Marketing Management Exam 3

Which is the most recent addition to the wheel of retailing?

P2P Retail (Peer-to-Peer retailing enabled by internet/mobile).

What term describes digital retailing combined with an interactive in-person sales process?

Nonstore Retailing (An umbrella term covering both).

What is the term for purchasing an item with the intent to return it after use?

Retail Borrowing.

What is commonly offered to high-demand employees to attract top talent?

Signing Bonuses.

What is the term for stock losses due to shoplifting, theft, damage, or errors?

Shrinkage.

What are online exchanges between companies and individual consumers called?

B2C E-commerce.

What is a store that showcases a brand’s lifestyle with limited selling emphasis?

Concept Store.

Who buys merchandise at low prices from manufacturers who overproduce?

Off-Price Retailers (e.g., TJ Maxx).

What is a retail format offering a limited selection from a SINGLE manufacturer?

Factory Outlet Store.

Which online strategy uses AR, VR, AI, and Big Data to engage customers?

Virtual Experiential Marketing

What is the process of identifying touchpoints to improve the customer experience?

Customer Journey Mapping.

What is the final stop in the distribution channel selling to consumers for personal use?

Retailing.

What is the term for customers leaving a site with unpurchased items in their cart?

Shopping Cart Abandonment.

What technology improves the speed and accuracy of order fulfillment (e.g., robots)?

Order Fulfillment Automation.Order Fulfillment Automation.

What is the term for converting shopping from passive to interactive in-store?

Experiential Merchandising

What is the decline of the middle market and the rise of both low-end AND upscale retailers called?

Bifurcated Retailing.

What is the term for a brand taking back, cleaning, and reselling its own products (e.g., Eileen Fisher Renew)?

Recommerce.

What is it called when criminals sell stolen goods on sites like eBay or Etsy?

E-fencing.

What is the most accurate statement about salary discussions?

Delay as long as possible (to build value before talking money).

Which of the following is NOT a consumer limitation of B2C e-commerce?

More product choices (This is a benefit, not a limitation).

What are temporary stores that are part of the "flash retailing" trend?

Pop-up Stores.

What theory suggests retail firms become more upscale as they move through their life cycle?

Wheel-of-Retailing Hypothesis.

What system suggests products based on shopping behavior and purchases

Recommendation Engines.

Which service characteristic means it is impossible to store a service for later?

Perishability.

Which service characteristic means it is impossible to divide production from consumption?

Inseparability.

What activities move finished goods from manufacturers to final customers?

Physical Distribution.

What is the term for dividing large quantities of goods into smaller lots?

Breaking Bulk.

What happens when a firm eliminates layers of the channel to cut costs and improve efficiency?

Disintermediation

Which type of intermediary provides services in exchange for commissions but never takes title to the product?

Merchandise Agents or Brokers

What do you call a multilevel distribution channel where members work independently and buy/sell from each other?

Conventional Marketing System

What system involves formal cooperation among members at two or more levels of the channel?

Vertical Marketing System (VMS)

Which VMS is controlled by a single firm that owns manufacturing, wholesaling, and retailing?

Corporate VMS

What VMS exists when independent members work together due to the power of a dominant firm?

Administered VMS

What do you call two or more firms at the same level (e.g., two airlines) working together to reach customers?

Horizontal Marketing System

What strategy aims to maximize coverage by selling through as many outlets as possible?

Intensive Distribution

What strategy limits distribution to a single outlet in a particular region (often for luxury goods)?

Exclusive Distribution

What is the term for the dominant firm that controls a distribution channel?

Channel Leader (or Channel Captain)

What is the process of designing, managing, and improving the movement of products through a supply chain?

Logistics

What includes all activities needed to turn raw materials into a product delivered to a customer?

Supply Chain

What software do many firms use to automate order processing and track inventory movement?

Enterprise Resource Planning (ERP)

What term describes balancing the cost of holding inventory against the risk of running out of stock?

Inventory Control

What practice involves moving products directly from a supplier truck to a retailer truck at a nexus to save time?

Cross-docking

What type of demand in B2B markets is created when the need for one product depends on another (e.g., cardboard and shipping)?

Derived Demand

What is the term for B2B demand that is less price-sensitive because the item is only one part of many?

Inelastic Demand

Who are the "peeps" in the aisles who own/manage a specific brand's display (like Lay’s chips) in a store?

Rack Jobbers

What describes a company using multiple types of channels (e.g., online and brick-and-mortar) at once?

