Retail Management
Final Exam
Course Introduction
Retail Management explores the principles, strategies, and challenges involved in managing retail businesses in todays competitive marketplace. This course covers key topics such as retail formats, merchandising, store layout and design, inventory management, customer experience, pricing strategies, and supply chain logistics. Students will examine the impact of technology on retail, consumer behavior trends, and effective marketing and sales techniques. Through real-world case studies and practical assignments, learners gain insights into the skills and knowledge necessary to succeed in various retail environments, preparing them for dynamic roles within the retail industry.
Recommended Textbook
Foundations of Marketing 5th Edition by William
M. Pride
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20 Chapters
3527 Verified Questions
3527 Flashcards
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Page 2
Chapter 1: Customer-Driven Strategic Marketing
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing environment.
A)True
B)False
Answer: True
Q2) Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as
A)marketing synthesis.
B)relationship marketing.
C)a marketing orientation.
D)the marketing concept.
E)strategic marketing.
Answer: B
Q3) Discuss the evolution of the marketing concept through the various types of orientation.
Answer: Answer not provided.
Q4) Define the term value, and explain how people determine a product's value. Answer: Answer not provided.
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Chapter 2: Planning Marketing Strategies
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179 Flashcards
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Sample Questions
Q1) Managers at the Littlefield Corporation are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called
A)marketing planning.
B)strategic planning.
C)marketing strategy.
D)corporate strategy.
E)strategic business planning.
Answer: B
Q2) Sayid's employer is currently developing a new marketing strategy. The top managers have developed the marketing strategy and have given it to Sayid so that he can now develop an implementation plan. Sayid's company will most likely end up with which type of strategy?
A)Decentralized
B)Centralized
C)Rigid
D)Intended
E)Realized
Answer: E
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Page 4
Chapter 3: The Marketing Environment, Social Responsibility, and Ethics
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) Cameron Inc. is a very profitable automobile repair shop. The company is well known for its great service and involvement in the community, but it fails to properly dispose of its used oil as outlined in environmental regulations. Cameron is failing in its ____ responsibilities.
A)legal
B)ethical
C)economic
D)philanthropic
E)strategic
Answer: A
Q2) Refer to Scenario 3.2. The income a consumer would use to purchase a Specialty Motors automobile is considered ____ income.
A)discretionary
B)buying power
C)disposition
D)consumer spending
E)comprehensive spending
Answer: A
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Chapter 4: Marketing Research and Information Systems
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190 Verified Questions
190 Flashcards
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Sample Questions
Q1) Refer to Scenario 4.2. Before administering the questionnaire, Colin discovered through talking to other sports rental businesses that, although retired males made up a small percentage of the area's population, they often rented kayaks and canoes. In light of this, Colin decided to include a minimum of 25 percent retired males in his sample. The final choice of respondents was left up to the interviewers. This sampling method is known as ____ sampling.
A)quota
B)stratified
C)random
D)representative
E)area
Q2) Avon believes that sales of one of its lipstick lines have fallen due to the introduction of a new lipstick line, but it wants to make this tentative hypothesis more specific before proceeding. Avon should conduct
A)experimental research.
B)hypothesis testing.
C)exploratory research.
D)conclusive research.
E)descriptive research.
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6
Chapter 5: Target Market Segmentation and Evaluation
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203 Verified Questions
203 Flashcards
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Sample Questions
Q1) The ProMark Company manufactures and sells only one type of ballpoint pen at just one price. All its advertising is the same and is directed at the mass market. What type of targeting strategy is the ProMark Company using?
A)Extensive
B)Undifferentiated
C)Concentrated
D)Intensive
E)Differentiated
Q2) Which of the following is not one of the major categories of consumer market segmentation variables?
A)Demographic characteristics
B)Geographic variables
C)Psychographic dimensions
D)Situational variables
E)Behavioristic characteristics
Q3) Why is it important for marketers to forecast sales potential for the entire industry as well as for the individual company?
Q4) Why do marketers rely heavily on demographic characteristics when segmenting consumer markets?
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Chapter 6: Consumer Buying Behavior
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216 Verified Questions
216 Flashcards
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Sample Questions
Q1) Temporary and dynamic factors that result from a particular set of circumstance a consumer is facing when making purchase decisions characterize
A)enduring involvement.
B)extended problem solving.
C)selective exposure.
D)situational involvement.
E)selective retention.
Q2) According to Coleman's major social class categories, which of the following social classes in our culture has these characteristics: lives in well-kept neighborhoods, likes fashionable items, and is often found in management positions?
A)Lower class
B)Upper class
C)Middle class
D)Working class
E)First class
Q3) Changes in culture do not affect product development.
A)True
B)False
Q4) How does an individual's social class influence the products he or she buys?
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Chapter 7: Business Markets and Buying Behavior
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Industrial classification systems allow marketers to divide business customers into groups based mainly on the types of goods and services provided.
A)True
B)False
Q2) What is a primary difference between business and consumer buyers?
A)Consumer buyers require more product information than business buyers.
B)Business purchases are made by one individual whereas families make consumer purchases together.
