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This exam was turned in on time on Sunday, May 8 at 10:21 PM
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Natalie submitted this Attempt On time on Sunday, May 8 at 10:21 PM Natalie spent 1 day 5 hours 27 minutes taking the Attempt
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Exam
1)
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Identify the four stages of the product life cycle and give a product example of each cycle?
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Natalie's answers
The four stages of the product life cycle are marketing introduction, market growth, market maturity, and sales decline. The marketing introduction is when a new product is introduced and sales are low. The market growth is when consumers begin buying the new product and sales rapidly increase. The market maturity is when sales start to slow down, and competition starts up. Sales decline is when new products replace the old and the cycle begins again. Example: Mary Kay decided to come up with a new makeup formula that can help reverse wrinkles. Marketing introduction is creating the new product and releasing it to the public to buy. Marketing growth is when the new reversal make up starts sailing rapidly. Marketing maturity is when a competitive makeup brand starts selling their own new reversal makeup and sales slow down for Mary Kay. Sales decline is when Mary Kay comes up with an even better makeup that replaces the old reversal makeup with a reversal, anti-aging makeup that helps fight off pimples and breakouts.
Word count: 172 words
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2)
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What is the Federal Trade Commissions' definition of  a " New" product?
(5pts)
Natalie's answers
A firm can call its product new for a limited amount of time. The limit on new products is six months. The Federal Trade Commission says for a product to be new a product must be entirely new or changed in a "functionally" significant or substantial respect.
Word count: 47 words
3)
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Identify the five steps of the "New product development process". Which is the most important?
(5pts)
Natalie's answers
The five steps of the New product development process are idea generation, screening, idea evaluation, development, and commercialization. Idea generation is coming up with new ideas to present as possible new products. Screening is when the new idea is evaluated to see if it is a good idea. Idea evaluation is when a product is evaluated even more closely as it will most likely become developed. Development is when the idea is passed on to be made, but not yet sold to make sure the product works right. Commercialization is when the product is ready to be sold, but word needs to get out about it before it will sell. Idea generation is very important because firms need a continual flow of new ideas. New ideas lead to more potential customers. However, idea generation is expensive because often it involves buying other products and comparing them to yours; and then improving upon your product. I think the first two processes are equally the most important. Idea generation is one of the most important because without new ideas production of a new product couldn't happen. Screening is equally important because, it's great you have a new idea for a product, but if it isn't functional or safe no one will buy the product.
Word count: 212 words
4)
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Define benchmarking and give an example
(5pts)
Natalie's answers
Benchmarking is the comparison of one organization's practices and performance against those of others. Benchmarking can be used to compare how different companies manage the product development processes. ex.) The International Motor Vehicle Program is a program that collects and exchanges information on nearly all car assembly plants in the world. It can show how different plants are more or less effective on a range of measures.
Word count: 67 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)
Natalie's answers
Due to technology rapidly getting better quality, people must upgrade to the new product. When sales decline, new products are usually replacing the old or worn out products. Sometimes technology moves so fast we have no choice but to move or change with it. When we switched from VHS to DVD it became clear that at some point everyone would have to switch even if their current player is in great condition. Switching isn't all bad because it improves people's lives. This can be an economic waste in some cases because if we are changing from U.S. made products to foreign made products then we shouldn't have changed. Retailers used to make products that would last forever, but now something is replaced even when it isn't worn out.
Word count: 128 words
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What is the difference between " selling direct' and direct marketing?
(5pts)
Natalie's answers
Selling direct is when consumer products are sold directly to consumers. It is selling which involves personal sales contact between a representative of the company and an individual consumer. Direct marketing is direct communication between a seller and an individual customer using a promotion method other than face to face personal selling. Selling direct uses face to face selling, but direct marketing uses other methods to directly contact them but not face to face like internet or telephone.
Word count: 78 words
7)
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Define discrepancy of assortment and give an example.
(5pts)
Natalie's answers
Discrepancy of assortment means the difference between the lines a typical producer makes and the assortment final consumers or users want. Example: Golfers don't just need golf balls, they also need or want golf clubs, shoes, gloves, bags, and a course to play on. Golfers don't want to shop for these in different places, so wholesalers and retailers need to adjust to these discrepancies.
Word count: 64 words
8)
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List the the three types of marketing exposure?

