MAR 3231 FSU EXAM 1 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
Retailing Ans✓✓✓Business activities involved in selling goods and
services to consumers for their personal, family, or household use. It
includes every sale to the final consumer
Retailing simply put Ans✓✓✓The steps associated with getting products
into the hands of consumers
Current Issues in Retailing Ans✓✓✓- How can we best serve out
customers while earning a fair profit?
- How can we stand out in a highly comp. environment where consumers
have so many choices?
- How can we grow our business while retaining core loyal customers?
- Communicating with millennials
How can we best serve out customers while earning a fair profit?
Ans✓✓✓Race to the Bottom
Race to the Bottom Ans✓✓✓Lowering prices to be competitive
,Now adays consumers look at ____ > _____ Ans✓✓✓Quality > Price
You can't out Ans✓✓✓Amazon, Amazon
How customer perceive price is as important as Ans✓✓✓Low price
How can we stand out in a highly comp. environment where consumers
have so many choices? Ans✓✓✓Paradox of Choice
Paradox of Choice Ans✓✓✓Happiness increases with the more choices
we have HOWEVER too much choice is stressful; therefore, less is
more
Too many choices can be Ans✓✓✓Problematic
How can we grow our business while retaining core loyal customers?
Ans✓✓✓Know that not every customer is a core customer; find those
core customers and go after them
The ____ customer is the center of retailing activities Ans✓✓✓Core
Companies are using _____ to focus on their core customers
Ans✓✓✓Personas
, Gen Z characteristics Ans✓✓✓- Want to own less and lease more
- More likely to pay for experience than products
- "Real time customers"
Gen Z like to go from possession to access Ans✓✓✓The gig economy
Gen Z's like to Ans✓✓✓Wait until the last minute to shop
Retail Philosophy Ans✓✓✓Retailers can best address these issues by:
- Fully understanding and applying the basic principles or retailing
- Maintaining a focuses retail strategy
- Focusing on customer needs
Customer Value Ans✓✓✓A term that underlies the fact that the value of
any given process step or output is defined by the groups or individuals
who receive the the goods and services of the process
Distribution Channel Ans✓✓✓Manufacturer --> Wholesaler --> Retailer
--> Final Consumer
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
Retailing Ans✓✓✓Business activities involved in selling goods and
services to consumers for their personal, family, or household use. It
includes every sale to the final consumer
Retailing simply put Ans✓✓✓The steps associated with getting products
into the hands of consumers
Current Issues in Retailing Ans✓✓✓- How can we best serve out
customers while earning a fair profit?
- How can we stand out in a highly comp. environment where consumers
have so many choices?
- How can we grow our business while retaining core loyal customers?
- Communicating with millennials
How can we best serve out customers while earning a fair profit?
Ans✓✓✓Race to the Bottom
Race to the Bottom Ans✓✓✓Lowering prices to be competitive
,Now adays consumers look at ____ > _____ Ans✓✓✓Quality > Price
You can't out Ans✓✓✓Amazon, Amazon
How customer perceive price is as important as Ans✓✓✓Low price
How can we stand out in a highly comp. environment where consumers
have so many choices? Ans✓✓✓Paradox of Choice
Paradox of Choice Ans✓✓✓Happiness increases with the more choices
we have HOWEVER too much choice is stressful; therefore, less is
more
Too many choices can be Ans✓✓✓Problematic
How can we grow our business while retaining core loyal customers?
Ans✓✓✓Know that not every customer is a core customer; find those
core customers and go after them
The ____ customer is the center of retailing activities Ans✓✓✓Core
Companies are using _____ to focus on their core customers
Ans✓✓✓Personas
, Gen Z characteristics Ans✓✓✓- Want to own less and lease more
- More likely to pay for experience than products
- "Real time customers"
Gen Z like to go from possession to access Ans✓✓✓The gig economy
Gen Z's like to Ans✓✓✓Wait until the last minute to shop
Retail Philosophy Ans✓✓✓Retailers can best address these issues by:
- Fully understanding and applying the basic principles or retailing
- Maintaining a focuses retail strategy
- Focusing on customer needs
Customer Value Ans✓✓✓A term that underlies the fact that the value of
any given process step or output is defined by the groups or individuals
who receive the the goods and services of the process
Distribution Channel Ans✓✓✓Manufacturer --> Wholesaler --> Retailer
--> Final Consumer
