bus 313 final exam
Wholesaling Types: Wholesaling types are different ways that businesses buy and sell goods in bulk, either to other businesses (B2B) or directly to consumers (B2C).
Business to Business (B2B) and Business to Consumer (B2C) Markets: B2B is when businesses sell products to other businesses, and B2C is when businesses sell products directly to consumers.
Federal Government/Institutional/Reseller Markets: These are groups that buy goods and services for public use, like the government, schools, or companies that sell products to others.
Buying Centers: A buying center is a group of people within a company who work together to make purchasing decisions.
White Papers: A white paper is a detailed report or guide that explains a complex issue and presents a company's solution.
International Shipping Terms: International shipping terms define how goods are transported between countries, including costs and responsibilities of buyers and sellers.
Tariffs: Tariffs are taxes that governments put on goods coming from other countries to make them more expensive.
Quotas: Quotas are limits set by governments on the amount of a product that can be imported from other countries.
Trade Agreements: Trade agreements are deals between countries that make it easier to buy and sell goods with each other by reducing taxes and other restrictions.
Franchising Agreements: Franchising agreements allow a business (the franchisor) to let others (franchisees) operate using their name and business model.
International Markets and Business Alignments: International markets involve selling and buying goods across countries, and business alignments are partnerships between companies to work together in these markets.
Segmentation Methods, Types, and Strategies: Segmentation methods are ways to divide a market into groups based on different factors like location (geodemographic), appeal (attractiveness), amount of customers (concentration), different tactics (differentiated), or treating everyone the same (undifferentiated).
Product Positioning: Product positioning is how a company wants consumers to see their product compared to others in the market.
Product Definition/Concept: Product definition is a description of what a product is and the benefits it offers.
Types of Products: There are different types of products: unsought (people don’t think about buying), shopping (people compare options), specialty (unique and hard to find), and convenience (easy to buy and use).
Diffusion of Innovation: Diffusion of innovation is how new ideas and products spread among people and businesses.
Product Life Cycles: Product life cycles show the stages a product goes through from when it's introduced to when it’s taken off the market.
Branding Concepts: Branding concepts refer to the ideas and strategies companies use to create a unique image and name for their products.
Reverse Engineering: Reverse engineering is when someone takes apart a product to understand how it works and improve it.
Core Differences Between Services and Goods Markets: Services are things people do for you (like haircuts) while goods are physical items you can touch and buy (like toys).
Supply Chain Management: Supply chain management is how businesses keep track of the flow of products from creation to delivery, including working together with suppliers and retailers.
Lead Time: Lead time is the time it takes from when you order a product until you receive it.
Co-op Advertising: Co-op advertising is when companies share the cost of advertising, usually between a manufacturer and a retailer.
AIDA Model: The AIDA model stands for Attention, Interest, Desire, and Action; it’s a way to understand how people decide to buy a product.
Sales Promotion: Sales promotion includes special offers like discounts or contests to encourage people to buy a product.
Publicity: Publicity is when news or information about a company is shared with the public, often without paying for it.
Push and Pull Strategies: Push strategies try to sell products by pushing them onto consumers, while pull strategies attract customers to seek out those products.
General Retailing Concepts: These include ideas about how stores sell products, like "Category Killers," which are stores that are so good at selling one type of product that they make it hard for other stores to compete.
Distribution Strategies: Distribution strategies are ways to get products to customers, including intensive (many locations), exclusive (few locations), or selective (chosen outlets).
Inventory Management - Just in Time Inventory Systems: Just in Time Inventory Systems mean keeping just enough stock to meet customer demand without having extra items sitting around.