Exam 13: Pricing Concepts for Establishing Value

Retail stores that offer a broad variety and deep assortment of merchandise,provide some customer services,and are organized into separate departments to display their merchandise are referred to as:

Which of the following types of stores tailor their retail strategy to very specific market segments by offering deep but narrow assortments and sales associate expertise?

The most significant potential benefit of the Internet channel is:

Describe the characteristics of a conventional supermarket.Give an example.

A smartphone capable of accessing product information and even comparing prices at other retailers via the Internet can be considered a:

Ochre,a store situated in a low-income locality,offers its products at relatively low prices.The goods for sale at Ochre vary frequently due to its low-budget procurement strategy.Ochre is an example of a(n):

The element of the marketing mix used by the retailer to create a retail strategy is:

An electronics retail chain uses its customer information to select its best customers and targets its promotions at these customers.The retailer also provides personal service to these customers to increase the percentage of their purchases.The retailer is using this strategy on particular customers to increase the:

A prominent pizza chain opens its outlets in the best locations in the country to gain an advantage over its competitors and new brands entering the market.Which of the following elements of the marketing mix is being used by the firm to create its retail strategy?

Which of the following provides easy access to information about products and their use to customers in the form of editorial content?

Toys For Us is a retail chain that specializes in children's toys.It offers an extensive assortment of new toys and old favourites.It also carries exclusive toys that cannot be found in other toy stores.Toys For Us is an example of a:

Explain the benefits of a store channel.

Store brands are developed and marketed by retailers to distinguish themselves from their competitors.

How can retailers differentiate themselves from other retailers in the competitive market?

Explain off-price retailers with an example.

The Small Store is a retail chain with small stores that offer a limited variety of products at lower prices.It targets customers in rural and lower-income urban areas.The Small Store is an example of a(n):

Which of the following is a type of a big-box food retailer?

Which of the following retail channels both helps retailers save a sale if an item is out of stock and allows retailers to overcome resource constraints by freeing up sales associates?

The fundamental activity of a retailer is to provide the right mix of merchandise and services that satisfies the needs of the target market.

Which of the following retail channels allows retailers to collect information about consumers' shopping behaviour that can be used to improve the overall shopping experience?