MKT 461/ MKT461 Exam 1 Updated With Correct Answers [Already Graded]
MKT 461/ MKT461 Exam 1 Updated With Correct Answers [Already Graded] Retailing - ANS: Adds value to products and services sold to consumers. •Stores, apps, and online. •May include lodging in a motel, home-delivered pizza. - At the end of the supply chain Evolution of retailing - ANS: •More than 80% of retail sales still made in stores. •The COVID-19 pandemic drove more people to online purchases. •250 of the top-earning retailers take in revenues in excess of $4.5 trillion. Providing assortment - ANS: Offering an assortment enables customers to choose from a wide selection of products, brands, sizes, and prices at one location Breaking bulk - ANS: dividing larger quantities of goods into smaller lots in order to meet the needs of buyers Holding inventory - ANS: A major value-providing activity performed by retailers whereby products will be available when consumers want them. Retailer - ANS: sells products and services to consumers. Supply chain - ANS: the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function Providing services - ANS: Retailers provide services that make it easier for customers to buy and use products. - Accepting credit cards, parking, gift cards, lay away is considered services provided by retailers Vertical integration - ANS: firm performs more than one set of activities in the channel •Ex: retailer invests in wholesaling or manufacturing Backward integration - ANS: retailer performs some distribution and manufacturing activities •Ex: JCPenney sells Arizona jeans (Private Label) Forward integration - ANS: manufacturers undertake retailing activities •Ex: Ralph Lauren (New York Jones, Liz Claiborne) operates its own stores Intratype competition - ANS: competition between the same type of retailers
Written for
- Institution
- University Of South Carolina - All Campuses
- Course
- MKT 461 (MKT461)
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- December 11, 2024
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- 20
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- 2024/2025
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synergy
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mkt461
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mkt 461 exam
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mkt 461 usc
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marketing exam
