Retail Strategy Test Preparation
Course Introduction
Retail Strategy explores the principles and practices essential to building and sustaining competitive advantage in the dynamic retail sector. This course examines the formulation and implementation of effective strategies for product assortment, pricing, store layout, merchandising, supply chain management, and the integration of digital technologies. Students will analyze case studies of leading retailers, assess market trends, and develop strategic plans to enhance customer experience and operational efficiency. Emphasis is placed on understanding consumer behavior, leveraging data analytics, and adapting to the challenges of omnichannel retailing in an increasingly global marketplace.
Recommended Textbook
Retailing Management 4th Canadian Edition by Michael Levy
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15 Chapters
1641 Verified Questions
1641 Flashcards
Source URL: https://quizplus.com/study-set/3118
Page 2
Chapter 1: Introduction to the World of Retailing
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/61817
Sample Questions
Q1) A credit union holds and maintains detailed records of the banking activities of its members.Each quarter,the credit union provides its members a printout of banking activities,information about low rate loans and pre-owned automobiles.By contacting its members on a regular basis,the credit union is engaging in the business function of:
A) breaking bulk
B) holding inventory
C) providing assortments
D) providing services
E) financing
Answer: D
Q2) How are retailers using point-of-sale (POS)terminals and Universal Product Codes (UPCs)affixed to merchandise? As a way to:
A) target the distribution plan
B) create an advertising plan
C) check its location strategy
D) gain a strategic advantage
E) set its retailing objectives
Answer: D
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Chapter 2: Types of Retailers
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104 Verified Questions
104 Flashcards
Source URL: https://quizplus.com/quiz/61810
Sample Questions
Q1) To compete against intrusions by other food retailing formats,conventional supermarkets are:
A) Targeting health-conscious consumers
B) Offering more private-label products
C) Emphasizing fresh perishables
D) Providing a better in-store experience
E) All answers provided are correct.
Answer: E
Q2) How can a service retailer best cope with the some of the problems associated with the intangibility of service?
A) Use low prices during off-seasons to help match supply and demand.
B) Use mass production.
C) Emphasize quality control.
D) Solicit customer evaluations and complaints.
E) Increase staffing at peak demand times.
Answer: D
Q3) A/An _____ consists of multiple retail units under common ownership that usually has some centralization of decision making in defining and implementing its strategy.
Answer: retail chain
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Page 4
Chapter 3: Customer Buying Behaviour
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60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/61809
Sample Questions
Q1) La Senza Girl is a specialty retailer with assortments that are of interest to young teens.La Senza Girl is catering to a particular:
A) consideration set
B) subculture
C) media set
D) psychosocial segment
E) retail market segment
Answer: E
Q2) An example of cross-shopping occurs when
A) A shopper buys expensive ski clothing and inexpensive skis
B) The shopper shops for clothing during the week and for food on the weekends
C) A shopper buys several yellow shirts yet only a few black pants
D) A customer shops for 2 or more family members at a time
E) A shopper purchases at different stores within the same mall during the same week
Answer: A
Q3) What are four criteria for evaluating whether a retail segment is a viable target market?
Answer: The criteria are (1)actionability,(2)identifiability,(3)accessibility,and (4)size.
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Chapter 4: Retail Market Strategy
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120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/61808
Sample Questions
Q1) During football season at St.Mary's University,the university bookstore sells Huskies merchandise to the loyal fans.This strategy is an example of _________ opportunity.
A) market penetration
B) diversification
C) retail format development
D) market depletion
E) market divestment
Q2) Developing programs to motivate and coordinate employee efforts,providing incentives,fostering an organizational culture and managing diversity are functions of the:
A) chief executive officer
B) district manager
C) general store manager
D) human resource manager
E) marketing manager
Q3) Comment on the following statement and decide if it is true or false: "All business activities can be used to create a sustainable competitive advantage."
Q4) What is a situation audit?
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Chapter 5: Retail Locations Strategytrade Area Decisions and
Site Assessment
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160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/61807
Sample Questions
Q1) An approach for estimating potential sales for a store is _____________________ which is based on the assumption that factors that affect the sales of existing stores in a chain will have the same impact on stores located at new sites being considered.
Q2) Three types of shopping situations are convenience shopping,comparison shopping,and
A) unique shopping
B) specialty shopping
C) advantage shopping
D) off-price shopping
E) strategy shopping
Q3) A bakery that wanted to distinguish itself from its competition by being open 24 hours a day would probably not be found in a shopping mall.Why?
Q4) Another name for the analogue approach is the ________________ approach.
Q5) Why are Toys "R" Us stores found as freestanding sites or in power centres?
Q6) A store in which merchandise,selection,presentation,pricing,and other unique features acts as a magnet is called a/an ____________ store.
