Retail Analytics Exam Solutions
Course Introduction
Retail Analytics explores the application of data-driven techniques and tools to optimize retail operations, enhance customer experiences, and drive strategic decision-making. The course covers key topics such as sales forecasting, customer segmentation, inventory management, pricing strategies, and marketing analytics, utilizing real-world datasets and case studies. Students will learn how to harness big data, perform statistical analysis, and interpret results to inform business strategies in the rapidly evolving retail landscape. Through hands-on projects and software applications, participants will gain practical skills necessary for leveraging analytics to solve complex challenges in the retail sector.
Recommended Textbook
Retail Management 8th Edition by Michael Levy Barton A. Weitz
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18 Chapters
1656 Verified Questions
1656 Flashcards
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Chapter 1: Introduction to the World of Retailing
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) Approximately what percent of working people are employed in the retail industry?
A)5%
B)20%
C)35%
D)55%
Answer: B
Q2) What are the three things identified by a retail strategy statement?
Answer: (1)The target market toward which the retailer will direct its efforts, (2)the nature of the merchandise and services the retailer will offer to satisfy the needs of the target market,and (3)how the retailer will build a long-term advantage over its competitors.
Q3) Drycleaners,hair salons and auto repair businesses are considered retailers.
A)True
B)False
Answer: True
Q4) Ethical principles can change over time.
A)True
B)False
Answer: True
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Page 3
Chapter 4: Customer Buying Behavior
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126 Verified Questions
126 Flashcards
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Sample Questions
Q1) Which of the following products would most likely require the greatest amount of information search?
A)bag of bird seed
B)minivan for your family
C)package of tofu
D)box of Bran Flakes
E)holiday greeting cards
Q2) A retail market segment that has _____________ is able to dictate to a retailer what it needs to offer to satisfy the needs of the segment.
A)actionability
B)accessibility
C)durability
D)flexibility
E)identifiability
Q3) What are ways retailers can encourage customers to shop at their stores more frequently?
Q4) Why is it important for retailers to understand how families make purchase decisions?
Q5) List five possible retail market segments for athletic shoes.
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Chapter 5: Retail Market Strategy
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) Explain characteristics of retailers that have successfully exploited international growth opportunities with examples of retailers.
Q2) __________ is the design and implementation of a retail mix in order to create an image of the retailer within the customer's mind relative to its competitors.
A)Retail perception
B)Positioning
C)Imaging
D)Detailing
E)Competitive feedback
Q3) In terms of retailing strategy,what is a situation audit?
A)an analysis of the retail environment
B)a decision-making process used by store buyers
C)a weekly commentary on fashion
D)an inventory control method
E)a daily plan for store operation
Q4) What are the steps in the strategic retail planning process?
Q5) How can a retailer use the market penetration opportunity to foster growth?
Q6) Describe customer loyalty and the ways retailers can build customer loyalty.
Q7) Why would a retailer desire to have private label or store brands?
Page 7
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Chapter 6: Financial Strategy
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100 Verified Questions
100 Flashcards
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Sample
Questions
Q1) Why would a retailer offer an in-house credit card to their customers when proceeds of the sales are tied up as accounts receivable?
A)Offering credit is a service for the customers making purchases easier for the consumer.
B)Accounts receivable is not a current asset and has no effect on what is owed to the retailer.
C)By accepting only cash,assets would generate a low ROI.
D)Retailers offer credit to increase their average gross margin.
Q2) Which of the following is NOT a component which enters into the calculation of net sales?
A)Gross sales
B)Customer returns
C)Promotional allowances
D)Interest
Q3) Gross margin measures the profitability of the retailer.
A)True
B)False
Q4) Identify and describe the measures retailers use to assess their financial performance.
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Chapter 8: Retail Site Location
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) Which of the following is NOT true?