(5pts)
Natalie's answers
The 3 types of marketing exposure are intensive, selective, and exclusive distributions. Intensive distribution is selling a product through all responsible and suitable wholesalers or retailers. Selective distribution is selling through only those intermediaries who will give the product special attention. Exclusive distribution is selling through only one intermediary in a certain geographical area.
Word count: 54 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)
Natalie's answers
The 4 regrouping activities are accumulating, bulk-breaking, sorting, and assorting. Accumulating involves collecting products from many small producers. Bulk-breaking involves dividing larger quantities as products get closer to the final market. Sorting means separating products into grades and qualities desired by different target markets. Assorting means putting together a variety of products to give a target market what it wants.
Word count: 60 words
10)
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Give three advantages of a manufacturer using a dual distribution system

(5pts)
Natalie's answers
One advantage of manufacturing using a dual distribution system is a more widely distributed product, thus selling more. Another advantage is if one distribution system isn't working so well then you have an alternative. The third advantage is lower cost, because you can choose whichever system is most cost affective at different times.
Word count: 53 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)
Natalie's answers
In selecting a Physical Distribution System the total cost approach involves evaluating each possible physical distribution system and identifying all of the cost of each alternative. When choosing to ship products using air freight or ships versus freshness or spoilage the total costs are usually about the same, but when air freight is used there is higher shipping cost and lower spoilage costs. But to keep customers a company chooses quality for their customers. Companies find the lowest total cost for the right service level. Speeding up shipping may cost more, but service is of higher quality and will appeal to customers and beat competitors.
Word count: 105 words
12)
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List the 5 transport modes, and compare their cost and delivery speed to each other.
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Natalie's answers
The 5 transportation modes are truck, railroad, water, air, and pipeline. Trucks have a good delivery speed for moving and can travel most roads, however, costs can be high. Railroads are relatively inexpensive and fairly fast for deliver. Water transportation is the slowest mode of shipping, but also has the lowest cost. Air delivery speed is the fastest and most expensive. Pipelines are low cost, slow delivery transportation.
Word count: 68 words
13)
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Identify the 6 actual expenses incurred for total inventory cost.
(5pts)
Natalie's answers
1) Interest expense and opportunity cost of money tied up in inventory. 2) Cost of storage facilities and maintaining them. 3) Handling costs (putting products in inventory and taking them out) 4) Costs of damages to products while in inventory. 5) Costs of risks such as theft and fire 6) Costs of inventory becoming obsolete
Word count: 50 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)
Natalie's answers
Distribution centers are an important way to cut storing and handling costs, and computerized information links within firms and among firms in the channel are increasingly important in blending all of the logistics activities into a smooth running system. Warehouses handle products because they store the products which costs money. Distribution centers don't store items, the items come in and go right back out. Ex.) a Tonka truck handled by a warehouse would enter the warehouse and be stored until someone buys the product. A Tonka truck handled by a distribution center would go through the distribution center never be stored and the truck would be immediately sorted and passed to the outgoing loading dock where the vehicle takes it to its next stop.
Word count: 124 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)
Natalie's answers
Retailers using a website and ships orders by UPS are freed from the traditional retailers logistics, but new logistics take their place. The internet can be inconvenient in some ways. Logistics involving the internet are, you can't touch a product, and when you buy something you actually just ordered you don't actually have it. Also, someone has to deliver the product which adds cost and delays.
Word count: 66 words
16)
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What is an agent middleman's marketing mix?
(5pts)
Natalie's answers
Agent middleman specialize by customer type and by product or product line. They work at relatively low price. Producers must get local representation through agents for international trade. They act as a sales representative.
Word count: 34 words
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)
Natalie's answers
Many families are becoming dual-career and time-pressured. Using telephone and direct retailing allows these consumers to shop at home. Many retailers have begun using these ways of retailing which in return people began to use. The cost of communication is lowered. The internet and other retailing ways have made shopping faster and in some cases easier.
Word count: 56 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)
Natalie's answers
The retailer of Whirlpool would feel like they were no longer needed. Shipping directly from the distribution center would cut out the middleman or intermediaries. Using a website would allow people to find the best option without going to the store to look. The retailers of Whirlpool would probably react badly because they would feel betrayed when they haven't done anything wrong. Plus it would directly affect their business. On the other hand, it might help their business if people see it on line and then want to come into the store to look before buying.
Word count: 96 words
19)
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What is the difference between  an Agent Middleman and a Manufacturingt Agent?

(5pts)
Natalie's answers
Unlike merchant wholesalers, agent middleman do not take legal ownership of the goods they sell; nor do they generally take physical possession of them. The three principal types of agent middlemen are selling agents, manufacturers agents, and purchasing agents. Manufacturers agent are the same, but the big plus of manufacturing agents is that they already call on some customers and can add another product line at relatively low cost.
Word count: 69 words
20)
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Idfentify three reasons why a company has to have some type of reverse channel policy.
(5pts)
Natalie's answers
A company must a reverse channel policy because: 1) The government enforced laws that help the environment, which has forced some firms into having to have reverse channel policies. 2) Safety recalls in which a firm makes an error and products are returned cause major loss if you don't have one. 3) Consumers sometimes buy something in error and want to return it.
Word count: 60 words

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