Retail Management Exam Questions
Course Introduction
Retail Management is a comprehensive course that explores the principles, strategies, and operations involved in the retail industry. Covering topics such as store layout, merchandising, inventory control, supply chain management, and customer relationship management, the course provides students with practical tools and theoretical insights necessary to succeed in todays competitive retail environment. Students will examine current trends, digital transformation in retail, and consumer behavior to understand how retailers create value and drive business growth, preparing them for various roles within the retail sector.
Recommended Textbook
Contemporary Marketing 17th Edition by Louis
E. Boone
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Page 2
Chapter 1: Marketing: the Art and Science of Satisfying Customers
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Sample Questions
Q1) Enterprise Rent-A-Car has invested in new equipment to reduce their carbon footprint and conserve energy.A large percentage of Enterprise's airport shuttle buses use cleaner fuel such as biodiesel.Focusing on reducing their carbon footprint is one way that Enterprise is demonstrating __________.
A)social responsibility
B)carbon dating
C)environmental consciousness
D)strategic conservation
Answer: A
Q2) Marketing of a product begins after it hits the shelf.
A)True
B)False
Answer: False
Q3) In relationship marketing,employees serve customers within an organization as well as outside it.
A)True
B)False
Answer: True
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Chapter 2: Strategic Planning in Contemporary Marketing
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Sample Questions
Q1) The Internet has impacted business for new firms by increasing the barriers to market entry.
A)True
B)False
Answer: False
Q2) Marketing planning establishes the basis for a firm's overall strategic plan.
A)True
B)False
Answer: False
Q3) Justin is the marketing director for Tire Rack and is responsible for working with their advertising agency and identifying the messages and means for communicating with customers.Justin's job involves the ______ strategy of the marketing mix.
A)promotion
B)product
C)communication
D)distribution
Answer: A
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Page 4
Chapter 3: The Marketing Environment, ethics, and Social Responsibility
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Sample Questions
Q1) During an eighteen-month period,sales of Mercedes automobiles,Carnival Cruise vacations,and Florida real estate increased by at least 20 percent.A marketer might deduce that the business cycle is in the late stages of recovery or experiencing a period of economic prosperity.
A)True
B)False
Answer: True
Q2) Indirect competition occurs among marketers of:
A)similar products.
B)products that satisfy different needs.
C)products that can be easily substituted.
D)products that belong to different categories.
Answer: C
Q3) Which of the following is a critical issue facing governmental agencies regarding ethics in marketing research?
A)Personal selling
B)Truth in advertising
C)Planned obsolescence
D)Invasion of personal privacy
Answer: D
Page 5
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Chapter 4: Social Media: Living in the Connected World
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Sample Questions
Q1) Because of the ethical and legal issues that come with the benefits of social media,marketers must be extra careful about what they include in the postings,ads,comments,and even images they include in their social media communications.You are well aware of this important requirement,so you always check your social media communications:
A)to ensure they use the latest social media slang language.
B)to ensure they make fair and realistic claims or promises.
C)to ensure the appropriate fonts are used.
D)to ensure they encourage the consumer to take action immediately.
E)to ensure they are presented in multiple languages.
Q2) Which of the following social media platforms gives users a place to save,organize,or manage links to websites or other Internet resources?
A)Social news site
B)Social networking site
C)Bookmarking site
D)Blogging site
Q3) Define social media.What are the basic forms of social media?
Q4) QR codes can be scanned only with the help of a dedicated QR code reader.
A)True
B)False
Page 6
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Chapter 5: E-Business: Managing the Customer Experience
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Sample Questions
Q1) B2B e-marketing has been shown to:
A)create price increases in the distribution component of the marketing mix.
B)make it possible for marketers to find new markets and customers.
C)lag behind B2C transactions in terms of volume and revenue generation.
D)increase purchasing costs by nearly 25 percent.
Q2) E-business is the most popular Web function,followed by communication.
A)True
B)False
Q3) B2B e-marketing refers to the use of the Internet for business transactions between organizations.
A)True
B)False
Q4) It is more challenging for companies to defend against insiders stealing classified information than the attacks that come from outside organizations.
A)True
B)False
Q5) What is business-to-business (B2B)e-marketing? What are its features? What are the tools that are associated with the functions of B2B e-marketing?
