.MKT 308 Reviewer: Wheel of Retailing Theory
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Questions and Answers

What is the primary concern for consumers regarding the value chain?

  • The results (correct)
  • The marketing strategy
  • The process
  • The cost structure

    • What may start affecting profits towards the end of accelerated development?

  • Hedonistic rewards
  • Customer preferences
  • Owned-goods services
  • Cost pressures (correct)

    • What is customer satisfaction based on in a retail experience?

  • Having a large staff
  • Providing the lowest prices
  • Offering luxurious items
  • Exceeding expectations (correct)

    • Which type of rewards attract people who shop for pleasure?

    <p>Hedonistic rewards</p> Signup and view all the answers

    What does the unit-pricing law most often apply to?

    <p>Supermarkets</p> Signup and view all the answers

    In what situation do retailers become active in businesses outside their normal operations?

    <p>Diversification</p> Signup and view all the answers

    What rewards will attract consumers who like to stick with one brand or store?

    <p>Informational rewards</p> Signup and view all the answers

    What type of retailer seeks to establish and maintain long-term bonds with customers?

    <p>Retailers engaging in relationship retailing</p> Signup and view all the answers

    What strategy represents the minimum value chain elements a given customer segment expects from a type of retailer?

    <p>Expected retail strategy</p> Signup and view all the answers

    What does downsizing involve for retailers who are unhappy with performance?

    <p>Closing unprofitable stores or selling off divisions</p> Signup and view all the answers

    Which statement describes a specialty store?

    <p>It carries a narrow but deep assortment and tailors the strategy to a market segment</p> Signup and view all the answers

    What type of rewards will consumers value if they want to reduce the time spent shopping?

    <p>Functional rewards</p> Signup and view all the answers

    What type of services does a seller offer in nongoods services?

    <p>Personal expertise for a specified time</p> Signup and view all the answers

    What does price discrimination law prohibit suppliers from doing?

    <p>Offering unjustified discounts to large retailers only</p> Signup and view all the answers

    What characterizes a conventional supermarket?

    <p>Departmentalized food store with a wide range of food products</p> Signup and view all the answers

    What difficulty arises for firms due to the intangible nature of some services?

    <p>Developing a consumer-oriented strategy</p> Signup and view all the answers

    What do mergers involve in the retail context?

    <p>Combining separately owned retail firms</p> Signup and view all the answers

    What occurs during the decline stage of a retail format?

    <p>Falling off of sales and profits, leading to firms abandoning the format</p> Signup and view all the answers

    What is one way that services can increase customer loyalty?

    <p>By better understanding and reacting to shopper complaints</p> Signup and view all the answers

    What does the text state about economic conditions and retailers?

    <p>Economic conditions are beyond any retailer's control, no matter how large it is</p> Signup and view all the answers

    What is the definition of value from the customer's perspective?

    <p>The perception a shopper has of a value chain</p> Signup and view all the answers

    What does the text say about the role of retailing in the distribution process?

    <p>Retailing is the last stage in the distribution process from supplier to consumer</p> Signup and view all the answers

    What is the definition of 'intensive distribution' according to the text?

    <p>Maximizing suppliers' sales and letting retailers offer many brands and product versions</p> Signup and view all the answers

    What does the text mean by 'value driven'?

    <p>Having prices appropriate for the level of products and customer service</p> Signup and view all the answers

    What is the main purpose of a retailer's strategy?

    <p>To influence the firm's business activities and respond to market forces</p> Signup and view all the answers

    What is the key characteristic of service retailing?

    <p>Consumers do not purchase or acquire ownership of tangible products</p> Signup and view all the answers

    What is the main purpose of an economic rewards product system?

    <p>To attract price-sensitive customers and induce them to buy more</p> Signup and view all the answers

    What is the key characteristic of selective distribution?

    <p>Suppliers sell through a moderate number of retailers</p> Signup and view all the answers

    What is the main purpose of a customer orientation?

    <p>To determine the attributes and needs of its customers and endeavor to satisfy these needs to the fullest</p> Signup and view all the answers

    What is the key characteristic of an augmented retail strategy?

    <p>It includes the extra elements in a value chain that differentiate one retailer from another</p> Signup and view all the answers

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