Retail Management Exam 2 Questions
and Answers12
Data Warehouse - ANSWERS -database which contains all relevant customer and marketing info:
phone numbers, name, email, demographics
Data Marts - ANSWERS -data is extracted from DW and stores in a data mart, there is a subset of
data for each department
Data mining - ANSWERS -a process in which computer software uses statistical analysis,
database tech, and ai to find trends and connections in data so business owners can make
better decision and predictions about customer behavior
What is Sustainable Competitive Advantage - ANSWERS -an advantage over the competition
that is not easily duplicated and can be held long term.
What is more sustainable Advantage? - ANSWERS -Location, Customer loyalty, Customer
Service, Exclusive merchandise, Low-cost supply chain management, Information Systems,
buying power with vendors, and commited employees
What is less sustainable competitive advantage? - ANSWERS -Better computers, More
employees, more merchandise, greater assortments, lower prices, more advertising, more
promotions, and cleaner stores.
What are the approaches for Building Customer Loyalty? - ANSWERS -Brand Image, Positioning,
Unique Merchandise, Customer Service, and Customer Relationship Management (CRM)
Programs
, What are Off-price retailers? - ANSWERS -Marshalls, Burlington Coat Factory. Excellent outlets
for manufacturer over-runs and closeouts.
What is a Mass Merchandise Discounter? - ANSWERS -large retailers than can reduce selling
costs on items because of low operation cost (walmart)
What is Fast Fashion? - ANSWERS -These trends are designed and manufactured quickly and
cheaply to allow the mainstream consumer to take advantage of current clothing styes at a
lower price.
What are examples of fast fashion retailers? - ANSWERS -H&M, Zara, and Topshop
What is H&M? - ANSWERS -Swedish clothing retailer known for fast fashion for everyone
Secong largest global clothing retailer
What is Zara? - ANSWERS -Spanish clothing and accessories retailer in ateixo, galicia, founded
1975
Claimed that zara takes 2 weeks to develop product and get it into stores compared to 6 month
average
Launches aroun 10000 new designs each year
What is TopShop - ANSWERS -British multinational retailer which specializes in fashion clothing,
shoes, accessories
What is a Planogram? - ANSWERS -A diagram that shows how and where specific SKUs should
be placed on retail shelves to increase purchases.
Private label brands to the right of national brands: shopper read from left to right so customers
will see higher priced national brands first and less expensive brands last
and Answers12
Data Warehouse - ANSWERS -database which contains all relevant customer and marketing info:
phone numbers, name, email, demographics
Data Marts - ANSWERS -data is extracted from DW and stores in a data mart, there is a subset of
data for each department
Data mining - ANSWERS -a process in which computer software uses statistical analysis,
database tech, and ai to find trends and connections in data so business owners can make
better decision and predictions about customer behavior
What is Sustainable Competitive Advantage - ANSWERS -an advantage over the competition
that is not easily duplicated and can be held long term.
What is more sustainable Advantage? - ANSWERS -Location, Customer loyalty, Customer
Service, Exclusive merchandise, Low-cost supply chain management, Information Systems,
buying power with vendors, and commited employees
What is less sustainable competitive advantage? - ANSWERS -Better computers, More
employees, more merchandise, greater assortments, lower prices, more advertising, more
promotions, and cleaner stores.
What are the approaches for Building Customer Loyalty? - ANSWERS -Brand Image, Positioning,
Unique Merchandise, Customer Service, and Customer Relationship Management (CRM)
Programs
, What are Off-price retailers? - ANSWERS -Marshalls, Burlington Coat Factory. Excellent outlets
for manufacturer over-runs and closeouts.
What is a Mass Merchandise Discounter? - ANSWERS -large retailers than can reduce selling
costs on items because of low operation cost (walmart)
What is Fast Fashion? - ANSWERS -These trends are designed and manufactured quickly and
cheaply to allow the mainstream consumer to take advantage of current clothing styes at a
lower price.
What are examples of fast fashion retailers? - ANSWERS -H&M, Zara, and Topshop
What is H&M? - ANSWERS -Swedish clothing retailer known for fast fashion for everyone
Secong largest global clothing retailer
What is Zara? - ANSWERS -Spanish clothing and accessories retailer in ateixo, galicia, founded
1975
Claimed that zara takes 2 weeks to develop product and get it into stores compared to 6 month
average
Launches aroun 10000 new designs each year
What is TopShop - ANSWERS -British multinational retailer which specializes in fashion clothing,
shoes, accessories
What is a Planogram? - ANSWERS -A diagram that shows how and where specific SKUs should
be placed on retail shelves to increase purchases.
Private label brands to the right of national brands: shopper read from left to right so customers
will see higher priced national brands first and less expensive brands last
