Retail Business Management Exam Review https://quizplus.com/study-set/2319 20 Chapters 2240 Verified Questions
Retail Business Management Exam Review Course Introduction Retail Business Management explores the principles and practices essential to operating successful retail enterprises. The course covers topics such as retail formats, merchandising
strategies,
store
operations,
inventory
management,
customer
relationship management, and the impact of technology on retailing. Students gain insights into market trends, consumer behavior, supply chain logistics, and the development of effective retail marketing plans. Through case studies and real-world examples, learners develop skills to address challenges in retail environments and create strategies for sustainable growth and profitability.
Recommended Textbook Retail Management A Strategic Approach 13th Edition by Barry R. Berman
Available Study Resources on Quizplus 20 Chapters 2240 Verified Questions 2240 Flashcards Source URL: https://quizplus.com/study-set/2319
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Chapter 1: An Introduction to Retailing Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46114
Sample Questions Q1) Channel conflict is minimized in intensive distribution. A)True B)False Answer: False Q2) The channel of distribution consists of ________. A) the movement of goods and services from manufacturer to consumer-user B) all of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer C) all independent intermediaries involved with the transfer of title of goods and services D) all middlemen involved with the physical movement of goods and services Answer: B Q3) A retail strategy is ________. A) the overall plan guiding a retail firm B) the choice and satisfaction of a target market C) an integrated effort by a retailer D) a goal-directed effort by a retailer Answer: A To view all questions and flashcards with answers, click on the resource link above.
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Chapter 2: Building and Sustaining Relationships in Retailing Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46115
Sample Questions Q1) A potential problem relating to scanning that is unique to the self-checkout system is ________. A) consumer fraud B) scanner error C) employee training of how to use the scanner D) need for special shopping bags Answer: A Q2) A retailer's focus on satisfaction of existing customers through seeking to form and maintain long-term bonds with customers is referred to as ________. A) commitment-based retailing B) customer satisfaction C) relationship retailing D) SERVQUAL Answer: C Q3) In contrast to a revolving credit account,with an open account,a consumer must pay the full balance when it is due. A)True B)False Answer: True Page 4 To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Strategic Planning in Retailing Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46116
Sample Questions Q1) Diversified retailers generally appeal to one market segment. A)True B)False Answer: False Q2) Which management format best assures that individual retail store units have an overall retail strategy (store hours,merchandise selection,and price levels)that are most acceptable to community residents? A) centralized structure B) decentralized structure C) professional manager system D) owner-manager system Answer: B Q3) A retailer with a differentiated marketing strategy can have retail units with different locations on a positioning map. A)True B)False Answer: True To view all questions and flashcards with answers, click on the resource link above.
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Chapter 4: Retail Institutions by Ownership Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46117
Sample Questions Q1) A chain retailer can gain efficiency in multiple-store operations through ________. A) purchasing standardized store fixtures B) receiving new items as soon as they are introduced C) decentralizing operations D) using all forms of advertising media Q2) Cancellation provisions,requirements that purchases be made from approved vendors,and standard operating procedures contribute to ________ for franchisees. A) private labeling B) constrained decision making C) fair trade legislation D) vertical integration Q3) a.Under what conditions would you recommend that a department store lease space to a leased department operator such as a fur salon? b.How can the department store safeguard its interests? Explain your answer. Q4) Describe the competitive advantages and disadvantages of franchising from the perspective of the franchisee. Q5) a.Develop a series of steps to organize a consumer cooperative. b.What factors account for the lack of consumer cooperatives? To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Retail Institutions by Store-Based Strategy Mix Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46118
Sample Questions Q1) The food-oriented retailer with the greatest width of assortment is the ________. A) conventional supermarket B) supercenter C) combination store D) food-based superstore Q2) A category killer is a form of specialty store. A)True B)False Q3) Which food-based retail institution depends on aggressively priced private-label or controlled brands and cut-case displays? A) food-based superstore B) box (limited-line) store C) convenience store D) conventional supermarket Q4) Which food-oriented retailer concentrates on the sale of fill-in items? A) conventional supermarket B) food-based superstore C) box (limited-line) store D) convenience store To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Web, nonstore-Based, and Other Forms of Nontraditional Retailing Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46119
Sample Questions Q1) Direct selling and direct marketing are similar in that ________. A) both are forms of dual distribution B) both enable 24-hour per day ordering C) mail and phone solicitations are used in both D) store locations and fixtures are not necessary Q2) The addition of direct marketing to a store-based retailer is a complementary (instead of competitive)activity. A)True B)False Q3) Direct marketing,direct selling,and vending machines are all forms of nonstore retailing. A)True B)False Q4) The promotional strategy of shopping networks ________. A) enables purchases to be made only while an item is being advertised B) relies heavily on cooperative advertising allowances C) uses fringe times on cable television D) stresses the use of infomercials Page 8 Q5) Differentiate between the Internet and the World Wide Web. Q6) Discuss the major recent retail developments in vending machines.
