MKT 315 questions correctly answered graded A+

MKT 315What is Retailing? - correct answer A set of business activities that adds value to the products and services sold to consumers for their personal or family use. It is the last stage in the distribution process; includes every sale to the final customer Pure Retailers - correct answer Sears, Holiday Inn, McDonalds Retailers that are also wholesalers - correct answer Office Depot, Home Depot Four Ways Retailers Add Value - correct answer 1. Breaking Bulk 2. Holding Inventory 3. Providing Assortment 4. Offering Services Breaking Bulk - correct answer Sell it in quantities customers want. Manufacturers/wholesalers reduce transportation costs by selling in large quantities Holding Inventory - correct answer Buy it at a convenient place when you want it. Consumers may make unplanned or impulse purchases and have limited storage Providing Assortment - correct answer Buy other products at same time Offering Services - correct answer See it before you buy it, get credit, privacy at home General Trends in Retailing - correct answer Selling merchandise over the internet and growth in use of multi-channel retailing by traditional retailers. Using IT to manage supply chains, analyze POS data to tailor assortments to stores, computer systems for merchandising planning. Most common Trends in retailing - correct answer 1. Increasing industry concentration: Few nationals dominate most formats 2. Growing diversity of formats 3. Globalization: Source merchandise from around the world. There are factors stimulating globalization like transferability of skills/relaxation of trade barriers. Retail Mix - correct answer Elements used by a retailer to satisfy customers needs 1. Pricing 2. Type of merchandise 3. Merchandise and services offered 4. Services offered Pricing - correct answer Price - Cost trade off: The more sales associates who provide detailed information on the products, the higher the cost. Types of Merchandise - correct answer Goods/Services offered Merchandise/Services Offered - correct answer Variety/Assortment Variety: Breadth of merchandise, wide vs. narrow. Number of categories offered. Assortment: Depth of merchandise, deep vs. shallow: Number of different stockkeeping unites in a merchandise category SKU - correct answer The smallest unit for keeping inventory Services Offered - correct answer Retailers differ in the services they offer customers. There is a general trend toward services. Types of Retailers - correct answer Merchandise Retailers