Principles of Marketing: Ch. 11

Which of the following statements about retailer marketing decisions is correct? (TRY TO NAME THREE DECISIONS RETAILERS FACE) A. Stores do not need to differentiate and position themselves. B. Retailers do not have to segment and target their markets. C. Retailers cannot differentiate themselves on their service mix. D. Retailers face three major marketing​ decisions: segmentation and​ targeting, store differentiation and ​positioning, and the retail marketing mix. E. Store location is not an important retail decision

D. Retailers face three major marketing decisions: segmentation and targeting, store differentiation and positioning, and the retail marketing mix

The trend of ____ has resulted in different types of retailers now selling the same products at the same prices to the same consumers. A. retail convergence B. pop-up stores C. the growth of social media retailing D. green retailing E. tighter consumer spending

A. retail convenience

Which of the following statement about major retail trends is true? A. The green movement has not yet affected retailing. B. The global expansion of major retailers into other countries has slowed down. C. The lifecycle of new retail forms is increasing. D. Technology has had little impact on retailing. E. Online buying is growing at a much brisker pace than retail buying as a whole

E. Online buying is growing at a much brisker pace than retail buying as a whole

Which of the following statements about wholesaling is true? A. Wholesalers do not need to define a target market. B. Wholesalers do not need to differentiate themselves. C. Wholesalers do not need to segment their markets. D. Wholesalers do not make positioning decisions. E. Wholesalers must make decisions regarding their marketing mix.

E. Wholesalers must make decisions regarding their marketing mix

What is omni-channel retailing? A. Developing close partnerships between wholesalers and retailers B. Setting up franchises in different locations C. Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping D. Allowing one supplier to sell to multiple retailers E. Selling products online

C. Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping

What are the four characteristics used to classify retailers? (what differentiates the correct answer?) A. The location of the​ store, the relative prices they​ charge, the target​ customers, and the size of the store B. The amount of service they​ offer, the breadth and depth of their product​ lines, the relative prices they​charge, and how they are organized C. The breadth and depth of their product​ lines, the relative prices they​ charge, the location of the​ store, and the size of the store D. The amount of service they​ offer, the relative prices they​ charge, the target​ customers, and the size of the store E. The amount of service they​ offer, the breadth and depth of their product​ lines, the relative prices they​charge, and the size of the store

B. The amount of service they offer, the breadth and depth of their product lines, the relative prices they charge, and how they are organized What differentiates this answer? No PHYSICAL features

Retailers must decide on which three major product variables? (what is your acronym? EASY to remember) A. Product​ assortment, services​ mix, and location B. Product​ assortment, services​ mix, and store atmosphere C. Product​ assortment, price, and location D. Product​ assortment, store​ atmosphere, and price E. Product​ assortment, services​ mix, and price

PSS B. Product assortment, services mix, and store atmosphere

The three major groups of wholesalers are _______. A. merchant​ wholesalers, brokers and​ agents, and​ full-service wholesalers B. merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices C. merchant​ wholesalers, brokers and​ agents, and wholesale clubs D. merchant​ wholesalers, full-service​ wholesalers, and limited service wholesalers merchant​ wholesalers, E. wholesale​ clubs, and big box stores

**answer is...unusual** B. Merchant wholesalers, brokers and agents, and manufacturers' and retailers' branches

How are retailers classified based on the amount of service they provide to customers? Provide examples of each service to illustrate your response.

Retailers may offer one of three service levels: self-service, limited service, and full service. Self-service retailers serve customers who are willing to perform their own locate-compare-select process to save time or money such as retailers selling convenience goods (CVS or Walgreens) or those selling nationally branded fast-moving shopping goods (Target or Kohl's). Limited service retailers such as Sears or JC Penny provide more sales assistance because they carry more shopping goods about which customer need more information. Full service retailers, such as high-end stores (Tiffany's, Neiman Marcus) assist customers at every phase of the shopping. Full-service stores usually carry more specialty goods for which customers may require more assistance. They provide more services which results in high operating costs and translates to customers as higher prices

Describe superstores, category killers, and service retailers

Superstores are much larger than regular supermarkets and offer a large assortment of routinely purchased food products, nonfood items, and services (Walmart, Target, etc.). Category killers are superstores that carry a large assortment in a particularly category (Home Depot, Petco, Bed, Bath, and Beyond). Service retailers are retailers for whom their product line a service - colleges, hospitals, hotels, etc.