Q6) Write a brief note on search marketing.
Page 7
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Chapter 6: Consumer Behavior
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Sample
Questions
Q1) If 'B' represents consumer behavior,'I' represents interpersonal influences,'P' represents personal influences,and 'E' represents pressures exerted by outside environmental forces,Kurt Lewin's statement,rewritten to apply to consumer behavior,states that:
A)B = f (I,P).
B)P = f (B,P).
C)B = (I,E).
D)P = (I,E).
Q2) A shift in cultural values away from accumulating material possessions to spending time with family and friends benefit those who market:
A)expensive automobiles.
B)luxury cars.
C)amusement parks and picnic areas.
D)children's designer clothes.
Q3) Advertisements that utilize closure have a good chance of catching the attention of consumers as they try to complete the advertising message with a limited amount of stimuli.
A)True
B)False
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Page 8
Chapter 7: Business-To-Business B2bmarketing
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Sample Questions
Q1) In recent years,large equipment manufacturers such as Caterpillar and Komatsu have focused on the mining industry as a major growth area.However,in recent months the mining industry is showing signs of a recession and mines around the world are reducing their output and laying off workers.Due to the decline in sales of raw materials coming from the mine,Caterpillar has experienced a decline in sales of mining equipment.Which of the following best describes the demand for Caterpillar equipment in the mining industry?
A)derived
B)volatile
C)joint
D)inelastic
Q2) _____ is an accounting term that refers to charging a portion of a capital item's cost as a deduction against the company's annual revenue for purposes of determining its net income.
A)Valuation
B)Depreciation
C)Accretion
D)Depletion
Q3) Describe the major approaches used by marketers to segment business-to-business markets.
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Chapter 8: Global Marketing
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Sample Questions
Q1) At an international company's staff meeting,a division manager introduces employees to the latest update on the friendship,commerce,and navigation treaties (FCN)with other governments.She shows slides of information from the U.S.Department of State's annual publication Treaties in Force.Which fact is evident from the staff meeting information?
A)The details of treaties are subject to change because the updates are published each year.
B)The Department of State provides advice to individual businesses about FCN treaties. C)FCN treaties tell the outside world which countries are favored by the United States.
D)The department that works with the legal environment for foreign divisions is chaotic. E)The company is looking to avoid being sued by the U.S. government.
Q2) A nation's basic system of transportation networks,communication systems,and energy facilities is referred to as its infrastructure.
A)True
B)False
Q3) Discuss the ISO certification.
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Chapter 9: Market Segmentation, targeting, and Positioning
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Sample Questions
Q1) A(n)_____ is a tool that helps marketers place products in a market by graphically illustrating consumers' perceptions of competing products within an industry.
Q2) State Engel's laws.How have these laws changed in the recent years?
Q3) The tagline used by Walmart,"Save money.Live better" is an example of a positioning strategy that is based on _____.
A)quality
B)attributes
C)product users
D)competitors
Q4) Dividing an overall market into homogeneous groups based on gender and age would constitute demographic segmentation.
A)True
B)False
Q5) Very few residents of a micropolitan statistical area commute outside the area.
A)True
B)False
Q6) Define market segmentation.Discuss its role in developing an effective marketing strategy.
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Chapter 10: Marketing Research in the Era of Big Data
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Sample Questions
Q1) Erica is a marketing researcher involved in improving retail store layouts.Erica would like to know the order in which various types of products are purchased by customers.Erica also wants to find out what type of assistance is required by the customers while purchasing products.The best method for Erica to collect this data would be by:
A)observation.
B)telephonic surveys.
C)voluntary mail-back questionnaires.
D)Delphi technique.
Q2) Sydney is a marketing researcher for an advertising agency and is gathering _______ data from the Census Bureau to determine the characteristics of people living in a 3-county area within the state of Texas.
A)secondary
B)primary
C)federal
D)private
Q3) List the strengths and limitations of secondary data in comparison with primary data.
Q4) How has the marketing research function developed in the recent years?
Q5) Explain the origins of the era of big data in marketing research.
Page 12
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Chapter 11: Relationship Marketing and Customer
Relationship Management Crm
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Sample Questions
Q1) _____ marketing is the development,growth,and maintenance of cost-effective,high-value associations with individual customers,suppliers,and other partners over time.
