18 Questions
What makes up the retailing mix according to the text?
6 P's: product, place, promotion, price, presentation, personnel
Which of the following is NOT one of the 6 P's of retailing mix mentioned in the text?
Process
What is the main objective of considering the right advertising strategy according to the text?
Persuade consumers to choose the retailer's brand
In retail marketing, what does the term 'retail strategy' refer to?
Total operations approach including marketing mix to satisfy target market needs
What are the 6 P's of retailing mix used by modern retailers according to the text?
Product, place, promotion, pricing, presentation, personnel
How do retailers achieve a set of 'rights' in the merchandising outcome according to the text?
Through the merchandising process
What is one key aspect of merchandise management according to the text?
Location strategy
In retail marketing strategy, what does the choice of merchandise convey to consumers?
Nature of the merchandise
Which aspect of the retail business refers to the people working for a specific company or project?
Personnel
How do internal marketing efforts in a retail business mainly support?
Sales team
What influences a consumer's purchase decision and intention to purchase according to the text?
Product type carried
Where does merchandise management play a role in retail strategy according to the text?
Merchandise assortment search
What is the main difference between online retailing and catalog retailing?
Online retailing involves purchasing products over the Internet, while catalog retailing involves ordering from a physical store.
What is a key characteristic of an independent retailer?
An independent retailer builds their business from the ground up.
What differentiates a merchandising company from a service company?
Merchandising companies purchase and resell products, while service companies primarily sell services.
What is a typical characteristic of dealership ownership?
Dealership owners are a combination of a franchise and an individual retailer.
In the context of retailing, what is the significance of simultaneous production and consumption?
It involves the immediate delivery of services to customers.
How does catalog retailing differ from online retailing in terms of product display?
Catalog retailing displays all items in-store, while online retailing only shows a selection.
Test your knowledge on the retail market strategy discussed in Lesson 6, including retail formats, merchandise, services, pricing policy, marketing mix, and advertising strategies used by retailers to attract consumers.
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