Retail Strategy Exam Preparation Guide
Course Introduction
Retail Strategy explores the dynamic and competitive landscape of the retail industry, focusing on the development and implementation of effective strategies for retailers of all sizes and formats. Through the analysis of current trends, consumer behavior, digital transformation, and supply chain management, students gain insights into how retailers create value, achieve differentiation, and sustain profitability. The course covers topics such as market positioning, merchandising, pricing, omni-channel integration, and customer relationship management, equipping students with the tools to assess retail environments and formulate innovative strategic solutions to real-world retail challenges.
Recommended Textbook
Retailing Management 4th Canadian Edition by Michael Levy
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15 Chapters
1641 Verified Questions
1641 Flashcards
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Chapter 1: Introduction to the World of Retailing
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) A video rental,the purchase of a book on Amazon.com,buying a George Foreman Grill after watching an infomercial and getting a pedicure are all examples of ________ activities-the sale of goods and services to the ultimate consumer.
Answer: retailing
Q2) Delia was delighted to see that the local Shoppers Drug Mart carried milk,bread,and snacking crackers.Her delight indicates she has never seen:
A) a deep product assortment
B) an acceptable merchandising mix
C) a retail mix
D) scrambled merchandising
E) this type of intratype competition
Answer: D
Q3) Retailers are the final business in a distribution channel that link manufacturers to _______.
Answer: consumers
Q4) What is the retailer's role in the distribution channel?
Answer: The retailer's role in the distribution channel is to link manufacturers to consumers by directing their efforts to satisfying the needs of the ultimate consumers.
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Page 3
Chapter 2: Types of Retailers
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Target and Walmart are examples of:
A) convenience stores
B) department stores
C) discount stores
D) specialty stores
E) variety stores
Answer: C
Q2) Which of the following is a benefit of store channel shopping?
A) The touch and feel of products
B) Personal service
C) The ability to make cash payments
D) The ability to browse
E) All answers provided are correct.
Answer: E
Q3) How do retailers adjust their pricing strategy because of the competition they face in different channels?
Answer: They may offer different prices in different channels.
Q4) Which type of store is the most intense competitor for the discount store?
Answer: The category specialist.
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Chapter 3: Customer Buying Behaviour
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) __________ segmentation is the primary means for segmenting the aging baby boomer retail market.
A) Lifestyle
B) Geographic
C) Benefit sought
D) Psychographic
E) Demographic
Answer: E
Q2) Lifestyle refers to:
A) the way people live
B) how people spend their time and money
C) consumers' attitudes about the world they live in
D) what activities people pursue
E) all of these
Answer: E
Q3) What does it mean when a retailer says that she wants to find a retail market segment that has actionability?
Answer: Actionability means that the definition of a segment must clearly indicate what the retailer should do to satisfy its needs.
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Page 5
Chapter 4: Retail Market Strategy
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) A management orientation that focuses a retailer on determining its target market's needs and satisfying those needs more effectively than its competitors is called:
A) the retail mix
B) the retailing concept
C) a merchandise assortment plan
D) a management style
E) the communication management
Q2) The parking lot of the Chevy Café contains four vintage restored Chevrolets from the 1950s and 1960s.The café building is painted the same colour blue as used on 1964 Chevrolets.The booths inside are made to look like car bench seats.The food served is limited to burgers,hotdogs,shakes,and fries.The café's image as a retro place to eat is an example of the implementation of a/an __________ strategy.
A) detailing
B) imaging
C) positioning
D) response-stimulus
E) retail perception
Q3) How can a retailer use the market penetration opportunity to foster growth?
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Chapter 5: Retail Locations Strategytrade Area Decisions and
Site Assessment
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160 Verified Questions
160 Flashcards
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Sample Questions
Q1) A/An ______________ store is one that does not create its own traffic and whose trade area is determined by the dominant retailer in the shopping centre.
Q2) Why would a small retailer be interested in a kiosk?
A) A kiosk can offer more variety.
B) Kiosks provide better prices than the competition.
C) Shoppers prefer kiosks because it offers more space to shop avoiding the butt-brush effect.
D) They can be in prime mall locations.
E) There is a greater ability to access more customers than a traditional retail store.
Q3) Which of the following best describes outlet centres?
A) They are generally near regional shopping centres
B) They are typically located near traditional regional malls
C) They may have a trade area of 100 kilometres or more
D) They never offer first-quality, full-line merchandise
E) They are usually enclosed
Q4) What type of shopping centre is composed of upscale apparel shops,boutiques,and gift shops carrying selected fashions or unique merchandise of high quality and price?
