In an efficient supply chain and information system, net sales increase because _____.
A. customers are offered heavy discounts on the products
B. customers are offered tailored assortments that are in stock
C. retailers get tax benefits for setting up the system
D. retailers are offered heavy discounts by their suppliers
E. retailers prohibit customers from window shopping
Answer:
_____ refers to the way people live, how they spend their time and money, what
activities they pursue, and what their attitudes and opinions are about the world they
live in.
A. Marketing mix
B. Demographics
C. Lifestyle
D. Target marketing
E. Market segmentation
Answer:
When consumers go shopping for pleasure, they are seeking to satisfy their:
A. emotional needs.
B. hedonic needs.
C. utilitarian needs.
D. cultural requirements.
E. impulse buying desires.
Answer:
Mason’s is an apparel store which also offers online shopping apart from its stores.
Therefore, Mason’s is a(n) _____.
A. computerized retailer
B. direct seller
C. electronic retailer
D. single-channel retailer
E. multichannel retailer
Answer:
Which of the following statements is not true about the strategic profit model?
A. It is a method for summarizing the factors that affect a firm’s financial performance.
B. It indicates the impacts of factors affecting a firm’s return on assets (ROA).
C. It decomposes return on assets (ROA) into net profit and operating expenses.
D. It illustrates the different approaches for achieving a high return on assets (ROA).
E. It suggests profit management path and asset management path.
Answer:
Which of the following statements is true of the information search carried out by
customers?
A. Customers with prior experience often search extensively.
B. The amount of information searched depends on the individual.
C. Shoppers seeking hedonic benefits generally search less information.
D. Time pressure does not influence the amount of information searched.
E. Greater market competition reduces the information search.
Answer:
Which of the following principles explains the success of a shopping center whose
tenants include Kohl’s, Walmart, and Dick’s Sporting Goods?
A. Multiple risk
B. Analog approach
C. Cumulative attraction
D. Consumer spotting
E. Diminishing adjacent
Answer:
_____ are developed so that the distance between two retailers’ positions on the map
indicates how similar the stores appear to consumers.
A. Perceptual maps
B. Geographical maps
C. Brand perceptions
D. Product perceptions
E. Demographic maps
Answer:
Merchandise like men’s crew socks, canned peas, college ruled loose leaf paper, and
60-watt light bulbs would be considered _____ that are in continuous demand over an
extended time period.
A. expected merchandise
B. sample merchandise
C. staple merchandise
D. seasonal merchandise
E. fashion merchandise
Answer:
_____ is the redesign of a job to include a greater range of tasks and responsibilities.
A. Intrinsic rewards
B. Extrinsic rewards
C. Job enrichment
D. Job description
Answer:
Why was odd pricing used in the early twentieth century?
A. Odd pricing saved on distribution costs.
B. It was used to increase traffic flow into stores.
C. It offered a limited number of predetermined price points making pricing easier.
D. It eliminated confusion when a customer shopped in different locations.
E. It reduced losses due to employee theft.
Answer:
Which of the following best defines a stock-keeping unit?
A. The number of different items offered in a merchandise category
B. End-of-season merchandise that will not be used by a retailer in following seasons
C. Merchandise with minor mistakes in construction
D. Each different item of merchandise offered by a retailer
E. The number of merchandise categories a retailer offers
Answer:
A _____ is a growth opportunity directed toward existing customers using the retailer’s
present retailing format.
A. market expansion growth opportunity
B. market penetration growth opportunity
C. retail format development growth opportunity
D. wholesale format development growth opportunity
E. diversification growth opportunity
Answer:
Which of the following is a well-stated communication program objective?
A. Increase sales over 12 months.
B. Increase awareness in our target market.
C. Reduce customer complaints.
D. Increase brand awareness by 15% in the next 6 months.
E. Communicate our customer service commitment to our customers.
Answer:
The retailer’s information system determines the _____ by comparing the sales made
through the POS terminals with the shipments received by the store.
A. perpetual inventory
B. order point
C. buffer stock
D. cycle stock
E. fill rate
Answer:
Which of the following is an example of intrinsic reward?