C)Repeat sales are more common with consumer buyers than business buyers.
D)Consumers primarily buy inexpensive items; businesses only buy expensive items.
E)Business buyers generally make larger orders than consumer buyers.
Q3) What are the major advantages of the North American Industry Classification System (NAICS) compared to the Standard Industrial Classification (SIC) system?
Q4) Wholesalers sell primarily to ultimate consumers.
A)True
B)False
Q5) What factors affect the purchase method that business customers choose?
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Chapter 8: Reaching Global Markets
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167 Flashcards
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Sample Questions
Q1) Nestlé Food Company is a Swiss-based company that operates several divisions in the United States and other countries. This classifies Nestlé as a(n)
A)strategic alliance.
B)national marketer.
C)international proprietorship.
D)multinational enterprise.
E)limited exporter.
Q2) The unification of Europe permits virtually free trade among the member nations of the European Union.
A)True
B)False
Q3) Firms that have operations or subsidiaries located in many countries are referred to as
A)multinational enterprises.
B)strategic alliances.
C)joint ventures.
D)international marketers.
E)export alliances.
Q4) Describe how economic and technological forces affect marketing strategies.
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Chapter 9: E-Marketing, Digital Media, and Social Networking
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184 Verified Questions
184 Flashcards
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Sample Questions
Q1) IHOP is active on Facebook for the purpose of engaging in ____ marketing.
A)distant
B)relationship
C)controlled
D)experiential
E)community
Q2) Digital media refers to the strategic process of distributing, promoting, pricing products, and discovering the desires of customers Internet using digital marketing.
A)True
B)False
Q3) Parker Brothers has posted on-line cash rewards for consumer reviews of their games. In doing so, Parker Brothers is striving to utilize
A)a job search.
B)a test market.
C)consumer-generated marketing.
D)a new concept viewing.
E)an employment opening.
Q4) Explain how consumer-generated content on digital media can be useful to marketers.
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Chapter 10: Product, Branding, and Packaging Concepts
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219 Flashcards
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Sample Questions
Q1) Individual branding facilitates market segmentation.
A)True
B)False
Q2) Competition between manufacturer brands and private distributor brands is becoming more intense in several major categories.
A)True
B)False
Q3) The crush-proof cylinder package for Pringle's potato chips is an example of innovative packaging.
A)True
B)False
Q4) Sara Lee Corporation manufactures desserts, breads, pantyhose, meats, and a variety of other products. These products make up Sara Lee's product
A)line.
B)item.
C)mix.
D)width.
E)depth.
Q5) Distinguish between consumer products and business products.
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Chapter 11: Developing and Managing Goods and Services
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) Relatively few product ideas are put into the product development stage.
A)True
B)False
Q2) PepsiCo has a new flavor of soft drink that it wants to test to determine reactions of probable buyers. Which of the following test-market characteristics would be least useful to PepsiCo when testing the new soft drink?
A)There are research and audit services available.
B)Retailers would be cooperative.
C)Testing efforts would not be easily jammed by competitors.
D)Tourism is a major industry in the area.
E)The city has stable year-round sales of soft drinks.
Q3) Changes that affect the sensory appeal of a product by altering its taste, texture, sound, smell, or visual characteristics are called ____ modifications.
A)aesthetic
B)functional
C)operational
D)quality
E)feature
Q4) What is commercialization, and how is it achieved?
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Chapter 12: Pricing Concepts
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) The ____ prohibits price fixing among firms in an industry.
A)Sherman Antitrust Act
B)Federal Trade Commission Act
C)Wheeler-Lea Act
D)Robinson-Patman Act
E)Clayton Act
Q2) Profit margins for marketing channel members must be considered when determining the price of a product.
A)True
B)False
Q3) How would pricing decisions differ for a business in an oligopolistic market structure as opposed to a monopolistic market structure?
Q4) Price is a key element in the marketing mix because it relates directly to A)the size of the sales force.
B)the speed of an exchange.
C)quality controls.
D)the generation of total revenue.
E)brand image.
Q5) Why is the marginal revenue of a product important to the marketer?
Q6) What are the components of total cost? Give specific examples.
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Chapter 13: Pricing Management
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165 Flashcards
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Sample Questions
Q1) How might a marketer find information about a competitor's prices? Why is this information important?
Q2) The objective of profit maximization is rarely operational because its achievement is difficult to measure.
A)True
B)False
Q3) Refer to Scenario 13.2. Glenwood's previous pricing strategy is an example of ____ pricing, while the new strategy is an example of ____ pricing.
A)percentage; cost-based
B)cost-based; psychological
C)sales-based; customary
D)a la carte; bundle
E)demand-based; bundling
Q4) Some stores employ comparison shoppers to learn what prices their competitors are charging.
A)True
B)False
Q5) Explain the difference between cost-plus and markup pricing.
Q6) Identify and describe six types of psychological pricing.
Page 15
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Chapter 14: A:marketing Channels and Supply-Chain Management
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182 Flashcards
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Sample Questions
Q1) The supply chain includes
A)producers, wholesalers, and retailers.
