RETAILING MANAGEMENT EXAM SCRIPT
SOLVED QUESTIONS ACCURATE ANSWER
COLLECTION
●● Value chain
Answer: set of activities through which a product or service is created
and delivered to customers.
The total bundle
●● Three kinds of Service Retail
Answer: Rented - Goods Services
Owned - Goods Services
Non-Goods Services
●● Owned Goods Service
Answer: When goods owned by consumers are repaired, improved or
ma:intained.
Expamle: Watch repair lawn care, annual air-condition service.
●● Nongoods Serivecs
Answer: When consumers experiences the service rather than the item.
Tangible goods not invovled.
,Example: Accountant, Real Estate agent, Broker ect.....
●● Rented-Goods Services
Answer: when consumers lease or rent items for a specified peroids of
time.
●● What is Retailing
Answer: Retailing encompases the business activities involved in selling
goods and services to consumers for their personal, family, or household
use. It includes every sale to the final consumer.
●● Issues in Retailing
Answer: *How can we best serve our cusomers while earning a fair
profit?
*How can we stand out in a highl compitve environment where
consumers have so many choices?
*Low consumer confindence and high savings rares have reduced
consumer spending. At the same time retail competition has increased
through increased format blurring (e,g,, sales of cameras at office supply
stores, carpeting and major appliances at home improvement cengers).
*How can we grow our business while retaining a core of loyal
customers?
●● What is the Philosophy?
,Answer: Retailers can best address these questrions by fully
understanding and applying the basic principles of retailing, as well as
the elements in a well-structured, sustematic, and focused retail strategy.
●● Willingness to adapt is essential for retailers.
In what way could this be achieved?
Answer: Feedback
●● Social Responsibility
Answer: Is the acts in the best interest of society as well as itself.
●● Understanding Social Responsibility
Answer: *can be cost free with retailers having employees involed.
*can be costly retailers making donations
* Then it can be going beyond the law, such as having free loaner wheel
chairs, besides the legally mandated wheel chair assessibility to retailers
premises.
*Although the acts of social responsiability may not stimulate great
patronage. They can be a cstomers inducement for the veiws of "me too"
entities.
●● Consumerism
Answer: Involves the activities of governmant, business, and other
organizations to protect people from practices infringing on their rights
, as consumers. These actions recongizes that consumers have basic rights
that should be safegiarded.
●● Understanding Consumerism
Answer: Consumerism is government mandates to the retail busineses,
to have certain processes, and procedures in place to protect the
consumer and their rights, and safety.
*protection against fruadulant
* " " deception
*misleading advertising and
mis labeling.
*Having the right to choose from a
variety of goods and services.
Americans with Disabilities Act, a major law passed by legislation.
●● President Kennedy, What did he say about the consumers rights?
Answer: He said the consumer had right to safegy (unsafe conditions
and hazardous goods and services.)
1. right to safety
2.right to be informed
3.right to be heard
SOLVED QUESTIONS ACCURATE ANSWER
COLLECTION
●● Value chain
Answer: set of activities through which a product or service is created
and delivered to customers.
The total bundle
●● Three kinds of Service Retail
Answer: Rented - Goods Services
Owned - Goods Services
Non-Goods Services
●● Owned Goods Service
Answer: When goods owned by consumers are repaired, improved or
ma:intained.
Expamle: Watch repair lawn care, annual air-condition service.
●● Nongoods Serivecs
Answer: When consumers experiences the service rather than the item.
Tangible goods not invovled.
,Example: Accountant, Real Estate agent, Broker ect.....
●● Rented-Goods Services
Answer: when consumers lease or rent items for a specified peroids of
time.
●● What is Retailing
Answer: Retailing encompases the business activities involved in selling
goods and services to consumers for their personal, family, or household
use. It includes every sale to the final consumer.
●● Issues in Retailing
Answer: *How can we best serve our cusomers while earning a fair
profit?
*How can we stand out in a highl compitve environment where
consumers have so many choices?
*Low consumer confindence and high savings rares have reduced
consumer spending. At the same time retail competition has increased
through increased format blurring (e,g,, sales of cameras at office supply
stores, carpeting and major appliances at home improvement cengers).
*How can we grow our business while retaining a core of loyal
customers?
●● What is the Philosophy?
,Answer: Retailers can best address these questrions by fully
understanding and applying the basic principles of retailing, as well as
the elements in a well-structured, sustematic, and focused retail strategy.
●● Willingness to adapt is essential for retailers.
In what way could this be achieved?
Answer: Feedback
●● Social Responsibility
Answer: Is the acts in the best interest of society as well as itself.
●● Understanding Social Responsibility
Answer: *can be cost free with retailers having employees involed.
*can be costly retailers making donations
* Then it can be going beyond the law, such as having free loaner wheel
chairs, besides the legally mandated wheel chair assessibility to retailers
premises.
*Although the acts of social responsiability may not stimulate great
patronage. They can be a cstomers inducement for the veiws of "me too"
entities.
●● Consumerism
Answer: Involves the activities of governmant, business, and other
organizations to protect people from practices infringing on their rights
, as consumers. These actions recongizes that consumers have basic rights
that should be safegiarded.
●● Understanding Consumerism
Answer: Consumerism is government mandates to the retail busineses,
to have certain processes, and procedures in place to protect the
consumer and their rights, and safety.
*protection against fruadulant
* " " deception
*misleading advertising and
mis labeling.
*Having the right to choose from a
variety of goods and services.
Americans with Disabilities Act, a major law passed by legislation.
●● President Kennedy, What did he say about the consumers rights?
Answer: He said the consumer had right to safegy (unsafe conditions
and hazardous goods and services.)
1. right to safety
2.right to be informed
3.right to be heard
