Retail Marketing
Final Test Solutions
Course Introduction
Retail Marketing explores the fundamental concepts, strategies, and tactics used to develop and manage successful retail operations in a competitive business environment. The course covers topics such as retail formats, consumer behavior, store layout and design, merchandise management, pricing strategies, promotion, and the integration of digital technologies in retail. Students will gain practical insights into building customer loyalty, enhancing in-store experiences, and understanding current trends such as omnichannel retailing and sustainable practices. Through case studies and real-world examples, the course equips learners with the skills needed to create effective retail marketing plans and adapt to the evolving landscape of retail management.
Recommended Textbook
M Marketing 4th Edition by Dhruv Grewal
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Page 2
Chapter 1: Overview of Marketing
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Sample Questions
Q1) Name the various stakeholders who are affected by marketing and give one example of how each one might be affected in a fictitious situation.
Answer: Answers will vary, but the stakeholders mentioned should include customers, supply chain partners, stockholders, management, employees, society at large.
Q2) The primary purpose of the __________ plan is to specify the marketing activities for a specific time.
A) marketing
B) business
C) strategic
D) organizational
E) resource
Answer: A
Q3) When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Developing Marketing Strategies and a Marketing Plan
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Sample Questions
Q1) Marketers want their firms to develop excellent supply chain management and strong supplier relations so they can
A) persuade stores to refuse to carry competitors' products.
B) use their power within the supply chain to force weaker firms to accept less favorable pricing.
C) control prices and lock in margins.
D) create a sustainable competitive advantage.
E) justify charging higher prices than competitors do.
Answer: D
Q2) Customer retention programs are based on what concept?
A) Customer excellence is the easiest macro strategy to follow.
B) Customer relationships should be viewed from a lifetime value perspective.
C) It is important to maximize profits in the first few months of a customer relationship.
D) Segmentation, targeting, and positioning analysis should not be rushed.
E) Firms must spend large amounts of money to retain customers.
Answer: B
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4
Chapter 3: Social and Mobile Marketing
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Sample Questions
Q1) Each year, Doritos sponsors a Crash the Super Bowl contest, encouraging individuals to submit ads for Doritos to the contest. The winning ad is aired during the Super Bowl broadcast. Which segment of social networking users would be most likely to submit an ad for this contest?
A) bonders
B) creators
C) listeners
D) professionals
E) sharers
Answer: B
Q2) How do companies such as Home Depot and the Home Shopping Network effectively use media-sharing sites? Provide examples, including reference to which two of the 4E frameworks are most active.
Answer: Answers will vary, but should make reference to how media-sharing sites such as YouTube and Flickr are used to encourage customers to engage, or provide a way to experience its goods or services. The text describes Home Depot's use of instructional videos posted on YouTube as well as the Home Shopping Network's broadcasts from their own channel, a YouTube site.
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Chapter 4: Marketing Ethics
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Sample Questions
Q1) Garrett has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. According to the Framework for Ethical Decision Making, the first thing Garrett should do is to
A) identify issues that need to be addressed.
B) promote the firm's corporate social responsibility efforts.
C) gather information and identify stakeholders.
D) brainstorm and evaluate alternatives.
E) choose a course of action.
Q2) How might a technology company like Apple ensure that it behaves in a socially responsible way toward its employees?
A) By paying at least minimum wage when the law requires it.
B) By adhering to government-mandated safety standards in the workplace.
C) By ensuring that pay practices are fair at all levels of the company.
D) By ensuring that its packaging materials are recyclable.
E) Social responsibility isn't relevant where employees are concerned; they are paid for their work and that's enough.
Q3) What types of unethical behavior are most frequently encountered in marketing?
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Chapter 5: Analyzing the Marketing Environment
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Sample Questions
Q1) Those who graduate from college tend to earn an annual salary that averages about _______ more than a high school graduate averages.
A) $10,000
B) $21,500
C) $49,000
D) $55,500
E) $82,000
Q2) Suppose that you are the vice president of marketing for Target, the large retail store chain. You want to keep your website and in-store services current with technological advances. You would be experimenting with what is most likely the next expected development in mobile technology, which is
A) wireless payments from mobile devices.
B) location-based social media applications.
C) mobile devices completely replacing desktop and laptop computers.
D) devices that block smartphone usage in retail stores.
E) RFID tags.
Q3) Choose one generational cohort and describe it in detail. Then explain how a marketer would use this information to market a specific product, such as laundry detergent.
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Page 7
Chapter 6: Consumer Behavior
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Sample Questions
Q1) Dawn flies regularly between Atlanta and Los Angeles. She almost always uses Delta Airlines and has lots of Delta Sky Miles credit (Delta's frequent flyer program). Still, she uses an online fare comparison website each time to see whether a competitor has a better price or a more convenient schedule. Dawn uses __________ to decide which airline to fly.
