Retail Management Exam Practice Tests
Course Introduction
Retail Management explores the principles and practices essential for operating successful retail businesses in a competitive marketplace. The course examines key topics such as retail formats, store location and layout, merchandising, buying, pricing strategies, inventory control, and customer relationship management. Students will also analyze consumer behavior, the impact of technology on retail, the role of supply chain management, and the integration of omni-channel strategies. Emphasis is placed on critical thinking and problem-solving skills to address real-world retail challenges, as well as the development of effective marketing and sales approaches tailored to dynamic retail environments.
Recommended Textbook
Essentials of Services Marketing 3rd Edition by Jochen Wirtz
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15 Chapters
639 Verified Questions
639 Flashcards
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Chapter 1: Introduction to Services Marketing
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43 Verified Questions
43 Flashcards
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Sample Questions
Q1) Links in the Service-Profit Chain include all of the following except
A)Customer loyalty,
B)Revenue growth
C)Service quality
D)Employee loyalty
E)Top management leadership
Answer: B
Q2) Give an example of a service that offers labor and expertise rental.
Answer: Car repair, surgery, management consultancy, etc.
Q3) The three additional Ps of services marketing that extend the original four Ps of marketing are _____________, _____________, and _____________.
A)product; price; place; promotion
B)prospects; process; people; promotion
C)physical environment; process; people
D)prosperity; process; people; promotion
E)physical environment; prosperity; planning; process
Answer: C
Q4) Give an example of an industry where production and consumption are separable.
Answer: Dry cleaning, lawn mowing, weather forecasting, etc.
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Chapter 2: Customer Behavior in a Services Context
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45 Verified Questions
45 Flashcards
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Sample Questions
Q1) For customers of credit card companies, which of the following statements are true?
A)When they make calls to the call center, these are usually the few moments of truth.
B)There is very little of the theater performance.
C)They usually experience high-contact with the service personnel.
D)Only A and B.
E)All of the above.
Answer: D
Q2) Expectation elements include desired, adequate and predicted service levels.
A)True
B)False
Answer: True
Q3) Credence attributes are the characteristics that can only be assessed after customers have gone through the service.
A)True
B)False
Answer: False
Q4) Service consumption can be divided into what three principal stages?
Answer: Pre-purchase, service encounter, and post-purchase.
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Chapter 3: Positioning Services in Competitive Markets
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45 Verified Questions
45 Flashcards
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Sample Questions
Q1) Give an example of service tiering in the airline industry.
Answer: Classes (first, business, economy),
Q2) All potential buyers cannot be targeted often because ____________.
A)their needs are varied
B)their purchase behaviour is varied
C)their consumption is varied
D)they are geographically spread
E)All of the above
Answer: E
Q3) Bright Horizons used low-cost strategies to achieve their competitive advantage.
A)True
B)False
Answer: False
Q4) Why is it possible to segment customers according to price levels?
Answer: Customers have different sensitivities to price. Price insensitive customers are willing to pay a relatively high price to obtain high levels of service. Price sensitive customers look for inexpensive service with relatively low levels of performance.
Q5) What are the three Cs to analyze when developing a market positioning strategy?
Answer: Customer, competitor, company.
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Chapter 4: Developing Service Products Core and Supplementary Elements
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45 Flashcards
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Sample Questions
Q1) Three factors that contribute to the success of new service development are:
A)Market synergy, organizational factors, market research factors
B)Market synergy, external factors, consumer factors
C)Organizational factors, customer ideas, value for customers
D)Market synergy, organizational factors, consumer factors.
Q2) Provide an example of a major process innovation.
Q3) Giordano is well recognized for both their superior meals and attentive cabin crew.
A)True
B)False
Q4) New service categories include ____________.
A)style changes
B)line extensions
C)process innovations
D)service branding
E)service innovations
Q5) Brand meaning has a stronger impact on brand equity than brand awareness. A)True
B)False
Q6) Give two examples of facilitating services.
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Chapter 5: Distributing Service through Physical and Electronic Channels
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45 Verified Questions
45 Flashcards
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Sample Questions
Q1) Customers who look for functional aspects of a transaction prefer more convenience .
