Retailers Must Decide on Three Major Product Variables: Product Assortment

question 78

Multiple Choice

Retailers must decide on three major product variables: product assortment, services mix, and ________.

• A) store location
• B) store layout
• C) self-service offerings
• D) store atmosphere
• E) store ambience

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Definitions:

Market Price

Today's rate at which a service or asset is being offered for buying or selling.

Price Competition

A market situation where businesses compete primarily by lowering their prices to attract customers.

Quality Competition

The competition among businesses to offer products or services of higher quality, often instead of competing on price.

Product Differentiation

Refers to the process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.