MARK 3336 EXAM 3 REVIEW QUESTIONS
"First Moment of Truth" - Answers - the critical three to seven seconds that a shopper
considers a product on a store shelf
Example of "First Moment of Truth" - Answers - P&G follows a "store back" concept, in
which all marketing ideas need to be effective at the store-shelf level and work back
from there.
"Zero Moment of Truth" - Answers - when consumers begin the buying process by
searching for and learning about products online.
omnichannel buyers - Answers - Buyers who make little distinction between in-store and
online shopping, and for whom the path to a retail purchase runs across multiple
channels.
Influencing consumers buying decisions - Answers - online search, in-store, online and
mobile shopping.
Types of Retailers: Major Store Retailers - Answers - can also be classified by the
length and breadth of their product assortments.
Types of Retailers: Specialty Stores - Answers - like shoe store, carry narrow product
lines with deep assortments within those lines.
Types of Retailers: Department Stores - Answers - carry a wide variety of product lines.
In recent years, department stores have been squeezed between more focused and
flexible specialty stores on the one hand and more efficient, lower-priced discounters on
the other. In response, many have added promotional pricing to meet the discount
threat. Others have stepped up the use of store brands and single-brand designer
shops to compete with specialty stores. Still others are trying catalog, telephone, and
online selling. Service remains the key differentiating factor. Retailers such as
Nordstrom, Saks, Neiman Marcus, and other high-end department stores are doing well
by emphasizing exclusive merchandise and high-quality service.
Types of Retailers: Supermarkets - Answers - are the most frequently visited type of
retail store.
Today, however, they are facing slow sales growth because of slower population growth
and an increase in competition from discounters (Walmart, Costco, and Dollar General)
, on the one hand and specialty food stores (Whole Foods Market, Trader Joe's, Sprouts)
on the other.
Types of Retailers: Convenience Stores - Answers - are small stores that carry a limited
line of high-turnover convenience goods. After several years of stagnant sales, these
stores are now experiencing growth.
EX: They are shedding the image of a "truck stop" where men go to buy gas, beer,
cigarettes, or shriveled hotdogs on a roller grill and are instead offering freshly prepared
foods and cleaner, safer, more-upscale environments.
Types of Retailers: Superstores - Answers - are much larger than regular supermarkets
and offer a large assortment of routinely purchased food products, nonfood items, and
services.
EX: Walmart, Target, Meijer, and other discount retailers offer super-centers, very large
combination food and discount stores.
Types of Retailers: Category Killers - Answers - giant speciality stores;
(Best Buy, Home Depot, and PetSmart). They feature stores the size of airplane
hangars that carry a very deep assortment of a particular line. Category killers are found
in a wide range of categories, including electronics, home-improvement products,
books, baby gear, toys, linens and towels, party goods, sporting goods, and even pet
supplies.
Service Retailers - Answers - retailers include hotels and motels, banks, airlines,
restaurants, colleges, hospitals, movie theaters, tennis clubs, bowling alleys, repair
services, hair salons, and dry cleaners. Service retailers in the United States are
growing faster than product retailers.
Major Types of Retail Organizations: Corporate Chain - Answers - Two or more outlets
that are commonly owned and controlled, appear in all types of retailing but are the
strongest in department stores, discount stores, food stores, restaurants , and
drugstore.
EX: Macys, Krogers, CVS
Major Types of Retail Organizations: Voluntary Chain - Answers - Wholesaler-
sponsored group of independent retailers engaged in group buying and merchandising.
EX: Independent Grocers Alliance (IGA), Do-It Best (Hardware), Western Auto (auto
supply), and True Value (hardware)
"First Moment of Truth" - Answers - the critical three to seven seconds that a shopper
considers a product on a store shelf
Example of "First Moment of Truth" - Answers - P&G follows a "store back" concept, in
which all marketing ideas need to be effective at the store-shelf level and work back
from there.
"Zero Moment of Truth" - Answers - when consumers begin the buying process by
searching for and learning about products online.
omnichannel buyers - Answers - Buyers who make little distinction between in-store and
online shopping, and for whom the path to a retail purchase runs across multiple
channels.
Influencing consumers buying decisions - Answers - online search, in-store, online and
mobile shopping.
Types of Retailers: Major Store Retailers - Answers - can also be classified by the
length and breadth of their product assortments.
Types of Retailers: Specialty Stores - Answers - like shoe store, carry narrow product
lines with deep assortments within those lines.
Types of Retailers: Department Stores - Answers - carry a wide variety of product lines.
In recent years, department stores have been squeezed between more focused and
flexible specialty stores on the one hand and more efficient, lower-priced discounters on
the other. In response, many have added promotional pricing to meet the discount
threat. Others have stepped up the use of store brands and single-brand designer
shops to compete with specialty stores. Still others are trying catalog, telephone, and
online selling. Service remains the key differentiating factor. Retailers such as
Nordstrom, Saks, Neiman Marcus, and other high-end department stores are doing well
by emphasizing exclusive merchandise and high-quality service.
Types of Retailers: Supermarkets - Answers - are the most frequently visited type of
retail store.
Today, however, they are facing slow sales growth because of slower population growth
and an increase in competition from discounters (Walmart, Costco, and Dollar General)
, on the one hand and specialty food stores (Whole Foods Market, Trader Joe's, Sprouts)
on the other.
Types of Retailers: Convenience Stores - Answers - are small stores that carry a limited
line of high-turnover convenience goods. After several years of stagnant sales, these
stores are now experiencing growth.
EX: They are shedding the image of a "truck stop" where men go to buy gas, beer,
cigarettes, or shriveled hotdogs on a roller grill and are instead offering freshly prepared
foods and cleaner, safer, more-upscale environments.
Types of Retailers: Superstores - Answers - are much larger than regular supermarkets
and offer a large assortment of routinely purchased food products, nonfood items, and
services.
EX: Walmart, Target, Meijer, and other discount retailers offer super-centers, very large
combination food and discount stores.
Types of Retailers: Category Killers - Answers - giant speciality stores;
(Best Buy, Home Depot, and PetSmart). They feature stores the size of airplane
hangars that carry a very deep assortment of a particular line. Category killers are found
in a wide range of categories, including electronics, home-improvement products,
books, baby gear, toys, linens and towels, party goods, sporting goods, and even pet
supplies.
Service Retailers - Answers - retailers include hotels and motels, banks, airlines,
restaurants, colleges, hospitals, movie theaters, tennis clubs, bowling alleys, repair
services, hair salons, and dry cleaners. Service retailers in the United States are
growing faster than product retailers.
Major Types of Retail Organizations: Corporate Chain - Answers - Two or more outlets
that are commonly owned and controlled, appear in all types of retailing but are the
strongest in department stores, discount stores, food stores, restaurants , and
drugstore.
EX: Macys, Krogers, CVS
Major Types of Retail Organizations: Voluntary Chain - Answers - Wholesaler-
sponsored group of independent retailers engaged in group buying and merchandising.
EX: Independent Grocers Alliance (IGA), Do-It Best (Hardware), Western Auto (auto
supply), and True Value (hardware)