retail management exam 1 questions
and answers14
Technological innovations in retailing can best be viewed under three main areas: - ANSWERS -
supply chain management, customer management, and customer satisfaction
_____ is a term used to refer to brands that are owned by the retailer. - ANSWERS -Private label
brand
Target has recently introduced Archer Farms Market as a separate department in its stores. This
is an example of: - ANSWERS -a private label branding strategy extended to a department
Walmart became the world's largest retailer by - ANSWERS -cutting unneccessary costs
The nations that have benefited from the greatest economic and social progress have been
those with a strong retail sector. - ANSWERS -True
Identify the incorrect statement about e-tailing. - ANSWERS -Some e-tailers may have to
discontinue some product categories as consumers engage in outshopping
which of the following characteristics are not desirable for a retail manager to posses? -
ANSWERS -Indecisiveness
Same-store sales compare: - ANSWERS -an individual store's sales to its sales for the same
month in the previous year
, Category killers are not allowed to divert business away from traditional wholesale supply
houses. They can only compete with other retailers. - ANSWERS -False
retailing accounts for 20% of the worldwide labor force - ANSWERS -True
Retail managers need only be concerned with and involved in arranging deliveries of
merchandise that they sell, not the merchandise they purchase. - ANSWERS -False
Proactive planning enables the retailer to have another plan in place prior to the market
changing or suffering attacks from the competition on its original plan. - ANSWERS -True
Due to the ever-changing retail marketplace, the store manager has initiated many novel ideas
and solutions to increase overall store sales. The manager is demonstrating which desirable
retailing attribute? - ANSWERS -creativity
Internet sales are considered to be retail sales only if a customer purchases a physical product
from the web site. - ANSWERS -false
some national chains give each store manager the necessary flexibility to adjust merchandise to
local demands; this is called using the "optional stock list" approach. - ANSWERS -true
A _____________ perspective can result in a standardized set of procedures, success formulas
and guidelines. - ANSWERS -analytical
Explain the four major orientations to the approach and practice of retailing - ANSWERS -The
four orientations to the approach practice of retailing are environmental, management
planning, profit and decision making.
a product sold at or below cost is known as - ANSWERS -loss leader
and answers14
Technological innovations in retailing can best be viewed under three main areas: - ANSWERS -
supply chain management, customer management, and customer satisfaction
_____ is a term used to refer to brands that are owned by the retailer. - ANSWERS -Private label
brand
Target has recently introduced Archer Farms Market as a separate department in its stores. This
is an example of: - ANSWERS -a private label branding strategy extended to a department
Walmart became the world's largest retailer by - ANSWERS -cutting unneccessary costs
The nations that have benefited from the greatest economic and social progress have been
those with a strong retail sector. - ANSWERS -True
Identify the incorrect statement about e-tailing. - ANSWERS -Some e-tailers may have to
discontinue some product categories as consumers engage in outshopping
which of the following characteristics are not desirable for a retail manager to posses? -
ANSWERS -Indecisiveness
Same-store sales compare: - ANSWERS -an individual store's sales to its sales for the same
month in the previous year
, Category killers are not allowed to divert business away from traditional wholesale supply
houses. They can only compete with other retailers. - ANSWERS -False
retailing accounts for 20% of the worldwide labor force - ANSWERS -True
Retail managers need only be concerned with and involved in arranging deliveries of
merchandise that they sell, not the merchandise they purchase. - ANSWERS -False
Proactive planning enables the retailer to have another plan in place prior to the market
changing or suffering attacks from the competition on its original plan. - ANSWERS -True
Due to the ever-changing retail marketplace, the store manager has initiated many novel ideas
and solutions to increase overall store sales. The manager is demonstrating which desirable
retailing attribute? - ANSWERS -creativity
Internet sales are considered to be retail sales only if a customer purchases a physical product
from the web site. - ANSWERS -false
some national chains give each store manager the necessary flexibility to adjust merchandise to
local demands; this is called using the "optional stock list" approach. - ANSWERS -true
A _____________ perspective can result in a standardized set of procedures, success formulas
and guidelines. - ANSWERS -analytical
Explain the four major orientations to the approach and practice of retailing - ANSWERS -The
four orientations to the approach practice of retailing are environmental, management
planning, profit and decision making.
a product sold at or below cost is known as - ANSWERS -loss leader
