BUSML 3250 Chapter 13 Quiz

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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


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