Retail Management Test Questions
Course Introduction
Retail Management explores the principles and practices involved in operating and overseeing retail businesses. The course covers topics such as retail formats, site selection, merchandising, inventory control, pricing strategies, customer relationship management, supply chain logistics, and the use of technology in modern retailing. Emphasizing the dynamic and competitive nature of the retail sector, the course also addresses consumer behavior, store layout, visual merchandising, and the integration of omnichannel retailing. Students develop analytical and practical skills required to effectively manage retail operations and adapt to changing trends in the industry.
Recommended Textbook
Contemporary Marketing 17th Edition by Louis E. Boone
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21 Chapters
4577 Verified Questions
4577 Flashcards
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Page 2
Chapter 1: Marketing: the Art and Science of Satisfying Customers
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242 Verified Questions
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Sample Questions
Q1) Plastic bottles can take up to 1,000 years to decompose in a landfill.An enterprising entrepreneur recently developed an alternative bottle made from algae that is biodegradable.The algae bottle is an example of a _______ product.
A)sustainable
B)new
C)innovative
D)creative
Answer: A
Q2) Within a business environment,the marketing function is responsible for the creation of time,place,and ownership utility,whereas the production function creates form utility.
A)True
B)False
Answer: True
Q3) Interactive marketing allows marketers and consumers to customize their communication.
A)True
B)False
Answer: True
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Chapter 2: Strategic Planning in Contemporary Marketing
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Sample Questions
Q1) What does a distribution strategy involve? Define two marketing channels. Answer: Marketers develop distribution strategies to ensure that consumers find their products in the proper quantities at the right times and places.Distribution decisions involve modes of transportation,warehousing,inventory control,order processing,and selection of marketing channels.Marketing channels are intermediaries that may be involved in a product's movement from the producer to the final consumers.Technology continually opens new channels of distribution in many industries.The Internet has caused the biggest revolution in distribution since the mail-order catalog. Two important types of marketing channels are wholesalers and retailers.
Q2) The chief executive officer (CEO)and vice president of marketing spend a greater proportion of their time on operational planning than do managers at all other organizational levels.
A)True
B)False
Answer: False
Q3) Apple iTunes is an example of a successful first mover.
A)True
B)False
Answer: True
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Page 4
Chapter 3: The Marketing Environment, ethics, and Social Responsibility
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Sample Questions
Q1) It has been seen that periods of major innovations often lead to:
A)reduced personal consumption.
B)higher standards of living.
C)decreased annual spending.
D)reduced discretionary income.
Answer: B
Q2) In the United States,four major music companies receive 80 percent of recording revenues.Such a market structure is termed as a(n)_____.
A)monopsony
B)oligopoly
C)monopoly
D)duopoly
Answer: B
Q3) The success or failure of a product is independent of the competitive environment.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Social Media: Living in the Connected World
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Sample Questions
Q1) When the term social media is mentioned,most consumers immediately think of Facebook.However,social media is actually a collection of different forms of online or electronic communication that enable users to exchange ideas,information,messages and other content online.Suppose that you are a marketing professional and you want you expand your company's use of social media to build and enhance your relationships with your customers.More specifically,you would like to create a community of users of your products so they can share ideas and your firm can maintain an ongoing dialogue with them.In order to accomplish this,you would build which of the following?
A)A social media commerce site
B)A social media bookmarking site
C)A social media platform
D)A social media ratings site
E)A social media news site
Q2) Social media marketing allows customers to promote the firm's messages themselves.
A)True
B)False
Q3) Describe the ways in which consumers rely on social media for their buying decisions.
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Page 6
Chapter 5: E-Business: Managing the Customer Experience
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233 Verified Questions
233 Flashcards
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Sample Questions
Q1) You are fascinated with the proliferation of shopbots.As a consumer,you are glad to take advantage of these search programs,which help you:
A)compare prices from many sellers
B)avoid paying sales tax
C)obtain personalized service
D)compare shipping expenses from many sellers
Q2) The most important goal of a marketing website is to:
A)give prospective employees the opportunity to apply for jobs online.
B)provide financial information to investors.
C)increase purchases by visitors.
