MAR3231 Exam 1 Hopkins FSU Questions And Answers 100% Verified

MAR3231 Exam 1 Hopkins FSU Questions And Answers 100% Verified Retail - answerencompasses the business activities involved in selling goods & services to consumers for their personal, family, or household use -or- how firms deliver products to end users 1.) How can we best serve our customers while earning fair profit? 2.) How can we stand out in a competitive environment where consumers have many choices? 3.) How can we grow our business while retaining a core of loyal customers? 4.) Communicating with millennials. - answerIssues in Retailing Paradox of Choice - answerconsumers are overwhelmed when they have too many options Core Customer - answercustomer that is the center of retailing activities Ex: Amazon (online payment) v. Walmart (pay in cash) "Real Time" Consumers - answerwait until the last minute to shop Retailers can best address their issues by: 1.) fulling understanding & applying basic principles of retailing and 2.) maintaining a focused retail strategy. - answerThe Retail Philosophy Customer Value - answerKey Area of the Retail Philosophy Manufacturer -> Wholesaler -> Retailer -> Final Consumer - answerDistribution Channel -lack of infrastructure -risk of upsetting retailers or supply chain partners -consumer need for brand comparison - answerWhy don't manufacturers sell directly to customers? The Sorting Process - answerbrings all different products together for convenience