1) One of the main ways in which a wholesaling intermediary can cut the costs of
ID: 360640 • Letter: 1
Question
1) One of the main ways in which a wholesaling intermediary can cut the costs of buying and selling between manufacturers and customers is by __________________.
providing marketing information to manufacturers and customers
taking on the risk of merchandise spoilage, theft, or obsolescence
facilitating the exchange of merchandise titles from producers to customers
using agents and brokers who do not actually take title to merchandise
representing multiple producers and reducing the number of transactions
2) You are worried about adding too high a markup to the watches you sell at your jewelry store. To reduce this markup and still cover costs, you will focus on:
Reducing the number of retail services you perform
Carefully judging the price that consumers are willing to pay for your jewelry.
Increasing the number of retail services you perform
Increasing inventory turnover rate
Decreasing inventory turnover rate
d
3) Developing a customer service strategy for your sporting goods store, you know that services can add value to the shopping experience. Your business partner agrees, but makes a comment that shows he doesn't really understand this type of strategy. Identify his comment.
At this point, we should agree to offer gift wrapping.
At this point, we should agree to provide home delivery.
At this point, we should specify our return privileges.
We don't need to decide whether to charge customers for gift wrapping.
Our basic objective is to attract and retain customers.
4) You face a key decision for your swimwear store: whether or not to add an e-commerce site where consumers can directly purchase your products. You should weigh all of the following characteristics of e-commerce selling except:
E-commerce selling can help keep your costs down.
E-commerce sites can help personalize the selling of consumer products like swimwear.
E-commerce selling is rarely used in conjunction with selling at brick-and-mortar stores.
E-commerce sites cannot reduce retailing costs.
E-commerce sites always depersonalize the selling of consumer products like swimwear
5) The combination of the retailing mix - merchandise strategy, customer service standards, pricing guidelines, target market analysis, promotion goals, location/distribution decisions and store atmosphere create a retailer's ________.
brand
image
differential advantage
competitive position
6) Wendy has a membership at Sam's Club and Costco and enjoys purchasing items in bulk to save money for her family. The stores are huge and are distinct in their appearance since they feature large aisles and commercial shelving. It's more like shopping in a working warehouse but Wendy loves searching for bargains and everyday staples such as paper towels and cleaning supplies. Sam's Club and Costco are examples of _____ retailers.
discount
specialty
category killer
department store
a.providing marketing information to manufacturers and customers
b.taking on the risk of merchandise spoilage, theft, or obsolescence
c.facilitating the exchange of merchandise titles from producers to customers
d.using agents and brokers who do not actually take title to merchandise
e.representing multiple producers and reducing the number of transactions
Explanation / Answer
1.) Intermediaries makes the process of buying and selling easier for customers and sellers by facilititating the exchange process , and removing the complexity in the process
2.) Inventory turnover rate is the number of times inventory should be refilled. So if there is low inventory turnover, then spoilage cost and holding cost will be loss, this means products cost can be decreased and hence margin will be higher
3.) Service is something that offers and brings convenience for the customers, so if there is home delievery of sports goods then it will be very convenient for them
4.) E-commerce sites generally personalize the choices for the customers , based on the past purchase history of the customers.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.