Marketing Rich Brown test 5 chapters 13, 14, 19

Supply chain

The connected chain of all the business entities, both internal and external to the company, that support the logistics function

Supply chain management

Management system that coordinates and integrates all of the activities performed by the supply chain members into a seamless process

Supply chain agility

An operational strategy focused on creating inventory velocity and operational flexibility simultaneously in the supply chain

Supply chain oreintaion

A system of management practices that are consistent with a “systems thinking” approach

Supply chain intergration

When multiple firms or business functions in a supply chain coordinate their activities and processes so that they are scaly linked to one another in an effort to satisfy the costumer

Demand-supply integration (DSI)

Supply chain operational philosophy focused on integrating the supply-management and demand-generating functions of an organization

Business processes

Bundles of interconnected activities that stretch across firs in the supply chain

CRM process

Allows companies to prioritize their marketing focus on different customer groups according to each group’s long-term value to the company

Customer service management process

Presents a multi-company, unified response system to the customer whenever complaints, concerns, questions or comments are voiced

Demand management process

Seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level and creating demand-related plans of actions prior to actual customer purchase behavior

Sales and operations planning

Method companies use to align production with demand by merging tactical and strategic planning across functional areas of the business

Order fulfillment process

A highly integrated process, often require in persons from multiple companies and functions to come together and coordinate to create customer satisfaction at a given place and time

Order cycle time

The time delay between the placement of a customer’s order and the customer’s receipt of that order.

Manufacturing Flow Management Process

Concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility and to move products through a multi-stage production process

Supplier Relationship Management

Supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers

Returns management process

Enables firms to manage volumes of returned products effeicintly

Sustainable supply chain management

Supply chain management philosophy that embraces the need fr social and environmental costs in addition to financial costs

Outsourcing (contract logistics)

A manufacturer’s or supplier’s use of a third party to manage and entire function of the logistics system

Third-party logistics company

A firm that provides functional logistics services to others

Offshoring

The outsourcing of a business process from one country to another for the purpose of gaining economic advantage

Nearshoring

The transfer of an off-shored activity from a distant to a nearby country.

Public-Private Partnerships

Critical to the satisfaction of both company and societal interests and provide a mechanism by which very-large scale problems or opportunities can be addressed

Big Data

The rapidly collected and difficult to process large scale data sets that have recently emerged and limits of current analytical capability

Supply chain analytics

Data analyses that support the improved design and management of the supply chain

Marketing channel ( channel of distribution)

A set of interdependent organizations that transfer ownership as products move from producer to business user or consumer

Form utility

The elements of the composition and the appearance of a product that make it desirable

time utility

The increase in customer satisfaction gained by making a good or service available at the appropriate time

Place utility

the usefulness if a good or service as a function of the location at witch it is made available

Exchange Utility

The increased value of a product that is created as its ownership is transferred

Merchant wholesaler

the institution that buys goods from manufacturers and resells them

Agents and brokers

Wholesaling intermediaries who do not take title of the products

Retailer

A channel intermediary that sells mainly to consumers

Direct channel

A distribution channel in which the producers sell directly to the consumers

Dual distrobution

The use of two or more channels to distribute the same product to target markets

Nontraditional Channels

Non-physical channels that facilitate the unique market access of products and services

Strategic channel Alliance

A cooperative agreement between business firms to use the other’s already established distribution channel

gray marketing channels

Secondary channels that are unintended to be used by the producer and are often illegal

Reverse Channel

Channels that enable customers to return products or components for reuse or remanufacturing

Drop and Shop

A system used by several retailers that allows customers to bring used products for return or donation at the entrance of the store

Digital Channels

Electronic pathways that allow products and related information to flow from producer to consumer

M-commerce

The ability to conduct commerce using a mobile device

Intensive distribution

A form of distribution aimed at having a product available in every outlet where target customers might want to buy it

selective distribution

A form of distribution aimed achived by screening dealers to eliminate all but a few in any singe area

Exclusive distribution

A form of distribution that establishes one or few dealers within a given area

Retaking

All the activities directly related to the sale of goods and services to the ultimate consumer for personal use

Independent retailer

A retailer owned by a single person or partnership an not operated as part of a larger retail institution

