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1) Which of the following is the final stop in the distribution channel in which organizations sell goods and services to consumers for their personal use? A) franchising B) retailing C) brokering D) wholesaling E) disintermediation 2) Which one of the following statements about retailers and retailing activities is true? A) Retailers create form utility. B) Most retailers are multi-million dollar operations. C) Retailers are members of channels of distribution. D) About half of all U.S. workers are employed by retailers. E) Retailers sell only to businesses. 3) According to the ________ hypothesis, new retailing forms often begin as low-margin, low-price, low-status operations to challenge established retailers, then become successful, and eventually take the place of the established retailers they had challenged. A) agent B) broker C) wheel-of-retailing D) warehousing E) retail life cycle 4) Which of the following best explains why new retailers often squeeze out older retailers? A) retail borrowing B) the wheel-of-retailing hypothesis C) shrinkage D) pop-up retailing E) pyramid schemes 5) The ________ is a way to categorize retail operations by the conditions they face at different points in their existence. A) product life cycle B) retail life cycle C) pyramid scheme D) merchandise mix E) retail placement theory 6) In the ________ stage of the retail life cycle, the retailer often is an aggressive entrepreneur who takes a unique approach to doing business by creating a differential advantage, such as competing on the basis of low price, offering a distinctive assortment, or using a different way to distribute products. A) expansion B) introduction C) extension D) maturity E) growth 7) Which of the following is most likely to occur during the maturity stage of the retail life cycle? A) Prices are cut. B) Profits are low due to development costs. C) Declining competition makes it easier to maintain customer loyalty. D) Competitors become obsolete as newer ways of doing business emerge. E) The retailer fundamentally changes to meet customers’ new needs. 8) When two or more separately owned retail firms combine, a(n) ________ has occurred. A) downturn B) merger C) expansion D) shrinkage E) niche strategy 9) A retail firm downsizes when it ________. A) acquires one or more competitors with a low-end strategy B) enters the maturity stage of the retail life cycle C) leaves the introduction stage of the retail life cycle D) closes unprofitable outlets E) shifts away from an upscale strategy 10) In the ________ stage of the retail life cycle, retail businesses become obsolete as newer ways of doing business emerge. A) decline B) overexpansion C) competition D) maturity E) growth

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