Data analytics has the potential to benefit retailers in which of the following ways? –Allowing retailers to offer the most compelling products at the right prices, while maintaining optimal inventory levels. -Predicting shopping behavior by learnings about consumer use of channels, information, and payment options.
What are two important benefits provided by retailers quizlet?
Which two of the following are important benefits retailers provide? Adding value to products by having them where people want them. Wells Fargo reaches retail banking customers through 9,000 stores and 12,000 ATMs. CarMax sells used cars with a “no-haggle” policy, and offers test drives, financing, and trade-ins.
What are the two axes on the retail positioning matrix?
A properly constructed Positioning Matrix™ is a grid which has TWO main axes: The 4 Essential Elements, and The 4 Marketing Environments.
What are the three common ways that retail outlets can be classified?
Retail outlets can be classified by their form of ownership, level of service, and type of merchandise line.
In which of the following ways do a specialty merchandise wholesaler differ from a general merchandise wholesaler?
– A specialty merchandise wholesaler has an extensive assortment of items within the product lines it carries. – A specialty merchandise wholesaler carries a narrow range of products.
What are advantages of using the online retailers?
Online retailers can increase their sales and profits faster than a brick and mortar establishment because selling online offers the advantage of being open twenty-four hours a day, seven days a week. Selling online also allows retailers to sell their merchandise in any part of the world without additional expense.
What are two benefits associated with reverse logistics?
By streamlining the way products move back through your supply chain, you can see benefits such as cost savings, happier customers and improved sustainability. There are several ways to cut costs with reverse logistics, from reducing transportation spend to reselling items that would have been a complete loss.
What are two advantages of using direct mail and catalogs?
- Brand Retention. Direct Mail is one of the few marketing channels which engage all the senses, as you can touch and feel it.
- Response Rates vs Email.
- Household reach.
- Open rates are through the roof.
- Insane Impact.
- Highly Targeted.
- GDPR friendly.
What is a product positioning matrix?
The Product Positioning Matrix helps put together a visualization of your product versus the opponents. It will discover open product segments that are ripe for the taking and warn against overcrowded markets that scream disaster.
What are the benefits of obtaining full market coverage?
– The product can become so well known that most people in the market will recognize it. – The company can claim a substantial share of the market. reduces a company’s cost. – the product’s size.
How are retailers classified on the basis of services provided?
The level of service retailers provide can be classified along a continuum of high to low. Retailers also classify themselves by the breadth and depth of their product assortments; some retailers have concentrated product assortments, whereas others have extensive product assortments.
What are the 5 methods used to categorize retailers?
One way to categorize retailers is by their ownership structure. There are five primary ownership types within the retail industry: Corporate chain. We will concentrate on items 1–5.
- Corporate chain.
- Independent store.
What are the 4 methods of classifying retail formats?
Regardless of the particular type of retailer (such as a supermarket or a department store), retailers can be categorized by (a) Ownership, (b) Store strategy mix, and (c) Non store operations.
What is the importance of the retail trade industry on the economy?
Consumers benefit from retailing as retailers perform marketing functions that makes it possible for customers to have access to a broad variety of products and services.
What is the main difference between retailing and wholesaling?
To summarize the key differences, retailers sell goods directly to the end-user, typically in small quantities. Wholesalers, on the other hand, sell goods to other store owners and others in the retail industry who then turn around and sell the goods to the end user.
What is product retailing?
In Product Retailing the relationship between the consumer and the retailer is developed only when the consumer pays frequent visits to the outlets. Once the product is purchased by the consumer, the ownership of the product gets transferred from the retailer to the consumer.