D)build relationships with customers.
Q3) The term "Internet penetration" refers to the:
A)the amount of time spent on the Internet by the people in a region.
B)depth of information available on a subject on the Internet.
C)percentage of Internet usage per individual for a given period.
D)percentage of a region's population who use the Internet.
Q4) What are electronic storefronts? How do they function?
Q5) Briefly describe the role of technological tools in the functioning of B2B transactions.
Q6) What are the three primary steps involved in building a website?
Page 7
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Chapter 6: Consumer Behavior
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Sample Questions
Q1) Cultural differences are particularly important for:
A)firms marketing internationally.
B)local not-for-profit organizations.
C)firms marketing to a specific target market in a single city.
D)firms that are marketing to the same segment of consumers for years.
Q2) Discuss Maslow's hierarchy of needs and list a product that can be promoted to fulfill each of the different levels of needs.
Q3) The buying behavior of an individual in a group is not only affected by the norms of the group,but also by that individual's role and status within the group.
A)True
B)False
Q4) African Americans possess buying power that nearly equals Hispanics in the United States.
A)True
B)False
Q5) African Americans are part of every economic group in the United States.
A)True
B)False
Q6) Briefly describe the steps involved in the consumer decision process.
Page 8
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Chapter 7: Business-To-Business B2bmarketing
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243 Verified Questions
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Sample Questions
Q1) If the demand for a product stays almost constant throughout an industry regardless of the change in the price of the product,it can be said that the product is experiencing a(n)_____ demand.
A)derived
B)joint
C)volatile
D)inelastic
Q2) The segmentation of B2B marketplace based on how business purchasers will use the product is called:
A)segmentation by purchasing category.
B)segmentation by customer type.
C)segmentation by end-use application.
D)segmentation by demographic characteristics.
Q3) The sixth digit of the NAICS codes accounts for specific data needs of each of the member nations of NAFTA.
A)True B)False
Q4) Buying practices can differ among institutions of the same type.
A)True
B)False
Page 9
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Chapter 8: Global Marketing
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Sample Questions
Q1) The CAFTA-DR is a trade agreement among the United States,Central American nations,and the Dominican Republic.
A)True
B)False
Q2) Walmart is the world's largest private employer and the largest retailer.
A)True
B)False
Q3) A nation's size,per-capita income,and stage of economic development determine its prospects as a host for _____.
A)regional economic integration
B)international business expansion
C)free trade association
D)public private partnership
Q4) The _____ is a form of multinational economic integration that seeks to reconcile all government regulations affecting trade.
A)common market
B)customary union
C)free-trade area
D)cooperation council
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Chapter 9: Market Segmentation, targeting, and Positioning
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249 Verified Questions
249 Flashcards
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Sample Questions
Q1) An undifferentiated marketing strategy:
A)involves developing different marketing mixes for different segments.
B)benefits from the control and efficiency of short production runs.
C)is also known as a concentrated marketing strategy.
D)is efficient from a production point of view.
Q2) One of the reasons cited by the U.S.Department of Commerce for the trend toward smaller households is:
A)young people's tendency to marry early.
B)the increase in the number of same-sex couples.
C)the low cost of living.
D)the frequency of divorce.
Q3) Dell Computer offers a variety of desk top,tablet and laptop computers.One popular product line is Dell's Alienware - built for gamers with high speed processors,enhanced memory and special graphics cards.What marketing principle is Dell utilizing with its Alienware product line?
A)market segmentation
B)marketing concept
C)geographic segmentation
D)profit-oriented segmentation
Q4) Describe the three approaches to product-related segmentation.
Page 11
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Chapter 10: Marketing Research in the Era of Big Data
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Sample Questions
Q1) Sales of your frozen yogurt are down,so you've started a research project aimed at answering the question,"How can we improve the effectiveness of our advertising?" You've also conducted informal interviews with customers,suppliers,and retailers.Which steps in the research process have not yet been tackled?
A)Conduct exploratory research
B)Define the problem
C)Formulate a hypothesis
D)Create a research design
E)Mine data
Q2) Which of the following data collection methods is considered as the best means for obtaining detailed information about consumers?