A)True
B)False
Q2) For services that are complex and have a high perceived risk, people tend to rely on personal channels.
A)True
B)False
Q3) What are the three options for entering international markets?
Q4) Starwood Hotels & Resorts has global sales offices around the world to manage relationships with key global accounts.
A)True
B)False
Q5) Describe the key drivers of how consumers choose between personal, impersonal, and self-service channels.
Q6) While selecting a tactical distribution site, convenience is more important than competitors in that area.
A)True
B)False
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Chapter 6: Setting Prices and Implementing Revenue Management
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45 Verified Questions
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Sample Questions
Q1) Tickets.com is a good example of a firm that successfully generated more revenue by implementing dynamic pricing.
A)True
B)False
Q2) What are the objectives for pricing of services?
Q3) Break-even analysis allows managers to know the sales volume at which service will become profitable.
A)True
B)False
Q4) Give an example of a tradeoff between monetary and non-monetary costs associated with patronizing a dental clinic.
Q5) Firms do not need to consider post-purchase costs, as they occur after the firm has already secured a purchase.
A)True
B)False
Q6) Describe the concept of price elasticity and draw a graph comparing consumers with high and low elasticity.
Q7) Under what situations can price competitions be reduced?
Q8) What are rate fences? Provide examples to aid your explanation. Page 8
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Page 9
Chapter 7: Promoting Services and Educating Customers
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45 Verified Questions
45 Flashcards
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Sample Questions
Q1) Advertising serves to build awareness, inform, persuade, and remind.
A)True
B)False
Q2) Discuss some of the key planning considerations of marketing communications.
Q3) Which of the following is not a role played by service marketing communications?
A)Add value through communication content.
B)Facilitate customer involvement in service production.
C)Positioning to attract investors.
D)Stimulate or dampen demand to match capacity.
E)Position and differentiate the service.
Q4) Corporate design includes ____________.
A)trademarked symbols
B)tangible, recognizable symbols
C)corporate colors.
D)All of the above.
Q5) Service delivery channels include ____________.
A)Service outlets
B)Self-service delivery points
C)Front-line employees
D)All of the above
10
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Chapter 8: Designing and Managing Service Processes
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45 Verified Questions
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Sample Questions
Q1) The internet kiosk with a touchscreen in Vienna, Austria is getting popular for the following reasons EXCEPT ____________.
A)it is conveniently located
B)it saves customers from having to deal with other undesirable customers
C)it is accessible 24/7
D)it doesn't make mistakes, unlike employees
E)it has easy access to websites
Q2) Customer participation refers to the actions and resources supplied by customers during the service production and/or delivery process, including all but emotional inputs.
A)True
B)False
Q3) A blueprint specifies in some detail how a service process should be constructed. A)True
B)False
Q4) Describe how poke-yokes contribute services as a fail-safe method.
Q5) How can firms prevent customer failures?
Q6) Describe and draw a flowchart for a possession processing service.
Q7) Which kinds of services are the easiest to offer using SSTs. Explain why.
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Chapter 9: Balancing Demand against Productive Capacity
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Sample Questions
Q1) ____________ is usually the first variable to be proposed for bringing demand and supply into balance.
A)Price.
B)Place.
C)Personnel.
D)Product.
E)Promotion.
Q2) Which of the following is NOT one of the ways to change the overall level of capacity to match demand variations?
A)Use part-time employees.
B)Ask customers to share.
C)Invite customers to perform self-service.
D)Cross-train employees.
E)Share facilities with the supplier.
Q3) How did BMW occupy customers while they were waiting for their cars to be serviced?
Q4) Discuss how PrimeTimeTables can be successful in their business and the problems they face in the provision of their service.
Q5) List the six actions managers can take to adjust capacity as needed.
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Chapter 10: Crafting the Service Environment
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45 Flashcards
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Sample Questions
Q1) Servicescapes help to shape the desired feelings and reactions in customers and employees.
A)True
B)False
Q2) In practice, the large majority of service encounters are routine, involving a high level cognitive processing and little affect.
A)True
B)False
Q3) What are the three important ways in which the service environment and its accompanying atmosphere impact buyer behavior?
