, this is an example of what type of branding strategy?
-Retail Brand
-Co Brand
-Private Brand
-Mixed Brand
-Store Brand
-Private Brand
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is referred to as
-marginal revenue
-industry potential
-market share
-contribution margins
-sales quantity
-market share
Which approach to becoming a multi-national corporation comes with the most risk?
-Honda exports the Honda Pilot to China
-Toyota has ownership of both sales and manufacturing facilities in the USA and Europe
-Toyota works with a trading company in India to gain access to their market
-Honda grants a license to Firestone to produce tires for their vehicles in Canada
-Toyota and Honda create a Joint Venture to produce a vehicle
-Toyota has ownership of both sales and manufacturing facilities in the USA and Europe????
When might a Buying Center be used to help make a purchase for a manufacturing facility?
-a modified task purchase
-a buy using only the purchasing manager
-modified rebuy
-straight rebuy
-new task purchase
-new task purchase
If Honda, a Japanese company, and BMW, a German company, worked together on a project to form a combined company or project it would most likely be called which type of strategy?
-Trading company
-An export/import agreement
-Joint Venture
-a WTO agreement
-Dual company
-Joint Venture
A mother of two infants would most likely use an internal search or prior experiences when purchasing?
-a weekend getaway
-a gift for the baby sitter
-disposable diapers
-an iPhone
-a swing set
-disposable diapers
Which market is the most complex and difficult for a salesperson to operate within it?
-Institutional
-Reseller
-Producer
-Consumer
-Government
-Government
Which term describes the ability of the marketer to have easy access to the market?
-homogeneous
-segmentations
-accessible
-actionable
-relatable
-accessible
In the movies' for Morons case, what determined the variable costs for the breakeven calculation?
-the cost to promote the movie
-the total cost of the project
-the percent of the ticket price that went to the theater owners
-the total cost of the movie
-the percent of the ticket price that went to the movie producer
-the percent of the ticket price that went to the theater owners
What is the second step in the consumer buying decision process?
-problem recognition
-evaluation of alternatives
-early adoption
-purchase
-information search
-information search
What other term describes an 'evoked set?
-motivational set
-cost set
-thought set
-Maslow's set
-consideration set
-consideration set
There are five stages in the consumer purchase decision process. The final stage is called ?
-post purchase marketing
-alternative selection
-post purchase evaluation
-cognitive dissonance
-post purchase regret
-post purchase evaluation
The Toyota Prius uses fuel technology to deliver more power and fuel economy than non-hybrid cars. The attitudes listed for the Toyota are attributes that the consumer would consider when evaluating the car.
These attributes are the consumer's
-alternatives
-buying decision choices
-evoked set
-evaluative criteria
-evaluative marketing method
-evaluative criteria
Another term used to describe a reference group would be
-evaluative group
-focus group
-family members
-peers
-opinion leader
-peers
Which of the following lists Maslow's hierarchy of needs in the correct order from the beginning with the most basic need?
-physiological, safety, social, self-actualization, esteem
-physiological, safety, esteem, self-actualization
-physiological, safety, esteem, social, self-actualization
-physiological, safety, social, esteem, self-actualization
-self-actualization, esteem, social, safety, self aware
-physiological, safety, social, esteem, self-actualization
Forever Quilting is a small company that makes quilting kits priced at $120. The costs of the materials that go into each kit are $45. It costs $5 in labor to assemble a kit. The company has monthly expenses of $1,000 for rent and insurance, $200 for heat and electricity, $500 for advertising, and $4,500 for the monthly salary of its owner. Forever Quilting's unit variable cost for its kits is
-$45
-$50
-$120
-$225
-$170
-$50
Organizational buyers or B TO B can be divided into four different markets which consist of
-Rebuy, Modified rebuy, Straight buy, Buy
-Producer. Reseller, Government and Industry
-Market, Reseller, Government and Institution
-Producer, Retailer, Government and Industry
-Producer, Reseller, Government and Institution
-Producer, Reseller, Government and Institution
Ace Shoe Company sells heel replacement kits for men's shoes. It has fixed costs of $6 million and unit variable costs of $5 per pair. Ace would like to earn a profit of $2 million; how many pairs must they sell at a price of $15?
-200,000 kits
-800,000 kits
-1,400,000 kits
-600,000 kits
-100.000 kits
-800,000 kits
Which of the following is considered a major element of Brand Equity?
-Brand associations
-Brand marks
-Trademarks
-Mixed branding
-Private Brand
-Brand associations
Which stage in the new product development process involves actually making a product prototype?
