Nrf Exam 1 Retail Marketing Questions
And Answers Well Elaborated Latest
Updated 2025
National Retail Federation (NRF) - ANSWER✔✔ NRF is the worlds largest retail
trade association, representing retailers from the United States and more than 45
countries
Black Friday - ANSWER✔✔ Friday after Thanksgiving when retail stores cut their
prices and provide deals for bargain shoppers
Cyber Monday - ANSWER✔✔ Monday after Thanksgiving when many sales and
promotions are online
Spending Trends - ANSWER✔✔ Spending per shopper has increased every year
for the past 5 years
Second largest consumer spending event of year - ANSWER✔✔ Back to school,
also Halloween
Seasonal Staff - ANSWER✔✔ mid november-mid january for influx of customers
making purchases and returns
-why do they hire seasonal staff?
in order to keep up with demand and to keep customers happy.
Gift cards (homework) - ANSWER✔✔ -more consumers want gift cards (61% in
2016)
-women are more likely to wish for gift cards
How retailers create Value - ANSWER✔✔ -Links manufacturers to customers
-makes merchandise available in small quantities
-holds inventory
-provides convenience with hours and services
-offers educational and entertaining experiences
Economic Significance of Retailing - ANSWER✔✔ *U.S total retail sales were in
TRILLIONS
, -GDP: percentage, trends, magnitude
-U.S Department of Commerce Data
-Employment: how many people work in the retail trade in the U.S--> employs
*11% of the Labor Force
*Retailing is one of the nations largest employers
Marketing Strategy Decisions for Retailers - ANSWER✔✔ -Marketing Mix:
(Product, Price, Place, Promotion)
-Store image: architecture, layout, merch display
-Atmosphere-lighting, color scheme, sounds smells
Types of Retailers -Ranking Factors - ANSWER✔✔ System size,
growth
financial strength and stability
social media presence
cost and fees
support
brand strength
number of years a company has been in business
startup costs
litigation
percentage of terminations
whether the company provides financing
Nature of the businesses that work well as franchises - ANSWER✔✔ -can be
teachable/replicated
-credible and reliable
-have room to grow
Trends in Retail Industry-Growing diversity of formats - ANSWER✔✔ consumers
can now purchase the same merchandise from a wide variety of retailers. Ex.
grocery stores now have pharmacies and clothing departments
Trends in Retail Industry-Increasing industry concentration - ANSWER✔✔ large
retailers dominate certain retail categories. Ex. Wal-mart
Trends in Retail Industry-Using multiple channels to reach customers -
ANSWER✔✔ reaching customers through in-store, online and catalog
And Answers Well Elaborated Latest
Updated 2025
National Retail Federation (NRF) - ANSWER✔✔ NRF is the worlds largest retail
trade association, representing retailers from the United States and more than 45
countries
Black Friday - ANSWER✔✔ Friday after Thanksgiving when retail stores cut their
prices and provide deals for bargain shoppers
Cyber Monday - ANSWER✔✔ Monday after Thanksgiving when many sales and
promotions are online
Spending Trends - ANSWER✔✔ Spending per shopper has increased every year
for the past 5 years
Second largest consumer spending event of year - ANSWER✔✔ Back to school,
also Halloween
Seasonal Staff - ANSWER✔✔ mid november-mid january for influx of customers
making purchases and returns
-why do they hire seasonal staff?
in order to keep up with demand and to keep customers happy.
Gift cards (homework) - ANSWER✔✔ -more consumers want gift cards (61% in
2016)
-women are more likely to wish for gift cards
How retailers create Value - ANSWER✔✔ -Links manufacturers to customers
-makes merchandise available in small quantities
-holds inventory
-provides convenience with hours and services
-offers educational and entertaining experiences
Economic Significance of Retailing - ANSWER✔✔ *U.S total retail sales were in
TRILLIONS
, -GDP: percentage, trends, magnitude
-U.S Department of Commerce Data
-Employment: how many people work in the retail trade in the U.S--> employs
*11% of the Labor Force
*Retailing is one of the nations largest employers
Marketing Strategy Decisions for Retailers - ANSWER✔✔ -Marketing Mix:
(Product, Price, Place, Promotion)
-Store image: architecture, layout, merch display
-Atmosphere-lighting, color scheme, sounds smells
Types of Retailers -Ranking Factors - ANSWER✔✔ System size,
growth
financial strength and stability
social media presence
cost and fees
support
brand strength
number of years a company has been in business
startup costs
litigation
percentage of terminations
whether the company provides financing
Nature of the businesses that work well as franchises - ANSWER✔✔ -can be
teachable/replicated
-credible and reliable
-have room to grow
Trends in Retail Industry-Growing diversity of formats - ANSWER✔✔ consumers
can now purchase the same merchandise from a wide variety of retailers. Ex.
grocery stores now have pharmacies and clothing departments
Trends in Retail Industry-Increasing industry concentration - ANSWER✔✔ large
retailers dominate certain retail categories. Ex. Wal-mart
Trends in Retail Industry-Using multiple channels to reach customers -
ANSWER✔✔ reaching customers through in-store, online and catalog
