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CBP Exam 5 | 90 Questions with 100% Correct Answers | Updated 2024 | Guaranteed success
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CBP Exam 5 | 90 Questions with 100% Correct Answers| Updated 2024 | Guaranteed success
What do channels of distribution provide? - ANSWER From an economic
perspective:
-Form utility
-Time utility
-Place utility
-Possession utility
Form utility - ANSWER Channels convert raw materials into finished goods and
services in forms the consumer seeks to purchase
-channels make what the consumer wants to purchase
Time utility - ANSWER Channels make goods and services available when the
consumer wants to purchase them
Place utility - ANSWER Goods and services are made available where the
consumer wants to purchase them
Possession utility - ANSWER Channels facilitate the transfer of ownership of goods
to the consumer
Store Related Affect & Cognition - ANSWER Two major variables of managerial
concern at the retail level:
1. Store Image
2. Store atmosphere
Store Image - ANSWER -what consumers think about a particular store including
consumers' perceptions and attitudes
-developing a consistent store image is a common goal of retailers
Store atmosphere - ANSWER -involves primarily affect in the form of in-store
emotional states that consumers may not be fully aware of when shopping
-Donovan and Rossiter Model of store atmosphere
*Environmental Stimuli affect consumers' emotional states, which in turn affect
approach or avoidance behaviors
Three types of emotional states related to retail stores - ANSWER -Pleasure: the
degree to which the consumer feels good
-Arousal: the degree to which the consumer feels excited
-Dominance: the degree to which the consumer feels in control, free to act in the
store
Pleasure & Arousal - ANSWER Were found to influence consumers' approach
behaviors
-enjoyment of shopping in store
, -time spent browsing and exploring the store's offerings
-willingness to talk to sales personnel
-tendency to spend more money than originally planned
-likelihood of returning to the store
Dominance was found to have no effect on consumer behaviors in the retail
environment
Four types of approach and avoidance behaviors related to retail stores - ANSWER
a. Physical are related to store visit intentions
b. Exploratory are related to in-store search and exposure
c. Communication are related to interactions with sales personnel
d. Performance and satisfaction are related to frequency of repeat shopping, and
time and money expenditures
Store-Related Behavior - ANSWER 1. Store Contact
2. Store Loyalty
Store Contact - ANSWER Involves the consumer locating, traveling to, and entering
a store
Store Loyalty - ANSWER Is a major objective of retail channel strategy and has an
important financial impact
Store Environment - ANSWER 1. Store Location
2. Store Layout
3. In-store stimuli
Store Location - ANSWER -a critical aspect of channel strategy
-research on retail location has been dominated by a regional urban economics
approach rather than a behavioral approach
Four General Approaches to Store Location - ANSWER -Checklist method
-Analog approach
-Regression models
-Location allocation models (for chain stores)
Checklist method - ANSWER Systematically evaluate the relative value of a site
compared to other potential sites in the area
Analog approach - ANSWER -Identifies an existing store similar to the one to be
located as an analog store
-Using surveys to estimate the power of the analog store to draw consumers
-The ability of the analog store to attract consumers is then used to estimate the
expected sales
Regression models - ANSWER -Investigate the factors that affect the profitability of
retail outlets at particular sites
-Retail performance is primarily affected by
1. Population size
2. Socioeconomic characteristics of consumers
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