RETAILING MANAGEMENT UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS COMPLETE STUDY GUIDE
●● What is a retailer?
Answer: A retailer is a business that sells products and/or services to
consumers for personal or family use.
●● How do retailers attempt to satisfy consumer needs?
Answer: Attempt to satisfy consumer needs by having:
- The right Merchandise
- At the right Price
- At the right Place
- In the right Quantities
- At the right Time
●● Example of a distribution channel
Answer: Manufacturing -> Wholesaler -> Retailer -> Consumer
●● What are some of the functions performed by retailers?
Answer: - Providing an assortment of products and services.
- Breaking bulk.
,- Holding inventory.
- Providing service and services.
●● Define CSR:
Answer: - Voluntary actions taken by a company to address ethical,
social and environmental impacts of its business operations and the
concerns of its stakeholders.
- Retailers need to explain the impact of their business practices and to
implement suitable strategies to seize related opportunities.
●● Define Inter-type Competition:
Answer: Competition among firms in different types of businesses but
which sell the same product
●● Define Scrambled merchandise
Answer: A situation that occurs when a retail business offers a mix of
unrelated products that do not reflect the company's original focus.
●● What is a retail strategy?
Answer: The retail strategy indicates how the firm plans to focus its
resources to accomplish its objectives.
Identifies:
, - The target market/s
- The nature of the merchandise and/or services offered
- How the retailer will build a long-term advantage over the competition
●● Examples of strategic decision areas:
Answer: - market
- location
- financial
- organizational structure and HR
- information systems
-supply chain
- CRM
●● How do managers implement the retail strategy?
Answer: - Develop a retail mix that satisfies the needs of the target
market better than the competition.
- Decision variables that will satisfy needs but also influence purchase
decisions.
- Managers must determine how to recruit, select and motivate sales
associates.
ACTUAL QUESTIONS AND CORRECT
ANSWERS COMPLETE STUDY GUIDE
●● What is a retailer?
Answer: A retailer is a business that sells products and/or services to
consumers for personal or family use.
●● How do retailers attempt to satisfy consumer needs?
Answer: Attempt to satisfy consumer needs by having:
- The right Merchandise
- At the right Price
- At the right Place
- In the right Quantities
- At the right Time
●● Example of a distribution channel
Answer: Manufacturing -> Wholesaler -> Retailer -> Consumer
●● What are some of the functions performed by retailers?
Answer: - Providing an assortment of products and services.
- Breaking bulk.
,- Holding inventory.
- Providing service and services.
●● Define CSR:
Answer: - Voluntary actions taken by a company to address ethical,
social and environmental impacts of its business operations and the
concerns of its stakeholders.
- Retailers need to explain the impact of their business practices and to
implement suitable strategies to seize related opportunities.
●● Define Inter-type Competition:
Answer: Competition among firms in different types of businesses but
which sell the same product
●● Define Scrambled merchandise
Answer: A situation that occurs when a retail business offers a mix of
unrelated products that do not reflect the company's original focus.
●● What is a retail strategy?
Answer: The retail strategy indicates how the firm plans to focus its
resources to accomplish its objectives.
Identifies:
, - The target market/s
- The nature of the merchandise and/or services offered
- How the retailer will build a long-term advantage over the competition
●● Examples of strategic decision areas:
Answer: - market
- location
- financial
- organizational structure and HR
- information systems
-supply chain
- CRM
●● How do managers implement the retail strategy?
Answer: - Develop a retail mix that satisfies the needs of the target
market better than the competition.
- Decision variables that will satisfy needs but also influence purchase
decisions.
- Managers must determine how to recruit, select and motivate sales
associates.