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Chapter 7: Identifying and Understanding Consumers Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46120
Sample Questions Q1) The manner in which individual consumers and families (households)live and spend time and money is their ________. A) social-class structure B) reference group behavior C) lifestyle D) demographic statistic Q2) Low perceived risk,high experience with a retailer,and high satisfaction with past purchases generally are characteristics of ________. A) routine decision making B) limited decision making C) extended decision making D) brand loyalty Q3) What type of consumer decision making is most likely to be used when the consumer regularly repurchases the same brands? A) routine decision making B) limited decision making C) extended decision making D) intensive decision making To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 8: Information Gathering and Processing in Retailing Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46121
Sample Questions Q1) A drug store chain customarily sells items,such as nationally advertised film,batteries,and shampoo,at low cost in an attempt to increase store traffic and sales of other merchandise.It seeks to determine the percentage of shoppers that purchased any of these three goods who also bought at least $10 in additional goods on the same shopping trip.This can be determined through an analysis of ________. A) telephone survey B) personal survey C) observation D) sales invoices Q2) A food-oriented retailer wishes to compile a list of 50 key frozen food items (in terms of sales,inventory turnover,and profitability).Outline internal secondary data sources for this problem. Q3) Information is systematically gathered from respondents by communicating with them in a(n)________. A) observation B) simulation C) survey D) experiment Q4) Develop a semantic differential scalePage to determine Starbuck's retail image. 11 To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Trading-Area Analysis Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46122
Sample Questions Q1) The first step in choosing a store location is to select the general isolated store,unplanned business district,or planned shopping center location. A)True B)False Q2) A supermarket has developed a model to aid in its site selection process.The model contains variables such as trading area population in the primary trading area and expected market share.This illustrates a(n)________ model. A) regression B) historical analogy C) gravity D) analog Q3) a.Differentiate among a primary,secondary,and fringe trading area. b.What are the benefits of having a large fringe trading area? ...the limitations? Q4) The determination of trading-area overlap is most important for ________. A) regional shopping centers B) shopping districts C) chain retailers D) independent retailers To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 10: Site Selection Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46123
Sample Questions Q1) Which planned shopping center type has a trading area of up to 30 minutes driving time? A) megamall B) regional shopping center C) community shopping center D) neighborhood shopping center Q2) Which statement concerning the central business district (CBD)is not correct? A) The core of a CBD rarely exceeds a square mile. B) A CBD is typically located in the part of a city or town with the greatest concentration of office buildings and retail stores. C) Over the past 40 years, the share of the CBD relative to the planned shopping center has increased. D) A CBD has at least one major department store and a broad grouping of specialty and convenience stores. Q3) A percentage lease is the simplest form of lease to negotiate and implement. A)True B)False Q4) Explain how retail balance is obtained in an unplanned business district versus a planned shopping center. To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 11: Retail Organization and Human Resource Management Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46124
Sample Questions Q1)
a.Describe
how
the
minimum
expectations
("dissatisfiers")/desired
goals
("satisfiers")concept changes the traditional view of employee satisfaction. b.How would you motivate retail employees using the minimum expectations ("dissatisfiers")/desired goals ("satisfiers")concept? Q2) a.Outline the special organizational needs of diversified retail institutions. b.How do these differ from the special needs of a department store chain? Explain your answer. Q3) a.Explain which channel member retail tasks can be typically assigned to specialists. b.What risk does a retailer have in the division of retail tasks to consumers? Q4) a.Examine the special human resource environment experienced by a typical department store. b.Develop an employee selection,training,and motivation plan designed to work well in this environment. Q5) A retail organization provides a structure for satisfying the needs of target market customers,employees,and management. A)True B)False 14 click on the resource link above. To view all questions and flashcards withPage answers,
