Retail Management
Exam Materials
Course Introduction
Retail Management provides students with an in-depth understanding of the principles and practices involved in operating and managing retail businesses. The course covers key topics such as retail strategy, store operations, merchandising, inventory management, customer service, supply chain logistics, and the impact of technology on retail. Students will explore concepts related to consumer behavior, market segmentation, retail marketing, and the evolving trends shaping the retail industry, including e-commerce and omnichannel retailing. Through case studies and real-world examples, the course equips learners with practical skills to effectively manage retail environments and adapt to the dynamic challenges of the sector.
Recommended Textbook
MKTG 4th Canadian Edition by Hair
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19 Chapters
2839 Verified Questions
2839 Flashcards
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Chapter 1: An Introduction to Marketing
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165 Verified Questions
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Sample Questions
Q1) Mimi fashion designers use computer-assisted design software to create what it thinks women should wear. The company regularly hires industry experts to examine its factories to find waste that can be eliminated. For the last two years Mimi has lost money. What should the company do?
A)hire more retail efficiency experts to trace down any production problems
B)increase its sales force to find more potential customers for the firm
C)focus on its target market to see what needs and wants should be met by Mimi D)cut prices so that its prices will be at least 10 percent below those of its competitors
Answer: C
Q2) How does marketing develop your personal skill set and help you in your job search?
Answer: You will need to sell yourself in whatever industry to intend to go into. Skills developed when learning marketing-how to understand needs, research trends, create an offering, and communicate benefits-all relate back to a person's job search.
Q3) All companies, from global to regional consultants, need to be consumer focused.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Marketing Environment, Social Responsibility, and Ethics
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) Marketers must react to the economic environment. What are three economic areas of greatest concern?
A)education, roles in families, income levels
B)incomes, inflation, education
C)incomes, inflation, and recession
D)education, demographics, and recession
Answer: C
Q2) What was the median total family income in Canada in 2014?
A)$80,000
B)$65,000
C)$78, 870
D)$87,780
Answer: C
Q3) Marketers need a thorough understanding of the laws established by the federal government, provincial governments, and regulatory agencies.
A)True
B)False
Answer: True
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Chapter 3: Strategic Planning for Competitive Advantage
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Sample Questions
Q1) CFM Corporation of Canada learned that many of its Sequoia brand wood-burning stoves had insufficient insulation and posed fire threats. Which one of the marketing mix strategies should the stove manufacturer use to alert buyers to this problem?
A)product
B)promotion
C)production
D)pricing
Answer: B
Q2) What does SBU stand for?
A)strategic British understanding
B)strong business understanding
C)strategic business unit
D)a subgroup of a single business
Answer: C
Q3) What are the four market strategies?
Answer: Market penetration
Market development
Product development
Diversification
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Chapter 4: Developing a Global Vision
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Sample Questions
Q1) Leuwin & Thomason is a British manufacturer of washing machines. It wants to make its products more readily available in the United States and Canada. The company feels it is important to retain strict quality control over its production processes and wants its global expansion to yield a high return. Which method should Leuwin & Thomason choose to enter the global marketplace?
A)a joint venture
B)direct investment
C)licensing
D)exporting
Q2) The same environmental factors that operate in the domestic market also exist internationally. These factors (culture, economic development, political and legal structure, demographics, and natural resources) should be examined, regardless of the country.
A)True
B)False
Q3) The pricing component of the marketing mix presents some unique problems and challenges in global marketing. Name and discuss three pricing considerations unique to global marketing.
Q4) Describe a multinational corporation (MNC). Name two MNCs you are familiar with.
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Chapter 5: Marketing Research
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149 Flashcards
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Sample Questions
Q1) The editor of Market Buzz, a business magazine, wants to make several major changes in the magazine's content and format. Therefore, he asks a few members of the Editorial Board to use diagnostic research to predict the results if the changes are implemented. Given this information, what will the Editorial Board of Market Buzz most likely do?
