Marketing Management Exam Solutions
Course Introduction
Marketing Management provides a comprehensive exploration of the principles, strategies, and tactics essential to effectively managing marketing functions within organizations. The course covers key topics such as market analysis, consumer behavior, segmentation, targeting, positioning, product development, branding, pricing strategies, distribution channels, and the integration of digital marketing tools. Students learn to apply analytical and decision-making skills to real-world marketing challenges, develop marketing plans, and assess the effectiveness of marketing campaigns, preparing them to contribute to and lead marketing efforts in a variety of business environments.
Recommended Textbook
Retailing Management 9th Edition by Michael Levy
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18 Chapters
1647 Verified Questions
1647 Flashcards
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Page 2
Chapter 1: Introduction to the World of Retailing
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87 Verified Questions
87 Flashcards
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Sample Questions
Q1) Florals is a popular retail chain specializing in women's lingerie and perfume.It designs the merchandise being sold in the store.Therefore,Florals is practicing _____.
A) channel expansion
B) scrambled merchandising
C) backward integration
D) horizontal integration
E) product diversification
Answer: C
Q2) How do retail information and supply chain management help retailers gain a strategic advantage?
Answer: Retail information and supply chain management systems offer a significant opportunity for retailers to gain strategic advantage.Retailers are developing sophisticated computer and distribution technologies to monitor flows of information and merchandise from vendors to retail distribution centers to retail stores.These technologies are part of an overall inventory management system that enables retailers to (1)make sure desired merchandise is available when customers want it and (2)minimize the retailer's inventory investment.
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Chapter 2: Types of Retailers
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Sample Questions
Q1) What type of store is Kohl's considered to be?
A) Off-price retailer
B) Department store
C) Full-line discount store
D) Extreme value retailer
E) Specialty retailer
Answer: B
Q2) What can department stores do to differentiate their merchandise offering and strengthen their image?
A) Increase their pricing
B) Decrease the variety and assortment of merchandise within the store
C) Seek exclusive arrangements with nationally recognized brands
D) Merge with faltering retailers to gain their market share
E) Start selling both soft goods and hard goods
Answer: C
Q3) Extreme-value retailers primarily target low-income consumers.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Multichannel Retailing
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64 Flashcards
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Sample Questions
Q1) _____ involves selling the same products at the same prices through the same distribution system for all channels.
A) Channel migration
B) Showrooming
C) Automated retailing
D) Complete integration
E) Personalization
Answer: D
Q2) Mason's is an apparel store which also offers online shopping apart from its stores.Therefore,Mason's is a(n)_____.
A) computerized retailer
B) direct seller
C) electronic retailer
D) single-channel retailer
E) multichannel retailer
Answer: E
Q3) Stores offer immediate gratification to customers.
A)True
B)False
Answer: True
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Chapter 4: Customer Buying Behavior
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Sample Questions
Q1) Catherine derives pleasure from her aromatherapy sessions at the Mystique Resort and Spa.She enjoys the attention and respect given to her by the staff.Hence,Catherine's hedonic needs are satisfied by a sense of _____ at the spa.
A) adventure
B) motivation
C) status and power
D) deliberation
E) stimulation
Q2) How can brand loyalty become a problem for retailers?
A) Brand loyalty mostly has an adverse impact of retailer loyalty.
B) Retailers may develop problems with the suppliers of the brand.
C) Private-label brands generally cause problems for a retailer.
D) Retailers need to focus on all the performance benefits.
E) Brand loyalty impacts the extended problem solving process.
Q3) How can a retailer use the multiattribute model to encourage customers to shop more frequently?
Q4) How does the brand loyalty of customers impact retailers?
Q5) What are the four criteria used for evaluating retail market segments?
Q6) Explain briefly the consumer buying process.
Page 6
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Chapter 5: Retail Market Strategy
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Sample Questions
Q1) Lezos LLC,a chain of international restaurants,has operations in more than 50 countries around the world.The company has a practice of investing in projects long enough for them to become successful.Which of the following is most likely a reason for the success of Lezos in international markets?
A) A global culture
B) Adaptability
C) Human resources
D) Financial resources
E) Rigidity
Q2) Describe franchising.
Q3) Why would a retailer desire to have private-label or store brands?
Q4) Which of the following factors is classified as environmental dynamics?
A) Market size
B) Seasonality
C) Barriers to entry
D) Social changes
E) Competitive rivalry
Q5) Differentiate between related and unrelated diversification.
Q6) List the key opportunities for success in global retailing.
Q7) How can a retailer use the market penetration opportunity to foster growth?
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Chapter 6: Financial Strategy
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Sample Questions
Q1) Identify and describe the measures retailers use to assess their financial performance.
Q2) If the executives for Office Max LLC,a chain of office supply stores,developed the chain's objectives by asking buyers and store managers to forecast sales and merchandise for the next year,and then transmitted those estimates up the organization to the top level,it would be an example of _____ planning.
