Retail Management
Final Exam
Course Introduction
Retail Management is an essential course that introduces students to the principles, strategies, and practices involved in managing retail businesses. The course covers key topics such as retail store operations, merchandising, inventory control, supply chain management, customer service, and the integration of technology in the retail sector. Students will also explore contemporary retail trends, consumer behavior, visual merchandising, and the effects of globalization and e-commerce on retailing. Through case studies, real-world examples, and practical projects, students will develop the managerial skills necessary to address the challenges and opportunities in the dynamic retail environment.
Recommended Textbook
Marketing An Introduction 6th Canadian Edition by Gary Armstrong
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16 Chapters
2482 Verified Questions
2482 Flashcards
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Chapter 1: Marketing: Creating and Capturing Customer Value
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) Through ________, many companies today are strengthening their connections to all partners, from providers of raw materials and components to final buyers who purchase final products.
A)supply chain management
B)direct marketing
C)partnership relationship marketing
D)customized marketing
E)deviated marketing
Answer: A
Q2) Building and maintaining profitable value-laden relationships with satisfied customers of a company is called ________.
A)customer lifetime value
B)customer perceived value
C)customer relationship management
D)database marketing
E)societal marketing
Answer: C
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Page 3
Chapter 2: Company and Marketing Strategy: Partnering to
Build Customer Relationships
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) For Hyundai Corporation, customers who care primarily about the price of a car make up one ________.
A)market position
B)value network
C)market segment
D)customer extension
E)value chain
Answer: C
Q2) Paul Pendergraff is evaluating each market segment's attractiveness and is in the process of selecting one or more segments for his firm's product to enter. What is Paul doing?
A)market targeting
B)marketing segmenting
C)marketing
D)market positioning
E)market penetrating
Answer: A
Q3) What type of strategy should a company use to manage its cash cows?
Answer: Because a cash cow generates cash without much investment, a company should use the profits to support other SBUs.
Page 4
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Chapter 3: Sustainable Marketing, Social Responsibility and Ethics
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) ________ calls for meeting the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
A)Sustainable marketing
B)Innovation
C)The marketing concept
D)Global marketing
E)The strategic planning concept
Answer: A
Q2) The overselling of private goods results in ________, such as cars causing traffic jams, air pollution, injuries, and deaths.
A)cultural pollution
B)misdirected funding
C)social costs
D)materialism
E)opportunity costs
Answer: C
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5
Chapter 4: Analyzing the Marketing Environment
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) What is the difference between a core belief and a secondary belief?
Q2) The natural resources that are needed as inputs by marketers or that are affected by marketing activities are referred to as the ________.
A)raw material market
B)natural environment
C)endangered environment
D)green movement
E)factors of production
Q3) Which demographic group is characterized by a total fluency and comfort with computer, digital, and Internet technology?
A)Generation X
B)Millennials
C)Seniors
D)Generation Z
E)Baby boomers
Q4) How might a successful marketing program for smart phones aimed at Millennials be different than one aimed at Gen Xers?
Q5) Why is it important for marketers to understand people's views of themselves?
Q6) How might geographic shifts in population impact marketers?
Page 6
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Chapter 5: Managing Marketing Information to Gain Customer Insights
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Provide the advantages/benefits of each of the contact methods.
Q2) Each company must accept ________ to protect customers' best interests and their own.
A)chief customer loyalty manager
B)chief behavioural analyst
C)responsibility for policing the conduct of its own marketing research
D)ethics manager
E)data warehouse manager
Q3) Besides "management," a marketing information system can also serve ________.
A)producers
B)IT companies
C)governments
D)marketing services agencies
E)competitors
Q4) Marketers can obtain needed information from internal data, marketing intelligence, and marketing research. Explain some common sources for each of these.
Q5) Why is it important for the statement of the problem and the research objectives to guide the entire research process?
Q6) Why is it important for a research plan to be presented as a written proposal?
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Chapter 6: Understanding Consumer and Business Buyer
Behaviour
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) The first step of the business buying process is ________.
A)general need description
B)supplier search
C)proposal solicitation
D)problem recognition
E)order-routine specification
Q2) Each social class contains groups of people with shared value systems based on common life experiences and situations.
