BUSML 3250 Chapter 13 Quiz
How do brokers and agents differ from merchant wholesalers?
Brokers and agents do not take title and perform a limited number of specialized functions.
One new technology being adopted by retailers is __________. For example, when opted-in customers enter a store, a signal wakes up an app on their smartphone or tablet, which welcomes them and alerts them to location-specific rewards and personalized product recommendations within the store.
beacon technology
Recently, superstores that are actually giant specialty stores, such as Petco and Home Depot, have seen tremendous growth. These types of superstores are called __________.
category killers
Retailers need to differentiate and position their store and make decisions regarding their retail marketing mix. Before making those decisions, retailers must first __________.
segment and define their target market
What are the three main types of off-price retailers?
Independents, factory outlets, and warehouse clubs
Which of the following statements regarding retailer pricing decisions is correct?
Most retailers seek either high markups on lower volume or low markups on higher volume.
Which of the following statements about major retail trends is true?
Online buying is growing at a much brisker pace than retail buying as a whole
Retailers must decide on which three major product variables?
Product assortment, services mix, and store atmosphere
Which type of retailer carries narrow product lines with deep assortments within those lines?
Specialty stores
Retailing today requires __________, which means creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.
omni-channel retailing