A)Telephone interviews
B)Focus groups
C)Mail surveys
D)Personal interviews
Q3) In a cluster sample,each cluster reflects the diversity of the whole population sampled.
A)True
B)False
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Page 12
Chapter 11: Relationship Marketing and Customer Relationship Management Crm
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246 Verified Questions
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Sample Questions
Q1) An internal partnership consists of a relationship that involves long-term exchanges of goods or services in return for cash.
A)True
B)False
Q2) Customer relationship management (CRM)requires a top-down commitment to succeed and must penetrate every aspect of a firm's business.
A)True
B)False
Q3) A video renting outlet offers free movies for customers,if they rent a certain number of movies within a specified time periods,in order to encourage them to spend more on renting movies from the outlet.This type of marketing strategy is an example of _____.
A)frequency marketing
B)viral marketing
C)internal marketing
D)buzz marketing
Q4) Advertising via mobile apps helps marketers gain access to users' personal data.
A)True
B)False
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) You have been chosen to serve as a member of the committee that will select finalists for the Malcolm Baldrige National Quality Award established by the U.S.Congress.
Required:
Which of the following companies would you select as one of the finalists for the award?
A)a company with high market share
B)a company with low employee turnover rates
C)a company that ranks high on customer satisfaction
D)a company that has received the ISO 9001:2008 certification
E)a company that is typically referenced as a benchmark partner
Q2) When Sara developed a headache due to stress just before an important sales presentation,she quickly bought a pain reliever from a nearby pharmacy.This is an example of buying a(n)
A)shopping product
B)emergency good
C)staple
D)impulse good
Q3) Define product line.Discuss some of the reasons why firms develop product lines.
Q4) Define product lifecycle.Describe the various stages of a product lifecycle.
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Chapter 13: Developing and Managing Brand and Product Categories
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Sample Questions
Q1) A brand is said to have high relevance if a large number of consumers feel the need for the benefits offered by the brand.
A)True
B)False
Q2) Through your market research,you know that skiers who buy your brand of ski gloves rely on previous experiences with the product before choosing it over alternatives.Your ski glove has reached the _____ stage of brand loyalty.
A)Recognition
B)Preference
C)Insistence
D)Ski use
E)Ski reference
Q3) Once consumers have used a product,seen it advertised,or noticed it in a store,it moves from the unknown to the known category,which increases the probability that they will purchase it.
A)True
B)False
Q4) Differentiate between brand extension and line extension strategies.
Q5) Explain how a strong brand identity benefits firms in marketing their products.
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Chapter 14: Marketing Channels and Supply Chain Management
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241 Verified Questions
241 Flashcards
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Sample Questions
Q1) Deborah relies on direct selling to market her jewelry designs.She uses all of the following approaches and tools except:
A)The Internet
B)Direct mail
C)Independent representatives
D)Retailers
E)Party plans
Q2) Simple Foods,a breakfast cereal brand,has two wholesalers supplying to almost 100 retailers in California.Conflicts arising between the retailers and wholesalers within California will be referred to as horizontal conflicts.
A)True
B)False
Q3) The channel captain is the key channel member to create cooperative relationships among members of the channel and avoid channel conflict.
A)True
B)False
Q4) Discuss RFID and ERP systems as methods for streamlining and managing logistics.
Q5) Define distribution intensity and explain its three levels.
Page 16
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Chapter 15: Retailers, wholesalers, and Direct Marketers
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Sample Questions
Q1) A retailer's merchandising strategy guides decisions regarding the items it will offer.
A)True
B)False
Q2) Full-function merchant wholesalers include:
A)sales branches and mail-order wholesalers.
B)industrial distributors and rack jobbers.
C)truck jobbers and drop shippers.
D)cash-and-carry wholesalers and auction houses.
Q3) Casey's General Store is a popular ______-type retailer offering gasoline,snacks,extended store hours,and rapid checkout service.
A)convenience
B)grocery
C)discount
D)specialty
Q4) Chain stores usually obtain merchandise at lower prices from manufacturers compared to their independent rivals.
A)True
B)False
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Chapter 16: Integrated Marketing Communications, advertising,
and Public Relations
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Sample Questions
Q1) Advertisers like radio for its ability to reach people while they drive because they are a captive audience.