A) accountable
B) bottom-up
C) conventional
D) direct
E) functional
Q3) Identify and describe the three types of objectives retailers might have in the strategic planning process.
Q4) Asset turnover _____.
A) is calculated from information found on a firm's income statement
B) is calculated by dividing total assets by net sales
C) reveals how profitable a company is
D) is net sales divided by total assets
E) is another term for inventory turnover
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Chapter 7: Retail Locations
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Sample Questions
Q1) Where is a central business district typically located?
A) Downtown area
B) Rural area
C) Semi-urban area
D) Airport
E) Shopping malls
Q2) The retail tenants in Underground Atlanta are similar to those found in specialty centers,except that they are all small.Their goal is to create a unique shopping environment for customers.What type of shopping center is Underground Atlanta?
A) Power shopping center
B) Regional mall
C) Strip center
D) Theme/festival center
E) Central-business district
Q3) Why have many central business districts (CBD)been declining in the United States and what are developers doing to revive CBDs?
Q4) What are the advantages and disadvantages of choosing a freestanding site for your retail store?
Q5) Why is choosing a good location such an important decision for a retailer?
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Chapter 8: Retail Site Location
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Sample Questions
Q1) A city of 50,000 or more inhabitants,or an urbanized area of at least 50,000 inhabitants,with adjacent communities having a high degree of economic and social integration with the core community is called a:
A) metropolitan urban development.
B) competitive statistical area.
C) statistical demographic area.
D) metropolitan statistical area.
E) trade area.
Q2) When Benjamin purchased a camera at Best Buy,the cashier asked him for his home zip code.Which of the following approaches was Best Buy using to identify the trade area for the store?
A) Customer clustering
B) Residential research
C) Financial demographics
D) Geographic research
E) Customer spotting
Q3) What are two main issues to consider when negotiating a store's lease?
Q4) A food court is an example of utilizing the principle of cumulative attraction.
A)True
B)False
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Chapter 9: Human Resource Management
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Sample Questions
Q1) Rebecca works at a regional department store.Due to her artistic skills,she is responsible for creating floor and window displays.This is all she does at the store.Which of the following is this an example of?
A) Decentralization
B) Centralization
C) Strategic management
D) Specialization
E) Unity of tasks
Q2) Which of the following HR activities can build a competitive advantage for retailers?
A) Work-life balance programs
B) Selective hiring and training
C) Policies and compensation
D) Compensation and incentives
E) Incentives and benefit programs
Q3) Define organization structure.
Q4) Centralization makes it easy for a retailer to adapt to local market conditions.
A)True
B)False
Q5) Define distributive justice and procedural justice.
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Chapter 10: Information Systems and Supply Chain Management
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Sample Questions
Q1) Which of the following terms describe the process of moving returned goods to the retailer from the consumer to the DC and then to the vendor for the purpose of capturing value or proper disposal?
A) Ticketing
B) Reverse logistics
C) Marking
D) Cross-docking
E) Exception management logistics
Q2) _____ is the aspect of supply chain management which refers to the planning,implementation,and control of the efficient flow and storage of goods,services,and related information.It follows the process from the point of origin to the point of consumption to meet customers' requirements.
A) Logistics
B) Total quality management
C) Warehousing
D) Distribution
E) Material flow management
Q3) Identify and describe the vendor-managed inventory approach.
Q4) Compare and contrast the push and pull supply chain methods.
Page 12
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Chapter 11: Customer Relationship Management
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85 Flashcards
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Sample Questions
Q1) Developing retail programs for small groups or individual customers is referred to as 1-to-1 retailing.
A)True
B)False
Q2) Which of the following statements does NOT describe how retailers use a customer lifetime value (CLV)?
A) CLV is used to identify and cater to the best and more profitable customers.
B) CLV should be estimated under the assumption that the customer's future purchase behaviors will be the same as they have been in the past.
C) Sophisticated statistical methods are typically used to estimate the future contributions from past purchases.
D) An RFM analysis is often used by catalog retailers and direct marketers in estimating their customers' lifetime value.
E) A customer who spends $800 twice a year has a higher CLV than a customer that spends $100 each month.
Q3) How is the customer pyramid more appropriate than the 80-20 rule when identifying customers?
Q4) How can retailers enhance customer loyalty?
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Chapter 12: Managing the Merchandise Planning Process
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Sample Questions
Q1) Merchandise like men's crew socks,canned peas,college ruled loose leaf paper,and 60-watt light bulbs would be considered _____ that are in continuous demand over an extended time period.
A) expected merchandise
B) sample merchandise
C) staple merchandise
D) seasonal merchandise
E) fashion merchandise
Q2) Assortment,or depth,of a merchandise category is the number of different merchandising subcategories offered.
A)True
B)False
Q3) _____ refers to inventory for which the level goes up and down in response to the replenishment process.
