30 Questions
What is the primary concern for consumers regarding the value chain?
The results
What may start affecting profits towards the end of accelerated development?
Cost pressures
What is customer satisfaction based on in a retail experience?
Exceeding expectations
Which type of rewards attract people who shop for pleasure?
Hedonistic rewards
What does the unit-pricing law most often apply to?
Supermarkets
In what situation do retailers become active in businesses outside their normal operations?
Diversification
What rewards will attract consumers who like to stick with one brand or store?
Informational rewards
What type of retailer seeks to establish and maintain long-term bonds with customers?
Retailers engaging in relationship retailing
What strategy represents the minimum value chain elements a given customer segment expects from a type of retailer?
Expected retail strategy
What does downsizing involve for retailers who are unhappy with performance?
Closing unprofitable stores or selling off divisions
Which statement describes a specialty store?
It carries a narrow but deep assortment and tailors the strategy to a market segment
What type of rewards will consumers value if they want to reduce the time spent shopping?
Functional rewards
What type of services does a seller offer in nongoods services?
Personal expertise for a specified time
What does price discrimination law prohibit suppliers from doing?
Offering unjustified discounts to large retailers only
What characterizes a conventional supermarket?
Departmentalized food store with a wide range of food products
What difficulty arises for firms due to the intangible nature of some services?
Developing a consumer-oriented strategy
What do mergers involve in the retail context?
Combining separately owned retail firms
What occurs during the decline stage of a retail format?
Falling off of sales and profits, leading to firms abandoning the format
What is one way that services can increase customer loyalty?
By better understanding and reacting to shopper complaints
What does the text state about economic conditions and retailers?
Economic conditions are beyond any retailer's control, no matter how large it is
What is the definition of value from the customer's perspective?
The perception a shopper has of a value chain
What does the text say about the role of retailing in the distribution process?
Retailing is the last stage in the distribution process from supplier to consumer
What is the definition of 'intensive distribution' according to the text?
Maximizing suppliers' sales and letting retailers offer many brands and product versions
What does the text mean by 'value driven'?
Having prices appropriate for the level of products and customer service
What is the main purpose of a retailer's strategy?
To influence the firm's business activities and respond to market forces
What is the key characteristic of service retailing?
Consumers do not purchase or acquire ownership of tangible products
What is the main purpose of an economic rewards product system?
To attract price-sensitive customers and induce them to buy more
What is the key characteristic of selective distribution?
Suppliers sell through a moderate number of retailers
What is the main purpose of a customer orientation?
To determine the attributes and needs of its customers and endeavor to satisfy these needs to the fullest
What is the key characteristic of an augmented retail strategy?
It includes the extra elements in a value chain that differentiate one retailer from another
This quiz covers concepts related to the wheel of retailing theory, including retail innovators, opportunities, and threats in the marketplace. It explores how goods and services are modified based on retailer feedback and the impact of environmental factors on retailers.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