A)Relationship
B)Transaction-based
C)Substitutive
D)Associative
Q2) Relationship marketing focuses on developing long-term,high-value relationships with many different stakeholders including _______________.
A)creditors
B)consumer advocacy groups
C)environmentalists
D)distributors
E)regulators
Q3) Firms focus on acquiring new customers rather than retaining existing customers,as new customers account for nearly 70 percent of new business for a firm.
A)True
B)False
Q4) What is internal marketing? Why is internal marketing important for a firm?
Page 13
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Chapter 12: Product and Service Strategies
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Sample
Questions
Q1) Product line extension refers to the development of items that would expand the width of the product mix a company has to offer.
A)True
B)False
Q2) Internal analysis in the benchmarking process establishes a baseline for comparison.
A)True
B)False
Q3) Product lifecycles can stretch indefinitely as a result of decisions designed to increase the frequency of use by current customers; increase the number of users for the product or change package sizes,labels,or product quality. Indicate the answer choice that best completes the statement or answers the question.
A)True
B)False
Q4) The seller's image is very important for those marketers who sell convenience products.
A)True
B)False
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Chapter 13: Developing and Managing Brand and Product Categories
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Sample Questions
Q1) Dali stationery and office supplies is a market leader in China.The company wants to expand its business and is setting up retail chains in other Asian countries.Which of the following new-product development strategies is being used by the company in the above scenario?
A)Market development strategy
B)Market penetration strategy
C)Product development strategy
D)Product diversification strategy
Q2) Which of the following factors has helped increase the importance of packaging as a marketing tool?
A)Marketers' emphasis on targeting large market segments
B)Increased popularity of generic products
C)Changes in consumer lifestyles and buying habits
D)Global economic recessive trends
Q3) The original objective of packaging was to:
A)create a brand image of the product.
B)indicate the quality of the product.
C)protect products from physical damage.
D)comply with government regulations.
Q4) Describe the stages involved in the consumer adoption process.
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Chapter 14: Marketing Channels and Supply Chain Management
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Sample Questions
Q1) John works for an ice-cream manufacturer.His department focuses on keeping the finished products fresh as well as ensuring that they reach the retailers on time as the products are highly perishable.In addition,his department decides on which flavors of ice cream should be sent to which retailers in various trade areas.John is most likely involved with:
A)reverse management.
B)horizontal integration.
C)downstream management.
D)backward integration.
Q2) Birky Trucking is a family-owned trucking company serving the agriculture industry in the Midwest.They have a fleet of 8 trucks and establish contracts with individual farmers or manufacturing companies who contract with farmers such as Libby's and DelMonte.Birky Trucking does not offer their services to the general public and are classified as _____ carriers.
A)contract
B)private
C)common
D)over-the-road
Q3) Define marketing intermediaries.Give two examples.
Q4) Define distribution intensity and explain its three levels.
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Chapter 15: Retailers, wholesalers, and Direct Marketers
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Sample Questions
Q1) A lifestyle center is a type of planned shopping center that:
A)provides a wide assortment of convenience, shopping, and specialty goods, plus many service facilities.
B)is usually located near a regional or superregional mall and brings together several huge specialty stores as standalone stores in a single trading area.
C)offers a combination of shopping, live entertainment, movie theatres, restaurants, decorative fountains, and much more in an attractive outdoor environment.
D)offers a product mix that is usually confined to convenience items and some limited shopping goods.
Q2) A selling agent is an ideal marketing channel for weakly financed,production-oriented firms.
A)True
B)False
Q3) A manufacturer's representative can work only for a single manufacturer.
A)True
B)False
Q4) What are the different services provided by wholesaling intermediaries?
Q5) Define category killers.Give an example.
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Chapter 16: Integrated Marketing Communications,
advertising, and Public Relations
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Sample Questions
Q1) Which of the following is true of celebrity testimonials?
A)The most effective celebrity testimonial ads use the most popular celebrity regardless of his/her credibility as a message source.
B)The most effective celebrity testimonial ads link the celebrity and the advertised good or service.
C)The most effective celebrity testimonial ads feature those celebrities who endorse the most number of products.
