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Amy's final grade is 87/100, B (87%)
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This exam was turned in on time on Sunday, May 8 at 11:44 AM
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Amy submitted this Attempt On time on Sunday, May 8 at 11:44 AM Amy spent 3 hours 12 minutes taking the Attempt
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Exam
1)
5/5
5/5
Identify the four stages of the product life cycle and give a product example of each cycle?
(5pts)
Amy's answers
Market Introduction- for example, when Glaceau introduced Vitaminwater. People weren't sure about it, but after a while, it finally took off. Market Growth-this is pretty much any product, like the GPS systems, or a touchscreen phone. other companies see a good product and try to copy this product. Market Maturity-cars, boats, and appliances. There's a lot of competition, but everyone needs these items, and there are well known manufacturers, so even though new companies are coming into the market, there are already well established ones out there. Sales Decline- like Clorox, even though they are known for their bleach for over 100 years (and have since expanded to other types of cleaners) there are new products out there that are less harsh and clean even better than Clorox bleach, such as Oxiclean.
Word count: 129 words
2)
4/5
4/5
What is the Federal Trade Commissions' definition of  a " New" product?
(5pts)
Amy's answers
Six months is the limit to be called new, and a product must be entirely new or changed in a "functionally significant or substantial respect."
Word count: 25 words
3)
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Identify the five steps of the "New product development process". Which is the most important?
(5pts)
Amy's answers
Idea Generation, Screening, Idea Evaluation, Development, and Commercialization. I believe the most important step is the Commercialization, because once you find an idea for a product that will work, and find out that people have a need and want for it, and get all the way through manufacturing this product, then if you don't advertise and promote it, then all the other steps that you have worked so hard on don't really matter because it's going to fail.
Word count: 77 words
4)
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2/5
Define benchmarking and give an example
(5pts)
Amy's answers
It's the process of identifying "best practice" in relation to both products (including) and the processes by which those products are created and delivered. How are you going to get this item to the customer, which method and what target market are you going to market to.
Word count: 47 words
5)
3/5
3/5
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)
Amy's answers
If it's not worn out, and the item is still functional, then don't discard it. This is definitely a waste, especially with the world "going green". Try to use or re-use products when possible. And if it is completely worn out, that would mean it is no longer functional in any capacity, and it would need to be recycled if possible or just completely discarded.
Word count: 65 words
6)
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5/5
What is the difference between " selling direct' and direct marketing?
(5pts)
Amy's answers
Selling direct would be like door to door such as Mary Kay or Avon, where company reps go out and sell to the customer. Direct marketing would be like a company sending out a catalogue or having a website that the consumers get their products through.
Word count: 46 words
7)
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Define discrepancy of assortment and give an example.
(5pts)
Amy's answers
Means the difference between the lines a typical producer makes and the assortment final consumer or users want. Just like golfers need an assortment of items, from balls to clubs, to a course to play on. So it's better for the companies that sell these products to come together and make it easier for the consumer to purchase in one locale.
Word count: 61 words
8)
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5/5

List the the three types of marketing exposure?

(5pts)
Amy's answers
Intensive distribution, selective distribution or exclusive distribution.
Word count: 7 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)
Amy's answers
Accumulating-involves collecting products from many small producers. Bulk-breaking-Where you divide larger quantities into smaller quantities as product get closer to the final market Sorting-separating products into grades and qualities desired by different target markets. Assorting- putting together a variety of prodcuts to give a target market what it wants.
Word count: 48 words
10)
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5/5