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Chapter 6: Store Design, layout, and Visual Merchandising Strategy
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) A bookstore organizes its stock by topic.It has a mystery novel section,a romance novel section,a how-to-do-it section,a travel book section,etc.The bookstore is obviously using a _____ presentation.
A) style/item
B) book cover
C) horizontal
D) customer benefit
E) usage
Q2) _____________ is used when retailers offer a limited number of predetermined price points within a classification.
A) Flexible pricing
B) Price lining
C) Price presentation
D) Competitive pricing
E) Price limiting
Q3) Name two methods of encouraging customers to explore merchandise throughout the store.
Q4) The _____________ store layout arranges fixtures and aisles asymmetrically.
Q5) What is a disadvantage of using a rounder?
Q6) What are the disadvantages of the free-form layout? Page 8
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Page 9
Chapter 7: International Retailing Strategy
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43 Verified Questions
43 Flashcards
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Sample Questions
Q1) Tariffs,also known as ______________,are taxes placed by a government on imports that increase the cost of merchandise imported from international sources.
Q2) ________________ prompted American big-box retailers and category killers to expand into Canada.
Q3) The majority of the largest global retailers are involved in the ____________ sector.
Q4) What are some problems encountered by Canadian retailers which experienced failure when they expanded into the American market?
Q5) In terms of sales,the largest retailer in the world is:
A) Costco
B) Carrefour
C) Sears
D) Walmart
E) Home Depot
Q6) North America's largest shopping mall is ___________________________.
Q7) What are the advantages of a foreign market joint venture to Canadian retailers? What is a disadvantage of this method?
Q8) What makes global site location decisions more difficult for market entrants?
Q9) What is a globally sustainable competitive advantage?
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Chapter 8: Financial Strategy
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Bernie wanted to know what the net sales and the net profit after tax were during the year 2004 for his nephew's business,The Big Man Shop.Bernie should look at the store's:
A) balance sheet
B) financial leverage statement
C) income statement
D) profitability statement
E) strategic profit model
Q2) When Morgan Hardware Stores orders two cases of paint from their supplier Sherwin-Williams on credit,the paint store has created for itself a/an:
A) notes payable
B) accounts payable
C) notes receivable
D) long-term liability
E) accounts receivable
Q3) In 2008,Claudia's Gems had net sales of $220,000,total assets of $390,000,total liabilities of $205,000,a cost of goods sold of $69,000,expenses of $82,000,and net profit after taxes of $29,000.Calculate the store's asset turnover ratio.
Q4) What are the three types of objectives a retailer might have?
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Page 11
Chapter 9: Information Systems and Supply Chain Management
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105 Verified Questions
105 Flashcards
Source URL: https://quizplus.com/quiz/61803
Sample Questions
Q1) What type of retailer would most likely benefit from the use of direct store delivery?
A) A big-box electronics retailer
B) A supermarket
C) A big-box discount store
D) A large department store
E) A mall specialty store
Q2) __________________________ usually provide a full range of services including tracking inland transportation,preparing shipping and export documents,warehousing,booking cargo space,negotiating freight charges,consolidating freight,insuring cargo,and filing insurance claims.
A) Public warehouses
B) Distribution centres
C) Push chain logistics companies
D) Freight forwarders
E) Retail trucking companies
Q3) _____________________________ is the computer-to-computer exchange of business documents from retailer to vendor and back.
Q4) How can retailers that use a QR system reduce logistics expenses?
Page 12
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Chapter 10: Merchandise Management
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) Which of the following is true about the way most retailers operate?
A) Work to achieve adequate return on investment to the owners.
B) The primary goal is to sell merchandise.
C) Merchandise management is selling the right merchandise at the right time.
D) After financial objectives are set, buying decisions are made.
E) All of these are true.
Q2) What is a potential problem with establishing a category captain?
Q3) A retailer that sells 10-pound bags of senior dog food has found that some weeks he sells thirty 10-pound bags and other weeks he sells none.A reorder can take up to three weeks.The probability of running out of that size bag of dog food and alienating his customers can be alleviated by maintaining:
A) cycle stock
B) base stock
C) seasonal stock
D) safety stock
E) staple stock
Q4) _________ is used as a cushion for cycle stock so the retailer will not run out before the next order arrives.
Q5) What is the difference between variety and assortment?
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Chapter 11: Buying Strategies
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111 Verified Questions
111 Flashcards
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Sample Questions
Q1) If parallel branding attempts to benefit from the brand equity of a national brand by imitating its packaging and product qualities,then why is it not illegal?
Q2) Which of the following is TRUE of a grey-market good?
A) Grey-market merchandise is counterfeit merchandise.
B) Grey-market merchandise often is not the same quality and is visually different to merchandise brought into the country through normal channels.