Q8) What are some of the factors that define a trade area? Page 7
Q7) Walmart and Future Shop would most likely be found in a/an _________ centre.
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Page 8
Chapter 6: Store Design, layout, and Visual Merchandising Strategy
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107 Verified Questions
107 Flashcards
Source URL: https://quizplus.com/quiz/61806
Sample Questions
Q1) The retail "wall" offers the following merchandising benefits except:
A) Is a focal point for seasonal merchandise
B) Effectively sells more high-margin merchandise than floor fixtures
C) Holds minimal merchandise
D) Can present coordinated face-outs with a multiple fashion story in a small space
E) All of these are benefits
Q2) Another name for the free-form layout is the:
A) loop layout
B) boutique layout
C) racetrack layout
D) specialty layout
E) grid layout
Q3) In which of the following stores would you be most likely to encounter a straight rack?
A) The Green Gate, a florist
B) Toys R Us
C) The Bay department store
D) IGA supermarkets
E) Coles bookstores
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Chapter 7: International Retailing Strategy
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43 Verified Questions
43 Flashcards
Source URL: https://quizplus.com/quiz/61805
Sample Questions
Q1) What foreign market entry methods are available to retailers when expanding?
Q2) Using a multinational strategy,retailers will/can:
A) replicate their standard retail format and centralized management throughout the world in each new market.
B) change their products and image to reflect the international marketplace.
C) develop franchising initiatives based on its standard?ized form of doing business in return for a substantial franchise fee.
D) follow the international marketing practices of McDonald's, The Gap and The Body Shop.
E) expand rapidly but are learning little from their internationalization.
Q3) The need for a retailer to change its core strategy to fit global markets is the characteristic of ________________.
Q4) How may retailers enter foreign country markets?
A) Franchising
B) Joint ventures
C) Strategic alliance
D) Both franchising and joint ventures
E) All of these
Q5) What is a globally sustainable competitive advantage?
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Chapter 8: Financial Strategy
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109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/61804
Sample Questions
Q1) The strategic profit model is useful to retailers because it:
A) uses return on assets as the primary criterion for planning and evaluating a firm's financial performance
B) can also be used to evaluate financial implications of new strategies before they're implemented
C) combines two decision-making areas-margin management and asset management
D) All of the these
E) None of the these
Q2) The strategic profit model is a method for summa?rizing the factors found in the income statement and balance sheet that affect a firm's financial performance as mea?sured by _____________________.
A) cost of goods sold
B) inventory turnover
C) gross margin
D) return on equity
E) return on assets
Q3) Name one example of an accrued liability.
Q4) What is the investment owners have in a business called?
Q5) What are the three types of objectives a retailer might have?
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 9: Information Systems and Supply Chain Management
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105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/61803
Sample Questions
Q1) What does a dispatcher do?
A) Dispatchers go through goods upon their receipt to make sure they arrived undamaged.
B) Dispatchers allocate warehouse space to merchants.
C) Dispatchers create pick tickets.
D) Dispatchers make pricing and identification labels and place them on merchandise.
E) Dispatchers coordinate deliveries to the distribution centres.
Q2) ________________________ includes logistics,and is a set of activities and techniques firms employ to efficiently and effectively manage the flow of merchandise from the vendors to the retailer's customers.
Q3) What is a benefit of having an efficient supply chain?
A) fewer associates are needed to replenish stock
B) more time for customer services
C) less negotiating with vendors
D) fewer stockouts
E) planning strategy becomes more predictable
Q4) How can retailers that use a QR system reduce logistics expenses?
Q5) What is logistics?
Q6) Identify and explain the three objectives that a security policy should meet.
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Chapter 10: Merchandise Management
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79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/61816
Sample Questions
Q1) Which of the following is a vendor who forms an alliance with a retailer to help gain consumer insight,satisfy customer needs,and improve performance and profit across a category?
A) Assortment supervisor
B) Category manager
C) Category captain
D) Category specialist
E) Consumer advocate
Q2) The highest classification level in the buying organization is called the:
A) category group
B) buying group
C) merchandise group
D) retail group
E) division managers
Q3) The percentage of demand for a particular SKU that is satisfied is referred to as
Q4) _______________ is the number of different merchandising categories within a store or department.
Q5) When a buyer is _________________,it means she's running out of stock on particular sizes.
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Chapter 11: Buying Strategies
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111 Verified Questions
111 Flashcards
Source URL: https://quizplus.com/quiz/61815
Sample Questions
Q1) Why is it important for retailers to develop and maintain relationships with multiple,and sometimes competing suppliers?
Q2) How does carrying a manufacturer brand lower a retailer's selling and promotional expenses?