Chain store

A store that is part of a group of the same store owned operated by a single orainzation

franchise

A relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchisee

Franchisor

The originator of a trade name, product and has the right to grants operating rights to another party to sell its product

Franchisee

An individual or business that is granted the right to sell another party’s product

Gross margin

The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

Department store

A store housing several departments under on roof

specialty Store

A retail specializing in a given type of merchandise

Supermarket

A large departmentalized self-service retailer that specializes in food and some non-food items

Drugstore

Sells pharmacy-related products

convenience store

A miniature supermarket, carrying only a limited line of turnover convenience goods

Discount store

A retailer that competes on the basis of low prices, high turnover and high volume

Full-line discount store

A dicount store that carries a vast depth and breadth of a product within a single product cateorgy

Supercenter

A large retailer that stocks and sells a wide variety of merchandise including groceries clothing household good and other general merchandise

Specialty discount store

A retailer store that offers a near complete selection of single-line merchandise and uses self-service, dicount price.

Category Killer

A large Discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category

Warehouse club

A large, no-frills retailer that sells bulk quantities of merchandise to customers at value discount prices in exchange for a periodic membership fee

Off-price Retailer

A retailer that sells at prices 25% or more below traditional department store prices because it pays cash for it’d stock and usually doesn’t ask for return privileges

Factory outlet

An off-price retailer that is owned and operated by a manufacturer

Used goods Retiler

A retailer whereby items purchased from one of the other type of retailers are resold to different customers

Non-store retailing

Shopping without visiting a store

Self-service technologies

Technological interfaces that allow customers to provide themselves with a products and or services without the intervention of a service employee

Direct retailing

The selling of products by representatives who work door-to-door

Direct marketing

Techniques used to get consumers to are a purchase from a non-retail setting

Micro targeting

The use of direct marketing techniques that employ highly detailed data analytics in order to isolate potential customers with great precision

Sharing Economy

The Way connected consumers exchange goods and services with each other through a digital marketplace

Floor stock

Inventory displayed for sale to customers

Back stock

Inventory held in reserve for potential future sale in a retailers storeroom

Retailing mix

A combination of product, promotion, Place, Price, presentation, and personnel to sell goods and services to the consumer

Brand cannibalization

The reduction of sales for one brand as the result of the introduction of a new product or promotion of a current product by another brand

Destination stores

A store that consumers purposely plan to visit prior to shopping

Atmosphere

The overall impression conveyed by a stores physical quaillties

Layout

The internal design and configuration of a stores fixtures and products

Big data analytics

The process of discovering patterns in large data sets

Beacon

A device that’s sends out connecting signals s to customers devices in order to bring them in

Shopper Marketing

Understanding how ones target consumers behave as shoppers in different channels and formats and leveraging this intelligence to generate sales or other positive outcomes

Shopping analytics

Searching for and discovering meaningful patterns in shipper data for the purpose of fine tuning

Retail channel Omnifaction

The reduction of multiple retail channel systems into a single unified system for the purpose of creating efficiencies or saving costs

Click and collect

The practice of buying something online and then traveling to a physical store to retrieve it

Price

Given up in an exchange to acquire a good or service

Revenue

The price charged to customers multiplied by the number or units sold

Profit

Revenue minus expenses

Return on investment

Net profit after taxes divided by total assets

Market share

A company’s product sales as a percentage of total sales for that industy

Status Quo pricing

A pricing objective that maintains existing prices or meets the competitions prices

Demand

The quality of a product that will be sold in the market at various prices for a specified period

Supply

The quality of a product that will be offered to the market by a supplier at various prices for a specified period

Elasticity of demand

Consumers responsiveness or sensitivity to changes in price

Elastic demand

When price goes up demand goes down

In elastic Demand

when price goes up demand stays the same

Dynamic pricing

The ability to change price very quickly, often in real time

Variable cost

A cost that varies with changes in the level of output

Fixed cost

A cost that does not change as output increases or decreases

Markup pricing

The cost of buying the product from from the producer, plus amounts for profit and for expenses mot otherwise accounted for

Keystoning

The practice of marketing up prices by 100% or doubling the cost