MKT 444- RETAIL MANAGEMENT AND
STRATEGY EXAM 1 QUESTIONS &
UPDATED COMPLETE SOLUTIONS
ALL PASSED
Retailing - Correct Answer ✔✔ A set of business activities that adds value to the
products and services sold to consumers for their personal or family use.
Competitors - Correct Answer ✔✔ Any person or entity that is in the same industry or a
similar industry, or which offers a product similar to that of another person or entity.
Scrambled Merchandising - Correct Answer ✔✔ An offering of merchandise not
typically associated with the store type, such as clothing in a drug store.
Retail Strategy - Correct Answer ✔✔ A statement that indicates (1) the target market
toward which a retailer plans to commit its resources, (2) the nature of the retail offering
that the retailer plans to use to satisfy the needs of the target market, (3) the bases
upon which the retailer will attempt to build a sustainable competitive advantage over
competitors.
Ethics - Correct Answer ✔✔ A system or code of conduct based on universal moral
duties and obligations that indicate how one should behave.
Variety - Correct Answer ✔✔ The number of different merchandise categories within a
store or department.
Assortment - Correct Answer ✔✔ The number of SKUs within a merchandise category.
Also called depth of merchandise.
Width - Correct Answer ✔✔ blah
Depth - Correct Answer ✔✔ blah
Breadth - Correct Answer ✔✔ blah
Supply Chain - Correct Answer ✔✔ A set of firms that make and deliver given set of
goods and services to the ultimate consumer.
Various Types of Food Retailers - Correct Answer ✔✔ - Supermarkets
- Supercenters
- Warehouse Clubs
STRATEGY EXAM 1 QUESTIONS &
UPDATED COMPLETE SOLUTIONS
ALL PASSED
Retailing - Correct Answer ✔✔ A set of business activities that adds value to the
products and services sold to consumers for their personal or family use.
Competitors - Correct Answer ✔✔ Any person or entity that is in the same industry or a
similar industry, or which offers a product similar to that of another person or entity.
Scrambled Merchandising - Correct Answer ✔✔ An offering of merchandise not
typically associated with the store type, such as clothing in a drug store.
Retail Strategy - Correct Answer ✔✔ A statement that indicates (1) the target market
toward which a retailer plans to commit its resources, (2) the nature of the retail offering
that the retailer plans to use to satisfy the needs of the target market, (3) the bases
upon which the retailer will attempt to build a sustainable competitive advantage over
competitors.
Ethics - Correct Answer ✔✔ A system or code of conduct based on universal moral
duties and obligations that indicate how one should behave.
Variety - Correct Answer ✔✔ The number of different merchandise categories within a
store or department.
Assortment - Correct Answer ✔✔ The number of SKUs within a merchandise category.
Also called depth of merchandise.
Width - Correct Answer ✔✔ blah
Depth - Correct Answer ✔✔ blah
Breadth - Correct Answer ✔✔ blah
Supply Chain - Correct Answer ✔✔ A set of firms that make and deliver given set of
goods and services to the ultimate consumer.
Various Types of Food Retailers - Correct Answer ✔✔ - Supermarkets
- Supercenters
- Warehouse Clubs
