MAR 3231 exam 1 Hopkins

MAR 3231 exam 1 Hopkins
CURRENT ISSUES IN RETAIL - CORRECT ANSWER--how to best serve
customers while earning fair profit
-stand out in highly competitive environment
-grow while retaining core customer
-communicating with millennials

How to best serve customers while earning fair profit - CORRECT
ANSWER--Race to the Bottom (who can be cheaper)
-comes down to customer experience
EX: Walmart vs. Publix

Stand out in highly competitive environment - CORRECT ANSWER--Paradox of
Choice: consumers become overwhelmed by excessive choices
EX: jams and jellies

Grow while retaining core customers - CORRECT ANSWER--customer is center
of retailing process
EX: Amazon (then: higher educated, higher income / now: adapted to all
customers, low prices, fast shipping)
EX: Walmart (unbanked- cash purchases only)

What is the role of retailers in the sorting process? - CORRECT ANSWER-the
point in which all the manufacturers come together

Distribution options for manufacturers - CORRECT ANSWER-Exclusive
Intensive

Exclusive Relationship - CORRECT ANSWER--supplier linked to one or few
retailers to only carry this brand
-in both best interests that both companies are happy
-smoothest relationship

Intensive Relationship - CORRECT ANSWER--sells products in tons of retail
outlets