Give three advantages of a manufacturer using a dual distribution system

(5pts)
Amy's answers
when big retail chains want large qantitie and low prices, they're able to get them sometimes producers have to use it because their present channels are doing a poor job, or aren't reaching some potential customers. Sometimes requirements shift, so you have to be able to adjust accordingly.
Word count: 46 words
11)
3/5
3/5
Define the total cost approach when evaulating Physical Distribution Systems. Give examples of how comflicts might occur  between different departments in an organization.
(5pts)
Amy's answers
This identifies all of the costs of each alternative. This approach uses the tools of cost accounting and economics. Costs that otherwise might be ignored ould be considered, and the possible costs of lost sales due to a lower customer service level would be considered as well. conflicts may arise if the firms in the channel don't lan and coordinate how they will share the activities. one dept may be upset because they feel they are doing more work than the other dept's and they don't feel it's their job to do. but if it's all laid out, as to who will do what, then that will ease the conflicts.
Word count: 110 words
12)
5/5
5/5
List the 5 transport modes, and compare their cost and delivery speed to each other.
(5pts)
Amy's answers
Truck-The cost may be high, but they can get places where rails can't. and they are better at moving small quantities of goods for shorter distances. They're also more reliable on meeting schedules. Rail-they carry more freight over longer distances than any other mode,and carry heavier freight over longer distances at a lower cost. Water-this is the slowest shipping mode, but is usually the lowest cost method of shipping heavy freight. it's definitely better for international shipping. Air-this is the most expensive transport method, but it's also the fastest. it costs 3x's as much to ship by air than truck, but the speed could offset the cost. this is better for perishable products or high value low weight goods as well. and also for items that are needed for repairs (overnighted orders). Pipeline
Word count: 131 words
13)
5/5
5/5
Identify the 6 actual expenses incurred for total inventory cost.
(5pts)
Amy's answers
Interest expense and opportunity cost of money tied up in inventory. Cost of storage facilities and maintaining them Handling costs (to put products in invetory and take them out again) Costs of damage to products while in inventory Costs of risks such as theft and fire Costs of inventory becoming obsolete.
Word count: 46 words
14)
5/5
5/5
Clearly differentiate between a warehouse and  a distribution center. Explain how a specific product would be handled differently by each.
(5pts)
Amy's answers
Warehouses are storing facilities, while a distribution center is a special kid of ware house that is designed to speed the flow of goods and keeps unnecessary costs of storage down. Take for example car parts. They could be stored in warehouses until its time for them to be moved, but in a distribution center, they dont' just set on a shelf, this is more for items that are moved most frequently.
Word count: 72 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)
Amy's answers
No they're not. They still have to deal with the manufacturers having the product in stock, and the problems with transporting the items to the customers (or stores). The only thing they are free from is having to deal with the customers face to face which may actually be a deterrent to some customers.
Word count: 54 words
16)
3/5
3/5
What is an agent middleman's marketing mix?
(5pts)
Amy's answers
It's the "product" the whole offering, the assortment of goods and services, advice from salesclerks, convenience, and the like.
Word count: 19 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)
Amy's answers
People are starting to order more online because they spend more time on the computers or in front of the tv than in the stores, so it's so much easier to purchase items by the click of a button than have to stand in line all day at a store that you have scoured for hours trying to find that particular item. Also with the cost of gas going up, it's easier to rely on "in-home" shopping than having to go out and drive around and deal with crowds and snotty sales people.
Word count: 93 words
18)
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5/5
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)
Amy's answers
I believe they would be highly upset, and so would customers. This would also cause a drop in sales for Whirlpool because if they stopped selling in stores, and just sold directly through the website, customers are less likely to purchase such a large and expensive product like this online only. They want to see it side by side with other brands of the same product so they can make the decision with no guess work.
Word count: 76 words
19)
4/5
4/5

What is the difference between  an Agent Middleman and a Manufacturingt Agent?

(5pts)
Amy's answers
agent middleman doesn't own the products they sell. they just help in buying and selling. they operate at low cost. the manufacturing agent sells similar products for seeral noncompeting producers, usually for a commssion on what is actually sold. They're independent but act as a member of the company's sales force.
Word count: 51 words
20)
4/5
4/5
Idfentify three reasons why a company has to have some type of reverse channel policy.
(5pts)
Amy's answers
In case of a recall of products because of safety problems In case a firm makes an error in completing an order may have to take returns. Also, if a product has a warranty and it needs to be repaired, there needs to be certain channels to get this item returned and services.
Word count: 51 words

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