According to the retailers rule of thumb based on the closure principle

Question

According to the retailer's rule of thumb based on the closure principle, when a sale catalog is created, the prices (on average) of the products in the catalog should be reduced by about 20 percent.

Answer

This answer is hidden. It contains 5 characters.

Related questions

Q: Identify what the term cooptation means. Give an illustration of the concept and demonstrate how it applies to the movement of meaning as shown in the text.

Q: Explain the idea of an antifestival and describe an example of an antifestival.

Q: Jonesy will buy only the lowest-priced spark plug when he goes shopping for auto supplies. Because his car is very old, he really doesn't care about any other qualities. Jonesy is most likely using the noncompensatory decision rule.

Q: Sylvester is a financially poor college student. He tries to make every purchase decision a wise one because of his economic situation. Based on the types of risk mentioned in the text, Sylvester's primary risk when making decisions would appear to be a psychological risk.

Q: A consumer who falls back on "mental rules of thumb" when making a decision is using heuristics.

Q: People often engage in brand switching, even when their current brand satisfies their needs.

Q: Traditionally, consumer researchers have approached the study of decision making from an information-processing perspective.

Q: The first step in the cognitive decision-making process is to conduct an information search.

Q: A small company, Craig Inventions, produced a pill that had the nutrient value of a healthy breakfast. The company put the product on the market as a substitute for breakfast for busy people. The product failed. Craig Inventions then marketed the pill as a diet product and it became very successful. What does the example best demonstrate? A) The company did not position the product well. It was difficult to convince consumers that a pill was a breakfast on the superordinate level; however, it did appear to fit appropriately within the superordinate category of diet pills. B) The company confused a subordinate level with a basic level of categorization, which led to the company's failure to identify the product's most important competitors. C) The company confused a superordinate level with a subordinate level of categorization. D) The determinant attributes between diet pills and breakfast were not sufficiently strong.

Q: Casinos make their interiors very plush and expensive looking, knowing that gamblers who would be reluctant to make a $10 bet in average surroundings would gladly make $100 wagers in luxurious surroundings. Which of the following best explains the gamblers' behavior? A) Mental accounting emphasizes the extraneous characteristics of the choice environment even if the results are not rational. B) Most people are unaware of the true risk of making certain decisions and believe that a larger wager has higher odds of winning. C) The luxurious surroundings increase the probability of classical conditioning through mere exposure, which results in behavior that is not rational. D) The functional risk of gambling is decreased in luxurious surroundings, leading gamblers to wager more.

Q: Chen Lo used a decision rule that says, "only buy well-known brand names" when selecting a set of golf clubs. He did not look at price, the store, or even discounts when purchasing clubs. Chen Lo's purchasing pattern is an example of a consumer using a ________ rule. A) habitual decision B) compensatory C) noncompensatory D) conjunctive

Q: Consumers can be thought of as ________ because they tend to make decisions in the simplest way possible. A) high in need for cognition B) superprocessors C) utility maximizers D) cognitive misers

Q: What type of information search is a female customer engaged in when she scans the newspaper ads every day for new information on fashions, even though she isn't thinking of buying anything anytime soon? A) prepurchase search B) ongoing search C) internal search D) delayed search

Q: Under ________, utility is defined in terms of gains and losses. A) prospect theory B) heuristics C) hyperopia D) Zipf's law

Q: A consumer who uses a few simple decision rules to arrive at a purchase decision is using which of the following? A) routine decision making B) habitual decision making C) graduated response behavior D) cognitive decision making

Q: In a thought process called ________, we evaluate the effort we'll need to make a particular choice and then we tailor the amount of cognitive "effort" we expend to make that choice. A) utility processing B) experiential processing C) constructive processing D) behavioral processing

Q: One beer distributor identified a marketing segment as the "campus guzzlers." Explain what factors could be used to identify this segment and why.

Q: Briefly explain how marketers play a significant role in our view of the world and how we live in it. Give a specific example.

Q: Explain the concept of the 80/20 rule and why it is important to marketers.

Q: The ability for a consumer to assess, analyze, evaluate, and communicate information in a variety of forms including print and non-print messages is known as ________. A) analytical literacy B) functional literacy C) media literacy D) consumer literacy

Q: Jack has received an email that asks him to help a distant relative in Kenya by sending his bank account information to transfer a small amount of funds. Jack is the victim of a(n) ________ scam. A) botnet B) phishing C) identity theft D) malware

Q: Which term refers to marketing techniques that are used to encourage positive behaviors such as literacy or discourage negative behaviors like drunk driving? A) social media marketing B) social marketing C) public service marketing D) services marketing

Q: In Japanese, the word gemba means ________. A) a possible interpretation of the truth B) the one true source of information C) the news D) falsehoods

Q: Though the Organization for Economic Cooperation and Development (OECD) outlaws bribery in business practices, it is still common in ________. A) Japan B) Mexico C) Germany D) all of the above

Q: Rules of conduct that guide actions in the marketplace are known as ________. A) norms B) business ethics C) codes D) policies

Q: Anna's best friend Aubrey was getting married. Anna spent a lot of time thinking of the perfect gift. She was so excited about the gift that she gave it to Aubrey before the wedding. Aubrey cried and told Anna that she would never in her life have a better friend. Reformulationis the proper term for the new bond between Anna and Aubrey.

Q: Values associated with a long-term orientation are respect for social obligations and the need to save face.

Q: The indulgence versus restraint dimension of Hofstede's Dimensions of National Culture deals with the extent to which a society allows relatively free gratification of basic and natural human drives related to enjoying life.

Q: A metaphysical myth fulfills the cultural function of explaining how the components of the universe relate to each other.

Q: Country singers Marty Stewart and Travis Tritt and their record label decided to change the culture of the Country and Western music scene. With their now famous "No Hats" tour, the singers abandoned conventional country and western fashion (they threw away their hats, let their hair grow long, and wore t-shirts) and tried to appeal to larger and younger audiences with a grinding, sexy message. The process that these singers went through is best described as a ________. A) cultural funnel B) culture production system (CPS) C) culture distribution system (CDS) D) culture gatekeeping process (CGP)

Subjects