A)explain how the magazine's competitors improve their circulation
B)determine the impact of the changes on the magazine's circulation
C)determine the impact of the changes on the magazine's circulation.
D)collect information about the magazine's past performance in the market
Q2) An example of a good open-ended question would be, "Do you prefer dark chocolate or milk chocolate?"
A)True
B)False
Q3) In which of the following ways does marketing research help managers?
A)It helps them serve their customers accurately and efficiently.
B)It helps them eliminate the use of big data for data analysis.
C)It helps them focus on quantity rather than quality of products.
D)It helps them ensure that secondary data do not influence marketing decisions.
Q4) Comment on the following statement: "Internet surveys are superior to mail surveys."
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Chapter 6: Consumer Decision Making
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Sample Questions
Q1) Assume you have gone to the corner convenience store to pick up a bar of your usual brand of deodorant soap. What type of decision making will take place? How would this differ from the decision making that would take place if the store was out of your regular brand?
Q2) Teresa loves to ski, run, and swim. Other things she loves to spend her money on include fine wine, cheese, and movies. What is the analytical technique that could be used to examine Teresa's lifestyle?
A)acculturation analysis
B)demography
C)socialization
D)psychographics
Q3) If an advertiser wanted to create ads for a restaurant that stimulate the self-actualization motivation, what would its ads do?
A)Emphasize hunger.
B)Emphasize that only those people who want to tell others they have risen to the top of their profession use the restaurant.
C)Indicate eating in the restaurant is what "you have earned and deserve."
D)Show people enjoying others' company while eating in the restaurant.
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Chapter 7: Business Marketing
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153 Flashcards
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Sample Questions
Q1) What does guanxi loosely mean?
A)friendships and trust
B)relationships
C)an understanding to make business happen
D)unwillingness to interact with other firms
Q2) While consumer and business markets differ in many ways, the volatility of demand for products is about the same for each type of market.
A)True
B)False
Q3) For a product to be called a business product, it must be used to manufacture other products, become part of another product, facilitate the normal operations of a firm, or be acquired for resale with no substantial change in form.
A)True
B)False
Q4) What does a new task buy situation refer to?
A)the setting of new standards for current vendors
B)the establishment of a new buying centre
C)the resolution of new conflict between buyer and seller
D)the purchase of a product or service when a new demand arises
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Chapter 8: Segmenting, Targeting, and Positioning
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Sample Questions
Q1) What is one advantage of using a concentrated targeting strategy?
A)It means that organizations can view the total market as receptive to its product.
B)It enables the use of a highly specialized marketing mix.
C)It can reach customers in two or more segments that might otherwise be missed.
D)It avoids the danger of putting all resources in one micromarket.
Q2) To be useful, a segmentation scheme must produce segments that meet four basic criteria. Name and briefly describe each of these four criteria.
Q3) You are an advertising manager for a company that sells health and fitness equipment to upscale professionals between the ages of 25 and 45. Your firm advertises during drive time on easy-listening radio stations and on television on the A&E and the Discovery channels. On what basis are you most likely to segment this market?
A)region
B)usage
C)stage of family life cycle
D)lifestyle
Q4) Multisegment targeting offers many benefits to firms, as well as many additional costs. List two benefits and four costs of multisegment targeting.
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Page 10
Chapter 9: Customer Relationship Management CRM
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133 Verified Questions
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Sample Questions
Q1) What is customer relationship management based on?
A)the customer's needs
B)an overall company strategy
C)technology to track customers on an individual level
D)strategic management
Q2) What is the objective in Stage 1?
A)to satisfy needs of the customer
B)to create an opportunity for marketing research to occur
C)to better understand the external marketplace
D)to sell the CRM process
Q3) A large volume of data resulting from a CRM initiative can be managed effectively only through which of the following?
A)technology
B)past purchase history
C)information about the customer's relationship with the organization
D)average amount spent on purchases
Q4) Customer segmentation determines the value of a customer over a period of time.
