Retail Management
Final Exam
Course Introduction
Retail Management is a comprehensive course designed to introduce students to the dynamic world of retailing, focusing on the principles, strategies, and operations essential to successful retail business management. The course covers topics such as retail formats, consumer behavior, merchandising, store layout and design, supply chain management, retail marketing, and the impact of technology and e-commerce on the industry. Students will explore both theoretical and practical aspects of retail decision-making, emphasizing problem-solving skills required for effective leadership in retail settings. By the end of the course, students will be equipped with the knowledge to analyze retail environments, develop innovative strategies, and adapt to the rapidly evolving retail landscape.
Recommended Textbook
Foundations of Marketing 8th Edition by William M. Pride
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17 Chapters
3771 Verified Questions
3771 Flashcards
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Page 2
Chapter 1: Customer-Driven Strategic Marketing
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187 Verified Questions
187 Flashcards
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Sample Questions
Q1) The three basic forms that a product can take are
A)markets, products, and images.
B)goods, ideas, and intangibles.
C)brands, services, and tangibles.
D)services, ideas, and goods.
E)ideas, services, and things.
Answer: D
Q2) You work in the marketing department of a company that sells computers directly to customers. Recently, your CEO decided he wants to expand and begin selling through popular retailers. You have been given the task of identifying retailers that reach a significant portion of the target market but that also fit with the quality of your company's brand. Once these retailers are selected, you are to work with these retailers to negotiate shelf placement. Your job deals mainly with which marketing attribute?
A)Promotion
B)Distribution
C)Consumer behavior
D)Pricing
E)Product
Answer: B
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3
Chapter 2: Planning, Implementing, and Evaluating Marketing Strategies
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) The Turmeric Tea Co has become highly efficient in developing and manufacturing new turmeric tea products for the market. It far surpasses its competitors in these areas. Recently, major medical journals have started describing how turmeric tea can be highly advantageous for consumer health. This is likely to give the Turmeric Tea Co a ______________ because it is able to match its skills with opportunities in the marketplace.
A)core competency
B)competitive advantage
C)new marketing objective
D)market opportunity
E)strategic advantage
Answer: B
Q2) What is one way to analyze costs when conducting marketing cost analysis?
A)Use fixed costs to determine how to use marketing funds more effectively
B)Contrast marketing costs to sales transactions
C)Compare a company's costs with industry averages
D)Divide sales transactions by fixed costs
E)Compare its market share with the market share of competitors
Answer: C
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Chapter 3: The Marketing Environment, Social Responsibility, and Ethics
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220 Verified Questions
220 Flashcards
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Sample Questions
Q1) Changes in cultural values have little effect on people's needs for products. A)True
B)False Answer: False
Q2) Although marketing theory supports the contrary, it is more probable that marketing budgets will be cut during periods of economic
A)recovery.
B)prosperity.
C)recession.
D)uncertainty.
E)expansion.
Answer: C
Q3) Wealth enables consumers to gain buying power.
A)True
B)False Answer: True
Q4) Marketing ethics and social responsibility mean the same thing.
A)True
B)False Answer: False
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Chapter 4: Marketing Research and Information Systems
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) Company sales reports are often utilized as part of a company's marketing research activities and can provide insight about which colors and sizes are preferred by customers. Cutco, a manufacturer of knives and cutlery, often utilizes sales reports to identify which styles of knives are most popular and whether customers prefer the classic black handle or the ivory handle. This insight enables Cutco to streamline its manufacturing process and develop a just-in-time system to match production to anticipated orders. What type of data does Cutco utilize in this example?
A)Internal primary
B)Internal secondary
C)External secondary
D)External primary
Q2) Secondary data cannot be obtained from
A)trade journals.
B)the government.
C)international sources.
D)surveys.
E)computerized literature retrieval databases.
Q3) Why is it essential that a questionnaire be carefully designed and prepared? What problems can arise when a survey has not been well thought out?
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Page 6
Chapter 5: Target Market Segmentation and Evaluation
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211 Flashcards
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Sample Questions
Q1) Identify the four major categories of segmentation of variables for consumer products, and give three examples of each.
Q2) Which of the following requires hiring professionals to create initial forecasts, submit them to the company for averaging, and then use those results to make individual refined forecasts?
A)Expert forecasting survey
B)Customer forecasting survey
C)Sales force forecasting survey
D)Delphi technique
E)Professional judgment
Q3) A marketer can use regression analysis techniques to predict the sales of new products.
A)True
B)False
Q4) Through market tests, a forecaster gains data regarding consumers' intended purchases.
A)True
B)False
Q5) How do business markets differ from consumer markets?
