TAM Final Exam Questions with
Verified Solutions28
Company contributions - ANSWERS --Children's Miracle
Network
-Breast Cancer
Foundation
-American Red Cross
-Educational
Scholarship
Company literature - ANSWERS -Brochures, News Letter, Direct Mail
Facility tours - ANSWERS -Tours to students and other interested groups
Personal selling - ANSWERS --Personal presentation
or communication
-Paid for by an
identified sponsor
Retailing: - ANSWERS -Those business activities that involve the sale of goods and services to
the ultimate (final) consumer for personal, family, or household use.
Channel of Distribution - ANSWERS -General Goods Supply Chain: Manufacturing →
Wholesaling → Retail → Consumer
,Textile & Apparel Supply Chain - ANSWERS -Fiber → Fabric → Apparel → Retail → Consumer
Value - ANSWERS -Channel Perspective: Value is a series of activities and processes (the "value
chain") that provide a certain value for the consumer. Customer Perspective: Perception the
shopper has. It is the view of all the benefits from a purchase versus the price paid.
Expected Customer Service - ANSWERS -The service level that customers want to receive from
any retailer such as basic employee courtesy.
Augmented Customer Service - ANSWERS -Includes the activities that enhance the shopping
experience and give retailers a competitive advantage.
Value chain - ANSWERS -Represents the total bundle of benefits offered to consumers through a
channel of distribution.
Goods vs. services retailing: - ANSWERS -Services-activities, benefits or satisfactions which are
offered for sale or are provided in connection with the sale of goods
Rented goods: - ANSWERS -Leased cars, hotel rooms, rent the runway
Owned goods: - ANSWERS -Shoe repair, alterations
Non-goods (expertise): - ANSWERS -Haircut, professional services (physician, lawyer)
Goods - ANSWERS -Stores, Purchasable
4 characteristics of services - ANSWERS -Intangibility, Inseparability, Perishability, Variability
, Intangibility - ANSWERS -Can't touch or feel the service
Inseparability - ANSWERS -Can't separate the service from the person performing it
Perishability - ANSWERS -Services cannot be stored
Variability - ANSWERS -Standardization and quality control hard to achieve
SWOT Analysis - ANSWERS -Strengths, Weaknesses, Opportunities, Threats
Mass marketing - ANSWERS -Broad spectrum, A retailer that wants to attract everyone. Ex.
Target and Walmart. They want everyone to shop there.
Concentrated marketing - ANSWERS -One specific group
Differentiated marketing - ANSWERS -Multiple groups with different offerings, Different GAP
stores
Cross-shopping - ANSWERS -A consumer shopping at many different stores during one outing
Private Label over Brand names. - ANSWERS -Merona (Private) vs. Clorox (Brand)
Controllable Variables: - ANSWERS -Store location, Managing business, Merchandise
management and pricing, Communicating with customer
Verified Solutions28
Company contributions - ANSWERS --Children's Miracle
Network
-Breast Cancer
Foundation
-American Red Cross
-Educational
Scholarship
Company literature - ANSWERS -Brochures, News Letter, Direct Mail
Facility tours - ANSWERS -Tours to students and other interested groups
Personal selling - ANSWERS --Personal presentation
or communication
-Paid for by an
identified sponsor
Retailing: - ANSWERS -Those business activities that involve the sale of goods and services to
the ultimate (final) consumer for personal, family, or household use.
Channel of Distribution - ANSWERS -General Goods Supply Chain: Manufacturing →
Wholesaling → Retail → Consumer
,Textile & Apparel Supply Chain - ANSWERS -Fiber → Fabric → Apparel → Retail → Consumer
Value - ANSWERS -Channel Perspective: Value is a series of activities and processes (the "value
chain") that provide a certain value for the consumer. Customer Perspective: Perception the
shopper has. It is the view of all the benefits from a purchase versus the price paid.
Expected Customer Service - ANSWERS -The service level that customers want to receive from
any retailer such as basic employee courtesy.
Augmented Customer Service - ANSWERS -Includes the activities that enhance the shopping
experience and give retailers a competitive advantage.
Value chain - ANSWERS -Represents the total bundle of benefits offered to consumers through a
channel of distribution.
Goods vs. services retailing: - ANSWERS -Services-activities, benefits or satisfactions which are
offered for sale or are provided in connection with the sale of goods
Rented goods: - ANSWERS -Leased cars, hotel rooms, rent the runway
Owned goods: - ANSWERS -Shoe repair, alterations
Non-goods (expertise): - ANSWERS -Haircut, professional services (physician, lawyer)
Goods - ANSWERS -Stores, Purchasable
4 characteristics of services - ANSWERS -Intangibility, Inseparability, Perishability, Variability
, Intangibility - ANSWERS -Can't touch or feel the service
Inseparability - ANSWERS -Can't separate the service from the person performing it
Perishability - ANSWERS -Services cannot be stored
Variability - ANSWERS -Standardization and quality control hard to achieve
SWOT Analysis - ANSWERS -Strengths, Weaknesses, Opportunities, Threats
Mass marketing - ANSWERS -Broad spectrum, A retailer that wants to attract everyone. Ex.
Target and Walmart. They want everyone to shop there.
Concentrated marketing - ANSWERS -One specific group
Differentiated marketing - ANSWERS -Multiple groups with different offerings, Different GAP
stores
Cross-shopping - ANSWERS -A consumer shopping at many different stores during one outing
Private Label over Brand names. - ANSWERS -Merona (Private) vs. Clorox (Brand)
Controllable Variables: - ANSWERS -Store location, Managing business, Merchandise
management and pricing, Communicating with customer
