Retail Management Test Preparation
Course Introduction
Retail Management is a comprehensive course that explores the principles and practices vital to the successful operation of retail businesses. It covers diverse topics such as retail formats, store layout and design, merchandise planning, pricing strategies, supply chain management, customer relationship management, and the integration of technology in retail. Through real-world examples, case studies, and current industry trends, students gain insight into the dynamic environment of retail operations. The course also addresses the challenges and opportunities presented by e-commerce and omnichannel strategies, preparing students for effective decision-making and leadership roles in modern retail management.
Recommended Textbook
Marketing The Core 5th Edition Canadian by Roger A. Kerin
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15 Chapters
1617 Verified Questions
1617 Flashcards
Source URL: https://quizplus.com/study-set/3094 Page 2
Chapter 1: Marketing Fundamentals
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122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/61321
Sample Questions
Q1) Roxta Confectioners has launched two new products-Big Bear Candy for children and Dark Coffee Sticks for adults.Roxta has set up a different approach for each product.Big Bear Candy will be sold at $0.99 at all retail stores, close to the cash counters.Dark Coffee Sticks will be sold at $4.99, and instead of being merchandised at cash counters, it will be on the shelves of many grocery stores.Roxta has decided to advertise Big Bear Candy to children through television ads.It has also conducted events and games to "Meet Big Bear." For Dark Coffee Sticks, Roxta has tried to connect with adults through newspaper ads and social media.Roxta has been successful in realizing profits through its two products.By identifying the needs of the two different target groups for its two products, and devising a marketing mix to launch its products successfully, Roxta shaped the elements of the marketing mix to create a _____.
A)sales strategy
B)marketing program
C)promotional offer
D)marketing process
Answer: D
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Page 3
Chapter 2: The Marketing Environment
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136 Verified Questions
136 Flashcards
Source URL: https://quizplus.com/quiz/61320
Sample Questions
Q1) Which of the following is a valid observation of monopolies?
A)Monopolies are an illegal form of business in most countries including Canada.
B)The effect of substitute products is prominent in a monopoly.
C)This is the most common form of market competition.
D)A monopoly exists when there is only one company selling in the market.
Answer: D
Q2) Which of the following refers to inventions or innovations that stem from scientific or engineering research?
A)competitive forces
B)pioneering forces
C)market forces
D)technological forces
Answer: D
Q3) Consider an industry of your choice.Explain how macroeconomic forces affect that industry.
Answer: Macroeconomic forces refer to the state of a country's economy as a whole.A country's key economic indicators are its inflation rate, its unemployment rate, and its economic growth rate.Students should consider the impact of these factors in the industry that they have selected.Student answers will vary for this question.
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Page 4
Chapter 3: Consumer Behaviour
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111 Verified Questions
111 Flashcards
Source URL: https://quizplus.com/quiz/61319
Sample Questions
Q1) Amanda and Chris are married.Usually, Chris buys clothes according to Amanda's opinions, and Amanda decides the groceries to be bought.Chris makes decisions regarding house and car maintenance.However, when it comes to Christmas vacations and gifts, Amanda and Chris make decisions together. Which type of decision-making do Amanda and Chris engage in when making decisions about vacations and purchasing Christmas gifts?
A)male-biased decision-making
B)spouse-dominant decision-making
C)female-oriented decision-making
D)joint decision-making
Answer: D
Q2) The stages a buyer passes through in making choices about which products and services to buy are referred to as the _____.
A)situational analysis sequence
B)limited problem solving
C)purchase decision process
D)hierarchy of learning
Answer: C
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Page 5
Chapter 4: Market Research Metrics and Analytics
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/61318
Sample Questions
Q1) To be effective, research reports must be structured to help marketers make specified decisions.
A)True
B)False
Q2) Andrea has done her own research for a project.It is ____ data.
A)primary
B)external
C)financial
D)secondary
Q3) Why are the compilation and analysis stages of market research so important?
Q4) What is market research? Describe the three different areas in which market research can be classified.
Q5) The second step in the market research process is to define the problem, issue, or opportunity.
A)True
B)False
Q6) Why is market research important?
Q7) What are online research bulletin boards?
Page 6
Q8) What are the different types of surveys? Briefly discuss their advantages and disadvantages.