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Chapter 6: Consumer Buying Behavior
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229 Flashcards
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Sample Questions
Q1) Samantha is going to the store to buy milk and cereal. She will most likely use ____ in her consumer decision-making process.
A)routinized response behavior
B)limited decision making
C)extended decision making
D)perceptual scanning
E)evaluation of alternatives
Q2) What is Maslow's hierarchy of needs? How does it apply to the consumer buying decision process?
Q3) In shopping for a new laptop computer for her master's degree program, Joelle has narrowed the alternatives to four brands. She is considering Dell, Toshiba, Sony, and Hewlett-Packard. These four brands make up Jocelyn's
A)awareness set.
B)consideration set.
C)framing set.
D)external search.
E)inert set.
Q4) Define consumer misbehavior and discuss three types of consumer misbehavior described in the text.
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Chapter 7: Business Markets and Buying Behavior
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189 Flashcards
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Sample Questions
Q1) Firestone is a manufacturer and marketer of tires for new passenger cars. In recent years, the company's business has declined because of the overall decrease in consumer demand for new cars. In this case, the demand for Firestone's tire products is said to be ____ since it depends on the demand for new cars.
A)inelastic
B)fluctuating
C)derived
D)elastic
E)nonderived
Q2) The fact that business customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for business products is A)joint.
B)economically stable.
C)derived.
D)inelastic.
E)more fluctuating.
Q3) Compare and contrast the consumer buying decision process and the business buying decision process.
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Page 9
Chapter 8: Reaching Global Markets
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162 Flashcards
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Sample Questions
Q1) Which of the following is not true of NAFTA?
A)The agreement has a long adjustment phase-in time period.
B)Increased competition should lead to a more efficient market.
C)It will provide additional opportunities for the United States in long-term affiliations with other countries in the Western Hemisphere.
D)It provides protection for intellectual property among its members.
E)Business licensing requirements have been increased.
Q2) Which of the following is used to help maintain a more favorable balance of trade by a country?
A)Limiting imports
B)Limiting exports
C)Establishing exchange controls
D)Increasing gross domestic product
E)Changing political systems
Q3) An embargo occurs when a government suspends trade with a particular country.
A)True
B)False
Q4) In what ways can businesses become involved in international marketing activities?
Q5) Describe the sociocultural forces that affect international marketing strategy.
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Chapter 9: Digital Marketing and Social Networking
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137 Verified Questions
137 Flashcards
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Sample Questions
Q1) List the various types of digital media and technologies that are available for the marketer to use in reaching consumers.
Q2) Consumers are changing ____ and consumption behaviors to fit with emerging technologies and trends.
A)their eating habits
B)their spending money
C)their disposable income
D)their shopping partners
E)their information searches
Q3) ____ involves the use of digital networks to provide linkages between information providers and users.
A)Accessibility
B)Addressability
C)Interactivity
D)Connectivity
E)Control
Q4) Traditional marketing media are more consumer-driven than digital media.
A)True
B)False
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Chapter 10: Product, Branding, and Packaging Concepts
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358 Verified Questions
358 Flashcards
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Sample Questions
Q1) Promotion decreases in importance during a product's decline stage.
A)True
B)False
Q2) A distinguishing factor between a brand name and a brand mark is that a brand name
A)creates customer loyalty.
B)consists of words.
C)identifies only one item in the product mix.
D)is registered with the U.S. Patent and Trademark Office.
E)implies an organization's name.
Q3) Sometimes new marketing channels open up in the decline stage.
A)True
B)False
Q4) The major characteristic of a private brand is that
A)only retailers initiate and own the brand.
B)manufacturers are not identified on the product.
C)producers become involved with the marketing mix.
D)producers price the product.
E)wholesalers encourage producers to make the product available.
Q5) Explain the difference between brand name and trademarks.
Page 12
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Chapter 11: Developing and Managing Goods and Services
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265 Verified Questions
265 Flashcards
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Sample Questions
Q1) Service marketers make promises to customers, suggesting that the customer place some degree of trust in the service provider. In this way, service marketers are trying to address the challenge of the service characteristic of A)perishability.
B)heterogeneity.
C)inseparability.
D)intangibility.
E)customer contact.
Q2) List and explain the six distinguishing characteristics of service products. Then discuss some of the marketing issues and problems associated with each characteristic.
Q3) Compared with other phases of the new-product development process, the largest number of new-product ideas is rejected during the ____ phase.
A)idea generation
B)concept testing
C)business analysis
D)screening
E)test marketing
Q4) What is concept testing, and why is it important?
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Chapter 12: Pricing Concepts and Management
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259 Flashcards
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Sample
Questions
Q1) If local Shell gasoline stations look at BP stations' prices as the primary method of determining its own prices, Shell is using ________
A)price fixing, which considers competition to be less important than costs.
