MAR 3231 Exam 2 Study Guide – Retailing,
Consumer Behavior & Marketing Strategy
Verified Questions with A+ Graded Rationales
The manner in which an individual lives and spends his/her time and money is his/her _____.
lifestyle
Which form of perceived risk most closely resembles class consciousness?
social risk
How a customer spends his/her free time is an example of ___________.
a customer's lifestyle
Goods which are highly visible and which consumers feel they are judged by have high _____
perceived risk.
social
Walmart allows companies to open small locations in the front of many Walmart stores. This
is advantageous to Walmart because________.
All of the answers are correct
Walmart customers have more reasons to shop at Walmart
to determine if customers are willing to pay for additional services that result in higher prices
Which of the following is not a basic assumption of the wheel of retailing?
Related-item merchandising increases sales because of one-stop shopping appeals
, The theory wheel of retailing exists because ________.
there are many price sensitive shoppers who are loyal to price more than a firm
A major disadvantage of independent retailing is the _____.
limitation in bargaining power
An individual attempting to enter retailing who desires and requires considerable training and
assistance should consider _____.
business format franchising
Independent retailers are characterized by _____.
ownership of only one retail unit
Certain restaurants offer happy hour in hopes of getting customers to come to the restaurant
early. This promotion helps balance supply and demand in that certain customers will come in
earlier and the restaurant can make money on tables that would have otherwise been
underutilized. By implementing happy hour, the restaurant is finding a solution for which
service characteristic?
perishability
Because the industry is made up of many ______________ _, experiences with medical
service providers are not easily evaluated by customers.
credence qualities
Provider Gap ___ can be resolved by conducting market research to better understand your
customer.
1 - listening gap
Consumer Behavior & Marketing Strategy
Verified Questions with A+ Graded Rationales
The manner in which an individual lives and spends his/her time and money is his/her _____.
lifestyle
Which form of perceived risk most closely resembles class consciousness?
social risk
How a customer spends his/her free time is an example of ___________.
a customer's lifestyle
Goods which are highly visible and which consumers feel they are judged by have high _____
perceived risk.
social
Walmart allows companies to open small locations in the front of many Walmart stores. This
is advantageous to Walmart because________.
All of the answers are correct
Walmart customers have more reasons to shop at Walmart
to determine if customers are willing to pay for additional services that result in higher prices
Which of the following is not a basic assumption of the wheel of retailing?
Related-item merchandising increases sales because of one-stop shopping appeals
, The theory wheel of retailing exists because ________.
there are many price sensitive shoppers who are loyal to price more than a firm
A major disadvantage of independent retailing is the _____.
limitation in bargaining power
An individual attempting to enter retailing who desires and requires considerable training and
assistance should consider _____.
business format franchising
Independent retailers are characterized by _____.
ownership of only one retail unit
Certain restaurants offer happy hour in hopes of getting customers to come to the restaurant
early. This promotion helps balance supply and demand in that certain customers will come in
earlier and the restaurant can make money on tables that would have otherwise been
underutilized. By implementing happy hour, the restaurant is finding a solution for which
service characteristic?
perishability
Because the industry is made up of many ______________ _, experiences with medical
service providers are not easily evaluated by customers.
credence qualities
Provider Gap ___ can be resolved by conducting market research to better understand your
customer.
1 - listening gap
