RETAIL MANAGEMENT EXAM 1
QUESTIONS & ANSWERS PASSED
ALREADY GRADED A+
All of the following businesses would be considered retailers except - Correct Answer
✔✔ Proctor and Gamble
(Yes to: a hot dog cart, Delta, the Beaver Store, Priceline.com)
A(n) ____ is a set of firms that make and deliver a given set of goods and services to
the ultimate consumer - Correct Answer ✔✔ supply chain
a retailer’s role in a supply chain is to - Correct Answer ✔✔ add value to products and
services sold to customers
Retailers provide important functions that increase the value of the products and
services they sell to consumers. Which of the following is not a value-creating activity
performed by a retailer? - Correct Answer ✔✔ reducing production costs with innovative
designs
Fresh n Fragrant is a chain of flower shops offering a variety of flowers and ornamental
plants. It recently opened a distribution center to supply ornamental plants and cut
flowers to all its stores within a 300-mile radius. From the given scenario, it can be seen
that Fresh n Fragrant is practicing - Correct Answer ✔✔ vertical integration
The U.S. retail industry - Correct Answer ✔✔ has the greatest retail density on the world
________ describes 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. - Correct Answer ✔✔ corporate social responsibility
which of the following is true of retailing activities in the bottom of the pyramid (BoP)
market? - Correct Answer ✔✔ most people in BoP markets live in rural areas with
limited access to mass media
Retailer's use customer transaction data to do all of the following except - Correct
Answer ✔✔ identify political party preferences
(Yes to: identify their best customers, match the needs of a store's local market, create
customized promotions, tailor product assortment)
The competition between the same type of retailers (e.g., McDonalds and Burger King,
or Safeway and Albertons) is called - Correct Answer ✔✔ intertype competition
, Many people put cream in their coffee. For people who like their coffee this way, coffee
and cream are _______________. You just got back to campus after being gone all
summer and a friend spots you and says, "You look great!" Your friend's comment is a
____________. - Correct Answer ✔✔ complements; compliment
Mason's is an apparel store that also offers online shopping apart from its stores.
Therefore, Mason's is a(n) - Correct Answer ✔✔ multichannel retailer
What best describes using all of the retailer's shopping channels to create a seamless
and synchronized customer experience? - Correct Answer ✔✔ omni-channel retailing
The highest percentage of retail sales is through what channel? - Correct Answer ✔✔
stores
What can an online retailer site do to increase personalization? - Correct Answer ✔✔
offer live chats
Which of the following is NOT a method for devising an effective omni-channel
strategy? - Correct Answer ✔✔ Offering varying prices for each channel depending on
which channel is most costly to manage
Which of the following is NOT a benefit of a store channel shopping experience? -
Correct Answer ✔✔ Expanded assortments
Which retail channel has the ability to economically provide the most product
information for the consumer purchasing products? - Correct Answer ✔✔ internet
After using her same car for 17 years, Tracey's mechanic told her that it would cost
more to fix the transmission than what the car was worth. She decided it was time for a
new car. In which stage of the buying process is Tracey involved? - Correct Answer ✔✔
need recognition
Amanda considers shopping to be like a game. She goes shopping because she enjoys
finding bargains and discounts. Amanda is always on the lookout for special offers and
discounts. Hence, Amanda's hedonic needs are satisfied by a sense of - Correct
Answer ✔✔ adventure
Which of the following is NOT true of the amount of information searched by
customers? - Correct Answer ✔✔ Consumers will spend more time searching for
information when they have prior experience with the merchandise category.
A cafe focuses primarily on customers who are aged between 18 and 35 and earning
about $20,000 to $40,000 annually. This segmentation of customers is known as its -
Correct Answer ✔✔ target market
QUESTIONS & ANSWERS PASSED
ALREADY GRADED A+
All of the following businesses would be considered retailers except - Correct Answer
✔✔ Proctor and Gamble
(Yes to: a hot dog cart, Delta, the Beaver Store, Priceline.com)
A(n) ____ is a set of firms that make and deliver a given set of goods and services to
the ultimate consumer - Correct Answer ✔✔ supply chain
a retailer’s role in a supply chain is to - Correct Answer ✔✔ add value to products and
services sold to customers
Retailers provide important functions that increase the value of the products and
services they sell to consumers. Which of the following is not a value-creating activity
performed by a retailer? - Correct Answer ✔✔ reducing production costs with innovative
designs
Fresh n Fragrant is a chain of flower shops offering a variety of flowers and ornamental
plants. It recently opened a distribution center to supply ornamental plants and cut
flowers to all its stores within a 300-mile radius. From the given scenario, it can be seen
that Fresh n Fragrant is practicing - Correct Answer ✔✔ vertical integration
The U.S. retail industry - Correct Answer ✔✔ has the greatest retail density on the world
________ describes 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. - Correct Answer ✔✔ corporate social responsibility
which of the following is true of retailing activities in the bottom of the pyramid (BoP)
market? - Correct Answer ✔✔ most people in BoP markets live in rural areas with
limited access to mass media
Retailer's use customer transaction data to do all of the following except - Correct
Answer ✔✔ identify political party preferences
(Yes to: identify their best customers, match the needs of a store's local market, create
customized promotions, tailor product assortment)
The competition between the same type of retailers (e.g., McDonalds and Burger King,
or Safeway and Albertons) is called - Correct Answer ✔✔ intertype competition
, Many people put cream in their coffee. For people who like their coffee this way, coffee
and cream are _______________. You just got back to campus after being gone all
summer and a friend spots you and says, "You look great!" Your friend's comment is a
____________. - Correct Answer ✔✔ complements; compliment
Mason's is an apparel store that also offers online shopping apart from its stores.
Therefore, Mason's is a(n) - Correct Answer ✔✔ multichannel retailer
What best describes using all of the retailer's shopping channels to create a seamless
and synchronized customer experience? - Correct Answer ✔✔ omni-channel retailing
The highest percentage of retail sales is through what channel? - Correct Answer ✔✔
stores
What can an online retailer site do to increase personalization? - Correct Answer ✔✔
offer live chats
Which of the following is NOT a method for devising an effective omni-channel
strategy? - Correct Answer ✔✔ Offering varying prices for each channel depending on
which channel is most costly to manage
Which of the following is NOT a benefit of a store channel shopping experience? -
Correct Answer ✔✔ Expanded assortments
Which retail channel has the ability to economically provide the most product
information for the consumer purchasing products? - Correct Answer ✔✔ internet
After using her same car for 17 years, Tracey's mechanic told her that it would cost
more to fix the transmission than what the car was worth. She decided it was time for a
new car. In which stage of the buying process is Tracey involved? - Correct Answer ✔✔
need recognition
Amanda considers shopping to be like a game. She goes shopping because she enjoys
finding bargains and discounts. Amanda is always on the lookout for special offers and
discounts. Hence, Amanda's hedonic needs are satisfied by a sense of - Correct
Answer ✔✔ adventure
Which of the following is NOT true of the amount of information searched by
customers? - Correct Answer ✔✔ Consumers will spend more time searching for
information when they have prior experience with the merchandise category.
A cafe focuses primarily on customers who are aged between 18 and 35 and earning
about $20,000 to $40,000 annually. This segmentation of customers is known as its -
Correct Answer ✔✔ target market