A)True
B)False
Q5) What is a touch point? Give two examples of touch points.
Page 11
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Chapter 10: Product Concepts
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Sample Questions
Q1) Due to the fact the Honda Insight (a hybrid car) has never caught on with buyers, Honda decided to stop manufacturing the car in 2006. This will allow Honda to concentrate its resources on more profitable vehicles. Which of the following terms best describes this?
A)product line contraction
B)product diversification
C)product development strategy
D)market redeployment
Q2) Refer to the scenario. Choice Homes is considering the development of a new category of small homes designed to replace low-income housing in the inner city. What does this strategy represent?
A)a quality modification
B)a product line extension
C)a style modification
D)a product line contraction
Q3) What is the starting point in creating a marketing mix?
A)price
B)product
C)distribution channel
D)promotional media
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Chapter 11: Developing and Managing Products
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Sample Questions
Q1) Seven employees at Ferguson Fabricators are trying to come up with ideas for new-product development. The employees are all in a room together, shouting out potential ideas. The ideas are written down and evaluated as they are generated. This is an example of brainstorming.
A)True
B)False
Q2) Top managers at a company that publishes regional magazines considered making maps, but then decided maps were not within the company's corporate mission. Which stage of the new-product development process did its new-product development process reach?
A)idea generation
B)idea screening
C)business analysis
D)customer testing
Q3) Refer to the scenario. The Jabra 1000 described above is what type of new product?
A)new product line
B)new-to-the-world product
C)improvement to existing product
D)repositioned product
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Page 13
Chapter 12: Services and Nonprofit Organization Marketing
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160 Flashcards
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Sample Questions
Q1) Services have four unique characteristics that distinguish them from goods: intangibility, inseparability, inconsistency, and inventory. These characteristics can make the marketing of services more difficult. What special strategies should marketers adopt for services to address each of the four characteristics?
Q2) Sally calls a salon for an appointment and experiences prompt serviceWhat does this exemplify?
A)empathy
B)responsiveness
C)reliability
D)assurance
Q3) Determining costs can be extremely difficult for a service provider that has adopted this type of pricing objective and may limit the usefulness of the objective. What is the pricing objective?
A)market share
B)revenue oriented
C)patronage oriented
D)breakeven
Q4) Describe the two unique challenges faced by service providers as they decide on a pricing strategy to use.
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Chapter 13: Setting the Right Price
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Sample Questions
Q1) The Raver-Smythe Corporation (RSC) has introduced mylar-based artificial fingernails. It earns a low profit margin on the sale of each box of its new fingernails and is still able to meet its revenue objectives due to economies of scale. RSC is using a penetration pricing policy.
A)True
B)False
Q2) A retail store implements a single-pricing tactic as a way to remove price comparisons from the buyer's decision-making process.
A)True
B)False
Q3) After managers understand both the legal and the marketing consequences of price strategies, they should set the general level at which a company expects to sell a good or service. What is this type of price called?
A)zone
B)demand
C)leader
D)base
Q4) List and describe the six elements necessary for price discrimination to occur.
Q5) Distinguish between a cumulative and a noncumulative discount.
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Chapter 14: Marketing Channels and Supply Chain Management
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155 Flashcards
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Sample Questions
Q1) Which of the following logistical activities do marketing channels perform?
A)transporting
B)promoting
C)negotiating
D)risk taking
Q2) Long Island Lefty provides retailers and other businesses with the latest and the best products for left-handed consumers. It buys all types of products from a variety of manufacturers and stores the merchandise in its New York warehouse until purchased by buyers. Long Island Lefty does not sell to end users. What is Long Island Lefty an example of?
A)agent or broker
B)retailer
C)merchant wholesaler
D)industrial supplier
Q3) Marnie stopped by the drugstore to buy a bottle of sunblock. She is glad she can buy one bottle at a time instead of having to buy the thousands of bottles of sunblock the manufacturer produces every day. For Marnie, the drugstore overcomes a discrepancy of quantity.