A. Employee of the year award
B. Bonus
C. Promotion
D. Meaningful work
E. Commission
Answer:
Beall’s is a chain of department stores that operates all over Florida. After serving
Florida for 100 years, Beall’s has learned that different merchandise is needed in order
to satisfy the different needs of the customers who live in different regions of the state.
Which form of retail market segmentation does Beall’s use?
A. Consideration set
B. Mass-market theory
C. Geodemographic segmentation
D. Buying situation segmentation
E. Multiattribute attitude model
Answer:
Although being HIV-positive does not limit any life activities, it may be perceived as
doing so and is therefore protected as a disability under the _____.
A. Civil Rights Act of 1991
B. Taft-Hartley Act
C. Americans with Disabilities Act
D. Age Discrimination in Employment Act
E. Norris-Laguardia Act
Answer:
Harley Davidson stores sell merchandise which attract people who love motorcycles
and the idea of an open road and freedom. Some are bikers and others are those who do
not have a Harley Davidson motorcycle but buy the HD logo apparel and accessories.
Therefore, Harley Davidson is using _____ as the scheme for market segmentation.
A. composite segmentation
B. geographic segmentation
C. demographic segmentation
D. benefit segmentation
E. lifestyle segmentation
Answer:
Marybeth usually shops for her wardrobe in various department stores. However, when
purchasing shoes, she shops only at Great Shoes. Marybeth’s allegiance to Great Shoes
is an example of:
A. brand loyalty.
B. extended problem solving.
C. composite segmentation.
D. impulse buying.
E. retailer loyalty.
Answer:
Retailers encourage impulse-buying behavior by:
A. readily providing information for making purchase decisions.
B. using prominent point-of-purchase displays.
C. improving their performance on all benefits.
D. concentrating on composite segmentation.
E. encouraging cross-shopping.
Answer:
_____ enables customers with mobile devices to check prices in stores and purchase
online, ostensibly at a lower price.
A. Horizontal price fixing
B. Price lining
C. Odd pricing
D. Showrooming
E. Keystoning
Answer:
The Mattress Firm sells mattresses, pillows, sound machines, and other items that
enhance sleep. The store is popular because many people do not enjoy a full night’s
sleep, and the Mattress Firm offers products that promise comfortable sleep. Therefore,
the Mattress Firm is using _____ as the scheme for defining its target segment.
A. benefit segmentation
B. demographic segmentation
C. geographic segmentation
D. lifestyle segmentation
E. geodemographic segmentation
Answer:
What is the primary objective of CRM process?
A. To develop a base of loyal customers who patronize the retailer frequently
B. To satisfy customers by providing discounts and special offers
C. To increase the foot-traffic into retail stores
D. To offer the best prices possible to their target customer
E. To attract customers away from competitors
Answer:
Brian’s is a department store. It observes that most of its customers prefer weekly
shopping and accordingly maintains its merchandise stock. Therefore, the store’s
segmentation is based on _____.
A. buying situation
B. demographics
C. income
D. personality
E. social class
Answer:
Because the only merchandise categories at the University Futon Shop are double-sized
futons, the Futon Shop can be said to have no _____.
A. inventory control
B. need for customer service
C. variety
D. irregularity
E. product depth
Answer:
Which of the following is a first tier department store?
A. Macy’s
B. Nordstrom
C. Sears
D. Kohl’s
E. JCPenney
Answer:
Personalized service:
A. does not require trained employees.
B. is more consistent than standardized service.
C. increases the consistency of service quality.
D. is based on establishing a set of rules for providing service.
E. depends on the judgment and capability of service providers.
Answer:
While waiting in the checkout line at Essentials, Autumn spotted a nail care kit
displayed amongst the candy and batteries. She liked it and asked the cashier to add it to
her bill. Which form of limited problem solving did Autumn engage in?
A. Contemplation
B. Cross-shopping
C. Impulse buying
D. Planned purchasing
E. Psychological problem solving
Answer:
The _____ method uses the difference between the forecasted sales and the expenses
plus the desire profit for the communication budget.
A. affordable budgeting
B. objective-and-task
C. percentage-of-sales
D. competitive parity
E. marginal analysis
Answer: