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Unformatted text preview: Final Exam Prep Sheet Fall 200 50 Multiple-Choice, 10 T/F Questions Product Life Cycle 1. Diagram and explain the Product Life Cycle, including its limitations. 2. Compare and contrast business conditions for each stage of the PLC. 3. Compare and contrast marketing tactics for each stage of the PLC. 4. Distinguish among the following approaches for introducing new products: pioneers, follow-the- leader companies, segmenters, and me-too companies. Brand Management 5. Define brand and brand equity. 6. Distinguish between manufacturers brands and private label brands. 7. Describe why distributors would use a private label brand. What challenges face manufacturers brands? 8. Distinguish between a line extension and brand extension. 9. What benefits are gained by using a line (or brand) extension? 10. What problems can develop by using a line (or brand) extension? 11. In what ways can problems be avoided with extensions? 12. Recognize the different benefits packaging provides in terms of communication, perceptual, and functional benefits. Channels of Distribution Marketing Channel- a set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer 13. Define intermediary as it relates to channels of distribution. What do these intermediaries do? Intermediary/channel members/resellers/middlemen :- all parties in the marketing channel that negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer in the hands of the final consumer Important aspect of channel members is the joint effort of the intermediaries to create a continuous and seamless supply chain Marketing channels/Intermediaries: o Provide specialization and division of labor : Manufacturers attain economies of scale through the use of efficient equipment capable of producing large quantities of a single product. Similarly, marketing channels attain economies of scale through specialization and division of labor by aiding producers who lack the motivation, financing or expertise to market directly to the end users/consumers. Ex. Convenience goods-producers find can t market to millions of people o Overcome discrepancies: Discrepancy of Quantity: the difference between the amount of product produced and the amount an end user wants to buy. Discrepancy of assortment: the lack of all the items a customer needs to receive full satisfaction from a product or products Temporal discrepancy: a situation that occurs when a product is produced but a customer is not ready to buy it Spatial discrepancy: the difference b/w the location of producer and the location of widely scattered markets Pillsbury pancake example o Provide contact efficiency: they provide contact efficiency which is; they reduce the number of stores that customers need to shop at to complete their purchases...
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- Fall '07