MKT 461/ MKT461 Exam 2 [Solved] Updated with Correct Answers |2025
LATEST UPDATED
Retail Strategy - (answers)A statement that indicates
(1) the target market toward which a retailer plans to commit its resources,
(2) the nature of the retail offering that the retailer plans to use to satisfy the needs of the target market
(3) the bases on which the retailer will attempt to build a sustainable competitive advantage over
competitors.
Sustainable Competitive Advantage - (answers)A distinct competency of a retailer relative to its
competitors that can be maintained over a considerable time period.
Build relationships with customers, suppliers, achieve efficient internal operations
Example: Sephora has samples out for customers to try on products, augmented reality
Features for virtual makeup, and makeup consultations
Retail Market Segment - (answers)A group of customers whose needs will be satisfied by the same retail
offering because they have similar needs and go through similar buying processes.
你是想要一篇“眼睛容易阅读的”
中文文章，还是一篇关于“眼睛”
Conservative: Customers who care little about fashion
主题的中文文章？
Traditional: People who want classic styles
Fashion-Forward: People who want the latest fashions
Each square of the matrix describes a potential retail market in which retailer battle for consumers with
similar needs
Perceptual Maps - (answers)A graphic depiction of customers' images of and preferences for retailers.
- The distance between two Retailers' positions on the map indicates how similar those stores appear
according to customers
, - The ideal points (red dots) are the characteristics of an ideal
retailer for consumers in different market segments
- The ideal points are located so the distance between a retailers position in consumers' minds (X) and the
ideal point indicate how consumers in the segment will evaluate the retailer
Positioning - (answers)The design and implementation of a retail mix to create in the customer's mind an
image of the retailer relative to its competitors.
Growth Strategies - (answers)Market Penetration, Market Expansion, Retail Format Development,
Diversification
Market Penetration - (answers)An investment opportunity strategy that focuses on increasing sales to
present customers using the present retailing format.
Involves:
-attracting new customers from the retailers current target market who dont patronize the retailer currently
-Devising approcahces that get the current customer to visit the retailer more often or buy more
merchandise on each visit
你是想要一篇“眼睛容易阅读的”
Examples: 中文文章，还是一篇关于“眼睛”
主题的中文文章？
-Opening more stores in the target market
-Keeping existing stores open for longer hours
-Displaying merchandise to increase impulse buying and cross selling
Market Expansion - (answers)A strategic investment opportunity that employs the existing retailing
format in new market segments.
Example:
Lord & Taylor hosting a pop up shop in Soho to remind customers that they can visit a storefront, along
with the option of renting their professional clothing online
LATEST UPDATED
Retail Strategy - (answers)A statement that indicates
(1) the target market toward which a retailer plans to commit its resources,
(2) the nature of the retail offering that the retailer plans to use to satisfy the needs of the target market
(3) the bases on which the retailer will attempt to build a sustainable competitive advantage over
competitors.
Sustainable Competitive Advantage - (answers)A distinct competency of a retailer relative to its
competitors that can be maintained over a considerable time period.
Build relationships with customers, suppliers, achieve efficient internal operations
Example: Sephora has samples out for customers to try on products, augmented reality
Features for virtual makeup, and makeup consultations
Retail Market Segment - (answers)A group of customers whose needs will be satisfied by the same retail
offering because they have similar needs and go through similar buying processes.
你是想要一篇“眼睛容易阅读的”
中文文章，还是一篇关于“眼睛”
Conservative: Customers who care little about fashion
主题的中文文章？
Traditional: People who want classic styles
Fashion-Forward: People who want the latest fashions
Each square of the matrix describes a potential retail market in which retailer battle for consumers with
similar needs
Perceptual Maps - (answers)A graphic depiction of customers' images of and preferences for retailers.
- The distance between two Retailers' positions on the map indicates how similar those stores appear
according to customers
, - The ideal points (red dots) are the characteristics of an ideal
retailer for consumers in different market segments
- The ideal points are located so the distance between a retailers position in consumers' minds (X) and the
ideal point indicate how consumers in the segment will evaluate the retailer
Positioning - (answers)The design and implementation of a retail mix to create in the customer's mind an
image of the retailer relative to its competitors.
Growth Strategies - (answers)Market Penetration, Market Expansion, Retail Format Development,
Diversification
Market Penetration - (answers)An investment opportunity strategy that focuses on increasing sales to
present customers using the present retailing format.
Involves:
-attracting new customers from the retailers current target market who dont patronize the retailer currently
-Devising approcahces that get the current customer to visit the retailer more often or buy more
merchandise on each visit
你是想要一篇“眼睛容易阅读的”
Examples: 中文文章，还是一篇关于“眼睛”
主题的中文文章？
-Opening more stores in the target market
-Keeping existing stores open for longer hours
-Displaying merchandise to increase impulse buying and cross selling
Market Expansion - (answers)A strategic investment opportunity that employs the existing retailing
format in new market segments.
Example:
Lord & Taylor hosting a pop up shop in Soho to remind customers that they can visit a storefront, along
with the option of renting their professional clothing online
