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Whitney's final grade is 86/100, B (86%)
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This exam was turned in on time on Sunday, May 8 at 9:47 PM
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1)
5/5
5/5
Identify the four stages of the product life cycle and give a product example of each cycle?
(5pts)
Whitney's answers
The product life cycle consists of four stages. They are market introduction, market growth, market maturity, and sales decline. An example of each of these would be: market introduction:MP3 players are introduced. market growth: everyone flocks to the stores to get the latest development in new technology, while Apple goes to the drawing board. market maturity: sales on MP3's are starting to level off. sales decline: Apple introduces the iPhone. An iPod and a phone all in one. Who needs an MP3 player?
Word count: 79 words
2)
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What is the Federal Trade Commissions' definition of  a " New" product?
(5pts)
Whitney's answers
A new product is one that is new in any way for the company concerned. However, the FTC says you can only call your product new for six months. Also, the FTC says to be called "new," a product has to be entirely new or changed in a "functionally , significant, or substantial respect.
Word count: 54 words
3)
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Identify the five steps of the "New product development process". Which is the most important?
(5pts)
Whitney's answers
The new devlopment process has five steps. 1.) Idea Generation -get ideas from customers and users -also from doing marketing research -look at your competitors, other markets, company people, etc. 2.) Screening -look for strengths and weaknesses -look at the market trends -do ROI estimates 3.) Idea Evaluation -do concept testing -watch reactions from customers -estimate your costs, sales, and profits 4.) Development -develop your model or service prototype -test your marketing mix -revise your plans if need be -do an ROI estimate 5.) Commercialization -finalize your market plan -start your production and marketing - put it out in the selected markets -do a final ROI estimate Screening is the most important step because the stage thata product hits the market has a direct relationship on how well it will go.
Word count: 110 words
4)
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Define benchmarking and give an example
(5pts)
Whitney's answers
Benchmarking is comparing your business with another business in the similar industry. Auto Tire and Parts may compare their business to a self employed mechanic to see what they can offer that he doesn't.
Word count: 34 words
5)
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Discuss the social value of new-product development activities that seem to encourage people to discard products that are nto all worn out. Is this an econmic waste?  How worn out is worn out?
(5pts)
Whitney's answers
People want the best of the best. Take the iPhone for example. AT&T produced several different types of iPhones over the course of a couple years. People were lined up waiting for these new devices even though their phones were nowhere near worn out. This is an economic waste. Worn out to me, is when a product can no longer be used, at all. If there is still a use for it, it shouldn't be thrown out.
Word count: 77 words
6)
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What is the difference between " selling direct' and direct marketing?
(5pts)
Whitney's answers
Direct marketing is having direct communication between the seller and indivual customer by using a promotion method other than face to face personal selling(selling direct.)
Word count: 25 words
7)
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Define discrepancy of assortment and give an example.
(5pts)
Whitney's answers
Discrepancy of assortment means that difference between the lines a typical producer makes and the assortment final consumers or users want. Baseball players are an example of this. They don't just need baseball bats. They also need batting gloves, socks, cleets, helmets, gloves, etc. Wholesalers and retailers are both needed tobe able to meet these needs.
Word count: 56 words
8)
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List the the three types of marketing exposure?

(5pts)
Whitney's answers
Three types of marketing exposures are: 1.) Intensive Distribution -selling products through all responsible and suitable whole salers or retailers who will stock/sell the products. 2.) Selective Distribution -selling products through only those intermediaries who will give the product special attention. 3.) Exclusive Distribution -selling products through only one intermediary in a particular geopgraphic area.
Word count: 49 words
9)
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List and explain the four types of regrouping activities that middlemen use to create a value for their service?
(5pts)
Whitney's answers
1.) Accumulating- -collecting products from many small producers 2.) Bulk Breaking- - dividing larger quantities into smaller quantities as products get closer to the final product. 3.) Sorting- - seperating products into grades and qualities desired by different target markets. 4.) Assorting- - putting together a variety of products to give a target market what it wants.
Word count: 50 words
10)
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Give three advantages of a manufacturer using a dual distribution system

