Question

1 Describe the consumer decision process and how does cognitive dissonance fit into consumer buying decisions? Would the process be the same for a need or a desire?

3 It is said that a poor retail location is such a liability that even a superior retailer cannot overcome it. Is this always true? Give examples.

4 How might a convenience store use a basic stock list, model stock plan, and a never-out list? Describe the inventory construct of a convenience.

5 Compare and contrast the pricing strategy of a discount retailer, a department store and a convenience store.

6 What is meant by selling, merchandise, personnel and customer space? How do these various types of space fit into the concept of atmosphere?

7 What are the factors that go into the retail promotional mix? How do retailers integrate and use these elements to maximize their sales?

8 What is a retail audit and differentiate between a horizontal and vertical retail audit. What is the importance of a retail audit to the management of the company?

Answer 1

1.consumer decision process is the ability of the consumer to gather information, analyse that information and make purchase decision based upon those informations.it may be decided upon various social factors and environmental factors as well.

Cognitive dissonance means ideas about purchasing which contradicts consumer beliefs and behaviour. Like if a consumer is purchasing a cigarette and he knows that cigarette causes Cancer.

The process cannot be same for need and a desire because those are not turned into the actual decision only such needs and desire that are backed by the ability to buy and purchase are affected by the cognitive dissonance.