Define retailing. What is the role of retailing in today's world?
Retailing is the process by which goods and services are sold to consumers for their personal use.
How does the wheel-of-retailing theory explain the evolution of retailing? How do the economic environment, demographics, technology, and globalization affect the future of retailing?
The wheel-of-retailing hypothesis suggests that new retailers compete on price and over time become more upscale, leaving room for other new, low-price entrants.
Four factors that motivate retailers to evolve are changing economic conditions, demographics
Describe experiential merchandising, experiential shopping, destination retailing, and omnichannel marketing.
Now there are experiential shoppers, or people who shop because it satisfies their experiential needs, that is, their desire for fun. They might choose to practice experiential merchandising, or a tactic to convert shopping from a passive activity into a
What is beacon marketing? What are digital wallets?
Macy's, Target, and American Apparel are among the large retailers that are starting to deploy proximity marketing (also known as beacon marketing) to keep in touch with what shoppers do in real-time. Beacon technology allows mobile apps to listen for sig
Explain retail store shrinkage and the ways shrinkage normally occurs. What is organized retail crime and retail return fraud? What are fencers, boosters and diverters? What is "sweethearting"? What is retail borrowing? What are some of the ethical issues
Shrinkage is the term retailers use to describe stock losses due to shoplifting, employee theft, damage to merchandise, and a variety of errors. Gangs that commit organized retail crime (ORC) use store floor plans and foil-lined bags to evade security sen
How do marketers classify retail stores? Explain merchandise breadth and depth.
We can also classify retailers by their merchandise assortment, or the selection of products they sell. Merchandise assortment has two dimensions: breadth and depth. Merchandise breadth, or variety, is the number of different product lines available. A na
Detail the difference between the assortment of merchandise you would typically find in convenience stores, specialty stores, discount stores, and resale stores.
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Explain the different types of direct selling. What is the difference between multilevel marketing and a pyramid scheme?
Direct selling occurs when a salesperson presents a product to one individual or a small group, takes orders, and delivers the merchandise. Another form of direct selling, which the Amway Company epitomizes, is multilevel or network marketing. In this sys
What is B2C e-commerce? What is m-commerce? What are some benefits of B2C e-commerce for consumers and for marketers? What are the limitations of B2C e-commerce? What are digitally influenced purchases?
B2C e-commerce is the online exchange between companies and individual consumers. Consumers are increasingly using their smartphones to make m-commerce purchases. That means either a direct purchase of a product online or a digitally influenced purchase i
What are some possible effects of B2C e-commerce on traditional retailing?
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What are intangibles? How do basic marketing concepts apply to the marketing of intangibles?
Intangibles: services and other experience-based products that we can't touch.
What is a service? What are the important characteristics of services that make them different from goods? What are some ways marketers practice capacity management for services?
Services are acts, efforts, or performances exchanged from producer to user without ownership rights. Some of the more common business services include vehicle leasing, information technology services, insurance, security, legal advice, food services, cle
What dimensions do consumers and business customers use to evaluate service quality? How should marketers respond to failures in service quality?
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What do we mean by marketing people? Marketing places? Marketing ideas?
People are products too. Place marketing strategies regard a city, state, country, or other locale as a brand. Marketers use the marketing mix to create a suitable identity so that consumers choose this brand over competing destinations when they plan the