Entrepreneurship Chapter 6 Review

What is supply chain management?

• The act of establishing a favorable relationship with customers and the general public

• The coordination of manufacturers, suppliers, and retailers working together to meet a customer need

• The use of visual media to promote, sell, and distribute a product or service to a targeted audience

• The direct communication between a prospective buyer and a sales representative

What are the routes that products and services take from the time they are produced to the time they are consumed?

• Receiving Goods to Sell

• Packaging

• Product Storage and Handling

• Channels of distribution

What is a direct channel in distribution?

• Uses intermediaries to move products between the manufacturer and the consumer

• The use of visual media to promote, sell, and distribute a product or service to a targeted audience

• The act of offering an incentive to customers in order to increase sales

• Moves product directly from the manufacturer to the consumer

What is physical distribution?

• The use of visual media to promote, sell, and distribute a product or service to a targeted audience

• The direct communication between a prospective buyer and a sales representative

• The coordination of manufacturers, suppliers, and retailers working together to meet a customer need

• Includes not only transportation but also storage and handling of products and packaging within a channel of distribution

What is advertising?

• A paid form of communication sent out by a business about a product or service

• The use of visual media to promote, sell, and distribute a product or service to a targeted audience

• A nonpaid form of communication that calls attention to your business through media coverage

• The act of offering an incentive to customers in order to increase sales

What is publicity?

• The direct communication between a prospective buyer and a sales representative

• A nonpaid form of communication that calls attention to your business through media coverage

• A paid form of communication sent out by a business about a product or service

• The act of establishing a favorable relationship with customers and the general public

What is personal selling?

• The act of offering an incentive to customers in order to increase sales

• The coordination of manufacturers, suppliers, and retailers working together to meet a customer need

• Direct communication between a prospective buyer and a sales representative

• The use of visual media to promote, sell, and distribute a product or service to a targeted audience

What is the customer decision-making process?

• The direct communication between a prospective buyer and a sales representative

• Define the problem, gather information, identify various solutions, evaluate alternatives and select the best option, take action, evaluate the action

• The use of visual media to promote, sell, and distribute a product or service to a targeted audience

• The act of establishing a favorable relationship with customers and the general public

What is sales promotion?

• The act of offering an incentive to customers in order to increase sales

• A paid form of communication sent out by a business about a product or service

• The coordination of manufacturers, suppliers, and retailers working together to meet a customer need

• The direct communication between a prospective buyer and a sales representative

What is telemarketing?

• The direct communication between a prospective buyer and a sales representative

• The act of offering an incentive to customers in order to increase sales

• A nonpaid form of communication that calls attention to your business through media coverage

• Using the phone to market your product or service