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Exam 2010 study.docx

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Department
Geography
Course
GGR252H1
Professor
Stephen Swales
Semester
Winter

Description
Exam 2010 Part A 1. a) Disorganized (advanced) capital- what are they? b) Externalities- A cost or benefit to an activity/party as a result of actions of a second activity over which the first has little or no control. There are positive and negative externalities. An example of a positive externality is that building a stadium near your house can bring new business and create jobs. A negative externality of this same event can be that building a football stadium will create chaos in your area since a lot of the hooligans will be coming in because of the games. 2. Retailers collect data through various techniques. They use two types of behavioral approaches; one is customer spotting and the other one is market penetration. Retailers use surveys, ballots, delivery addresses, air-miles cards, credit cards, contest, FSA (forward sortation areas), data mining to collect data. (Do they use data mining?). They collect customer data so that they can figure purchasing trends, which areas customers come from, how they spend, when they usually purchase what. Finding that out allows them to plan their stores more effectively as well give promotions and attract more customers. Ultimately the motive is profit drive and to maximize sales. 3. Retail chains have more advantages than disadvantages. Advantages of retail chains are: - Most activities are cheaper because of economies of scale - Reduce risk by spreading risks between countries/ cities etc - Aspect of overhead can be shared - New technologies - Leverage and purchasing power is high - Experience: success or failure - High advertising budget thus more exposure - Very familiar and predictable - Wait out strategy- they can wait for some time to make profit because they are well established Disadvantages of retail chains are: - Because they are so familiar and predictable, some people might not want to go there. People might want to be different. General market is good to go for shops like McDonalds but the independent market can be different - Independents can change accordingly to the market demands where retails cannot change that easily since they have so many stores - Complexity in the hierarchy can be problematic and expensive - A problem with one store affects the whole brand name - Cannot customize like independent stores since they are standardized Part B
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