Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with this marketing question The following exercise will help you identify how business owners function within the different stages of retailing. The

please help me with this marketing question
image text in transcribed
image text in transcribed
The following exercise will help you identify how business owners function within the different stages of retailing. The wheel of retailing describes how new forms of retail outlets enter the market. Usually, they enter as low-status, low- margin stores such as a drive-in hamburger stand with no indoor seating and a limited menu. Gradually, these outlets add fixtures and more embellishments to their stores (in-store seating, plants, and chicken sandwiches, as well as hamburgers) to increase the attractiveness for customers. With these additions, prices and status rise. As time passes, these outlets add still more services and their prices and status increase even further. These retail outlets now face some new form of retail outlet that again appears as a low-status, low-margin operator and the wheel of retailing to as the cycle starts to repeat itself. As defined by the Wheel of Retailing, rank the following items in their positions on the wheel as time passes. Rank the options below. Haute Mexican-To serve the customers seeking a fine dining experience, Maria opens an upscale, stand-alone, expensive restaurant serving haute cuisine. Joe's Burrito Box-Recognizing an opportunity to sell low-price, no-frills lunches, Joe's Burrito Box sells boxed burrito lunches out of a mobile cart on Main Street. Maria's Taco Stand-First to introduce Mexican food to the market, Maria opens a no-frills taco stand offering budget meals. Maria's Mexican Restaurant-As Maria's Mexican food grows in popularity, Maria opens a restaurant in the local mall. The restaurant offers a wider menu, sit-down dining, and higher prices

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

11th Edition

0273712136, 9780273712138

More Books

Students also viewed these Accounting questions

Question

2. What abilities are possible because humans use symbols?

Answered: 1 week ago

Question

1. How are language and thought related?

Answered: 1 week ago

Question

4. How do rules guide verbal communication?

Answered: 1 week ago