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Chapter 5: B2B Marketing
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105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/61317
Sample Questions
Q1) Large firms that engage in many different activities are given as many North American Industry Classification System (NAICS) codes as the number of activities they engage in.
A)True
B)False
Q2) P & P is a global leader in pallet and container pooling services.Pallets are used for transporting and storing new appliances such as stoves, freezers, and refrigerators.Which of the following is true about the demand for P & P's pallets?
A)There is a high consumer demand for P & P's pallets.
B)There is elastic demand for P & P's pallets independent of the sales of pallets but tied to the sales of appliances.
C)There is derived demand for P & P's pallets because demand for the pallets is tied to demand for the appliances.
D)There is inelastic demand for P & P's pallets tied to the cost of the components of the pallets.
Q3) What are the bases on which business markets are segmented?
Q4) What is a buying centre and in what type of business would a person expect to find one operating?
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Page 7
Chapter 6: Segmentation Targeting and Positioning
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97 Verified Questions
97 Flashcards
Source URL: https://quizplus.com/quiz/61316
Sample Questions
Q1) Which of the following is true about market segmentation?
A)It refers to the strategy of positioning a product apart from the competition in the eyes of consumers.
B)It aggregates prospective buyers into groups that have common needs and respond similarly to marketing programs.
C)Mass marketing obstructs the process of market segmentation.
D)It aggregates prospective buyers into groups that are relatively heterogeneous.
Q2) A TV channel for teenagers determined that their target group had a love of social media, computer games, YouTube channels, and spending time on the Internet.The channel then created Facebook pages and interactive websites to engage with their audience.The channel used _____ as its strategy to market.
A)psychographics
B)geographics
C)behaviouristics
D)demographics
Q3) What is repositioning? Give an example of a repositioning effort by a company.
Q4) List the steps involved in market segmentation.
Q5) What is product differentiation?
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Chapter 7: Products and Brands
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105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/61315
Sample Questions
Q1) Inseparability in services means that consumers:
A)see little variation from one service provider in an industry to another.
B)are unable to differentiate price from quality.
C)cannot evaluate a service until it is utilized.
D)cannot and do not distinguish the deliverer of the service from the service itself.
Q2) Very infrequent purchases and only some comparison shopping are characteristic of the purchasing behaviour for a type of consumer product such as burial insurance that a prospective buyer may not initially want.These products are referred to as _____ products.
A)shopping
B)convenience
C)specialty
D)unsought
Q3) Differentiate between product line and product mix.
Q4) A generic brand is owned by a retailer and provides the retailer with the opportunity to offer its customers a less expensive alternative to a manufacturer's brand.
A)True
B)False
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9
Chapter 8: New Product Development
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107 Verified Questions
107 Flashcards
Source URL: https://quizplus.com/quiz/61314
Sample Questions
Q1) Which of the following is true of a fashion product?
A)It refers to a product that has a short and cyclical product life cycle.
B)It refers to a product with an extended introductory period due to efforts required to educate customers.
C)It refers to a product that has a short introductory stage.
D)It refers to a product that experiences immediate rapid growth, followed by an equally rapid decline.
Q2) The _____ stage occurs when a product becomes obsolete due to technological innovation or changes in consumer needs.
A)maturity
B)decline
C)growth
D)commercialization
Q3) The new product development process includes seven steps, starting with new product _____.
A)idea generation
B)screening and evaluation
C)development strategy
D)business analysis
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Page 10
Chapter 9: Pricing
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108 Verified Questions
108 Flashcards
Source URL: https://quizplus.com/quiz/61313
Sample Questions
Q1) _____ strategy is when a company uses a low price to enter the market to encourage rapid acceptance of an innovation or to combat a competitive threat.
A)Yield management pricing
B)Penetration pricing
C)Prestige pricing
D)Price lining
Q2) Free-on-board (FOB) origin pricing is a method of pricing where the:
A)title of goods remains with the manufacturer until sold to the ultimate consumer.
B)title of goods passes to the buyer upon arrival at the final destination.
C)title of goods passes to the buyer at the point of loading.
D)price the seller sets includes all transportation costs.
Q3) Uniform delivered pricing means the:
A)title of goods remains with the manufacturer until sold to the ultimate consumer.
B)pricing and title of goods passes to the buyer upon arrival at final destination.
C)title of the goods passes to the buyer at the point of shipment.
D)price the seller sets includes all transportation costs.