Dual (or Hybrid) Distribution

Which limited-service wholesaler primarily provides delivery but limited other services?

Truck Jobbers

What refers to a comprehensive approach to collecting and retrieving a firm’s information assets?

Knowledge Management

What are the three types of Contractual VMS?

Wholesaler-sponsored, Retailer cooperative, and Franchises

What is the movement of products into, within, and out of warehouses called?

Materials Handling

What are the three main categories of B2B customers?

Producers, Resellers, and Organizations (Govt/Non-profits)

In a B2B "Buying Center," who is the person that first suggests making a particular purchase?

Initiator

In a Buying Center, who controls the flow of information and access to decision-makers?

Gatekeeper

What do you call a routine B2B purchase where the buyer reorders without any modifications?

Straight Rebuy

What is a B2B buying situation where the shop wants to change product specs, prices, or terms?

Modified Rebuy

What is a first-time B2B purchase that requires extensive research and a complex decision process?

New-Task Buy

What are the first and last steps of the Business Buying Decision Process?

Step 1: Problem Recognition; Step 8: Performance Review

What is the term for a B2B buyer who makes the actual purchase and has the formal authority to select suppliers?

Buyer

What is a group of people in an organization who participate in a purchasing decision?

Buying Center

What is the term for "Business-to-Business" marketing on the internet?

B2B E-commerce

What is the acronym used to describe the total experience a customer has with a brand, both online and offline?

CX or CEX (Customer Experience)

True or False: Customer Experience (CX) only occurs when a customer is inside a physical store.

False (It includes the journey leading up to and after the store visit).

What is the term for identifying and tracking every "touchpoint" a consumer has from awareness to post-purchase?

Customer Journey Mapping 63

Professor Paris used which store as an example of guiding a customer through a specific pathway using arrows on the floor?

IKEA

What do you call the specific "negative" moments in a customer journey that marketers look for as opportunities to improve?

Pain Points

Why is a parking lot a pain point for one customer persona but not another?

Context/Goal (e.g., a city commuter who walks to the store doesn't care about parking).

What is the goal of "pressing the outer curve inward" in a customer journey model?

Eliminating/Reducing the need for the customer to evaluate alternatives.

Which brand was cited for using an AR app to let customers "try on" hair treatments or cosmetics before buying?

L'Oreal

What is the core challenge of marketing a service that you cannot physically touch or hold?

Intangibility

Which service characteristic means that quality can change based on the mood or behavior of the server (e.g., a grumpy drive-thru worker)?

Variability

Which service characteristic means that an unused service (like an empty airplane seat) cannot be saved for later?

Perishability

What is the term for the management of fixed resources (like rideshare cars or hotel rooms) to meet shifting demand?

Capacity Management

Which service characteristic means the service is produced and consumed at the exact same time (e.g., a haircut)?

Inseparability 73

What is the "Wheel of Retailing" entry phase characterized by?

Low prices and low-end facilities (e.g., walk-up window only).

In the Wheel of Retailing, what happens during the "Trading Up" phase?

Better facilities, menu expansion, and moderately higher prices.

What is the term for combining physical brick-and-mortar stores with a digital experience?

Phygital Experience

What is the #1 reason cited in the lecture for why customers abandon their online shopping carts?

Online Security Concerns

Besides security, what technical issue often causes "cart abandonment" during the payment process?

Response Lag (The "gyrating cycle thing" taking too long to process).

What technologies are combined with "Big Data" to create a Virtual Experiential Marketing (VEM) environment?

AR (Augmented Reality), VR (Virtual Reality), and AI.

What technologies are combined with "Big Data" to create a Virtual Experiential Marketing (VEM) environment?

AR (Augmented Reality), VR (Virtual Reality), and AI.

Which technology overlays digital images onto the real world (e.g., Nike turning clouds into sneakers on a phone screen)?

Augmented Reality (AR)

What are the three factors that make up the "Servicescape"?

Physical Evidence, People, and Process

When a service is "Intangible," what do marketers use in their ads to make it feel real?

Photography/Imagery (Showing the outcome, like a calm traveler in an Uber).

Which retail brand is currently "phasing out" many physical locations but remains a massive brand?

Macy’s

Which extinct brand did students most "miss" because it was a social place to "hang out" and get popcorn?

Blockbuster

What is the term for the internal research method where a marketer personally goes through the customer's journey?

Empathic Research