B)price fixing, which considers costs to be less important than competitor's prices.
C)market share pricing, which considers competition to be the ultimate pricing goal.
D)competition-based pricing, which considers profit to be the ultimate pricing goal.
E)competition-based pricing, which considers costs to be less important than competitor's prices.
Q2) When Cadillac buys headlights from Delco (both of which are divisions of General Motors), ____ pricing occurs.
A)base-point
B)zone
C)transfer
D)uniform geographic
E)matrix
Q3) Identify and describe six types of psychological pricing.
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14
Chapter 13: Marketing Channels and Supply-Chain Management
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283 Flashcards
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Sample Questions
Q1) What two modes of transportation are used when containers are shipped by piggyback?
A)Railroads and airways
B)Trucks and airways
C)Pipelines and trucks
D)Waterways and railroads
E)Railroads and trucks
Q2) Eliminating a wholesaler from a marketing channel will
A)cut costs and lower prices.
B)not eliminate the functions performed by that wholesaler.
C)eliminate the functions performed by that wholesaler.
D)lead to lower costs but higher prices.
E)reduce channel conflict.
Q3) Agents are used in business channels for standardized products and in situations in which information gathering and selling functions are important.
A)True
B)False
Q4) Wholesalers are often criticized for being inefficient and for causing consumers to pay higher prices than they would if there were no wholesalers. Discuss.
15
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Chapter 14: Retailing, Direct Marketing, and Wholesaling
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261 Verified Questions
261 Flashcards
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Sample Questions
Q1) What are the three types of nonstore retailing, and what are some examples of each?
Q2) Charlie is planning a distribution strategy for his business. He is considering using direct marketing, direct selling, and automatic vending, which are all examples of ____ retailing.
A)off-premise
B)portfolio
C)nonstore
D)off-price
E)direct
Q3) To take advantage of the demand for toys leading up toChristmas, Toys "R" Us sometimes opens _____ inside shopping malls that are only in operation for a few weeks and closes them again after the Christmas shopping season is over.
A)temporary storefronts
B)warehouse showrooms
C)hypermarkets
D)pop-up stores
E)superstores
Q4) Identify and describe three kinds of specialty stores.
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Chapter 15: Integrated Marketing Communications
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239 Verified Questions
239 Flashcards
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Sample Questions
Q1) You are working with a sales management consultant on ways to improve your company's sales performance. Your company sells high-end consumer products. You and the consultant agree your promotional activities need to include more direct interaction with your customers. Based on this information, which of the elements of promotion should you emphasize more?
A)Advertising
B)Sales promotions
C)Personal selling
D)Public relations
E)Discounting
Q2) Which of the following target market characteristics are most important to consider before determining the promotion mix ingredients?
A)The size, geographic distribution, and demographic characteristics
B)The cultural diversity and population size
C)The age, sex, religion, and race characteristics
D)Existing product adoption categories
E)Existing levels of price consciousness
Q3) Explain the communication process.
Q4) Identify the major objectives of promotion.
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Chapter 16: Advertising and Public Relations
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205 Flashcards
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Sample Questions
Q1) Soft drink companies advertise that their products beat the competition in national "taste tests," and they refer to the rival brands by name. This type of advertising is best described as
A)pioneer.
B)competitive.
C)comparative.
D)defensive.
E)selective.
Q2) Arnold and Erin are discussing the media plan for the opening of their new bar/laundromat called Soap and Suds. He tells her that while he agrees that ____ has tremendous impact, he does not feel that the upfront costs for such a campaign are in the modest budget that presently exists.
A)radio
B)outdoor
C)television
D)direct mail
E)newspaper
Q3) Describe the various methods used to evaluate the advertising effectiveness after a campaign.
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Page 18
Chapter 17: Personal Selling and Sales Promotion
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221 Verified Questions
221 Flashcards
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Sample Questions
Q1) Personal selling goals include finding prospects, convincing prospects to buy, and
A)monitoring new products being developed.
B)being aware of competitors' sales activities.
C)seeking one-sale customers.
D)avoiding repeat transactions.
E)keeping customers satisfied.
Q2) Anh is making a sales presentation to a retailer that may be willing to carry her line of soaps. During the presentation, she will handle any objections as they are made. This is because when she anticipated and countered potential objections in prior presentations, she found that she
A)came across as being dishonest.
B)seemed to annoy the potential client.
C)forgot to highlight the soap's benefits and features.
D)raised objections that the prospect would not have had.
E)made the presentation too long.
Q3) Explain how a salesperson's performance can be evaluated.
Q4) Generally, consumer sweepstakes are more popular than consumer contests.
A)True
B)False
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