A) a compensatory decision rule
B) a noncompensatory decision rule
C) habitual decision making
D) social factors
E) temporal factors
Q2) Harley-Davidson knows that many of its customers today are professional people who want the pride of owning a Harley. Harley-Davidson also appeals to its more traditional market: cyclists who want a smooth, powerful ride. To be successful, Harley-Davidson needs to appeal to which type(s) of needs?
Q3) At a convenience store, Brian bought a bag of chips he had never tried before. Driving down the road, Brian opened the bag, took a bite, and realized he had purchased pork rinds by mistake. Being a vegetarian, Brian tossed the chips away. Brian felt very little buyer's remorse and soon forgot about the experience. Why?
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Chapter 7: Business-To-Business Marketing
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Sample Questions
Q1) Whether targeting consumers or resellers, marketers need to focus on
A) creating value for their customers.
B) buying center synergy.
C) private exchange efficiency.
D) corporate profit sharing.
E) reducing derived demand.
Q2) Michelin Tire Company produces a variety of tires at factories in South Carolina. Name three B2B markets in which Michelin might sell its tires.
Q3) Create a realistic example of a B2B buying center, describing the different roles played by members of the team.
Q4) B2B marketing involves manufacturers, wholesalers, and service firms.
A)True
B)False
Q5) Francesca is a textbook company salesperson about to call on the Philadelphia School District. She would like to know in advance whether the school district's buying center is autocratic or democratic. What types of behavior might she observe that would help her to tell which of these two types of buying centers it is? How should she change her sales approach depending on which type it is?
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Chapter 8: Global Marketing
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Sample Questions
Q1) With a median age of 34.1 years, ________ is one of the most rapidly aging countries in the world.
A) Russia
B) China
C) Brazil
D) India
E) Chile
Q2) Marketers sometimes use Hofstede's cultural dimensions to design marketing campaigns
A) with low individualism symbolism when confronted with a time oriented culture.
B) using uncertainty avoidance to reduce power distance.
C) with significant power distance.
D) consistent with underlying cultural values in a country.
E) with more consistent time orientation.
Q3) Why is the Ikea store in France not open on Sundays? Why is this important to a marketer?
Q4) Tariffs artificially lower prices and therefore lower demand.
A)True
B)False
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Chapter 9: Segmentation, Targeting, and Positioning
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Sample Questions
Q1) Geodemographic segmentation can be particularly useful for __________, because customers typically patronize stores close to their neighborhood.
A) Internet marketers
B) wholesalers
C) retailers
D) consumer goods manufacturers
E) cable TV networks
Q2) A company that sells only multigrain, low-calorie bread should use an undifferentiated targeting strategy.
A)True
B)False
Q3) It would be logical for bathing suit marketers to use geographic segmentation.
A)True
B)False
Q4) Why do marketers often use perceptual maps when developing positioning strategies?
Q5) Create an example of geodemographic segmentation.
Q6) Identify how a company that manufactures salt can use a differentiated targeting strategy.
Page 11
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Chapter 10: Marketing Research
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Sample Questions
Q1) If a marketing researcher has to collect data under severe time constraints, which of the following types of data sources would probably be available soonest?
A) syndicated data
B) focus group data
C) experimental data
D) panel data
E) survey data
Q2) A marketing research project often begins with a review of the relevant __________ data.
A) primary
B) secondary
C) quantitative
D) unfocused
E) structured
Q3) If senior management already has made its decision, should market research be conducted? What questions should be considered?
Q4) Chesnee is analyzing census data, looking for demographic segments that she can target for her new insurance products. For Chesnee, what are the advantages of using census data?
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Chapter 11: Product, Branding, and Packaging Decisions
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Sample Questions
Q1) For the average college student, a retirement account would be a shopping product. Most college students are not thinking of preparing for retirement, so a retirement account would be an unsought product.
A)True
B)False
Q2) A company's product line consists of its various product mixes. This is backward. A company's product mix consists of its various product lines.
A)True
B)False
Q3) Why do manufacturers like Procter & Gamble spend millions of dollars annually creating and maintaining their brands? Why don't they just manufacture their products and sell them under store brand labels?
Q4) Helena was surprised to learn that the car and home insurance agency she was just hired by does not have a CRM program. Why should the agency have a CRM program, and what CRM efforts should Helena recommend?
Q5) Define convenience, shopping, unsought products and give an example of each.
Q6) What are the brand components used by your university?
Q7) What is brand extension? Provide an example of brand extension.
Page 13
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Chapter 12: Developing New Products
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Sample
Questions
Q1) A marketing professor in Ithaca, New York, maintains a museum of failed consumer products. Most new products in this museum failed during the __________ stage of new product development, when they are introduced to a limited geographical area.
A) pretesting
B) product launch
C) test marketing
D) product development
E) concept testing
Q2) The __________ step in the product development process is critical, requiring tremendous resources and extensive coordination of all aspects of the marketing mix. A) pretesting
B) product launch
C) post-testing
D) product development
E) evaluation of results
Q3) Explain the concept of outsourcing product development and give an example of when this would be a good idea.
Q4) Why do many biotechnology firms license their new products?
