Answered: Convenience items are often purchased…

Convenience items are often purchased routinely. If the brand the consumer usually buys is sold out, he does not go to another store, but rather buys another brand. Choose an alternative: True False

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Q: Which one of the following is the reason for inelastic consumers that the retailers should consider…

A: Market Demand refers to the quantity of goods that consumers of a particular market are willing to…

Q: Which of the following options best describes the going rate pricing technique? Sets prices high…

A: The objective of the question is to identify the correct description of the 'going rate pricing'…

Q: Describe the major assumptions of the basic EQQ model

A: To be determined: The major assumptions of the basic EQQ model

Q: All personal communication channels are controlled directly by the company. True False

A: Ans. 1.) Personal communication channels are the medium in which two or more person talk to each…

Q: is the term given to mean that consumers can be prevented from buying something due to the price

A: Price is the monetary value set by the company on the product and services. It is the psychological…

Q: differentiate between ordering cost and setup cost and provide examples to supplement your answer

A: A cost is an expense that occurred to produce or deliver something. Cost can also be defined as…

Q: Summary) for Business Plan I. The Business Description: (What is the Name of your Business?). II.…

A: 1- Name of my business is HAWKINS, Hawkins Cookers Limited is an Indian company which manufactures…

Q: is the percentage of the billed cost given by a vendor when a stipulated quantity is purchased. 1.…

A: Pricing strategies are an important aspect of business operations, particularly in procurement and…

Q: Which of the following is NOT a type of inventory-related cost?

A: There are many costs that go into inventory. Inventory-related costs are incurred in the process of…

Q: Touché Toiletries, Inc. has developed an addition to its Lizardman Cologne line tentatively branded…

A: Break-Even point refers to a point or situation when a company gets to a state or sales level that…

Q: all of the following are commonly used to create a hurdle for price-sensitive consumers to overcome…

A: b) Group PricingBusinesses that offer discounts to groups of customers use group pricing. This is…

Q: The regular price is $569. The store is offering a 25% discount and a sales tax of 6% is added after…

A: Regular Price of TV = $ 569 The store offering discount = 25% after discount cost of TV is = $569…

Q: Which of the following is true about price skimming strategy? Group of answer choices appropriate…

A: Price skimming is a popular pricing technique employed by corporations to increase revenues for…

Q: Truck jobbers are limited-service merchant wholesalers whose responsibilities include checking the…

A: Truck Jobbers are a form of merchant wholesalers, which means that they take ownership and…

Q: what is meant by the terms serviced label? Generally speaking, how is service level related to the…

A: An organization's service level is the level of interest that is met from in stock. It is likewise…

Q: When a salesman tries to reconfirm what the customers really want, for example, the colour…

A: Marketing is an activity which the firm takes up to make customers. For this, marketing strategies…

Q: Some customers feel that certain brands of refrigerators are very similar and have the same…

A: There are many business organizations or marketing organizations these days. These organizations…

Q: Effective cost-based pricing involves understanding how much value customers place on the benefits…

A: Cost based pricing is the one of the major pricing strategy used in the business…

Q: What type of business involves everyone in the hiring and recruitment process?

A: The hiring procedure consists of locating, choosing, as well as employing new personnel for a firm.…

Q: In should-cost modeling, are any components not under the direct control of the buying or supplying…

A: Should-cost modeling is a comprehensive approach used in procurement and supply chain management to…

Q: Sparkling Valley, a luxury resort, prices cottages facing the lake higher than cottages that do not,…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A price that is too low may not generate enough interest or have enough of a margin for profit. Set…

A: A price that is too low may not generate enough interest or have enough of a margin for profit. Set…

Q: Closeout stores are owned by the manufacturer or retailer True False

A: A retailer, or merchandiser, is an entity that sells goods like dresses, food, or cars directly to…

Q: Which inventory valuation method results in the highest ending inventory during a period of rising…

A: FIFO (First-in, first-out)According to FIFO, the earliest purchases are assigned to the cost of…

Q: Is the price of the whole wheat noodles premium, discounted, or on par with other

A: This experiential marketing activity is designed to help individuals better understand how products…

Q: Consumers who have no past experience with a product are less likely to judge it by its price.