-Commercialization
-Concept test
-Product development
-Test marketing
-Product screening
-Product development
The greatest benefits to consumers when a firm chooses a one product, multiple market strategy is
-increased number of product choices
-higher product quality
-lower retail process because of lower production costs
-improved service
-lower retail prices due to zero production costs
-lower retail process because of lower production costs???
A different market segment usually requires a different marketing action that in turn means greater costs. If increased revenues don't offset extra costs of this action, a marketer should _______ to reduce the number of marketing actions.
-limit the product offerings
-family brand their products
-discontinue offering the good or service
-increase the advertising budget
-combine segments
-combine segments
Which of the following is not a segmentation approach?
-Size of a city
-VALS
-Size of the business
-PRIZM
-CPM
-CPM
Which sales forecasting technique uses an averaging process uses the averages of the other sales forecasting techniques or methods?
-time series
-customer survey
-executive summary
-delphi
-sales force survey
-delphi
What is the longest length of time to pass before an environmental scan should be performed?
-3 days
-3 years
-3 months
-1 day
-1 year
1 year
Which of the following is an example of a retailer using a category killer style of retail format?
-Costco
-Walmart
-Target
-Home Depot
-Kroger
-Home Depot
If Whirlpool is a manufacturing company that manufactures' the following products ... dishwashers, washers, dryers, refrigerators and other appliances using their own Whirlpool name on some of the products and on other products, they use the name of the retailer Best Buy, then Whirlpool would be engaged in what type of branding strategy?
-Mixed Branding
-Co- Branding
-Individual branding
-Family Branding
-Multi-product branding
-Mixed Branding
A Goodyear tire placed on a Ford F-150 pickup truck would be classified as which type of support/production good?
-Supplies
-Component part
-Installations
-Raw material
-Production goods
-Component part
Pepsi sells it's products via 3 distinct channels, vending, food service and retail, what distribution approach is
Pepsi using?
-Horizontal channel integration
-Direct distribution
-Beverage channel
-Pepsi is the channel captain
-Dual distribution
-Direct distribution
Items for which the consumer compares several alternatives on several criteria such as price, quality, or style and may move from store to store are referred to as
-prestige products
-convenience products
-shopping products
-selective products
-specialty products
-shopping products
It is relatively easy to target and reach the Japanese people with a promotional message due to the fact that the majority of them live in a concentrated area on the Japanese islands defines which of the following market qualitative factors?
-Evoked set
-Actionable
-Homogeneous
-Accessible
-Substantial
-Accessible
The marketing channel of manufacturer to wholesaler to retailer to consumer, would most likely be used by manufacturers of which type of product?
-Chewing gum
-Office furniture
-Industrial roofing supplies
-MRI machines
-Automobiles
-Chewing gum??
What type of shopping center has the fewest anchors?
-Regional
-Power
-Community
-Outdoor lifestyle
-Neighborhood
-Neighborhood
In terms of brand loyalty, consumers are aware of a brand but will readily accept substitutes for which type of product?
-convenience products
-unsought products
-shopping products
-Component products
-specialty products
-convenience products
The intangibility aspect of a service means that
-unused capacity cannot be stockpiled or inventoried for later use.
-services are not produced and consumed simultaneously
-services are not labor-intensive
-consumers may have a problem evaluating the quality of service offerings
-restaurants are fully intangible
-consumers may have a problem evaluating the quality of service offerings
In terms of promotion, which of the following types of goods stress product differentiation from competitors?
-Convenience products
-Specialty products
-Shopping product
-Raw materials
-Unsought products
-Specialty products??? (said it was wrong maybe shopping)
What type of retailer is Best Buy or Toy's R Us considered to be? (retail store type)
-Wholesale store
-Discount Store
-Department Store
-Supersized store
-Category Killer
-Category Killer
Distribution is most limited with which of the following types of consumer products?
-Shopping product
-Tangible products
-Specialty products
-Unsought products
-Convenience products
-Specialty products
Under what rare circumstances or under what type of power would it be most likely for a wholesaler to have the power in their channel?
-Brand loyalty power
-Brand recognition power
-Product packaging power
-Financial power
-Expertise power
-Financial power???
Product line refers to
-a product and all complementary counterparts of that product that are used to create the greatest customer value.
-the total number of units produced and sold by a single manufacturer
-all products and product substitutions within an industry specified by a unique SIC code.
-a product and all its predecessors, and future models of that product, created from the same basic prototype
-a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range
-a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range
'VMS' or Vertical Marketing System refers most accurately to what topic in Marketing?
