MKT 315 EXAM BANK SOLUTION MANUAL (RATED A+)
What is Retailing? - Answers A set of business activities that adds value to the products and services sold to consumers for their personal or family use. It is the last stage in the distribution process; includes every sale to the final customer
Pure ...
What is Retailing? - Answers A set of business activities that adds value to the products and services sold
to consumers for their personal or family use. It is the last stage in the distribution process; includes
every sale to the final customer
Pure Retailers - Answers Sears, Holiday Inn, McDonalds
Retailers that are also wholesalers - Answers Office Depot, Home Depot
Four Ways Retailers Add Value - Answers 1. Breaking Bulk
2. Holding Inventory
3. Providing Assortment
4. Offering Services
Breaking Bulk - Answers Sell it in quantities customers want. Manufacturers/wholesalers reduce
transportation costs by selling in large quantities
Holding Inventory - Answers Buy it at a convenient place when you want it. Consumers may make
unplanned or impulse purchases and have limited storage
Providing Assortment - Answers Buy other products at same time
Offering Services - Answers See it before you buy it, get credit, privacy at home
General Trends in Retailing - Answers Selling merchandise over the internet and growth in use of multi-
channel retailing by traditional retailers. Using IT to manage supply chains, analyze POS data to tailor
assortments to stores, computer systems for merchandising planning.
Most common Trends in retailing - Answers 1. Increasing industry concentration: Few nationals
dominate most formats
2. Growing diversity of formats
3. Globalization: Source merchandise from around the world. There are factors stimulating globalization
like transferability of skills/relaxation of trade barriers.
Retail Mix - Answers Elements used by a retailer to satisfy customers needs
1. Pricing
2. Type of merchandise
3. Merchandise and services offered
4. Services offered
, Pricing - Answers Price - Cost trade off: The more sales associates who provide detailed information on
the products, the higher the cost.
Types of Merchandise - Answers Goods/Services offered
Variety: Breadth of merchandise, wide vs. narrow. Number of categories offered.
Assortment: Depth of merchandise, deep vs. shallow: Number of different stockkeeping unites in a
merchandise category
SKU - Answers The smallest unit for keeping inventory
Services Offered - Answers Retailers differ in the services they offer customers. There is a general trend
toward services.
Types of Retailers - Answers Merchandise Retailers
Non-store retailers
Service Retailers
Merchandise Retailers - Answers Food Retailers
General Merchandise retailers
Food Retailers - Answers 1. Mom and Pops: Conventional supermarkets
2. Convenience Stores
3. Big Box Retailers
Mom and Pops: Conventional supermarkets - - Answers Self service food stores with
groceries/meat/produce with limited variety, are in decline
Convenience Stores - Answers Limited variety and assortment, tailors assortments to local market,
makes it convenient to shop, offer fresh/healthy food, opening smaller stores closer to consumers,
financial services available
Big Box Retailers - Answers Warehouse clubs, supercenters
Changing consumption patterns in food retailing - Answers Time pressure
Eating out more
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