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Marketing 3000(emmelhainz) Study Guide Test 3

Marketing 3000(emmelhainz) Study Guide Test 3 - Marketing...

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Marketing Study Guide Test 3 Supply Chain Supply Chain Management Logistics: management of physical flow of raw materials, components, and products across the supply chain. Objective of logistics: give customer (channel member or consumer) the needed level of customer service at lowest cost. o Usually measured in Order cycle time Product availability Order accuracy Flexibility Information Logistical Components of Supply Chain o Sourcing and Procurement Objective: obtain supplies in right quality and lowest cost Develop long term relationship w/ supplier o Production Scheduling Determining method and timing of manufacturing of a mix of products Build stock VS. Build to Order o Order Processing: a system for easily receiving orders and accurately and quickly filling them EDI: electronic data interchange Cpu to cpu exchange of ordering info o Inventory Control: maintaining the correct amount of inventory Goal is to meet product availability standards while keeping low costs o Materials handling: move products within a facility Receiving, sorting, storing, finding, getting ready for shipment o Transportation Railroads, motor carrier, pipeline, water, airways Highest volume to lowest Trends in Supply Chain management o Advanced computer tech(RFID) o Outsourcing of logistics functions (3PLS) o Electronic distribution Relationship of logistics to marketing mix o Product characteristics can significantly impact logistic cost o Logistics must be aware of upcoming promotions o Effective logistics can reduce prices and/or increase revenue Promotion (chapter 14, 15, 16) Communication by marketers that o Informs, persuades, and reminds potential buyers of a product Promotional Mix includes:
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o Advertising: paid by sponsor o Personal selling o Sales promotion(p 239- 244): giveaways, samples, contests o Public relations – not directly paid and not completely controlled(234 – 237) Integrated marketing communications: careful coordination of all promotion to assure the consistency of messages Objectives of promotion: inform persuade, or remind(mature stage) o Task is achieved through the AIDA concept Attention: become aware of product(advertising) Interest: Desire Action To work effectively we need to know the starting point of customers Advertising o Impersonal o One way mass communication o Paid for my a marketer o $300 billion annually in US Types of ads Institutional advertising: enhances a company’s image rather than
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