-Target markets
-Channels
-Portfolio approach
-Retailing
-Marketing segmentation
-Channels
What is the desired outcome of horizontal integration?
-Lower overall costs due to greater channel control
-An increase in market share
-Increased warehousing and transportation capacity
-Closer access to vital and timely customer information
-Ensuring access to vital and hard-to-obtain raw materials
-An increase in market share
Of the following examples, which approach best represents MIXED branding?
-Conagra manufacturers its own brand of Peter Pan branded peanut butter
-P&G manufacturers both Tide and Ivory Snow brands of laundry detergent.
-Costco sells its own private brand of Kirkland batteries
-General Electric manufacturers both its own brand of GE dishwasher and another dishwasher branded with the KENMORE name.
-Del Monte manufacturers both the Del Monte brand of green beans and the Del Monte brand of Peas
-General Electric manufacturers both its own brand of GE dishwasher and another dishwasher branded with the KENMORE name.
In retailing, the largest sized shopping center with the largest trade area from the list below would typically be named as what type of center?
-Community
-Costco
-Neighborhood
-Regional
-Power
-Regional
The stage of the new product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections is referred to as
-idea generation
-Prototyping
-business analysis
-marketing analysis
-commercialization
-business analysis
Test marketing involves offering a product for sale
-on a limited basis in a defined area
-in as broad a geographic region as possible
-to a one-dimensional target market
-only on certain days of the week and hours of the day
-to random people in the downtown area
-on a limited basis in a defined area
Lack of profit in the introductory stage of the product life cycle is very often the result of
-insufficient allocation of resources to the marketing mix
-poor selection of distribution channels.
-lack of consumer interest in the product
-large investment costs in product development
-ineffective execution of the marketing program
-large investment costs in product development
A company may choose a skimming strategy in the introduction stage of their new product in order to help recover costs of development and/or to
-move the product into the maturity stage more gradually
-encourage competition from other manufacturers
-gain the largest unit sales possible
-Capitalize on the price insensitivity of early buyers
-intensify the flow of the product to the market
-Capitalize on the price insensitivity of early buyers
Which of the following statements regarding the maturity stage of the product life cycle is most accurate?
-Often this stage is entered because of environmental or technological factors
-During this stage companies attempt to pare down or eliminate distribution channels.
-Total industry profits exceed total industry sales
-Sales increase at a decreasing rate as fewer new buyers enter the market.
-Industry profits peak because production and distribution costs are declining.
-Sales increase at a decreasing rate as fewer new buyers enter the market.
What is the main objective of promotion when a product is in the growth stage?
-Education
-Awareness
-Differentiation
-Full market saturation
-Maintain market share
-Differentiation
Generally, the average length of time it takes for a product category to move from the introduction stage of its product life cycle to the decline stage is
-5-10 years
-18 months
-unpredictable
-30 years
-20 years
-unpredictable
When a manufacturer acquires a company that provides one of their many raw material suppliers in a buyout or takeover, it is typically called
-Vertical Marketing
-Horizontal integration
-Forward vertical integration
-Backward vertical integration
-Hostile takeover
-Backward vertical integration
Which of the following will typically take 'title' to the products they distribute?
-Merchant wholesaler
-Virtual Corporation
-Drop Shipper
-Manufacturers agent
-Broker
-Merchant wholesaler
There are five stages in the purchase decision process. The third stage is
-problem recognition
-information search
-speak with a sales rep
-alternative evaluation
-purchase decision
-alternative evaluation
When Tommy goes to the grocery store and he already 'knows' in his mind which brands of gum he would buy then Tommy is most likely accessing his
which are brand choices already established in his
brain without the need for additional information.
-Psychological profile
-Evoked set
-Behavior profile
-Reference group
-Situation
-Evoked set
Brand equity refers to
-increasing the content contained within the brand's package without changing its size or increasing its price
-the resources invested to create a name, phrase, design, symbol, or combination of these to identify a firm's products and distinguish them from those of its competitors.
-adding customer value to the product brand through additional features or higher-quality materials, or reducing its price.
-the added value a brand name gives to a product beyond the functional benefits provided.
-the added value a brand name gives to a product beyond the functional benefits provided.
The terms Primary, Secondary and Tertiary are associated with which topic in retailing?
-Discount stores
-Scrambled marketing
-Trade area
-Department stores
-Wheel of retailing theory
-Trade area
A branding strategy in which a company uses one name for all its products in a product class is referred to as
-multi-branding
-generic branding
-multiproduct branding
-Single branding
-co-branding
-Single branding
Which form of inter-modal transport would be implemented and the most appropriate when given the following information: Walmart in the USA has placed an order for Halloween costumes with their suppliers in Vietnam. This order was placed in early April for in store USA sales to begin during mid-September. Select from the responses below in the correct order moving left to right meaning the first transport mode used would be the first mode shown to the left.
