MAR 3231 FSU Exam 1 Questions and
Answers Latest version Graded A+
Retailing
Business activities involved in selling goods and services to
consumers for their personal, family, or household use. It includes
every sale to the final consumer
Retailing simply put
The steps associated with getting products into the hands of
consumers
Current Issues in Retailing
- How can we best serve out customers while earning a fair profit?
- How can we stand out in a highly comp. environment where
consumers have so many choices?
- How can we grow our business while retaining core loyal
customers?
- Communicating with millennials
How can we best serve out customers while earning a fair
profit?
Race to the Bottom
Race to the Bottom
Lowering prices to be competitive
Now adays consumers look at ____ > _____
Quality > Price
You can't out
Amazon, Amazon
How customer perceive price is as important as
Low price
How can we stand out in a highly comp. environment where
consumers have so many choices?
, Paradox of Choice
Paradox of Choice
Happiness increases with the more choices we have HOWEVER
too much choice is stressful; therefore, less is more
Too many choices can be
Problematic
How can we grow our business while retaining core loyal
customers?
Know that not every customer is a core customer; find those core
customers and go after them
The ____ customer is the center of retailing activities
Core
Companies are using _____ to focus on their core customers
Personas
Gen Z characteristics
- Want to own less and lease more
- More likely to pay for experience than products
- "Real time customers"
Gen Z like to go from possession to access
The gig economy
Gen Z's like to
Wait until the last minute to shop
Retail Philosophy
Retailers can best address these issues by:
- Fully understanding and applying the basic principles or retailing
- Maintaining a focuses retail strategy
- Focusing on customer needs
Customer Value
A term that underlies the fact that the value of any given process
step or output is defined by the groups or individuals who receive
the the goods and services of the process
Distribution Channel
Answers Latest version Graded A+
Retailing
Business activities involved in selling goods and services to
consumers for their personal, family, or household use. It includes
every sale to the final consumer
Retailing simply put
The steps associated with getting products into the hands of
consumers
Current Issues in Retailing
- How can we best serve out customers while earning a fair profit?
- How can we stand out in a highly comp. environment where
consumers have so many choices?
- How can we grow our business while retaining core loyal
customers?
- Communicating with millennials
How can we best serve out customers while earning a fair
profit?
Race to the Bottom
Race to the Bottom
Lowering prices to be competitive
Now adays consumers look at ____ > _____
Quality > Price
You can't out
Amazon, Amazon
How customer perceive price is as important as
Low price
How can we stand out in a highly comp. environment where
consumers have so many choices?
, Paradox of Choice
Paradox of Choice
Happiness increases with the more choices we have HOWEVER
too much choice is stressful; therefore, less is more
Too many choices can be
Problematic
How can we grow our business while retaining core loyal
customers?
Know that not every customer is a core customer; find those core
customers and go after them
The ____ customer is the center of retailing activities
Core
Companies are using _____ to focus on their core customers
Personas
Gen Z characteristics
- Want to own less and lease more
- More likely to pay for experience than products
- "Real time customers"
Gen Z like to go from possession to access
The gig economy
Gen Z's like to
Wait until the last minute to shop
Retail Philosophy
Retailers can best address these issues by:
- Fully understanding and applying the basic principles or retailing
- Maintaining a focuses retail strategy
- Focusing on customer needs
Customer Value
A term that underlies the fact that the value of any given process
step or output is defined by the groups or individuals who receive
the the goods and services of the process
Distribution Channel
