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 theycharge, 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 theycharge, 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.