-None of the above
-Truck - Boat - Air
-Rail - Truck - Air
-Truck - Boat - Rail - Truck
-Rail - Truck - Rail - Truck
-Truck - Boat - Rail - Truck
Every product manufactured by the Dole Company carries the Dole brand name. The Dole Company uses
-co-branding
-single branding
-multi-branding
-agent licensing
-family branding
-family branding
Which shopping center has the largest trade area designation?
-Power
-Community
-Neighborhood
-Regional
-Category killer
-Regional
Referring to the videos we watched in class on integration, which type of integration was occurring when
Ikea bought into and then owned directly some forest land in Romania?
-Non-horizontal integration
-Forward vertical integration
-VMS system
-Horizontal integration
-Backward vertical integration
-Backward vertical integration
The company of "General Mills" and their Betty Crocker brand of Original Supreme brownie mix provided with the "Hershey's company chocolate" is branded using which strategy?
-Coop branding
-Co-branding
-Mixed branding
-Multiproduct branding
-Generic branding
-Co-branding
Multi-branding refers to
-a branding strategy in which a company uses one name for multiple products
-a branding strategy that uses different brand names for the same product across multiple countries
-a branding strategy in which manufacturers produce products but sell them under the brand name of a wholesaler or retailer.
-a contractual agreement whereby a company allows someone else to use its brand name and usually requires that the product be made to its specifications
-a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.
-a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.
Concept tests are defined as
-testing the product prototype in a full commercial release nationwide
-testing to see if the product will produce adequate revenue to offset costs of production
-testing the product prototype is a limited test market release to one city
-done during idea screening by
testing multiple ideas looking for the best product to produce
-testing the idea behind the proposed product
-testing the idea behind the proposed product
The brochure for Spa Sydell has photographs of people enjoying the various spa amenities. By seeing the pictures of what is available at the spa, a customer has a better idea of what she is buying. Spa Sydell uses a brochure to help customers deal with ______ the that is associated with all services.
-inventory
-inconsistency
-incongruity
-intangibility
-inseparability
-intangibility
Betty Smith operates a wedding preparation service that will aid brides-to-be in planning their weddings by providing needed equipment, supplies, and services. To maintain a quality image and a standardized offering Betty provides extensive training for each of her employees. What unique aspect of services is Betty trying to address?
-Inconsistency
-Inventory
-Impressionability
-Intangibility
-Inseparability
-Inconsistency
In retailing, if a retailer like Kroger loses sales of grocery items to Amazon and as a result, they decide to start selling hunting equipment in their stores to offset the loss of grocery sales, this is considered an example of
-Multiple product retailing
-Wheel of Retailing
-Competitive Merchandising
-Scrambled merchandising
-Discounting
-Scrambled merchandising
Which of the following shopping centers are typically anchored by category killers?
-Power
-Regional
-Community
-Super Regional
-Neighborhood
-Power
Ace Shoe Company sells heel replacement kits for men's shoes. It has fixed costs of $6 million and unit variable costs of $5 per pair. Ace would like to earn a profit of $2 million; how many pairs must they sell at a price of $15?
-100,000 kits
-1,400,000 kits
-200,000 kits
-600.000 kits
-800,000 kits
-800,000 kits
Which branding strategy can also be called a family branding strategy?
-Mixed brand
-Generic brand
-Multiproduct
-Multibrand
-Co brand
-Multiproduct
Which type of retailer uses a discount style retail format?
-Costco
-Lowes
-Kroger
-Best buy
-Target
-Target
What type of shopping center would have retailers like Kroger and TJ Maxe serving as it's anchor stores have the second smallest trade area?
-Power
-Super Regional
-Neighborhood
-Community
-Regional
-Community
Product and target market characteristics usually determine the type of coverage a product receives. For which of the following products is selective distribution most appropriate?
-Laundry detergent
-Jaguar automobiles
-A dress shirt
-Yogurt
-Gasoline
-Jaguar automobiles??? (somehow was counted as wrong)
When a company stops manufacturing a line of shoes in order to start up the manufacturing of a new line of shoes but will continue to sell all remaining shoes in the old line until they are gone is engaging in what type of product deletion?
-Limited release
-Run out
-Product switching
-Elimination of manufacturing facilities
-Phase out
-Run out