Ward_Exam3Review - Fundamentals of Marketing Exam 3 Fall 2015 1 2 3 4 1 2 3 4 5 6 7 GUEST LECTURE Neil Stern McMillan | Doolittle(consultants for

Ward_Exam3Review - Fundamentals of Marketing Exam 3 Fall...

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Fundamentals of Marketing Exam 3 – Fall 2015 GUEST LECTURE: Neil Stern: McMillan | Doolittle (consultants for retailers on how to run their businesses better and advise on their investments) Macro Trends 1. e-commerce 10% of retail sales (doubled in last 10 years) food is slow to move over to online (1%), same with drugs 2. channels multi-channel omni-channel: any way they want to shop (mobile, computer/internet, store) cross channel 3. shared economy focusing on access; just providing a service ex] uber doesn’t own any taxis ex] air bnb doesn’t own any real estate 4.creative destructionInnovations in Retail: what will drive the future? 1. experimental retailing: make interesting/exciting for customer 2. technology innovation Disney magic band 3. online/offline mash up 4. customization 5. hyper-local 6. curated collections 7. retail-vention: reinventing retail model Chapter 15: Channels and Wholesaling marketing channel : individuals and firms involved in the process of making a product or service available for consumption by consumers or industrial users flow of goods: producer --> intermediary --> buyer Different types of intermediaries and what each does middleman : any intermediary between manufacturer and end-user markets staff at Cafe du Monde agent/broker : any intermediary with legal authority to act on behalf of the manufacturer do not own merchandise and perform fewer channel functions; make profit from commission or fees rather than profits from sales manufacturer’s agent: work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory selling agent: represent a single producer and are responsible for entire marketing function (drug reps) broker: independent with the function of bringing buyers and sellers together to make salers (real estate agent) wholesaler : any intermediary who sells to other intermediaries, usually to retailers; usually applies to consumer markets independently owned firms that take title to own the merchandise they handle full service: perform all channel functions general: carry a broad assortment of merchandise and perform all channel functions specialty: offer a relatively narrow range of products but have an extensive assortment within the product lines carried limited service rack jobbers: furnish the racks cash and carry wholesalers: take title but only sell to those who call, provide transportation, and pay in cash
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drop shippers: take title but do not physically handle; solicit orders and ship dircetly to buyers truck jobbers: take stock from warehouse and distribute to retailers create value because it is a more efficient form of negotiation between a department store and a wholesaler (wholesaler deals with manufacturer and distributor) retailer : any intermediary who sells to consumers distributor : an imprecise term, usually used to describe intermediaries who perform a variety of distribution functions,
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