A)True
B)False
Q3) Marketers call the decision-making unit of a buying organization the ________.
A)business buyer
B)business-to-business market
C)supplier-development centre
D)buying system
E)buying centre
Q4) Personality is a person's pattern of living as expressed in his or her psychographics. A)True
B)False
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Chapter 7: Segmentation, Targeting, and Positioning
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) What assumption about consumers is made by a marketer using intermarket segmentation?
Q2) Apple says it makes its newest iPad has superior design and usability. Apple is referring to differentiation.
A)True
B)False
Q3) Why do marketers segment the market?
Q4) When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is following ________.
A)concentrated marketing
B)mass marketing
C)mass customization
D)undifferentiated marketing
E)localization
Q5) Developing a stronger position within several segments creates more total sales than undifferentiated marketing across all segments.
A)True
B)False
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Chapter 8: Developing and Managing Products and Services
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192 Verified Questions
192 Flashcards
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Sample Questions
Q1) A company might stretch its product line upward to add prestige to its current products.
A)True
B)False
Q2) Products and services fall into two broad classifications based on the types of consumers that use them. Which of the following is one of these broad classes?
A)industrial products
B)specialty products
C)supplies and services
D)materials and parts
E)convenience products
Q3) New product development begins with a systematic search for new product ideas through idea generation.
A)True
B)False
Q4) A firm can obtain new products in two ways: acquisition or new-product development.
A)True
B)False
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Chapter 9: Brand Strategy and Management
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136 Verified Questions
136 Flashcards
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Sample
Questions
Q1) While advertising campaigns can help to create name recognition, brand knowledge, and maybe even some brand preference, brands are not maintained by advertising but by ________.
A)marketing experience
B)line extensions
C)brand experience
D)product mix
E)word-of-mouth elements
Q2) According to the definition of a brand presented in your text, all of the following would be an example of a brand except ________.
A)the name Coca-Cola
B)the golden arches of McDonald's restaurants
C)Tony the Tiger of Frosted Flakes cereal
D)the sparkles in Moet et Chandon champagne
E)the name and font of IBM
Q3) Brand managers try to build a brand personality. How do they do this?
Q4) Brand communications is an important part of the ongoing management of a brand. What does this entail?
Q5) A manufacturer has four brand sponsorship options. Describe what they are.
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Chapter 10: Pricing: Understanding and Capturing
Customer Value
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170 Verified Questions
170 Flashcards
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Sample Questions
Q1) A company should set prices that will allow ________ to receive a fair profit.
A)resellers
B)producers
C)consumers
D)the elderly
E)competitors
Q2) Explain the factors involved in setting international pricing.
Q3) It is most typical for producers who use captive-product pricing to set the price of the main product ________ and set ________ on the supplies necessary to use the product.
A)low; low markups
B)high; low markups
C)low; high markups
D)high; high markups
E)moderately; moderate markups
Q4) How could product bundle pricing work for Quills?
Q5) Target costing reverses the usual process of first designing a product.
A)True
B)False
Q6) Why is product line pricing used?
Page 12
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Chapter 11: Marketing Channels
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) Mintel Agro provides raw materials in the form of agricultural products to Kiltmark Food Company. Kiltmark produces flour-based edible products, which it distributes to a wholesale company called Yellowstar Trading. Yellowstar Trading then sells Kiltmark products to the discount retailer, Stroos. Stroos sells the products to consumers. Which of the following is considered a marketing intermediary in these transactions?
A)only Kiltmark
B)only Stroos
C)only Yellowstar Trading
D)both Yellowstar Trading and Stroos
E)both Stroos and Mintel Agro
Q2) When the NewWay Dry Cleaners and The Easy Laundromat in your hometown join forces to follow a new marketing opportunity, they are forming a horizontal marketing system.
A)True
B)False
Q3) A vertical marketing system is one in which the producer is always the dominant member of the channel.
A)True
B)False
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Page 14
Chapter 12: Retailing and Wholesaling
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) Voluntary chains are normally based on one unique product or a specific trade name.
