The Three Basic Tasks of Retailing Are

question 59

Multiple Choice

The three basic tasks of retailing are:

• A) getting consumers from outside your trading area into your store, getting these consumers to sign up for store credit, and keeping these consumers happy.
• B) getting consumers from inside your trading area into your store, getting these consumers to sign up for store credit, and offer these consumers the lowest prices possible.
• C) getting consumers from your trading area into your store, converting these consumers into loyal customers, and doing so in the most efficient manner possible.
• D) getting consumers from your trading area into your store, getting these consumers to sign up for store credit, and converting them into loyal customers.
• E) getting consumers from your trading area into your store, keeping them happy while in the store, and getting them to join the store's frequent buyers program.

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Definitions:

Acquisition Costs

The total cost associated with acquiring a new asset, customer, or property, including all legal, advisory, and administrative expenses.

Customer Retention

The activities and actions companies take to reduce the number of customers leaving or switching to a competitor.

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment's initial cost.

High-profitability

Refers to the ability of a business or investment to generate earnings significantly above its costs and expenses.