MAR 3231 Final Exam Questions & Answers 2024/2025
Merchandising - ANSWERS-The act of acquiring goods and making them available at the places, times, prices, and quantities that enable a retailer to reach its goals
-Focuses on the "product" aspect of the marketing mix
Merchandising philosop...
Merchandising - ANSWERS-The act of acquiring goods and making them available at the places, times,
prices, and quantities that enable a retailer to reach its goals
-Focuses on the "product" aspect of the marketing mix
Merchandising philosophy - ANSWERSSets the guiding principles for all the merchandise decisions made
by the retailer
Merchandising philosophy should reflect..... - ANSWERS-Target market desires
-Retailer's institutional type
-Market place positioning
-Defined value chain
-Supplier capabilities
-Costs
-Competitors
-Product trends
Scope of merchandising - ANSWERS-Merchandising roles and responsibilities vary from company to
company
-Buying: Involves selecting and purchasing goods sold by the retailer
-All merchandising functions: All buying and selling functions, assortments pricing, displays, employee
utilization, selling approaches
Micromerchandising - ANSWERSRetailers adjust shelf-space allocations to respond to customer
differences and other differences among local markets
, Cross-merchandising - ANSWERS-Retailers complementary goods ad services to encourage shoppers to
buy more
-Know "what" your customer is purchasing
-Too many firms focus on the product and not the benefit
Merchandise planning - ANSWERS-Process retailers use to offer the right kind of products, at the right
place, at the right time
-End goal is to maximize sales while also minimizing markdowns
Forecasts (Merchandise planning) - ANSWERSProjections of expected retail sales for given periods
Forecasts (Merchandise planning) components - ANSWERS-Overall company projections
-Product category projections
-Item by item projections
-Store by store projects (if a chain)
Timing (Merchandise planning) components - ANSWERS-Timing ca relate to seasonality
-Special events such as a movie release
-New product releases
Brands (Merchandise planning) components - ANSWERS-Private (dealer or store)
-Manufacturer (national)
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