A)The best areas for locating stores are those that generate the highest return on investment in the short term
B)It is important to examine an area's level and growth of population and employment and how long such growth will continue and how it will affect demand for merchandise sold in its stores
C)It is important to have the strategic fit of the areas' population with the retailer's target market
D)It is important to consider local and state legal and regulatory environments affecting operating costs
Q2) The Coffee Cup is a small,town donut shop located in the heart of the central business district.Hundreds of people pass the entrance on their way into their shops and offices;they feel compelled to stop and satiate their cravings.The Coffee Cup is an example of a(n):
A)Attraction store
B)Parasite store
C)Freeloading retailer
D)Kiosk or cart
E)Traffic-dependent store
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Page 10
Chapter 9: Human Resource Management
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Sample Questions
Q1) An entry barrier is a concealed hindrance that makes it difficult for minorities and women to be promoted beyond a certain level.
A)True
B)False
Q2) An organizational culture is the set of values,traditions and customers in a firm that guides employee behavior.
A)True
B)False
Q3) Val is concerned that the commissioned salespeople in her fur shop are not keeping the store clean and merchandise properly displayed.What should she do?
A)Increase the sales commissions for her salespeople.
B)Change the incentives from commissions to bonuses.
C)Stock less merchandise.
D)Fire the salespeople and hire new ones.
E)Change the compensation to strictly an hourly wage.
Q4) What are the age demographics challenges for human resources in retailing?
Q5) Identify and describe three ways that retailers can build commitment of employees to the company.
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Chapter 10: Information Systems and Supply Chain Management
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87 Verified Questions
87 Flashcards
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Sample Questions
Q1) Compare and contrast the push and pull supply chain methods.
Q2) Which of the following describes the limitations of vendor-managed inventory that retailers may encounter?
A)Since the vendor owns the merchandise until it is sold by the retailer,at which time the retailer pays for the merchandise,a retailer bears a financial risk.
B)Retail buyers and planners need to monitor inventory levels.
C)When the vendor coordinates the supply chain for its specific products,it does not know what other actions the retailer is taking that might affect the sales of its products in the future.
D)It takes longer for a product to go from design to the ordering to have the product on the selling floor.
E)It is an added cost with little benefit for the retailer to share selling information with their vendors.
Q3) What is the bullwhip effect and what causes it?
Q4) Identify and describe the vendor-managed inventory approach.
Q5) Identify what cross-docking is and the advantages and disadvantages of this system.
Page 12
Q6) What is the purpose of the data warehouse and how do retailers use it?
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Chapter 11: Customer Relationship Management
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) What is customer loyalty to a retailer?
A)Customers that are committed to purchasing from the retailer and will seldom shop at the competition
B)Customers that have a high frequency of purchasing merchandise from the retailer
C)Customers that have most recently shopped and purchased from the retailer
D)Customers that have the highest amount of their purchases at one retailer would be loyal to that retailer
E)Customers that have positive emotions about a retailer would be loyal to that retailer
Q2) What segmenting scheme is frequently used with catalog retailers and direct marketers?
A)RFM analysis
B)80-20 rule
C)Customer pyramids
D)Multidimensional segmentation
E)Data mining
Q3) What is market basket analysis,and when do retailers utilize it?
Q4) What are the benefits of frequent shopper programs?
Q5) Describe approaches that retailers use in dealing with unprofitable customers.
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Chapter 12: Managing the Merchandise Planning Process
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92 Verified Questions
92 Flashcards
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Sample Questions
Q1) The highest classification level in the buying organization is called:
A)the category group
B)the buying group
C)the retail group
D)the merchandise group
E)the division group
Q2) What can a retailer do to increase inventory turnover and what are the drawbacks to these approaches?
Q3) After developing a plan for managing merchandise within a category,the next step in the merchandise management system process is to ________.
A)allocate the merchandise to the stores
B)make the purchase
C)order through vendors
D)re-evaluate the plan using last year's plan
E)sell the GMM and the DMM on the plan
Q4) Buyers are responsible for gross margin and operating expenses.
A)True
B)False
Q5) How can having a high backup stock adversely affect a retailer?
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Chapter 13: Buying Merchandise
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84 Verified Questions
84 Flashcards
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Sample Questions
Q1) What are some of the drawbacks of using a private label brands?
Q2) When is a gift or favor considered to be commercial bribery?
Q3) Which of the following is a drawback of selling private label merchandise?
A)National brands are far superior to private labels.
B)National brands are produced with better quality.
C)Significant investment is needed to develop,manage and market private labels.
D)Gross margins are lower with private labels than with national brands.
