Web and Mobile Technologies Have Disrupted the Business Strategies of Retailers

question 117

Multiple Choice

Web and mobile technologies have disrupted the business strategies of retailers as consumers can quickly and easily research product prices.What do retailers need to do to stay competitive given how empowered consumers have become?

• A)Retailers need clear strategies to respond to the empowered consumer by price-matching or finding ways to offer greater value.
• B)Retailers must implement data analytics to distinguish patterns in their best customers' shopping behavior.
• C)Retailers need to reduce the number of sales channels so they are able to cut product prices.
• D)Retailers need to offer free shipping and returns.

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Definitions:

Group

A collection of individuals who interact with one another, share similar characteristics, and collectively have a sense of unity.

Bystander Effect

A phenomenon where individuals are less likely to offer help to a victim when other people are present.

Social Loafing

The phenomenon where individuals exert less effort when working in a group than when working alone.

Group Polarization

The phenomenon where a group's prevailing opinions or decisions become more extreme following discussion among its members.