Chapter 12: Operations Management: Financial Dimensions Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46125
Sample Questions Q1) Top-down budgeting represents a decentralized budgetary process. A)True B)False Q2) A firm has $400,000 in cash,$250,000 in accounts receivable,and $700,000 in current liabilities.Its quick ratio is ________. A) 0.36 B) 0.57 C) 0.93 D) 1.14 Q3) The collection period measures ________. A) average grants to charitable institutions B) the average time in court needed to get customers to pay late bills C) how current a retailer is in paying its accounts payable D) the average age of accounts receivable Q4) The major difference between zero-based and incremental budgeting is the ________. A) use of a reference point in the budget process B) degree of employee participation C) use of top-down versus bottom-up processes D) extent to which inflation is taken into account Page 15 To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Operations Management: Operational Dimensions Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46126
Sample Questions Q1) What type of insurance protects retailers from claims due to customers falling due to a wet floor or loose carpeting? A) directors' liability B) workers' compensation C) public liability D) product liability Q2) A retailer with high seasonality can best reduce its labor costs in the peak season through ________. A) job standardization B) carefully screening employees C) developing employee performance standards D) cross-training and developing self-service options for consumers Q3) Which statement concerning electronic point-of-sale systems is not correct? A) Electronic point-of-sale systems perform all of the tasks of a computerized checkout. B) Electronic point-of-sale systems can verify check and charge transactions. C) Electronic point-of-sale systems are always integrated with a retailer's in-store or headquarters computer. D) Electronic point-of-sale systems can provide instantaneous sales reports. To view all questions and flashcards withPage answers, 16 click on the resource link above.
Chapter 14: Developing Merchandise Plans Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46127
Sample Questions Q1) A major retailer desires to use specialists to plan,implement,and control the merchandising function.The most appropriate buying organization is a(n)________. A) decentralized buying organization B) inside buying organization C) informal buying organization D) formal buying organization Q2) The benefits of an outside buying organization are especially important to ________. A) large retailers located near an important merchandise center B) large retailers located far from an important merchandise center C) small retailers located near an important merchandise center D) small retailers located far from an important merchandise center Q3) A retailer seeks to minimize direct price competition among its goods and services.Which branding philosophy should the retailer utilize? A) manufacturer branding B) private (dealer) branding C) generic branding D) mixed branding Q4) What are the advantages and disadvantages of micromerchandising programs? To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 15: Implementing Merchandise Plans Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46128
Sample Questions Q1) Opportunistic buying is common among off-price retailers. A)True B)False Q2) A retailer not indicating markdowns could cause inventory shrinkage numbers to increase. A)True B)False Q3) A retailer can shift labeling and handling functions to a manufacturer through the use of ________. A) private labels B) floor-ready merchandise C) quick response (QR) inventory planning D) Universal Product Codes Q4) Slotting allowances illustrate the high power large retailers have over major vendors. A)True B)False Q5) What are the overall retail strategy implications for the use of quick response (QR)inventory planning by a retailer? Q6) Develop a 10-item store security checklist aimed at reducing employee theft. Page 18 To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Financial Merchandise Management Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46129