Q4) The term ____________, used by Dennis Nickson and his colleagues, would most apply to sales associates at Victoria's Secret or Calvin Klein.
A)restricted labor
B)value-added labor
C)functional labor
D)aesthetic labor
E)synergistic labor
Q5) Describe the design flaws of the new airport lounge in a major Asian city.
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Chapter 11: Managing People for Service Advantage
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Sample Questions
Q1) How does Southwest Airlines ensure continuation of the firm's family feel?
Q2) Service employees are important to customers and competitive positioning because the front line ____________.
A)is the most visible part of the firm
B)contains more employees than management
C)is often the first to deal with customer complaints
D)is better trained at dealing with customers than are managers
E)all of the above
Q3) Customer contact personnel have to attend to both operational and marketing goals and this causes person/role conflict.
A)True
B)False
Q4) How can firms build a strong service culture?
Q5) Describe how Disney selects the right people.
Q6) Managers often omit which of the cost variables of high turnover/low pay?
A)Cost of constant recruiting
B)Low productivity of inexperienced workers
C)Cost of constantly attracting new customers
D)Income lost from customers turned off by negative word of mouth
E)All of the above
Page 14
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Chapter 12: Managing Relationships and Building Loyalty
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45 Flashcards
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Sample Questions
Q1) Vanguard's success is measured by which of the following?
A)Low redemption rates
B)High redemption rates
C)Low customer turnover
D)High customer turnover
E)Portfolio stability
Q2) Which of the following is NOT one of the key strategies used to reduce customer defections?
A)Eliminate nuisance customers.
B)Address key churn drivers.
C)Implement effective complaint handling and service recovery procedures.
D)Increase switching costs.
E)Analyze customer defections and monitor declining accounts.
Q3) The two ends of the customer satisfaction/loyalty relationship are terrorist and apostle.
A)True
B)False
Q4) Explain what a "structural bond" means.
Q5) Discuss the framework of the five key processes involved in a CRM strategy.
Q6) Describe the wheel of loyalty.
Page 15
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Chapter 13: Complaint Handling and Service Recovery
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Sample Questions
Q1) A jaycustomer is defined in the book as one who acts in a thoughtless or abusive way, causing problems for the firm, its employees, and other customers.
A)True
B)False
Q2) Who are airline customers most likely to complain about an unsatisfactory meal?
Q3) Proper service recovery can be accomplished by making it easy for customers to give feedback, enabling effective service recovery, and establishing appropriate compensation levels.
A)True
B)False
Q4) Service recovery is an umbrella term for systematic efforts by a firm to correct a problem following a service failure and retain a customer's goodwill.
A)True
B)False
Q5) Procedural justice concerns the compensation that a customer receives as a result of the losses and inconveniences incurred because of a service failure.
A)True
B)False
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Chapter 14: Improving Service Quality and Productivity
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45 Verified Questions
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Sample Questions
Q1) Discuss what the six sigma approach is and how it can be applied to service quality and productivity.
Q2) Which of the following is one of the customer-driven approaches to improving productivity?
A)Ask customers not to use third parties.
B)Limiting customer involvement in production.
C)Changing the timing of customer demand.
D)Reducing backstage elements of production.
E)Reducing front-stage elements of production.
Q3) The ____________ is the difference between what service providers believe customers expect and customers' actual needs and expectations
A)interpretation gap
B)standard gap
C)knowledge gap
D)service quality gap
E)internal communications gap
Q4) Hard measures are used to measure service quality by talking to the customers.
A)True
B)False
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Chapter 15: Building a World-Class Service Organization
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12 Verified Questions
12 Flashcards
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Sample Questions
Q1) Service leaders are recognized for innovation, focus, and excellence .
A)True
B)False
Q2) Which of the following is NOT a service performance level?
A)Service losers
B)Service non-entities
C)Service professionals
D)Service providers
Q3) Service excellence is often underpinned by effective use of teams.
A)True
B)False
Q4) Service non-entities have a clear market positioning strategy.
A)True
B)False
Q5) For service leaders, the function of human resources is to coach and facilitate the workers.
A)True B)False
Q6) Does customer satisfaction have any long-term level impact on service organizations?
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