- •1. Read and translate the text in written form using a dictionary
- •Read and translate the text in written form using a dictionary
- •Read and translate the text in written form using a dictionary
- •Read and translate the text in written form using a dictionary Transportation
- •2. Give the summary of the text
- •2.Give the summary of the text Food Stores—From "Cash and Carry" to Supermarket
- •2.Give the summary of the text Transportation Modes
- •2.Give the summary of the text the ultimate promoters
- •2.Give the summary of the text the promotional mix
- •2.Give the summary of the text Advertising
- •2.Give the summary of the text Personal Selling
- •Sales Promotion
- •2.Give the summary of the text Publicity and Public Relations1
- •2.Give the summary of the text Factors Affecting Pricing1
- •Promoting the product
- •2.Give the summary of the text Stockholders1
- •2.Give the summary of the text the universal marketing functions1
- •The Exchange Functions
- •2.Give the summary of the text Physical Distribution Functions1
- •Standardizing and Grading
- •2.Give the summary of the text Financing1
- •Earlier approaches to marketing
- •2.Give the summary of the text what's happening to the american consumer1?
- •2.Give the summary of the text The Contributions of Small Business1
- •Trends in Small Business Development
- •The Franchise Boom
- •2.Give the summary of the text levels of authority: the management pyramid1
Standardizing and Grading
Standardizing and grading (the sorting of products into standard size and quality categories) enable the consumer to narrow his or her search for new shoes significantly by asking for 10 1/2 length, D width; to purchase jumbo8 eggs at the supermarket without weighing each egg individually; or to purchase beef that is graded "prime," "choice," or "good." A system of standardization and grading that allows buyers to minimize or avoid completely the physical inspection of products is obviously a convenient time saver for the customer. As will be discussed later, the use of brand names or trademarks is a refinement of this concept. When you buy Green Giant peas, you presumably9 know from experience that you will be satisfied with the product. Trusting in the reliability of the trademark, you buy the product without serious reservations regarding your inability to inspect the contents of that particular can.
2.Give the summary of the text Financing1
Financing is another of the facilitating2 functions. A farmer purchases seed, supplies, labor, and other factors of production during the growing season in anticipation3 of the revenues to be received after harvest when the crop is sold. Possibly he may have cash reserves large enough to support, or finance, these preliminary cash outflows. Frequently, however, the farmer must use credit to finance his operation during his cash requirement period, intending to repay the loan out of crop sales after the harvest. This credit could come from suppliers who allow him 90 days or more to pay for seed and supplies. Credit extended to a business customer in the form of deferred payment4 for goods or services is called trade credit. It allows the creditor time to sell his product before having to pay for his supplies. The farmer must pay his employees, pay taxes, buy livestock, and make other purchases for which trade credit is probably not available. Consequently, the farmer may need financing from banks, finance companies, or government agencies such as the Farm Credit Administration. These loans will be repaid from revenues earned in the future. The entire subject of financing merits5 close attention. However, remember that credit and other financing devices are critical elements of the marketing system.
Risk Bearing. Risk bearing is also a universal marketing function. A buyer for Macy's Department Stores who anticipates that men's suit jacket lapels6 will be narrowed in the following season and orders accordingly is accepting the risk that lapels might remain at the same width or even get wider. If this occurs, Macy's can be expected to take losses in the form of markdowns7 (reductions in selling price below standard markup) on its inventory to sell a garment8 that is not in demand. The buyer may attempt to negotiate with Macy's suppliers for the right to return unsold clothes for a credit if the clothes are not salable. This is a valid attempt to shift the risk to another participant in the marketing system. The risk can be shifted or shared, but cannot be eliminated. Someone must ultimately bear the risk that the goods produced might not meet consumer requirements and might be salable only at a discount price (or unsalable altogether).
Marketing Information. All marketing systems must also provide for the transmittal of market-related information. At one level in the channel of distribution, manufacturers must make wholesalers and/or retailers aware of their product, its advantages, price, delivery terms, models and available options, and much more. Food manufacturers may do this by employing sales people to call on buyers at grocery wholesale firms and the larger food chains' central buying offices. Another way to transmit information might be to advertise heavily in publications read frequently by people in the food business, such as Progressive Grocer or Chain Store Age. Retailers, in turn, may communicate certain information such as the name of their store, its location, hours, and what kinds of merchandise and services the consumer can expect to find there. Retailers also frequently employ sales people to demonstrate and explain the merchandise once the consumer is in the store.
Market information also flows in the opposite direction—that is, from the consumer back through the marketing system to the manufacturer. Perhaps, a television manufacturer is trying to determine what percentage of his TV sets should have remote control (as opposed to less expensive conventional sets). To find out how important this feature is to consumers and how much extra they would be willing to pay for it, the manufacturer's market research team might give a questionnaire to a random9 sample of people who have been identified as "in the market" for a new TV. A less formal (and cheaper) approach would be to ask TV retailers if they noticed significant interest in the remote control option. Still another source of information might be the Television Manufacturers Association, which might have industry sales data concerning the demand for remote control units. To sum up, marketing information flows two ways—to the consumer about what is available at what terms, and from the consumer to manufacturers, wholesalers, and retailers about what to produce and display.