Marketing Exam 3 Part 3

What is metailing?

Metailing refers to the retailing industry and its practices, which have become a significant business sector.

What is market clout?

Market clout is the influence or power that large retailers have over the market, allowing them to dictate terms and prices.

What are the four main elements of marketing strategy decisions for mobiles?

The four main elements are Product, Place, Price, and Promotion.

What is product selection in marketing?

Product selection involves determining the width and depth of the assortment, including brands and quality.

What is after-sale service?

After-sale service includes support provided to customers after they have purchased a product, enhancing customer satisfaction.

What are special services in retail?

Special services may include special orders, entertainment, and gift wrapping offered to enhance the shopping experience.

What are discount policies?

Discount policies refer to the strategies retailers use to offer price reductions to attract customers.

What is the significance of store hours in retail?

Store hours are important as they determine when customers can shop, impacting sales and customer convenience.

What is the shopping atmosphere?

Shopping atmosphere refers to the overall environment of a store, including comfort and safety, which influences customer experience.

What is multichannel shopping?

Multichannel shopping involves customers using multiple channels, such as online and physical stores, to make purchases.

What is the AIDA model?

The AIDA model stands for Attention, Interest, Desire, and Action, representing the stages a customer goes through in the buying process.

What are the stages of the product life cycle in retail?

The stages are Market Introduction, Market Growth, Market Maturity, and Sales Decline.

What is integrated marketing communications?

Integrated marketing communications is the coordination of various promotional methods to deliver a consistent message to consumers.

What is the adoption curve?

The adoption curve illustrates the rate at which consumers adopt a new product, categorized into Innovators, Early Adopters, Early Majority, Late Majority, and Laggards.

What are ethical issues in promotion?

Ethical issues in promotion involve navigating boundaries of honesty and integrity in advertising and marketing practices.

What is scrambled merchandising?

Scrambled merchandising refers to the practice of retailers offering a wide variety of products that may not traditionally align with their core business.

What are the types of wholesalers?

Types of wholesalers include service merchant wholesalers, general line wholesalers, specialty wholesalers, and drop shippers.

What is the role of wholesalers?

Wholesalers add value by purchasing large quantities from producers and selling smaller quantities to retailers, facilitating distribution.

What is the significance of big data in retail?

Big data helps retailers analyze consumer behavior, optimize inventory, and personalize marketing efforts.

What is convenience in retail?

Convenience refers to the ease with which customers can obtain products and services, often influencing their shopping choices.