C) A grey-market good is merchandise that possesses a valid North American registered trademark and is made by a foreign manufacturer but is imported into North America without permission of the trademark owner.
D) Grey-markets are a declining business
E) All of these are true of a grey-market good.
Q3) Why is it important to have open communication in a strategic relationship?
Q4) ___________________ are tangible investments in the strategic relationship between retailers and vendors.
Q5) Why would a retailer want to buy from vendors of manufacturer brands?
Q6) How are slotting fees different than commercial bribes?
Q7) What are credible commitments?
Q8) Why should retailers be interested in reducing tariffs?
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Chapter 12: Retail Pricing
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131 Verified Questions
131 Flashcards
Source URL: https://quizplus.com/quiz/181989
Sample Questions
Q1) As Jerome was leaving Ed's Electric,he noticed a bulletin board that featured small applications that he can send to the manufacturer with his receipt and receive a portion of what he spent on his digital TV back in the mail.What is this returned money called?
A) A coupon
B) A rebate
C) A price bundle
D) A multiple-unit price
E) A zone price
Q2) When do retailers using a high/low pricing strategy use markdowns?
Q3) Which of the following statements is/are true?
A) Under the cost-oriented method, the retail price is determined by adding a fixed percentage to the cost of the merchandise.
B) With the demand-oriented method, prices are based on what customers expect or are willing to pay.
C) The keystone method of setting price involves doubling the cost of the merchandise to obtain the initial retail selling price.
D) All of these statements are true.
E) None of these statements are true.
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Chapter 13: Human Resource Management and Staff Training Issues
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151 Verified Questions
151 Flashcards
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Sample Questions
Q1) Which of the following is a good technique for conducting a job analysis?
A) Hold a focus group containing employees with little seniority
B) Follow the federal government guidelines
C) Observe efficient employees performing the tasks that need to be analyzed
D) Gather secondary competitive data on job analyses at similar positions
E) Ask people who do not normally perform the tasks being analyzed how they would perform them
Q2) Behavioural Interviews:
A) Asks hypothetical questions of potential candidates
B) Asks candidates how they handled actual situations in the past
C) Asks for a list of strengths and weaknesses
D) Administers a series of tests to potential candidates
E) Is also known in the HR field as "Stress Interviews"
Q3) The process of managers sharing power and decision-making authority with employees is called ________________.
Q4) What are three ways human resource managers can motivate employees?
Q5) Name five ways an employer can seek employees in this tight labour market.
Page 16
Q6) What are the drawbacks of using incentives?
Q7) What are the three store management responsibilities?
Q8) Explain how an important challenge in retail is to reduce turnover.
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Page 17
Chapter 14: Building Customer Loyalty: Customer
Relationship Management and Service Strategies
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185 Verified Questions
185 Flashcards
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Sample Questions
Q1) What are the four factors that affect the service gap?
Q2) Devon read in the paper that the Rocket Pizza Parlour provided free pizza delivery.When she called the restaurant to ask for a delivery to her aunt who lived ten miles outside of town,Devon was told the delivery would cost her an additional five dollars.This is an example of a(n)___________________ gap.
Q3) What are the factors customers consider when they evaluate the resolution of a complaint?
A) The cost and the result desired
B) The severity of the complaint and the importance of the store to the customer
C) How it is dealt with and when it is dealt with
D) The price/quality trade-off and degree of fairness
E) Distributive fairness and procedural fairness
Q4) What is the easiest way,of the following,for a retailer that has a CRM program to determine the potential location of new stores?
A) Ask customers where they shop
B) Distribute customer surveys asking customer store preferences
C) Track sales in stores
D) Track Internet sales
E) Review the customer database to see where customers live
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Chapter 15: Appealing to the Customer: Retail Communication Mix
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96 Verified Questions
96 Flashcards
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Sample Questions
Q1) What can a retailer do to build the brand equity of its firm or private label merchandise?
Q2) Why are publicity and word-of-mouth more credible than information in paid communication sources?
Q3) An example of a(n)________________________ could include the relationship of coffee or the "roll up the rim to win" promotion with Tim Hortons.
Q4) What are the long-term and short term effects of communication programs?
Q5) What is the advantage of using either the affordable method or the percentage-of-sales method for setting retail communication budgets?
Q6) In advertising,what do we mean when we use the word,"impact"?
Q7) Allocating the budget to merchandise areas that will yield the greatest return is referred to as the ___________________________.
Q8) How can brands benefit the consumer?
Q9) ___________________ is the number of times a potential customer is exposed to a retailer's ad.
Q10) What are four ways retailers can use websites?
Q11) A(n)________________ is a combination magazine and catalogue. Page 19
Q12) What is a brand?
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Page 20