EXAM 4 STUDY GUIDE.docx - EXAM 4 STUDY GUIDE Chapter 16...

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EXAM 4 STUDY GUIDE Chapter 16 Four utilities & examples Place Possession Form time Retail classification methods (3) Self Service Limited Service Full Service Types of franchises Busniess format franchises Subway. McDonalds, Wendy’s, etc Product Distribution Franchises Depth & breadth of product line Depth – Number of items within each product line Breadth – Number of different product lines Retailing mix (retail pricing, location, communication, merchandise) The retailing mix consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise. Wheel of retailing The wheel of retailing is a concept that describes how new forms of retail outlets enter the market. Retail Life Cycle The retail life cycle is the process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages. Multichannel Multichannel retailers are retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television home shopping, and online retailing. Merchant wholesalers (full & limited-service) Merchant wholesalers are independently owned firms that take title to the merchandise they handle. Chapter17 Promotional mix The promotional mix is the combination of one or more communication tools used to: (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) remind them later about the benefits they enjoyed by using the product Elements of Communication model
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Communication is the process of conveying a message to others and that requires six elements: source is a company or person who has information to convey during the communication process. message consists of the information sent by a source to a receiver during the communication process. channel of communication is the means (e.g., a salesperson, advertising media, or public relations tools) of conveying a message to a receiver during the communication process. Receivers consists of consumers who read, hear, or see the message sent by a source during the communication process encoding is the process of having the sender transform an idea into a set of symbols during the communication process. Decoding is the process of having the receiver take a set of symbols, the message, and transform them back to an idea during the communication process. Field of experience Field of experience is a mutually shared understanding and knowledge that the sender and receiver apply to a message so that it can be communicated effectively during the communication process.
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  • Fall '15
  • DavidFallin
  • Sales, Personal Selling, Prospect

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