D)The celebrity testimonial ads tend to be effective only when they are displayed in print media.
Q2) Product placement is a form of non-personal selling where:
A)a company pays a fee to have its products displayed prominently at department stores.
B)a company pays a fee to have its products displayed prominently in a film or TV show.
C)a company engages in promotional tie-ins with other firms through co-branding.
D)a company positions its TV commercials during prime hours for its target market.
Q3) Define cross-promotion.Explain why is it used.Give examples of cross-promotion.
Q4) Explain the AIDA concept.
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Chapter 17: Personal Selling and Sales Promotion
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Q1) Describe over-the-counter and field selling.
Q2) Missionary selling is an indirect sales approach that focuses on promoting goodwill for the firm.
A)True
B)False
Q3) The use of technology in order-processing tasks can lead to an increase in:
A)the accuracy of processing an order.
B)the demand for the number of salespeople.
C)the time required to process an order accurately.
D)the sales quota to be fulfilled by each salesperson.
Q4) When personal selling efforts use telephone technology in a sales approach where the sales representative initiates the calls,it is known as _____ telemarketing.
A)inbound
B)proactive
C)network
D)outbound
Q5) Creative selling mainly deals with maintaining existing business with customers. A)True
B)False
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Chapter 18: Pricing Concepts
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Sample
Questions
Q1) Stefan has worked in the restaurant industry for over 20 years and recently signed a lease and plans to open his own restaurant in the next several months.He's working with his chef and bar manager to determine menu items and pricing.Of course,his pricing must be competitive as well as enable the business to cover costs and earn a profit.He decides that he will utilize a 60% mark-up on costs and informs the chef and bar manager to utilize this basis when determining prices for menu items.What method of pricing is Stefan utilizing?
A)cost-plus pricing
B)full-cost pricing
C)incremental-cost pricing
D)value-add pricing
Q2) The supply side of the pricing equation focuses on revenue curves.
A)True
B)False
Q3) Pricing can be used to modify consumer behavior.
A)True
B)False
Q4) What are the major weaknesses of traditional breakeven analysis?
Q5) Discuss cost-plus pricing.
Q6) Define price.Explain why setting prices can be a difficult process.
Page 20
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Chapter 19: Pricing Strategies
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Q1) Skimming is an effective strategy to use when products are distinctive or have little competition.
A)True
B)False
Q2) Exporters who implement dual pricing policies can make profit by selling any product in international markets.
A)True
B)False
Q3) What is a bot? How does it influence the online pricing of products?
Q4) Retailers achieve opening price point by pricing a quality private-label product above those of manufacturer's brands.
A)True
B)False
Q5) A dual pricing strategy provides more flexibility to set prices with changing market conditions than a market-differentiated pricing strategy.
A)True
B)False
Q6) What are allowances? What are the major categories of allowances?
Q7) Explain everyday low pricing.
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Chapter 20: Developing an Effective Marketing Plan
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Sample Questions
Q1) The mission statement puts into words an organization's overall purpose and reason for being.
A)True
B)False
Q2) A large company sells some of its business units to help cut costs,bolster its share price and diversify its business interest.This is an example of a firm employing a(n):
A)exit strategy.
B)pricing strategy.
C)distribution strategy.
D)promotion strategy.
Q3) Which of the following is used to identify the firm's strengths,weaknesses,opportunities,and threats within the marketing environment?
A)Business portfolio analysis
B)Breakeven analysis
C)SWOT analysis
D)Marginal analysis
Q4) What are the reasons a company should develop a marketing plan?
Q5) Describe the different components of a business plan.
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Chapter 21: Financial Analysis in Marketing
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Sample Questions
Q1) Venus Inc.,a software consulting firm,had depreciation of $20.8 million and a net interest expense of $3.2 million for the past year.The firm's operating profit for the same year was $319.0 million.What was the firm's taxable income for the past year?
A)$400 million
B)$299.2 million
C)$295 million
D)$316.8 million
Q2) Subtracting depreciation and net interest expense from the firm's operating profit reveals the firm's taxable income.
A)True
B)False
Q3) Depreciation is an unusual expense because it does not involve an actual cash expense.
A)True
B)False
Q4) Cost of goods sold represents the revenue a firm receives from goods sold to customers.
A)True B)False
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