Final Exam on Marketing Strategies Principles of Marketing with answers

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MK 201-B Principles of Marketing: Examination #2Chapters 11 – 22 including lessons in class, Blackboard, and Internet1) Name and define the six Ps of the retailing mix?Product:first element of the retailing mix-product offering- retailers decide what to sell on the basis of what their target market wants to buy.They can base their decision on market research, past sales, fashion trends, customer requests, andother sources.Developing product offering is essentially a question of the width and depth of theproduct assortment.After determining what products will satisfy target consumers’ desires,retailers must find sources of supply and evaluate the products.When the right products are found,the retail buyer negotiates a purchase contract.The goods must then be moved from the seller tothe retailer, which means shipping, storing, and stocking the inventory.Promotion:retailpromotion strategy includes advertising, public relations and publicity, and sales promotion. Thegoal is to help position the store in consumers’ minds.Retailers design intriguing ads, stage specialevents, and develop promotions aimed at their target markets.Retailers’ advertising is carried outmostly at a local level.Local advertising by retailers usually provides specific information abouttheir stores, such as location, merchandise, hours, prices, and special sales.Place:the locationdecision is important first because the retailer is making a large, semi-permanent commitment ofresources that can reduce its future flexibility.Second, the location will affect the store’s futuregrowth and profitability.Site location begins by choosing a community.Important factors toconsider are the area’s economic growth potential, the amount of competition, and geography. Aftersettling on a geographic region or community, retailers must choose a specific site. In addition togrowth potential, the important factors to consider are neighborhood socioeconomic characteristics,traffic flows, land costs, zoning regulations, and public transportation.Additionally, a retailershould consider how its store would fit into the surrounding environment.Retailers face one finaldecision about location: whether to have a freestanding unit or to become a tenant in a shoppingcenter or mall.Price:retailing’s ultimate goal is to sell products to consumers, and the right priceis critical in ensuring sales.Price is also a key element in a retail store’s positioning strategy.Presentation:the presentation of a retail store help determine the store’s image and positions theretail store in consumers’ minds.The main element in the store’s presentation is its atmosphere, theoverall impression conveyed by a store’s physical layout, décor, and surroundings.The layout of aretail store is a key factor in their success.The goal is to use all of the store’s space effectively,including aisles, fixtures, merchandise displays, and non-selling areas.In addition to making
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Term
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