MKT 482 Exam 2 Review | Questions with 100%
Correct Answers | Verified | Latest Update
2026/2027
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Terms in this set (50)
retail strategy > stmt outlining retailers' target mkt, format &
resources used to satisfy their needs, & bases for
competitive adv
> having one is of greater importance bc of...
- new competitors
- new formats
- new technologies
- shifts in consumer needs
> goal: build sustainable competitive adv (set of
unique features that r hard to copy & make retailer
seem superior)
,(6) components of a retail mix > factors used by retailer to satisfy customer needs
& influence their purch decisions
- customer service (does it offer excellent
customer service?)
- store design & layout (is it easy for ppl to navigate
& get wat they need?)
- communication mix (how does it reach its mkt?
thru social media, blog, etc?)
- location (how many stores does it have? does it
have online website?)
- merch management (wat does it sell? how does it
keep track of inventory?)
- pricing (does it have high, low, or moderate
prices?)
(16) sources of competitive more sustainable (hard to copy)
advantage > location
> customer loyalty
> customer service
> exclusive merch
> low-cost supply chain mgmt
> info systems
> buying power w/ vendors
> committed employees
--
less sustainable (easy to copy)
> better computers
> more employees
> more merch
> greater assortments
> lower prices
> more ads
> more promos
> cleaner stores
, (4) approaches for building a 1. build strong relationships w/ customers
sustainable competitive advantage (customer loyalty)
2. build strong relationships w/ suppliers
3. achieve efficient internal operations (HR &
distribution systems)
4. location
(USE MULTIPLE)
customer loyalty > reluctance of customers to patronize other
competitors
> built thru:
- strong brand image
- positioning
- unique merch (private-label or store brands)
- customer service
- loyalty/frequent-shopper programs
- building retail community
positioning > where retailer is in customers' minds
> perceptual map - distance between retailers tells
how similar they appear to customers
- far = drastically different
distribution & information systems > flow of info:
1. vendor
2. distribution center
3. store
> decr operating costs, the more $ available to
invest in:
- better services/employees
- incr in breadth & depth
- decr in prices
Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (50)
retail strategy > stmt outlining retailers' target mkt, format &
resources used to satisfy their needs, & bases for
competitive adv
> having one is of greater importance bc of...
- new competitors
- new formats
- new technologies
- shifts in consumer needs
> goal: build sustainable competitive adv (set of
unique features that r hard to copy & make retailer
seem superior)
,(6) components of a retail mix > factors used by retailer to satisfy customer needs
& influence their purch decisions
- customer service (does it offer excellent
customer service?)
- store design & layout (is it easy for ppl to navigate
& get wat they need?)
- communication mix (how does it reach its mkt?
thru social media, blog, etc?)
- location (how many stores does it have? does it
have online website?)
- merch management (wat does it sell? how does it
keep track of inventory?)
- pricing (does it have high, low, or moderate
prices?)
(16) sources of competitive more sustainable (hard to copy)
advantage > location
> customer loyalty
> customer service
> exclusive merch
> low-cost supply chain mgmt
> info systems
> buying power w/ vendors
> committed employees
--
less sustainable (easy to copy)
> better computers
> more employees
> more merch
> greater assortments
> lower prices
> more ads
> more promos
> cleaner stores
, (4) approaches for building a 1. build strong relationships w/ customers
sustainable competitive advantage (customer loyalty)
2. build strong relationships w/ suppliers
3. achieve efficient internal operations (HR &
distribution systems)
4. location
(USE MULTIPLE)
customer loyalty > reluctance of customers to patronize other
competitors
> built thru:
- strong brand image
- positioning
- unique merch (private-label or store brands)
- customer service
- loyalty/frequent-shopper programs
- building retail community
positioning > where retailer is in customers' minds
> perceptual map - distance between retailers tells
how similar they appear to customers
- far = drastically different
distribution & information systems > flow of info:
1. vendor
2. distribution center
3. store
> decr operating costs, the more $ available to
invest in:
- better services/employees
- incr in breadth & depth
- decr in prices
