MAR3231 Exam 1 Hopkins FSU
Retail - CORRECT ANSWER-encompasses the business activities involved in
selling goods & services to consumers for their personal, family, or household
use
-or-
how firms deliver products to end users
1.) How can we best serve our customers while earning fair profit?
2.) How can we stand out in a competitive environment where consumers have
many choices?
3.) How can we grow our business while retaining a core of loyal customers?
4.) Communicating with millennials. - CORRECT ANSWER-Issues in Retailing
Paradox of Choice - CORRECT ANSWER-consumers are overwhelmed when
they have too many options
Core Customer - CORRECT ANSWER-customer that is the center of retailing
activities
Ex: Amazon (online payment) v. Walmart (pay in cash)
"Real Time" Consumers - CORRECT ANSWER-wait until the last minute to shop
Retailers can best address their issues by:
1.) fulling understanding & applying basic principles of retailing and
2.) maintaining a focused retail strategy. - CORRECT ANSWER-The Retail
Philosophy
Customer Value - CORRECT ANSWER-Key Area of the Retail Philosophy
Manufacturer -> Wholesaler -> Retailer -> Final Consumer - CORRECT
ANSWER-Distribution Channel
-lack of infrastructure
-risk of upsetting retailers or supply chain partners
, -consumer need for brand comparison - CORRECT ANSWER-Why don't
manufacturers sell directly to customers?
The Sorting Process - CORRECT ANSWER-brings all different products together
for convenience
Ex: Walmart
Multi-Channel Retailing (Omni-Channel) - CORRECT ANSWER-a retailer sells to
consumers through multiple retail formats
Ex: web sites, physical stores, mall, pop-up shops
1.) Exclusive
2.) Intensive
3.) Selective - CORRECT ANSWER-Distribution Types
Exclusive Distribution - CORRECT ANSWER-suppliers make agreements with
one or few retailers (smoothest relationship)
Intensive Distribution - CORRECT ANSWER-suppliers sell through as many
retailers as possible (most volatile relationship)
Selective Distribution - CORRECT ANSWER-supplier sells through a moderate
number of retailers
The Retailing Concept - CORRECT ANSWER-create a concept that is so
different / compelling / full of value that competitors are irrelevant
1.) Customer Orientation
2.) Coordinated Efforts
3.) Value Driven
4.) Goal Orientation - CORRECT ANSWER-Groups of the Retailing Concept
Total Retail Experience - CORRECT ANSWER-all elements in a retail offering
that encourage (or inhibit) customers during contact with a retailer
Retail - CORRECT ANSWER-encompasses the business activities involved in
selling goods & services to consumers for their personal, family, or household
use
-or-
how firms deliver products to end users
1.) How can we best serve our customers while earning fair profit?
2.) How can we stand out in a competitive environment where consumers have
many choices?
3.) How can we grow our business while retaining a core of loyal customers?
4.) Communicating with millennials. - CORRECT ANSWER-Issues in Retailing
Paradox of Choice - CORRECT ANSWER-consumers are overwhelmed when
they have too many options
Core Customer - CORRECT ANSWER-customer that is the center of retailing
activities
Ex: Amazon (online payment) v. Walmart (pay in cash)
"Real Time" Consumers - CORRECT ANSWER-wait until the last minute to shop
Retailers can best address their issues by:
1.) fulling understanding & applying basic principles of retailing and
2.) maintaining a focused retail strategy. - CORRECT ANSWER-The Retail
Philosophy
Customer Value - CORRECT ANSWER-Key Area of the Retail Philosophy
Manufacturer -> Wholesaler -> Retailer -> Final Consumer - CORRECT
ANSWER-Distribution Channel
-lack of infrastructure
-risk of upsetting retailers or supply chain partners
, -consumer need for brand comparison - CORRECT ANSWER-Why don't
manufacturers sell directly to customers?
The Sorting Process - CORRECT ANSWER-brings all different products together
for convenience
Ex: Walmart
Multi-Channel Retailing (Omni-Channel) - CORRECT ANSWER-a retailer sells to
consumers through multiple retail formats
Ex: web sites, physical stores, mall, pop-up shops
1.) Exclusive
2.) Intensive
3.) Selective - CORRECT ANSWER-Distribution Types
Exclusive Distribution - CORRECT ANSWER-suppliers make agreements with
one or few retailers (smoothest relationship)
Intensive Distribution - CORRECT ANSWER-suppliers sell through as many
retailers as possible (most volatile relationship)
Selective Distribution - CORRECT ANSWER-supplier sells through a moderate
number of retailers
The Retailing Concept - CORRECT ANSWER-create a concept that is so
different / compelling / full of value that competitors are irrelevant
1.) Customer Orientation
2.) Coordinated Efforts
3.) Value Driven
4.) Goal Orientation - CORRECT ANSWER-Groups of the Retailing Concept
Total Retail Experience - CORRECT ANSWER-all elements in a retail offering
that encourage (or inhibit) customers during contact with a retailer