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Page 14
Chapter 13: Services: the Intangible Product
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Q1) When managers understand what their service providers are facing on a day-to-day basis by directly observing them and talking to customers, it is called "management by walking around."
A)True
B)False
Q2) The communications gap can be reduced by managing customer expectations.
A)True
B)False
Q3) The service dimension called __________ refers to the ability of the firm's employees to convey trust and confidence.
A) assurance
B) reliability
C) responsiveness
D) empathy
E) tangibles
Q4) One use of marketing research is to provide an effective means to understand consumers' service expectations and their perceptions of service quality.
A)True
B)False
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Chapter 14: Pricing Concepts for Establishing Value
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Sample Questions
Q1) In general, prices should not be based on costs because A) consumers are cost-conscious.
B) producers rarely know what their costs are.
C) consumers make their purchase decisions based on perceived value.
D) producers need to avoid creating a cost competitive parity debate.
E) customers are always right.
Q2) Gerald has a number of customers for his lawn care service who never question his bill but expect their lawns to be perfect. These customers do not want low prices, they want
A) a sales orientation.
B) fixed costs.
C) cross-price discounts.
D) a target return.
E) high value.
Q3) Firm A has set very low prices for its products in an attempt to drive its competitor, Firm B, out of business. This is known as monopolistic pricing.
A)True
B)False
Q4) What does an everyday low prices strategy say to consumers?
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Chapter 15: Supply Chain and Channel Management
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Sample Questions
Q1) When Joe's Chicken Shack wants chicken delivered in smaller batches more frequently, it offers its distributors an incentive in the form of special bonuses to change their schedules. Joe's demonstrates which kind of power?
A) coercive
B) reward
C) referent
D) expertise
E) information
Q2) At the BMW plant in Spartanburg, South Carolina, suppliers deliver parts every four hours when the plant is in operation and are responsible for removing any packaging or pallets used to deliver their products. BMW uses a ______________ inventory control system.
A) cross-docking
B) lead time
C) JIT
D) CPFR
E) UPC
Q3) Give examples of the kinds of information flows that take place between a store and its consumers, a distribution center, and a manufacturer.
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Page 17
Chapter 16: Retailing and Multichannel Marketing
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Sample Questions
Q1) Retailers who advertise that they sell at wholesale prices are wholesalers.
A)True
B)False
Q2) __________ are likely to target low-income consumers who demand national brands but cannot afford to buy large-sized packages.
A) Category killers
B) Department stores
C) Extreme value retailers
D) Specialty stores
E) Warehouse club stores
Q3) If you walk into a __________ you will likely find a broad variety of merchandise, deep assortment and customer service with everything divided into what appears to be a collection of specialty shops.
A) department store
B) off-price retailer
C) discount store
D) specialty store
E) category specialist
Q4) How can the size of a company affect the choice of marketing channels?
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Chapter 17: Integrated Marketing Communications
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Sample Questions
Q1) Public relations is the component of IMC that
A) supports other promotional efforts by generating free media attention.
B) has received the greatest increase in spending.
C) converts mass media advertising into direct marketing.
D) most effectively uses IMC encoding.
E) generates the most gross rating points.
Q2) Integrated marketing communications represents the __________ P in the four Ps of a firm's marketing mix.
A) pricing
B) product
C) promotion
D) place
E) partnering
Q3) Though a picture may be worth a thousand words, the most important facet of encoding is
A) who draws the picture.
B) the self-visualization process.
C) not what is received but what is sent.
D) the sponsor rather than the receiver.
E) not what is sent but what is received.
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Chapter 18: Advertising, Public Relations, and Sales Promotions
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Sample Questions
Q1) A ____________ advertising schedule uses a base level of advertising during some periods followed by periods of increased advertising.
A) continuous
B) flighting
C) pulsing
D) penetrating
E) purposeful
Q2) Kevin is recognized by his friends as an activist on many fronts. He prefers to buy products from firms that will donate part of the total purchase price to organizations he supports. Marketers recognize that this approach can be an important competitive tool; it is called
A) social activist marketing.
B) voluntary premium pricing.
C) cause-related marketing.
D) business / social responsibility.
E) the do-gooder syndrome.
Q3) The three general objectives of advertising are to select, target, and promote.
A)True
B)False
Page 20
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Chapter 19: Personal Selling and Sales Management
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Sample Questions
Q1) Sales, profits, orders, and sales ratios are all _________ measures that can be used to evaluate sales representatives.
A) subjective
B) objective
C) uncontrollable
D) cooperative
E) customer-related
Q2) In Arthur Miller's play, Death of a Salesman, Willie Loman portrays
A) a leading example of an ethical salesman.
B) the loneliness of a traveling salesman.
C) the ruthlessness of a pushy salesman.
D) the lifestyle and success of people in sales.
E) the value salespeople provide to consumers.
Q3) Which of the following is NOT one of the steps in the personal selling process?
A) generate and qualify leads
B) preapproach
C) request for proposal
D) closing the sale
E) follow-up
Q4) How can sales representatives save time for customers?
Page 21
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