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MAR 3231 FSU Exam 1
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Exam of 11 pages for the course MAR 3231 at MAR 3231 (MAR 3231 FSU Exam 1)
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MAR 3231 FSU Exam 1Retailing - CORRECT ANSWER-Business activities involved in selling goods and
services to consumers for their personal, family, or household use. It includes
every sale to the final consumer
Retailing simply put - CORRECT ANSWER-The steps associated with getting
products into the hands of consumers
Current Issues in Retailing - CORRECT ANSWER-- How can we best serve out
customers while earning a fair profit?
- How can we stand out in a highly comp. environment where consumers have so
many choices?
- How can we grow our business while retaining core loyal customers?
- Communicating with millennials
How can we best serve out customers while earning a fair profit? - CORRECT
ANSWER-Race to the Bottom
Race to the Bottom - CORRECT ANSWER-Lowering prices to be competitive
Now adays consumers look at ____ > _____ - CORRECT ANSWER-Quality >
Price
You can't out - CORRECT ANSWER-Amazon, Amazon
How customer perceive price is as important as - CORRECT ANSWER-Low
price
How can we stand out in a highly comp. environment where consumers have so
many choices? - CORRECT ANSWER-Paradox of Choice
Paradox of Choice - CORRECT ANSWER-Happiness increases with the more
choices we have HOWEVER too much choice is stressful; therefore, less is more
, Too many choices can be - CORRECT ANSWER-Problematic
How can we grow our business while retaining core loyal customers? -
CORRECT ANSWER-Know that not every customer is a core customer; find
those core customers and go after them
The ____ customer is the center of retailing activities - CORRECT
ANSWER-Core
Companies are using _____ to focus on their core customers - CORRECT
ANSWER-Personas
Gen Z characteristics - CORRECT ANSWER-- Want to own less and lease more
- More likely to pay for experience than products
- "Real time customers"
Gen Z like to go from possession to access - CORRECT ANSWER-The gig
economy
Gen Z's like to - CORRECT ANSWER-Wait until the last minute to shop
Retail Philosophy - CORRECT ANSWER-Retailers can best address these
issues by:
- Fully understanding and applying the basic principles or retailing
- Maintaining a focuses retail strategy
- Focusing on customer needs
Customer Value - CORRECT ANSWER-A term that underlies the fact that the
value of any given process step or output is defined by the groups or individuals
who receive the the goods and services of the process
Distribution Channel - CORRECT ANSWER-Manufacturer --> Wholesaler -->
Retailer --> Final Consumer
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