MAR 3231 FSU Exam 1 Questions And Answers (Updated And Verified)

MAR 3231 FSU Exam 1 Questions And Answers (Updated And Verified) Retailing - answerBusiness 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 - answerThe steps associated with getting products into the hands of consumers Current Issues in Retailing - answer- 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? - answerRace to the Bottom Race to the Bottom - answerLowering prices to be competitive Now adays consumers look at ____ > _____ - answerQuality > Price You can't out - answerAmazon, Amazon How customer perceive price is as important as - answerLow price How can we stand out in a highly comp. environment where consumers have so many choices? - answerParadox of Choice Paradox of Choice - answerHappiness increases with the more choices we have HOWEVER too much choice is stressful; therefore, less is more Too many choices can be - answerProblematic How can we grow our business while retaining core loyal customers? - answerKnow that not every customer is a core customer; find those core customers and go after them The ____ customer is the center of retailing activities - answerCore Companies are using _____ to focus on their core customers - answerPersonas Gen Z characteristics - answer- 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 - answerThe gig economy Gen Z's like to - answerWait until the last minute to shop Retail Philosophy - answerRetailers 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 - answerA 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 - answerManufacturer --> Wholesaler --> Retailer --> Final Consumer Example of Distribution Channel - answerCoach -> Walmart -> Consumer Example of Direct to Consumers - answerWarby Parker -> Consumer Direct to Consumer Benefits - answer- Higher consumer satisfaction - Fixed prices without dealer markups - Product quality standards are maintained - Service standards are maintained - Brand image and value are maintained Why don't manufacturers sell directly to consumers - answer- Lack of infrastructure - Risk of upsetting retailers or supply chain partner - Consumer need for brand comparison Multi-Channel Retailing - answerRetailers sell to consumers through multiple retail formats Retailers sell to consumers through multiple retail formats - answer- Websites - Physical stores (Brick and Mortar)