(5pts)
Whitney's answers
1.Greater market penetration 2.Greater profitability 3.Combining with other franchises that are company owned gives you more room for expansion.
Word count: 17 words
11)
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Define the total cost approach when evaulating Physical Distribution Systems. Give examples of how comflicts might occur  between different departments in an organization.
(5pts)
Whitney's answers
Total cost approach is a method of evaluating each possible PD system and identifying all the costs of each alternative. Conflicts may arise when trying to figure out how to transfer the goods from one place to another.
Word count: 38 words
12)
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List the 5 transport modes, and compare their cost and delivery speed to each other.
(5pts)
Whitney's answers
Trucks- cost is high, offers fast delivery, many locations can be served, able to handle a variety of goods, scheduled shipments have a high frequency, and its very dependable for meeting schedules. Railroad- medium cost, average delivery speed, can serve a large number of locations, able to handle a variety of goods, not very many scheduled shipments, and a medium ability to meet schedules. Water- very cheap, very slow delivery speed, can only serve a limited amount of locations, but can handle a variety of goods, low frequency of scheduled shipments and a medium dependability in meeting schedules. Air- very expensive, very fast delivery, many locations served, limited on what can be handled, many scheduled shipments, and very dependable in meeting schedules. Pipeline- cost is very low, delivery speedis slow, limited locations served, limited on what can be handled, average frequency of scheduled shipments, and a high dependability on meeting schedules.
Word count: 147 words
13)
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Identify the 6 actual expenses incurred for total inventory cost.
(5pts)
Whitney's answers
Interest expense and oppurtunity costs of money tied up in inventory, costs of storage facilities and maintaining them, handling costs, cost of damage done to products while in inventory, costs of risks like theft or fire, and the cost of inventory becoming obsolete are six actual expenses incurred during total inventory costs.
Word count: 52 words
14)
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Clearly differentiate between a warehouse and  a distribution center. Explain how a specific product would be handled differently by each.
(5pts)
Whitney's answers
Distribution centers are special kinds of warehouses designed to speed up the flow of goods and avoid unneccesary storing costs. A warehouse is a large building where raw materials or manufactured goods may be stored before they are exported or distributed for sale. Products in warehouses are simply being stored there. Distribution centers move the products in such a wy that speeds up the exportation process.
Word count: 66 words
15)
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If a retailer operates only from a website and ships orders by UPS, is it freed from the logistics issues that face traditional retailers? Expalin your thinking.
(5pts)
Whitney's answers
I would think if it is operating strictly from a website and ships by UPS that it wouldn't face logistics issues. If it were a huge company shipping by all different methods it would be different pertaining to logistics.
Word count: 39 words
16)
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What is an agent middleman's marketing mix?
(5pts)
Whitney didn't answer this question
17)
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Discuss a few changes in the marketing enviromnent that you think help to exlain why telephone, mail-order, and Interner retailing have been growing so rapidly
(5pts)
Whitney's answers
Convenience would be a big factor that has helped tese types of retailing to grow. People can surf the web right in their own homes. They do not have to deal with pushy salesmen or bad customer service. Now more than ever, people are doing alot of traveling for business and other things. Gas prices have also risen, and instead of driving to the stores, you can save your gas, time, and money by shopping online.
Word count: 76 words
18)
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How do you think a retailer of Whirlpool washing machines would react if Whirlpool set up a website and sold direct to consumers, and shipped direct from its distribution center? Explain your thinking.
(5pts)
Whitney's answers
A retailer of Whirlpool would probably act in one of two ways: He would be excited about the new way for customers to order products, especially if the one the customer wants is not in stock at the store. Or, he could see it as a burden towards his store because it could hurt his sales. People could stop coming in to the store, and just start getting the appliances online.
Word count: 71 words
Personalized Feedback:
I am not excited about it.
19)
1/5
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What is the difference between  an Agent Middleman and a Manufacturingt Agent?

(5pts)
Whitney's answers
A middleman does not take legal ownership of the goods they sell and usually do not keep them in their personal possesion.
Word count: 22 words
20)
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Idfentify three reasons why a company has to have some type of reverse channel policy.
(5pts)
Whitney's answers
1.) Recalls 2.) Making errors on products and having to take returns 3.)Something breaks while still under warranty, it has to be shipped to the repair center.
Word count: 25 words

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