Retailing Mix Refers to the Activities Related to Managing the Store

question 274

Multiple Choice

Retailing mix refers to the activities related to managing the store and the merchandise in the store, which includes

• A)product, price, promotion, and place.
• B)the four utilities of time, form, possession, and place.
• C)the colors, sizes, shapes, and perceived value of the store's products.
• D)retail pricing, store location, retail communication, and merchandise.
• E)selection of store location, selection of merchandise, hiring and training of employees, and promotion of both the store and products.

Distinguish between product and institutional advertisements.

Understand the use and objectives of comparative advertising.

Comprehend the role of reminder advertisements and their effectiveness.

Recognize the significance of pioneering advertisements and when they are used.

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Definitions:

Substitution Effect

The change in consumption patterns due to changes in the relative prices of goods, leading consumers to substitute more expensive items with cheaper alternatives.

Giffen Good

A product that experiences an increase in demand as its price increases, contrary to the law of demand, typically because it is a staple whose cheaper substitutes are not as affordable.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, contrary to normal goods.

Normal Good

A good for which demand increases as the income of consumers increases and vice versa, all else being constant.