Sample Questions Q1) The time span from the date an order is placed by a retailer to the date merchandise is ready for sale is known as the ________. A) reorder point B) order lead time C) usage rate D) safety stock Q2) A retailer uses a stock counting-based physical inventory system.Its beginning inventory on January 1,2017 is 600 units; total purchases in January were 252 units.Sales for January were 325 units.A physical count of goods as of February 1,2017 revealed 500 units.Stock shortages for the period equal ________. A) 27 units B) 63 units C) 155 units D) 235 units Q3) The average monthly sales index should equal 1.00. A)True B)False Q4) Discuss the advantages and limitations of the retail method of accounting in comparison to the cost method. To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 17: Pricing in Retailing Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46130
Sample Questions Q1)
Many
channel
price
strategies
reflect
channel
conflict
among
manufacturers,wholesalers,and retailers.Select two price strategies that illustrate such conflict.Describe how the conflict can be fairly resolved. Q2) The Robinson Patman Act strove to curb the bargaining power of large retail chains. A)True B)False Q3) In selling against the brand,________. A) manufacturer brands are given secondary shelf-space locations B) retailers require slotting allowances from manufacturers for shelf space C) retailers disparage manufacturer brands D) retailers charge artificially high prices on manufacturer brands in order to sell their own private labels Q4) The range of acceptable prices to both retailers and final consumers is between the demand ceiling and the price floor. A)True B)False Q5) a.Define loss leaders,bait-and-switch advertising,trading up,and leader pricing. b.Explain the differences among each.Use an example. To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 18: Establishing and Maintaining a Retail Image Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46131
Sample Questions Q1) Sales productivity is generally computed on the basis of sales per square foot of merchandise space. A)True B)False Q2) A uniform storefront produced in a factory and delivered on-site is a ________. A) modular structure B) prefabricated structure C) prototype store D) prefabricated, prototype store Q3) What type of space is most appropriate for a centralized returns department? A) dead area B) selling space C) merchandise space D) customer space Q4) The area set aside for merchandise displays,interactions between sales personnel and customers,and demonstrations is ________ space. A) customer B) selling C) merchandise D) personnel Page 21 To view all questions and flashcards with answers, click on the resource link above.
Chapter 19: Promotional Strategy Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46132
Sample Questions Q1) Most smaller retailers cannot use national media as readily as a manufacturer. A)True B)False Q2) PMs are best defined as ________. A) promotional allowances paid to retailers by manufacturers and wholesalers for shelf space B) rebates and other discounts given to buyers to induce their purchase of a manufacturer's products C) point-of-purchase promotions developed by manufacturers to increase store traffic D) additional compensation paid to retail salespeople by a manufacturer based on sales of its products Q3) Most retail salespersons in self-service operations are ________. A) sales engineers B) sales managers C) order-taking salespersons D) order-getting salespersons Q4) What are the benefits to each channel member in using a vertical cooperative advertising agreement? ...a horizontal cooperative advertising agreement? To view all questions and flashcards with answers, click on the resource link above. Page 22
Chapter 20: Integrating and Controlling the Retail Strategy Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/46133
Sample Questions Q1) A retail audit can cause poor employee morale. A)True B)False Q2) What type of auditor is most appropriate for a small independent retailer? A) outside auditor B) company audit specialist C) company department manager D) team auditor Q3) The purpose of ________ is to study what a retailer is presently doing,appraise performance,and make recommendations for the future. A) benchmarking B) gap analysis C) scenario analysis D) a retail audit Q4) To be successful,strategy planning should be ________. A) conducted on a centralized basis B) conducted on a decentralized basis C) conducted on an ongoing basis D) short run in orientation Q5) Develop a horizontal audit form for a new car dealer. Page 23 To view all questions and flashcards with answers, click on the resource link above.