Question 1

Benton manages a building supply company.He wants to invite 20 of his most valuable building-contractor customers to a golf outing and party.Benton will likely use the firm's ___________ to identify these customers.

Accepted Answer

A CRM (Customer Relationship Management) database is a tool used by businesses to manage interactions with customers and keep track of customer information. It would be the most likely source for Benton to identify his most valuable building-contractor customers and invite them to the golf outing and party.

Question 2

Andy purchased a number of books from Amazon.com,and he learned to trust the recommendations made to him.More than once he was pleasantly surprised at the books and authors he discovered this way.In this case,Amazon.com was creating value for Andy through

Accepted Answer

Amazon.com is creating value for Andy through personalized offerings because it's using his previous purchase history and preferences to recommend books and authors he might like. This personalized approach is increasing the likelihood of Andy making a purchase, thereby creating value for him.

Question 3

Because many consumers choose stores based on proximity to their workplaces or homes,great locations are

Accepted Answer

Great locations can be a competitive advantage because they are not easily duplicated by rivals, and many consumers choose stores based on proximity to their workplaces or homes, making location an important factor in retail success.

Question 4

While it is relatively easy to offer customers Internet options like a FAQ page and an e-mail address to answer questions,some companies are using an interactive approach to address customers' questions while they are visiting the websites.These firms are using ___________ to provide the customer with enhanced customer service.

Accepted Answer

Online chats allow for immediate interaction between the customer and the company representative, providing a more personalized and efficient way to address customer questions and concerns.

Question 5

Retailers can gain valuable knowledge about their customers from the transaction process and from

Accepted Answer

Store personnel have direct contact with customers and are able to provide valuable insights about their behavior, preferences, and needs. Retailers can use this information to improve customer service, tailor marketing strategies, and optimize the overall shopping experience. The other options listed may provide useful information, but they are not as directly related to customer behavior and preferences as insights from store personnel.

Question 6

Omnichannel retailers use consumer information collected from the customers' Internet browsing and buying behavior to send dedicated e-mails to customers promoting specific products or services in an effort to

Accepted Answer

Omnichannel retailers use consumer information to send dedicated e-mails to customers promoting specific products or services in an effort to increase their share of wallet. This means that they aim to encourage customers to spend more money with them by promoting products or services that they may be interested in based on their browsing and buying behavior.

Question 7

The percentage of a customer's purchases made from a particular retailer is referred to as

Accepted Answer

Share of wallet refers to the percentage of a customer's overall spending on a product category that is captured by a specific brand or retailer. It is a measure of the customer's loyalty or preference for that retailer.

Question 8

When a company offers consumers the ability to make purchases via a smartphone,this is known as

Accepted Answer

M-commerce stands for mobile commerce and it refers to the ability to conduct commercial transactions via a mobile device, such as a smartphone. It allows consumers to shop online, make payments, and manage their accounts using their mobile devices.

Question 9

In which of the following categories would a dry cleaning business be placed?

Accepted Answer

A dry cleaning business is a service-based business, where customers come to get their clothes and other items cleaned. Therefore, it is categorized as a services retailer. Specialty stores focus on selling specific types of products, category killers offer a wide range of products within a single category, superstores sell a variety of products across different categories, and discount stores offer products at lower prices than other retailers.

Question 10

For retailers,when making decisions regarding place,a key ingredient to success is

Accepted Answer

Convenient locations are crucial for retailers as they make it easier for customers to access their products, which can ultimately lead to increased sales and customer loyalty.

Question 11

Jordan directs her salespeople to increase the company's share of wallet.Jordan is directing her salespeople to

Accepted Answer

"Increasing share of wallet" refers to increasing the percentage of a customer's spending that goes towards a particular company. Therefore, directing salespeople to focus on increasing sales to the company's best customers would be the best way to achieve this goal.

Question 12

Mira purchased some eyeliner from an Internet-based beauty supply house,and now she often receives online recommendations for other products from the same cosmetics line.These recommendations were probably the result of

Accepted Answer

The online recommendations were likely based on Mira's purchase history and are a common marketing tactic used by online retailers to suggest additional products that the customer may be interested in.

Question 13

Chandra owns a pet sitting service.She recently paid a web developer to build a special version of his company website for use on smartphones.Customers will now be able to easily place orders for pet sitting on their cell phones.This is an example of

Accepted Answer

This is an example of M-commerce, which refers to conducting commercial transactions through mobile devices such as smartphones or tablets. In this case, customers can now easily place orders for pet sitting through their cell phones, making it more convenient for them to use Chandra's service.

Question 14

Which of the following retail stores would emphasize personal selling the most as part of the firm's promotional efforts?

Accepted Answer

Jewelry is a high-involvement purchase and customers usually require personalized attention in order to make a decision. Personal selling is often used to provide product information, offer suggestions, and build relationships with customers in the jewelry retail industry.

Question 15

Internet buyers are sometimes surprised to see online retailers using information about their past purchases to customize promotions targeted to them the next time they visit the retailer's website.The retailer is using the information to

Accepted Answer

By using targeted promotions based on past purchases, the retailer aims to increase the share of wallet from their best customers, who are likely to have higher purchasing power and help grow the retailer's overall sales. This is a common strategy used by retailers to improve customer retention and loyalty.

Question 16

One of the greatest constraints faced by store-based retailers-and one that the Internet channel can address-is

Accepted Answer

Store-based retailers face the constraint of not being able to carry a large amount of merchandise in a physical store due to space limitations. The Internet channel can address this constraint by offering an online platform for retailers to showcase and sell their full range of merchandise without being limited by physical space.

Question 17

Traditionally,retailers treated all their customers ________,but today,successful retailers

Accepted Answer

Today, successful retailers provide more value to their best customers, rather than treating all customers identically as was done traditionally. This approach is known as customer segmentation, where customers are divided into different segments based on their value and needs, and the retailer provides personalized attention and value to the most profitable segments, which are also their best customers.

Question 18

The knowledge retailers can gain from their store personnel and customer relationship management databases is valuable for developing

Accepted Answer

The knowledge gained from store personnel and customer relationship management databases can be used to better understand and meet the needs of customers, leading to increased customer loyalty.

Question 19

__________ is the term used to describe the situation when retailers use some combination of stores,catalogs,and the Internet to sell merchandise.

Accepted Answer

Omnichannel retailing is the term used to describe the situation when retailers use some combination of stores, catalogs, and the Internet to sell merchandise. It involves creating a seamless and integrated shopping experience for customers across all channels, rather than treating each channel as a separate entity.

Question 20

As the old cliché claims,the three most important things in retailing are

Accepted Answer

While all of these factors are important, the most commonly recognized and repeated phrase in retail is "location, location, location." The location of a store can greatly impact its success, as being in a convenient and visible area can lead to more foot traffic and increased sales.

Quiz 17: Retailing and Omnichannel Marketing