A: answer 1 true The Burger King is a king character utilized as the primary mascot for the fast-food…

Q: A retailer wants to understand the relationship between the sales units (in number of units) of a…

A: Here, the retailer wants to understand the relationship between the sales units of a new product and…

Q: Describe the differences in merchandise assortments for convenience stores, supermarkets, box…

A: Let us define what is merchandise assortments: The diversity of products that a retailer stocks and…

Q: Purchasing for resale is generally associated with industrial purchasing and warehousing. Select…

A: Purchasing for resale is a fundamental aspect of various business operations, involving the…

Q: 2. Choose the best answer. Which of these is the entity in the supply chain responsible for selling…

A: This question relates to the supply chain management concept where a raw material is processed into…

Q: Restaurant Depot is a wholesale/supplier for the restaurants and hospitality businesses. It sells…

A: Restaurant Depot is a wholesaler serving the restaurant and hospitality industries. Restaurant Depot…

Q: Mr. Robert took a bag of chips from a super market and noticed to a coupon attached to the bag of…

A: This is an example of immediate reward

Q: What is meant by automatic vending?

A: The distribution channel is the medium through which the product will reach to customer from the…

Q: Wholesale and retail credits definition and give examples and illustrations

A: Wholesaling is the practice of purchasing items in bulk from a manufacturer at a reduced price and…

Q: a manufacturer produces a crib at a cost of $120 and adds a markup of 65% of the cost to determine…

A: Cost to produce Crib = $120 Adds markup cost = 65% Discount = 20%

Q: The original Jeep was introduced during World War II when the US Army was looking for a fast,…

A: given, The original Jeep was introduced during World War II when the US Army was looking for a fast,…

Q: What is the difference between a cumulative and a noncumulative quantity discount?

A: Discounts are promotions that businesses provide to their clients in order to decrease the cost of…

Q: Important advantages of VMI are:a) the vendor has more control over its productsb) collaboration…

A: VMI can be called as Vendor Management Inventory and it is very useful in knowing the inventory…

Question

Convenience items are often purchased routinely. If the brand the consumer usually buys is sold out, he does not go to another store, but rather buys another brand.

Choose an alternative:

True

False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction to Convenience products

VIEW

Step 2 Explanation

VIEW

Step 3 Conclusion

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.

Similar questions

What is the difference of price and cost? From (a) point of view of a customer; and (b) point of view of the manufacturer. Provide a concrete example for each.
Assume that you are about to make a significant consumerpurchase, and the product is available at two local stores, one with high inventoryturnover and one with low. Which store would you choose based on this information?Why?
Explain how RPM can be used to increase retailer demand for inventories and thereby increase manufacturer profit. Explain whether profitable RPM can either increase or decrease welfare and how this depends on the variation in demand. Use diagrams and verbal explanation to explain your answer. Demonstrate the profit and welfare consequences of RPM by solving the 'RPM and Inventories Model' model done in class for the parameter value indicated below. RPM and Inventories Model Manufacturer MC = 0, Dealer MC = 0, Low and high demand are equally likely Low demand: qL = 1 - pL, High demand: qH = S(1 - pH) Parameter value: S = 4
Please help to solve this reference textbook, article, FRS, auditing standard, CO act 2016 List of weakness of the purchase system and recommendation of the purchase cycle system in based company of Wine Talk Sdn Bhd Malaysia
The WholeBody Spa sells moisture at $34.50 a tube. After several weeks, they marked down the tube price 28%. What is the new sales price of a tube?
A clothing retailer priced a shirt at $54. New styles were coming in, so the price was reduced 25%. Two months later, as the season was coming to a close, the price was reduced an additional 30%. Calculate the reduced price, after the second markdown.
What is the difference between purchase requisition and purchase order?
5)The set of brand assets, its name and symbol, that add or subtract value to a Firm and/or to that Firm's customer is known as ---------------
A tennis racquet manufacturer has been very successful in manufacturing and marketing a single line of inexpensive tennis racquets, aimed at beginners and casual players. The manufacturer’s current distribution channel is through large discount retailers, such as Kmart and Walmart. Recently, three major sporting goods chains also began to carry the racquets. The company puts most of its promotion budget into sales promotion to the retailers and into in-store displays. The competitive advantage for this company is its low price for good, sturdy tennis racquets. The company wishes to expand its operations, either with new products or in new customer markets. 1. What are some possible new products for this company? 2. Do these products fit the company’s image? Does the firm have the technological or production expertise needed for these products? 3. If a product is introduced and fails, what effect will the failure have on the company and its other products? The…
What you can derive from these figures? Japan United States Figure 1-1 Warranty costs for transmissions. -Japan LSL United States Target Figure 1-2 Distributions of critical dimensions for transmissions. USL
How significant are impulse purchases to a gas station and convenience store, and where should impulse purchase items be stocked?with reference please
Impulse- these are convenience goods that consumers regularly buy to have a ready stock – petrol Select one: True O False