Mike Is a Retail Buyer

question 20

Multiple Choice

Mike is a retail buyer. He runs a rack of shirts on sale at 33% off. The most likely way he will measure the effectiveness of this promotion is by

• A) evaluating the sales of the promoted item.
• B) asking consumers to fill out a survey.
• C) conducting a test/retest.
• D) performing a split-list experiment.

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Definitions:

Evaluative Criteria

Standards or benchmarks that consumers use to compare and assess the merit or value of products and services.

Supplier Development

A business strategy where buying firms work closely with their suppliers to improve the supplier's product or service quality, efficiency, and effectiveness.

Organizational Buyers

Entities that purchase goods and services for use in the production of other products or services, for resale, or for organizational operation.

Buyer's Needs

The requirements or desires that consumers have when looking to purchase products or services.