B)suppliers, producers, intermediaries, and customers.
C)suppliers and suppliers' suppliers.
D)all entities that facilitate product distribution.
E)buyers, seller, marketing intermediaries, and agents.
Q2) Most marketing channels have marketing intermediaries. A marketing intermediary's role is to
A)link wholesalers to other wholesalers.
B)link producers to other middlemen or to consumers.
C)always sell products to wholesalers.
D)not take title to products.
E)always sell products to retailers.
Q3) Identify and describe the criteria used for selecting transportation modes.
Q4) What is the most expensive physical distribution function?
A)Warehousing
B)Order processing
C)Inventory management
D)Transportation
E)Materials handling
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Chapter 14: B:marketing Channels and Supply-Chain Management
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81 Verified Questions
81 Flashcards
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Sample Questions
Q1) Only producers can be channel captains.
A)True
B)False
Q2) Transportation is the least expensive physical distribution function.
A)True
B)False
Q3) Supply chain management includes only producers, wholesalers, retailers, and customers.
A)True
B)False
Q4) Franchising is typical of the administered vertical marketing system.
A)True
B)False
Q5) Cost, speed, load flexibility, dependability, frequency, and accessibility are considered when choosing a transportation mode.
A)True
B)False
Q6) Agents are seldom used in channels for consumer products.
A)True
B)False Page 17
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Page 18
Chapter 15: A:retailing, Direct Marketing, and Wholesaling
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) Mark Bradley's company takes orders from its collection of retail customers and arranges the shipment of goods directly from manufacturers or other wholesalers to its customers' businesses. Mark is operating as a
A)mail-order wholesaler.
B)drop shipper.
C)desk wholesaler.
D)truck jobber.
E)specialty-line wholesaler.
Q2) Which of the following is an example of a category killer?
A)Sears
B)Kmart
C)Marshalls
D)Lady Foot Locker
E)Toys "R" Us
Q3) What are the three types of nonstore retailing, and what are some examples of each?
Q4) Compare and contrast department stores and discount stores.
Q5) What is a superstore? What types of customers does it attract?
Q6) What should be considered when preparing a "party plan"?
Q7) What is a store's image, and how does it affect retailing strategy decisions?
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Chapter 15: B:retailing, Direct Marketing, and Wholesaling
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61 Verified Questions
61 Flashcards
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Sample Questions
Q1) Warehouse clubs are able to offer a broad range of merchandise because their product lines are shallow and their sales volumes high.
A)True
B)False
Q2) Most department stores are shopping stores.
A)True
B)False
Q3) Supermarkets specialize in selling shopping products.
A)True
B)False
Q4) Agents represent either buyers or sellers on a temporary basis.
A)True
B)False
Q5) Retailers form an important link in the marketing channel because they are both marketers and customers.
A)True
B)False
Q6) Direct selling is the most expensive form of retailing.
A)True
B)False
Page 20
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Chapter 16: Integrated Marketing Communications
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205 Flashcards
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Sample Questions
Q1) Measuring the effect of advertising on sales is difficult.
A)True
B)False
Q2) Promotion of products tends to keep their prices high.
A)True
B)False
Q3) The use of a pull policy may require heavy expenditures for
A)advertising and sales promotion.
B)public relations and distribution.
C)personal selling and public relations.
D)distribution and advertising.
E)sales promotion and personal selling.
Q4) When a marketer makes an effort in promotion to point out the strengths and benefits of a specific brand, it is an attempt to build ____ demand.
A)primary
B)secondary
C)selective
D)economic
E)competitive
Q5) Draw, label, and explain the communication process.
Page 21
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Chapter 17: Advertising and Public Relations
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Sample Questions
Q1) Refer to Scenario 17.1. If the ads include both the Venza and the Ford Edge, they would be examples of
A)institutional advertising.
B)public relations.
C)product advertising.
D)comparative advertising.
E)competitive advertising.
Q2) Reinforcement advertising tells current users how to get the most satisfaction from the brand they have chosen.
A)True
B)False
Q3) The Bentley Agency places $2,500 in radio spots and $17,500 in television spots for Darnell Insurance in June. For its efforts this month, the agency "traditionally" would receive ____ in compensation.
A)$2,500
B)$10,000
C)$1,000
D)$5,500
E)$3,000
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Page 22
Chapter 18: Personal Selling and Sales Promotion
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197 Verified Questions
197 Flashcards
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Sample Questions
Q1) When a manufacturer rewards retailers based on the number of pieces moved through their scanners, this sales promotion method is known as a
A)merchandise allowance.
B)count-and-recount allowance.
C)buy-back allowance.
D)scan-back allowance.
E)scan-count allowance.
Q2) Training programs designed for experienced company salespeople generally are oriented toward product information.
A)True
B)False
Q3) A sales representative for Coca-Cola travels to various restaurants to determine how much syrup the customer needs for the coming period. This sales representative would be classified as a(n)
A)order getter.
B)inside order taker.
C)field order taker.
D)missionary salesperson.
E)trade salesperson.
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Page 23