Q3) Paul ran a chain of discount sporting goods stores which struggled for years when Walmart opened in the surrounding area.Walmart carried the same brands as Paul's shops,but Paul couldn't compete with the giant's pricing,so merchandise in his shops didn't sell.Which of the following would have been Paul's best chance for surviving?
A) Paul should consider partnering with Walmart's sportswear buyers
B) Paul should sell other discount sporting brands other than the brands Walmart carries C) Paul should advertise more and extend his hours
D) Paul should consider developing a private label for his stores
E) Paul should consider going out of business
Q4) A(n)______________,from a retail buyer's perspective,is a concentration of vendors within a specific geographic location.
Q5) Why should retailers be interested in reducing tariffs?
Q6) How are slotting fees different than commercial bribes?
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Page 14
Chapter 12: Retail Pricing
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131 Verified Questions
131 Flashcards
Source URL: https://quizplus.com/quiz/181989
Sample Questions
Q1) A salesperson presented The Wonderland Book store,a store that carries Lewis Carroll memorabilia,an opportunity to stock limited edition Alice in Wonderland dolls at a cost of $125 each.The manager had to calculate the initial markup as a percentage of cost.Since the initial markup as a percentage of retail is 48.15 percent,what would the initial markup on the doll as a percentage of cost be?
A) 48.15 percent
B) 60.19 percent
C) 92.86 percent
D) 148.15 percent
E) 192.86 percent
Q2) Which of the following is not a benefit typically ascribed to an everyday low pricing (EDLP)strategy?
A) IReduced advertising
B) Improved customer loyalty
C) Improved inventory management
D) Increased number of price wars
E) Reduced stockouts
Q3) What is the difference between price bundling and multiple-unit pricing?
Q4) What are the strengths of operating with a high/low pricing strategy?
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Chapter 13: Human Resource Management and Staff Training Issues
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151 Verified Questions
151 Flashcards
Source URL: https://quizplus.com/quiz/61813
Sample Questions
Q1) The most fundamental method of coordinating the work activities of retail employees is:
A) by not having close supervision
B) by weak organization culture
C) by paying them
D) through written policies
E) through trade promotions
Q2) Often,when a retailer's sales and profits decline,it responds by:
A) laying off sales associates
B) reducing training provided to its sales associates
C) putting a freeze on hiring and promotions
D) employing more part-time workers
E) all of these
Q3) Extreme specialization increases ______________.
Q4) A way to measure employee attitude is to measure ______________.
Q5) The disadvantage of centralization is it makes it very difficult to adapt to
Page 16
Q6) What is the difference between disparate treatment and disparate impact?
Q7) What are three ways human resource managers can motivate employees?
Q8) What is diversity training?
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Page 17
Chapter 14: Building Customer Loyalty: Customer
Relationship Management and Service Strategies
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185 Verified Questions
185 Flashcards
Source URL: https://quizplus.com/quiz/61812
Sample Questions
Q1) The manager of a university bookstore believes in the importance of having well-stocked shelves.During the first weeks of each semester,the manager hires additional employees,but because she believes that students prefer to wait in line rather than not have the merchandise they need on the shelf,she has the additional employees spend their workdays stocking shelves.At busy times during the first week of class,students may wait ten or more minutes to check out because there are not enough clerks ringing up sales.Some students get frustrated and leave without buying.This situation indicates a _________________ gap.
A) communication
B) standards
C) performance
D) knowledge
E) research
Q2) CRM is based on the philosophy that retailers can increase their profitability by:
A) providing better assortments
B) expanding their services
C) extending hours of operation
D) building relationships with their better customers
E) building better relationships with vendors
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Chapter 15: Appealing to the Customer: Retail Communication Mix
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96 Verified Questions
96 Flashcards
Source URL: https://quizplus.com/quiz/61811
Sample Questions
Q1) How can retailers build top-of-mind awareness?
Q2) Despite the difference in price,Drew would go out of his way to purchase a latte at Starbucks on his way to work,even though there were coffee houses within a block of his office.It can be said that Starbucks:
A) should probably lower their prices to avoid losing such a loyal customer
B) will put the competing coffee houses out of business
C) prices their beverages based on a cost-oriented method
D) has a strong brand loyalty from Drew
E) motivates its shoppers differently than other coffee houses
Q3) What is a brand?
Q4) What is the benefit of extending a successful brand name to a new concept?
Q5) What are the four steps in the retail communication process?
Q6) Anything linked to or connected with the brand name in a consumer's memory is called a ______________________.
Q7) Retailers use several methods to set communication budgets including (list 5 methods):
Q8) _____________ offer a discount on the price of specific items when they are purchased at a store. Page 19
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Page 20