MAR 3231 Exam 1 Questions And Answers 100% Verified

MAR 3231 Exam 1 Questions And Answers 100% Verified CURRENT ISSUES IN RETAIL - answer-how to best serve customers while earning fair profit -stand out in highly competitive environment -grow while retaining core customer -communicating with millennials How to best serve customers while earning fair profit - answer-Race to the Bottom (who can be cheaper) -comes down to customer experience EX: Walmart vs. Publix Stand out in highly competitive environment - answer-Paradox of Choice: consumers become overwhelmed by excessive choices EX: jams and jellies Grow while retaining core customers - answer-customer is center of retailing process EX: Amazon (then: higher educated, higher income / now: adapted to all customers, low prices, fast shipping) EX: Walmart (unbanked- cash purchases only) What is the role of retailers in the sorting process? - answerthe point in which all the manufacturers come together Distribution options for manufacturers - answerExclusive Intensive Exclusive Relationship - answer-supplier linked to one or few retailers to only carry this brand -in both best interests that both companies are happy -smoothest relationship