What Can a Retailer Do to Ensure Consistency Between Their

question 4

Multiple Choice

What can a retailer do to ensure consistency between their market strategy and their price position?

• A) They can purchase more of the merchandise to relay the lower prices onto the consumer
• B) They can price for margins and create a better shopping experience
• C) They can consistently offer lower prices and allow the consumer to determine market share
• D) They can collect and analyze price data from their competitors to determine if the store is maintaining their desired market position compared to their competition
• E) None of these

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Definitions:

Data Marts

A subset of a data warehouse that is focused on a particular subject or department within an organization, used to provide data for specific analyses.

Data Warehouses

Data warehouses are centralized repositories of integrated data from one or more disparate sources. They store current and historical data in one single place that are used for creating analytical reports.

Implemented

The process of putting a decision, plan, strategy, or law into effect in a practical situation.

Tacit Knowledge

Tacit knowledge is the unexpressed, internally held knowledge that people carry, shaped by their experiences and contexts, and difficult to articulate or transfer to others.