A)True
B)False
Q2) Posco, a limited-service retail chain with 130 stores across the country, is seeking to improve its standing in the market. Since its operations are widespread, altering the store atmosphere significantly is not feasible because of the costs involved. Similarly, upgrading the stores to full-service retail chains would require a large investment of time, effort, and employee training. Assuming that many of Posco Retail's private-label brands are bringing in large revenues, what strategy could Posco Retail use to differentiate itself while matching target shoppers' expectations?
Q3) Which of the following is true about trends in wholesaling?
A)New laws prevent wholesalers from having their own retailing operations.
B)Value-added customer relationships have been replaced by control systems.
C)Merchant wholesalers are decreasing in number and relevance.
D)The demand for lower prices and higher quality has increased.
E)Bulk breaking is increasingly popular and necessary.
Q4) Why might Indiana Wood be classified as a full-service retailer?
Q5) Explain how wholesalers add value for a producer.
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Chapter 13: Communicating Customer Value: Advertising and
Public Relations
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169 Verified Questions
169 Flashcards
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Sample Questions
Q1) Mariah Goldberg, a marketing manager for a manufacturer of children's toys, is looking for ways to reach potential customers who typically avoid salespeople and advertisements. Which of the following would be the most economical promotional tool for Mariah to use?
A)direct marketing
B)sales promotions
C)public relations
D)brand contacts
E)personal selling
Q2) Why should a company be concerned about integrating communications from different sources within the company?
Q3) Apple recently ran ads featuring real people who had switched from Microsoft Windows-based PCs to Macs. When companies use people, actors, or sports celebrities as product endorsers, what kind of execution style is being used?
A)musical
B)testimonial evidence
C)scientific evidence
D)lifestyle
E)fantasy
Page 16
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Chapter 14: Personal Selling and Sales Promotion
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169 Verified Questions
169 Flashcards
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Sample Questions
Q1) Lyall Electric, Inc., maintains a sales force for its small appliance customers and a separate sales force for its automotive customers. Lyall Electric utilizes a ________ structure.
A)product sales force
B)customer sales force
C)territorial sales force
D)workload sales force
E)complex sales force
Q2) Which of the following is a pitfall or disadvantage of team selling?
A)Selling teams can simplify the process for consumers.
B)Individual salespeople like to work with and trust others.
C)Only a few major buying organizations use a team structure to make purchasing decisions.
D)Equitable compensation means each receives an equal share.
E)Salespeople have been trained to excel in individual performance.
Q3) Describe several ways in which management can evaluate sales force performance.
Q4) Why does a firm's number of prospects always equal or exceed its number of actual customers?
Q5) Why does a salesperson set call objectives?
Q6) What type of sales promotion may benefit a political candidate the most?
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Chapter 15: Direct, Online, Social Media, and Mobile Marketing
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) Which of the following is least likely to be one of the benefits for the buyer in direct marketing?
A)access to numerous products
B)access to comparative information
C)convenience
D)guaranteed low prices
E)privacy
Q2) Phishing is a type of online identity theft that uses deceptive emails and fraudulent websites, often asking users to enter personal information.
A)True
B)False
Q3) In what way(s)is The Treble Clef Use multichannel marketing?
Q4) Which of the following is an advantage of a well-designed and targeted telemarketing plan?
A)purchasing convenience
B)emotional connections with customers
C)real-time merchandising
D)high recruitment and referral rate
E)almost limitless merchandise available to customers
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Chapter 16: The Global Marketplace
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Differentiate between industrializing economies and industrial economies. Give a few examples of each.
Q2) Similar consumer needs around the world suggest that a strategy of adapted global marketing is appropriate for most international firms.
A)True
B)False
Q3) To what extent should Alexandreina adapt her marketing program to foreign local conditions?
Q4) Which type of economy consumes most of its output and barters the rest for simple goods and services?
A)industrial economy
B)developed economy
C)subsistence economy
D)emerging economy
E)raw material exporting economy
Q5) What is the North American Free Trade Agreement (NAFTA)?
Q6) What are the factors Alexandreina needs to consider before going global?
Q7) Briefly explain the three basic market entry strategies of entering a foreign market.
Page 19
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