CS 561 Exam 1 Review | 55 Questions with 100% Correct Answers | Updated & Verified

Why does retail exist? - its an evolved form of exchange in which people acquire the goods and services they need(or want) to live their lives What are the 3 activities that make retail work? (and expand on them) - 1. Manufacturer: makes the product to be sold (or design and deliver the services) selling to 2. Retailer: takes the products or services to market selling to 3. Consumer: purchases and consumes the goods Do retailers and manufacturers act as functions or entities? - Functions What are the 3 waves of the source of power and their time periods? - 1. producer power() 2. retailer power () 3. consumer power (2000-Today) What are the 3 steps in the building channel strategy? - Step 1: understand the building blocks (i.e. individual channel)