RMG 200 Midterm Exam Questions With 100% Correct!!

Retail - Answer-a set of business activities that add value to the products and services sold to consumers to satisfy their needs Top Retail Industries in Canada - Answer-Automotive ($120 Billion) & Food and Beverage ($110 Billion) Total 2018 Retail Sales - Answer-$605.9 Billion Core Retail Sales - Answer-$376.9 Billion Total Number of Retail Stores - Answer-145,274 Jobs in Retail - Answer-2,057,645 Top 3 Canadian Retailers - Answer-Weston Group (Loblaw's) - $46 million Walmart - $32 million Costco Wholesale Corp. - $25 million Value - Answer-benefits - costs Satisfaction - Answer-relates to expectations Distribution Channel - Answer-is a set of firms that facilitate the movement of products from the point of production to the point of sale to the ultimate consumer Forward Integration - Answer-starting from a beginning point and moving forward through the distribution channel (Ex. roots started as a manufacturing company then went into retail)Backward Integration - Answer-starting from a beginning point and moving backward through the distribution channel (Ex. shoppers started as a retail, started private label and went into manufacturing) How Retailers Add Value - Answer-1. Task Specialization 2. Transaction Efficiency 3. Branding Power Functions of Retailers - Answer-1. Providing assortment 2. Breaking bulk 3. Holding inventory 4. Providing customer service and other services 5. Providing experiential consumption Intra-Type Competition - Answer-competition between the same type of retailers (ex. Loblaw's vs. Sobey's) Inter-Type Competition - Answer-competition between very dissimilar types of retail outlets (Ex. amazon vs. walmart) Scrambled Merchandising - Answer-offering several unrelated product lines in a single store (Ex. Joe Fresh Jewelry at Shoppers Drug Mart) Retail Strategy - Answer-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, and (3) the bases upon which the retailer will attempt to build a sustainable competitive advantage over competitors. 7 Elements in the Retail Mix - Answer-Product, Price, Process, Physical, People, Place, and Promotion Service Characteristics - Answer-intangibility, inseparability, variability, perishabilityRetailer Characteristics - Answer-1. type of merchandise/services offered 2. breadth and depth of merchandise offered 3. the level of customer service 4. the price of the merchandise