BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Number of categories per product lines
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Items and variants in each category per product line
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Both a & b
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None of the above
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Detailed explanation-1: -Product assortment consists of the following characteristics: Breadth: The breadth of a company’s products relates to the number of product lines a company produces or a retailer carries. An automobile manufacturer, for example, may have a line of sedans, a line of SUVs, and a line of trucks.
Detailed explanation-2: -Product assortment, also known as merchandise mix, is the range and variety of products you offer to your customers. It defines the product types your customers ultimately know you for. The best product assortment strategy is one that maximizes sales, profit, and customer experience.
Detailed explanation-3: -Department Stores are retailers that carry a broad variety and deep assortment, offer considerable customer services and are organized into separate departments for displaying merchandise.
Detailed explanation-4: -Keystone pricing Keystone pricing is essentially doubling the wholesale or production cost of a product to determine the retail price. This practice actually stems from the MSRP, which, as we mentioned, is generally double the wholesale price.