RETAILING MANAGEMENT
CERTIFICATION EVALUATION VERIFIED
QUESTIONS WITH COMPLETE SOLUTIONS
●● retailer
Answer: business that sells products or services, or both, to consumers
for their personal or family use
●● satisfying customer needs
Answer: have the right merchandise, at the right price, in the right
quantities, and at the right time when the consumer wants it
●● distribution channel
Answer: a set of firms that facilitate the movement of products from the
point of production to the point of sale to the ultimate consumer
●● vertical integration
Answer: a firm performs more than one set of activities in the channel
●● backward integration
Answer: arises when a retailer performs some distribution and
manufacturing activities
,●● forward integration
Answer: occurs when a manufacturer undertakes retailing activities
●● retailer functions
Answer: providing assortments, breaking bulk, holding inventory, and
providing service & services
●● breaking bulk
Answer: a function performed by retailers or wholesalers in which they
receive large quantities of merchandise
●● corporate social responsibility (CSR)
Answer: the voluntary actions taken by a company to address the ethical,
social, and environmental impacts of its business operations and the
concerns of its stakeholders
●● CSR engagement
Answer: 1. companies engage only in CSR activities required by law
2. companies go engage in CSR activities that provide a short-term
financial benefit to the company
3. companies operate responsibly because they believe this is the "right
thing" to do
,4. companies engage in socially and environmentally responsible actions
because they believe these activities must be done for the "well-being"
of everyone
●● retail council of Canada (RCC)
Answer: an industry-funded, not-for-profit association that provides
support for merchants, vendors, and suppliers so that they are able to
meet the challenges of offering goods and services to consumers in a
competitive marketplace
●● retail management decision process
Answer: 1. understand the world of retailing
2. develop a retail strategy
3. implement the retail strategy
4. ethics and legal considerations
●● intratype competition
Answer: competition between retailers of the same type (e.g. Safeway
vs. Save-On Foods)
●● variety
Answer: the number of different merchandise categories within a store
or department
, ●● scrambled merhandising
Answer: offering of merchandise not typically associated with the store
type, such as clothing in a drugstore
●● intertype competition
Answer: competition between retailers that sell similar merchandise
using different formats, such as discount and department stores
●● retail strategy
Answer: indicates how the firm plans to focus its resources to
accomplish its objectives
identifies: the target market(s) toward which the retailer will direct its
efforts; the nature of the merchandise and/or services the retailer will
offer to satisfy needs of the target market; and how the retailer will build
a long-term advantage over competitors
●● strategic decision areas
Answer: retail market strategy, financial objectives, location strategy,
organizational design & human resources management strategies, retail
information & supply chain management systems, and customer
relationship management
●● customer relationship management (CRM)
CERTIFICATION EVALUATION VERIFIED
QUESTIONS WITH COMPLETE SOLUTIONS
●● retailer
Answer: business that sells products or services, or both, to consumers
for their personal or family use
●● satisfying customer needs
Answer: have the right merchandise, at the right price, in the right
quantities, and at the right time when the consumer wants it
●● distribution channel
Answer: a set of firms that facilitate the movement of products from the
point of production to the point of sale to the ultimate consumer
●● vertical integration
Answer: a firm performs more than one set of activities in the channel
●● backward integration
Answer: arises when a retailer performs some distribution and
manufacturing activities
,●● forward integration
Answer: occurs when a manufacturer undertakes retailing activities
●● retailer functions
Answer: providing assortments, breaking bulk, holding inventory, and
providing service & services
●● breaking bulk
Answer: a function performed by retailers or wholesalers in which they
receive large quantities of merchandise
●● corporate social responsibility (CSR)
Answer: the voluntary actions taken by a company to address the ethical,
social, and environmental impacts of its business operations and the
concerns of its stakeholders
●● CSR engagement
Answer: 1. companies engage only in CSR activities required by law
2. companies go engage in CSR activities that provide a short-term
financial benefit to the company
3. companies operate responsibly because they believe this is the "right
thing" to do
,4. companies engage in socially and environmentally responsible actions
because they believe these activities must be done for the "well-being"
of everyone
●● retail council of Canada (RCC)
Answer: an industry-funded, not-for-profit association that provides
support for merchants, vendors, and suppliers so that they are able to
meet the challenges of offering goods and services to consumers in a
competitive marketplace
●● retail management decision process
Answer: 1. understand the world of retailing
2. develop a retail strategy
3. implement the retail strategy
4. ethics and legal considerations
●● intratype competition
Answer: competition between retailers of the same type (e.g. Safeway
vs. Save-On Foods)
●● variety
Answer: the number of different merchandise categories within a store
or department
, ●● scrambled merhandising
Answer: offering of merchandise not typically associated with the store
type, such as clothing in a drugstore
●● intertype competition
Answer: competition between retailers that sell similar merchandise
using different formats, such as discount and department stores
●● retail strategy
Answer: indicates how the firm plans to focus its resources to
accomplish its objectives
identifies: the target market(s) toward which the retailer will direct its
efforts; the nature of the merchandise and/or services the retailer will
offer to satisfy needs of the target market; and how the retailer will build
a long-term advantage over competitors
●● strategic decision areas
Answer: retail market strategy, financial objectives, location strategy,
organizational design & human resources management strategies, retail
information & supply chain management systems, and customer
relationship management
●● customer relationship management (CRM)
