MAR3231 EXAM 1 HOPKINS FSU QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
Retail Ans✓✓✓encompasses 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. Ans✓✓✓Issues in Retailing
Paradox of Choice Ans✓✓✓consumers are overwhelmed when they
have too many options
Core Customer Ans✓✓✓customer that is the center of retailing
activities
Ex: Amazon (online payment) v. Walmart (pay in cash)
"Real Time" Consumers Ans✓✓✓wait 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. Ans✓✓✓The Retail Philosophy
Customer Value Ans✓✓✓Key Area of the Retail Philosophy
Manufacturer -> Wholesaler -> Retailer -> Final Consumer
Ans✓✓✓Distribution Channel
-lack of infrastructure
-risk of upsetting retailers or supply chain partners
-consumer need for brand comparison Ans✓✓✓Why don't
manufacturers sell directly to customers?
The Sorting Process Ans✓✓✓brings all different products together for
convenience
Ex: Walmart
Multi-Channel Retailing (Omni-Channel) Ans✓✓✓a retailer sells to
consumers through multiple retail formats
Ex: web sites, physical stores, mall, pop-up shops
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
Retail Ans✓✓✓encompasses 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. Ans✓✓✓Issues in Retailing
Paradox of Choice Ans✓✓✓consumers are overwhelmed when they
have too many options
Core Customer Ans✓✓✓customer that is the center of retailing
activities
Ex: Amazon (online payment) v. Walmart (pay in cash)
"Real Time" Consumers Ans✓✓✓wait 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. Ans✓✓✓The Retail Philosophy
Customer Value Ans✓✓✓Key Area of the Retail Philosophy
Manufacturer -> Wholesaler -> Retailer -> Final Consumer
Ans✓✓✓Distribution Channel
-lack of infrastructure
-risk of upsetting retailers or supply chain partners
-consumer need for brand comparison Ans✓✓✓Why don't
manufacturers sell directly to customers?
The Sorting Process Ans✓✓✓brings all different products together for
convenience
Ex: Walmart
Multi-Channel Retailing (Omni-Channel) Ans✓✓✓a retailer sells to
consumers through multiple retail formats
Ex: web sites, physical stores, mall, pop-up shops