A)True
B)False
Page 16
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Chapter 15: Retailing
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Sample Questions
Q1) Supercentres are more than just larger versions of traditional "markets." In addition to foodstuffs, supercentres have pharmacies, dry cleaners, portrait studies, photo finishing, hair salons, and restaurants.
A)True
B)False
Q2) The two types of franchising are target market franchising and geographic franchising.
A)True
B)False
Q3) Hudson's Bay's Home Outfitters sells furnishings and uses self-service, discount prices, high volume, and high turnover of merchandise to their advantage. What are they are?
A)a specialty discount store
B)a factory outlet
C)a mass merchandiser
D)a membership club
Q4) After defining and selecting a target market, retailers must develop the six Ps of the retailing mix to successfully meet the needs of the chosen target market. What are the six Ps of the retailing mix?
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Chapter 16: Marketing Communication
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Sample Questions
Q1) Java Jacket is a company that designs and prints ads on the paper jackets that go around hot coffee cups sold in coffee shops. To find clients to advertise on the coffee cup jackets, the company sent a representative to companies like The Wall Street Journal to tell them how their ads on coffee cup jackets would give them inexpensive exposure to a large number of potential customers. How can Java Jacket's activities best be described?
A)as mass communication
B)as implicit communication
C)as personal selling
D)as relationship selling
Q2) According to the AIDA concept, what is the first step a marketer must achieve with potential customers?
A)attention
B)action
C)adaptation
D)adoption
Q3) Target market characteristics and the type of buying decision the target market is making can affect the mix of promotional elements. Describe how differences in each factor change the promotional mix.
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Page 18
Chapter 17: Advertising, Public Relations, and Direct Response
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Sample Questions
Q1) Which of the following is a qualitative factor that should be present during media selection?
A)how well the program is liked by potential consumers
B)the kind of noise filtration system used by the network
C)the clarity of the picture
D)whether the medium is satellite- or cable-based
Q2) An effective advertising appeal must meet certain criteria. Which of the following is one of these criteria?
A)creating aspirational brands
B)creating a positive impression
C)increasing familiarization with services
D)creating point of parity with competition appeals
Q3) The ad for Xerox colour copiers told readers that Xerox's ability to print brilliant colours was due to "30 years of experience and a commitment to meeting the colour needs of every kind of business." What does this phrase represent for the Xerox colour copier?
A)its unique selling proposition
B)its advertising objective
C)its media profile
D)its basis for product identification
Page 19
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Chapter 18: Sales Promotion and Personal Selling
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Sample Questions
Q1) What is the set of steps a salesperson goes through to sell a particular product?
A)the (P-O-S) cycle
B)the sales presentation
C)the sales process
D)the sales continuum
Q2) What do the seven steps of the selling process closely follow?
A)the AIDA concept
B)the hierarchy of needs
C)the traditional communications model
D)the JIT process
Q3) Trade shows are an excellent place to introduce new products to the marketplace.
A)True
B)False
Q4) What are cobranded credit cards used in conjunction with?
A)self-perpetuating discounts
B)loyalty marketing programs
C)consumer discount programs
D)functional consumer discounts
Q5) What are the seven steps in the personal selling process?
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Chapter 19: Social Media and Promotion
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Sample Questions
Q1) Refer to the scenario.What was WestJet doing at the airport that day?
A)setting social media objectives
B)listening to their customers
C)identifying target markets
D)implementing the strategy
Q2) Most marketers have not yet been able to determine how to measure the ROI of social media.
A)True
B)False
Q3) Ruby is the social media manager of a hair salon. She connects with the salon customers through social networking websites. She also uses various online analytics tools to gain insights about the salon customers and track their views. In the given scenario, what are Ruby's actions are an example of?
A)promotional strategy
B)knowledge management
C)social media marketing
D)social media measuring
Q4) Facebook has over 2.5 billion users.
A)True
B)False
Page 21
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