E)Private label merchandise is only possible for department store retailers.
Q4) Retailers achieve lower gross margins from selling national brands because of _____.
A)poor customer service
B)the distinctive identity national brands have assumed
C)the popularity of private label brands
D)the higher costs incurred by the vendors due to promoting their national brands
E)the cost of quality control
Q5) What are some of the costs associated with sourcing merchandise globally?
Q6) Slotting allowances are charges imposed by a retailer to stock a new item.
A)True
B)False
Page 15
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Chapter 14: Retail Pricing
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) How does optimization software help retailers to price merchandise?
A)It gives retailers the point at which it is optimal to job-out and consolidate.
B)It updates pricing based upon actual sales and factors in differences in price sensitivities.
C)It continually updates buyers on sales by price beginning at the point of sale.
D)It dictates markdown merchandise into one percentage markdown per week in the store.
E)It helps the retailer pursue legal markdowns by adhering to the Robinson-Patman Act.
Q2) Mattie owns a clock shop featuring vintage clocks from the 1950's.Mattie plans to achieve a 40% maintained mark-up and her reductions are planned at 4%.What is her planned initial markup percentage?
A)42.3%
B)44%
C)36%
D)34.6%%
E)30.6%
Q3) What are four factors retailers consider in setting retail prices?
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16
Chapter 15: Retail Communication Mix
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87 Verified Questions
87 Flashcards
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Sample Questions
Q1) Research shows that 96 percent of people recognize the bullseye as being the logo for Target stores which is a higher percent than the Nike swoosh or Apple computer's logo.It can be said that the Target bullseye logo has high __________.
A)brand awareness
B)aided recall
C)top-of-mind awareness
D)brand association
E)brand publicity
Q2) When customers indicate they know the brand when the name is presented to them it is called ______________.
A)top of mind awareness
B)aided recall
C)brand association
D)brand identity
E)brand recall
Q3) What can a retailer do to build the brand equity of its firm or private label merchandise?
Q4) How can brands benefit the consumer?
Q5) How can having strong brands benefit a retailer?
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Chapter 16: Managing the Store
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Who should evaluate the performance of a sales associate in the automotive department?
A)the store's quality representative
B)the automotive department manager
C)the human resource manager
D)the store managers
E)the operations manager
Q2) _________ is the redesign of a job to include a greater range of tasks and responsibilities.
A)intrinsic rewards
B)extrinsic rewards
C)job enrichment
D)compensation
Q3) Discuss the legal aspects retailers must abide by in hiring and employing people fairly.
Q4) The four major responsibilities of a store manager are managing employees,controlling costs,managing merchandise presentation and providing customer service.
A)True
B)False
Page 18
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Chapter 17: Store Layout, Design, and Visual Merchandising
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91 Verified Questions
91 Flashcards
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Sample Questions
Q1) Another name for the racetrack store layout is the _____ layout.
A)loop
B)pulsing
C)convoluted
D)departmental
E)suggestive
Q2) Which of the following statements about the use of scent to change or augment the atmospherics in a store is TRUE?
A)The methods used to introduce scent into a store are relatively expensive.
B)The gender of the target market should be used to determine the intensity of the scent.
C)The age of the target market does not affect the way scents are received and decoded.
D)There are no ethnic differences in the way scents are received and decoded.
Q3) Which store layout is used primarily by grocery and full-line discount stores?
A)Race track layout
B)Grid layout
C)Free form layout
D)Boutique layout
E)Loop layout
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Chapter 18: Customer Service
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) The Hometown Dog Groomer offered a free flea dip to all of its regular customers.The owner had extra employees to deal with a crowd,but provided only one dip tank,which really slowed down the process.What could the owner do to better deliver the desired service?
A)plan for a better resource-to-yield output
B)provide instrumental support
C)provide better output support
D)have intangible resources readily available
E)have marginal resources readily available
Q2) Empowerment of employees provides customers with ________ of the service they are receiving.
A)reliability
B)assurance
C)tangibility
D)expertise
E)responsiveness
Q3) How can retailers reduce the knowledge gap?
Q4) Customer dissatisfaction is inevitable.What are the three steps a retailer should do for service recovery?
Q5) What is customer service?
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