Markdowns Can Be Used to

question 321

Multiple Choice

Markdowns can be used to

• A) increase competition with other retailers in the immediate vicinity.
• B) placate dissatisfied customers.
• C) enhance customer perceptions of product quality.
• D) increase demand for complementary products.
• E) create a sense of urgency among repeat buyers.

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Definitions:

Economy

The organized system of human activity involved in the production, exchanging, and consumption of goods and services.

Minimum Wage

The lowest legal amount that can be paid to workers by employers, typically set by government legislation.

Fast Food

Food that is prepared and served quickly, often with an emphasis on convenience and typically from a business specializing in such meals.

Division of Labour

The division of labour refers to the allocation of different parts of a manufacturing process or task to different individuals in order to improve efficiency.