A) Cycle stock
B) Backup stock
C) Basic stock
D) Perpetual inventory
E) Order point
Q4) How can having a high backup stock adversely affect a retailer?
Page 14
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Chapter 13: Buying Merchandise
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Sample Questions
Q1) Spring Clean,Sparkle Glass,and Dazzle Floor are various cleaning liquids marketed under the brand name Clean Homes.Therefore,Clean Homes is a(n)_____.
A) premium brand
B) copycat brand
C) umbrella brand
D) exclusive brand
E) subbrand
Q2) Retailers use _____ to get quality private-label merchandise at low prices.
A) chargebacks
B) buybacks
C) reverse auctions
D) commercial bribery
E) markdown money
Q3) _____ are charges imposed by a retailer to stock a new item.
A) Chargebacks
B) Slotting allowances
C) Additional markup dollars
D) Advertising allowances
E) Markdown allowances
Q4) What are the major issues that a buyer discusses during a meeting with a vendor?
Page 15
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Chapter 14: Retail Pricing
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Sample Questions
Q1) What are the ways markdown merchandise can be consolidated?
Q2) Which of the following is an example of a fixed cost for a bridal gown shop?
A) The services of the seamstress to fit each gown
B) The cost associated with dying the shoes to match the bridesmaids' dresses
C) The cost associated with the layaway of variously priced gowns
D) The cost of the mannequin used to display current gowns
E) The cost associated with a generous return policy
Q3) How are retailers affected by scanning errors? What are the measures taken to minimize these errors?
Q4) A _____ is a promise to customers to sell currently out-of-stock merchandise at the advertised price when it arrives.
A) rain check
B) price audit
C) bona fide reference price
D) maintained markup
E) dynamic pricing policy
Q5) Describe geofencing.
Q6) What are the strengths of operating with a high/low pricing strategy?
Q7) What are the limits of the rule-based approach of taking markdowns?
Q8) Describe the difference between initial markup and maintained markup.
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Chapter 15: Retail Communication Mix
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Sample Questions
Q1) Communication objectives are specific goals related to the retail communication mix's effect on the customer's decision-making process.
A)True
B)False
Q2) Which of the following is typically the last step in developing a retail communication program?
A) Implement and evaluate programs.
B) Establish objectives.
C) Determine budget.
D) Allocate budget.
Q3) Why is it problematic for retailers to spend about the same on communication programs for each geographic region?
Q4) What is a brand?
Q5) The value a brand image provides retailers is referred to as _____.
A) brand acceptance
B) brand visibility
C) brand awareness
D) brand equity
E) brand loyalty
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Chapter 16: Managing the Store
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Sample Questions
Q1) What is a quota-bonus plan?
Q2) _____ leaders make all decisions on their own and then announce them to employees.
A) Chaotic
B) Autocratic
C) Democratic
D) Persuasive
E) Transformational
Q3) Jane works at Pedro's LLC as a store manager.She is responsible for determining the employees assigned to each area of the store during each hour.Which of the following terms best describe Jane's role?
A) Enterprise architecture planning
B) Dirigisme scheduling
C) Spatial planning
D) Contingency planning
E) Labor scheduling
Q4) Explain the differences between an autocratic leader and a democratic leader.
Q5) What are the approaches a retailer can consider when working to reduce employee theft?
Q6) What is a behavioral interview?
Page 18
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Chapter 17: Store Layout, Design, and Visual Merchandising
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Sample Questions
Q1) William is always looking for a bargain and frequently visits the meat department to see the markdowns for meat dated to be sold that day.He finds a signage stating a half-price sale.This signage is an example of a _____.
A) promotional signage
B) category signage
C) locational signage
D) point-of-sale signage
E) lifestyle signage
Q2) Which of the following statements is true about the racetrack layout?
A) It is also called the free-form layout.
B) It cannot be used in department stores because it makes large stores look cluttered.
C) It encourages unplanned purchasing.
D) It is not as aesthetically pleasing as the grid layout.
E) It is very cost efficient.
Q3) What are the two basic shopping goals and how can the impact of a store's environment influence the customer's shopping goals?
Q4) What is the rationale behind placing destination merchandise throughout the store?
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Chapter 18: Customer Service
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Sample Questions
Q1) How can retailers reduce the knowledge gap?
Q2) _____ makes it hard to provide and maintain high-quality service because retailers cannot easily measure or check the service before it gets delivered to customers.
A) Intangibility
B) Flexibility
C) Assurance
D) Empathy
E) Instrumental support
Q3) Customer expectations are based on a customer's knowledge and experiences.
A)True
B)False
Q4) Which of the following services can customers expect to find in department stores,specialty stores,and full-line discount stores?
A) Acceptance of credit cards
B) Alteration of merchandise
C) Extended store hours
D) Personal shoppers
E) All of these
Q5) What are the steps involved in effective service recovery?
Page 20
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