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11
Chapter 10: Marketing Channels and Supply Chain
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112 Verified Questions
112 Flashcards
Source URL: https://quizplus.com/quiz/61312
Sample Questions
Q1) _____ is the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in the traditional marketplace and in the online marketspace.
A)Cross-channel shopping
B)Multichannel marketing
C)Dual-level distribution
D)Strategic channel alliance
Q2) Companies align their supply chain with their marketing strategy using a simple, three-step process.The first step is
A)Understand the supply chain
B)Determine the cheapest mode of transit
C)Disintermediation
D)Understand the customer
Q3) What is horizontal conflict? Explain with an example.
Q4) For marketers, the value of the supply chain is
A)To perform the activities needed to get products or services to customers
B)To minimize the costs of distribution
C)To encourage customers to buy more products at one time
D)Attain as many retail outlets as possible
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Chapter 11: Retailing and Wholesaling
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110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/61311
Sample Questions
Q1) Truck jobbers are wholesalers who:
A)furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers.
B)take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise.
C)own the merchandise they sell but do not physically handle, stock, or deliver it.
D)have a small warehouse from which they stock their trucks for distribution to retailers.
Q2) Which of the following is true of a markdown?
A)It is often used when the product does not sell at the original price.
B)New models or styles don't force the price of existing models to be marked down.
C)It may be used to increase demand for unrelated products.
D)The timing of a markdown really doesn't matter.
Q3) What is the value of retailing for consumers and the economy? Identify the 5 utilities to consumers and explain each with examples.
Q4) What are the functions of a manufacturer's branches and offices?
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Page 13
Chapter 12: Marketing Communications
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93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/61310
Sample Questions
Q1) A local bank is looking to recruit people for different vacancies across its branches in Canada.The bank's advertising budget is low and it wants to convey detailed information about the job to the applicants.Which of the following media is most suitable to promote the recruitment initiative?
A)Internet
B)television
C)outdoor/transit
D)magazine
Q2) Describe the offline and online approaches of direct response marketing.
Q3) Seven Eleven supermarket offers a discount coupon with every $50 purchase.This is an example of a trade promotion.
A)True
B)False
Q4) Shane uses his smart phone to receive promotional information from his bank.Smartphone penetration has reached ____.
A)38 percent
B)73 percent
C)61 percent
D)40 percent
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Chapter 13: Digital Marketing Communications
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/61309
Sample Questions
Q1) In 2006 YouTube was purchased by Netflix.
A)True
B)False
Q2) Discuss how LinkedIn can be used effectively by both businesses and recent graduates.
Q3) Mobile marketing is often intertwined with social media marketing, with markers understanding that most consumers access social media on mobile devices.
A)True
B)False
Q4) Alison is in the second largest Canadian mobile demographic.What age would she be?
A)13-17
B)18-34
C)35-54
D)55+
Q5) Mobile is used by consumers to _____.
A)gossip
B)fine value
C)have convenience
D)gather information and to be entertained
Page 15
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Chapter 14: Customer Relationship Management
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91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/61308
Sample Questions
Q1) Understanding individual interaction at each _____ is a better measure of customer loyalty than just measuring overall customer satisfaction.
A)tangible contact
B)touch point
C)stimulus
D)response centre
Q2) Many firms are beginning to _____ their low-value customers while focusing their time on their high-valued customers.
A)appreciate
B)value
C)target
D)jettison
Q3) A large number of companies monitor what is said about them on social media platforms like Facebook and Twitter.
A)True
B)False
Q4) Investing in CRM software will not alleviate all your customer satisfaction problems.Explain and give an example.
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Page 16
Chapter 15: Marketing and Strategic Planning
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104 Verified Questions
104 Flashcards
Source URL: https://quizplus.com/quiz/61307
Sample
Questions
Q1) As an organizational goal, Cooper & Howard Associates always seeks to maximize its long-run _____, achieving as high a financial return on its investment as possible.
A)profit
B)sales revenue
C)market share
D)quality
Q2) Porter Agency, a strategic business unit of Seashore Inc., is generating large amounts of cash, far more than it can invest profitably in its own product line.Which of the following best describes Porter Agency?
A)dog
B)cash cow
C)question mark
D)star
Q3) _____ is the sales of an SBU divided by the sales of the largest firm in the industry.
A)Relative market share
B)Diversification rate
C)Market growth rate
D)Market share
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