MAR 3231 Exam 4 Hopkins || with A+ Guaranteed Solutions.
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Course
MAR 3231
Institution
MAR 3231
Merchandising correct answers Activities involved in acquiring goods/services and making them available at the places, times, prices, and quantities that enable a retailer to reach its goals
Merchandising Philosophy correct answers - Sets the guiding principles for all the merchandise decisions ...
MAR 3231 Exam 4 Hopkins || with A+ Guaranteed
Solutions.
Merchandising correct answers Activities involved in acquiring goods/services and making them
available at the places, times, prices, and quantities that enable a retailer to reach its goals
Merchandising Philosophy correct answers - Sets the guiding principles for all the merchandise
decisions made by the retailer
- "product" element of the 4 Ps
Scope of Merchandising correct answers Having what your customers want to buy
Buying and Selling Functions: correct answers - Assortments
- Advertising Pricing
- Point of Sale Displays
- Employee Utilization
- Personal Selling Approaches
Micromerchandising correct answers Retailers adjust shelf-space allocations to respond to
customer differences and other differences among local markets
ex: women and beer consumption
Cross-merchandising correct answers Retailers carry complementary goods and services to
encourage shoppers to buy more
ex: ketchup next to buns at publix
Merchandise Plans correct answers guide that helps merchandising decisions
Forecasts correct answers Projections of expected retail sales for given periods
Components of Forecasts correct answers - Overall company projections
- Product category projections
- Item-by-item projections
- Store-by-store projections
3 Steps to Implement Merchandise Plans correct answers 1. Gather information
2. Select Merchandise Sources
3. Evaluate
Who do you gather information from? correct answers - consumers (they are key)
- suppliers
- manufacturers
- wholesalers
, Where are the merchandise sources from? correct answers - company-owned
- outside, often used supplier
- outside, new suppliers
Target Market correct answers Evaluate whether its conservative or innovative
Goods/Service Growth Potential correct answers Consider each new offering on the basis of
rapidity of initial sales, max sales potential per time period, and length of sales life
Fashion Trends correct answers Understand vertical and horizontal trends
Retailer Image correct answers Carry goods/services that reinforce the firm's image
Competition correct answers Lead or follow it in the selection of new goods/services
Customer Segments correct answers Segment customers by dividing merchandise into
established and new product displays and
Responsiveness to Consumers correct answers Carry new offerings when requested by the target
market
Amount of Investment correct answers Consider all possible investment for each new
good/service: product costs, new fixtures, and additional personal
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