1. Why would a customer often be satisfied with a low level of customer service, while at other times be dissatisfied with a high level of service? What is the difference between the personalization and the standardization approaches for providing customer service? Under what conditions would you recommend a retailer adopt a personalization approach? What about a standardization approach?

2. Identify the benefits/strengths of both EDLP and High/Low pricing strategies. How do you believe customers would likely react if a retailer switched its pricing strategy from one to the other? Explain.

3. In most cases, increasing inventory turnover is an important goal for a retail manager. What are the consequences of inventory turnover that is too low? Are there potential negative consequences if inventory turnover is too high? Explain