A)True
B)False
Q2) Which of the following is an example of a good promotional objective?
A)increase nonpersonal selling by 5%
B)increase sales in the Northeast region by 17%
C)decrease budgets associated with television ads
D)decrease promotional costs by the end of the year
E)increase the consumer base by 10% as a result of the online-based interactive ad
Q3) A sponsor purchases access to the sponsored activity's audience and the image associated with the activity.
A)True
B)False
Q4) In the context of Internet advertising,cost per response is a measurement technique that relates the cost of an ad to every thousand people who view it.
A)True
B)False
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Chapter 17: Personal Selling and Sales Promotion
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Sample Questions
Q1) Creative selling mainly deals with maintaining existing business with customers.
A)True
B)False
Q2) Inside sales reps support field representatives in building strong customer relationships.
A)True
B)False
Q3) The sales manager of your fitness center has convinced several members to buy the center's nutritional counseling service as well as its personal training package.You are pleased at this accomplishment in ____ selling.
A)Cross
B)Field
C)Upstream
D)Downstream
E)Inbound
Q4) Relationship selling involves regular contacts between sales representatives and customers over an extended period.
A)True
B)False
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Chapter 18: Pricing Concepts
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Sample Questions
Q1) Companies that adopt a volume objective continue to expand sales even when their total profits drop below the minimum return acceptable to management.
A)True
B)False
Q2) Jim is the sales manager for a pharmaceutical firm.His boss has decided that Jim's team will need to earn their annual bonuses by achieving a 10 percent return on the company's investment in a blockbuster cold remedy.During a department meeting,Jim explains this target return in terms of the firm's overall pricing objectives.What is he most likely to say?
A)Target return is a way to ensure cost recovery.
B)Target return enables the firm to achieve competition objectives.
C)Target return enables the firm to achieve profitability objectives.
D)Target return is effective as an evaluation tool but is not intended to achieve pricing objectives.
E)Target return is a mathematical relationship, not a pricing tool.
Q3) Explain the two most common cost-oriented pricing procedures: full-cost and incremental-cost.
Q4) Discuss cost-plus pricing.
Q5) Explain market-share objectives.
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Chapter 19: Pricing Strategies
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Sample Questions
Q1) The price normally quoted to potential buyers before any discounts or allowances are allowed is called the _____ price.
A)market
B)list
C)cash
D)trade
Q2) A negative cash discount is used by a seller to:
A)reduce prices on a one-time-only basis.
B)improve its liquidity position and cut collection expenses.
C)return the costs incurred by channel members in performing marketing functions.
D)reduce prices in an attempt to integrate promotional strategies within distribution channels.
Q3) Odd pricing originated as a way to force clerks to make change,thus serving as a cash-control device.
A)True
B)False
Q4) Skimming pricing strategies are also known as "market-plus pricing."
A)True
B)False
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Chapter 20: Developing an Effective Marketing Plan
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Sample Questions
Q1) Which of the following focuses on the environment in which the marketing plan is to be implemented?
A)Production plan
B)Competitive analysis
C)Mission statement
D)Executive summary
Q2) A firm's marketers must write a marketing plan before formulating an overall marketing strategy.
A)True
B)False
Q3) A marketing plan is not reevaluated once it is completely implemented.
A)True
B)False
Q4) A firm's goals should be specific and measurable.
A)True
B)False
Q5) What are the reasons a company should develop a marketing plan?
Q6) Describe the different components of a business plan.
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Chapter 21: Financial Analysis in Marketing
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Sample Questions
Q1) Depreciation is an unusual expense because it does not involve an actual cash expense.
A)True
B)False
Q2) What is a markup? What are the two marketing decisions that decide the amount of markup? Explain why a markup is important to a marketer.
Q3) A balance sheet contains more marketing-related information than an income statement.
A)True
B)False
Q4) In the context of financial statements,which of the following represents the systematic reduction over time in the value of certain company assets?
A)Depreciation
B)Attrition
C)Recession
D)Deduction
Q5) Explain the difference between an income statement and a balance sheet.
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Page 23