week 3

Question 1

is the different types of
product lines and products
that the retailer offers for
sale. Decisions regarding to
the assortment of products
include its width and depth.

Answer 1

Merchandise
Assortment

Question 2

is another important
consideration for a retailer.
The store’s physical layout
and atmosphere should be
properly planned to suit the
target market and induce
customers to buy.

Answer 2

Store Design
and Display

Question 3

all the tools you use to
communicate with your
customers or potential
customers. This could be
through advertising, social
media, product packaging,
direct marketing, websites,
events, exhibitions

Answer 3

communication mix

Question 4

what are the 6 retail mix?

Answer 4

merchandise assortment
store design and display
communication mix
customer service
pricing
location

Question 5

Besides typical customer
services, modern retailers
may offer such services as
home delivery, credit, and
conversation.

Answer 5

customer service

Question 6

conversation. A retailer can
use service mix as a key tool
of non-price competition for
differentiating him from
others.

Answer 6

customer service

Question 7

A retailer’s price policy plays an
important role in positioning.

Answer 7

Pricing

Question 8

In formulating price policies,
retailers must consider their
target market, product, service
assortment, and competition.

Answer 8

Pricing

Question 9

Although all retailers would like to
charge high markups and achieve
high volume, they are rarely
achievable simultaneously.

Answer 9

Pricing

Question 10

A retailer’s _______ is the key
to its ability to attract
customers and succeed in
business.

Answer 10

location

Question 11

The costs of
building or leasing store
premises have a significant
bearing on the retailer’s profits.

Answer 11

location

Question 12

management develops a __________ that satisfies the _________ of its ____________ better than its competitors.

Answer 12

• retail mix
• needs
• target market

Question 13

Economic Significance of Retailing (in US)
*Over $_________ in annual U.S. sales

Answer 13

3.4 trillion

Question 14

Economic Significance of Retailing (in US)
*Employs ______% of population

Answer 14

27

Question 15

Economic Significance of Retailing (in US)
*_________________ training & __________________ opportunities

Answer 15

Management
entrepreneurial

Question 16

Retailing is a High-Tech industry.

Selling ____________ over the Internet

Answer 16

Merchandise

Question 17

Retailing is a High-Tech industry.
* Selling Merchandise over the ________.

Answer 17

Internet

Question 18

Retailing is a High-Tech industry.
* Analyze ___________ to tailor assortments to stores

Answer 18

POS data

Question 19

Retailing is a High-Tech Industry

• ____________________ is data that is collected from transactions made at a point of sale, such as a retail store. This data can include information about the products that were purchased, the date and time of the transaction, and
  the location of the point of sale.

Answer 19

Point-of-sale data.

Question 20

Retailing is a High-Tech Industry
* Globalization of Retailing occurs in our _____________.

Answer 20

modern day.

Question 21

Retail Management Decision Process

• Types of retailers

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 21

A

Question 22

Retail Management Decision Process

• Financial Strategy

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 22

B

Question 23

Retail Management Decision Process

*Planning merchandise assortments

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 23

C

Question 24

Retail Management Decision Process

*Managing the store

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 24

D

Question 25

Retail Management Decision Process

*Store layout, design, and visual merchandising

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 25

D

Question 26

Retail Management Decision Process

*Customer service

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 26

D

Question 27

Retail Management Decision Process

*buying systems

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 27

C

Question 28

Retail Management Decision Process

*Buying merchandise

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 28

C

Question 29

Retail Management Decision Process

*Pricing

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 29

C

Question 30

Retail Management Decision Process

• Retail Communication Mix

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 30

C

Question 31

Retail Management Decision Process

*Retail marketing strategy

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 31

B

Question 32

Retail Management Decision Process

• Retail locations

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 32

B

Question 33

Retail Management Decision Process

*Site location

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 33

B

Question 34

Retail Management Decision Process

• Organization structure and human resource management

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 34

B

Question 35

Retail Management Decision Process

*Information systems and Supply Chain management

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 35

B

Question 36

Retail Management Decision Process

*Customer Relationship Management

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 36

B

Question 37

Retail Management Decision Process

• Customer buying behavior

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 37

A

Question 38

Retail Management Decision Process

• Multichannel retailing

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 38

A

Question 39

Retail Management Decision Process

• Introduction to the world of retailing

choices:
A. the world of retailing
B. Retailing strategy
C. Merchandise management
D. Store management

Answer 39

A

Question 40

Misconceptions About Careers in Retailing (8)

Answer 40

• Don’t need college
• Low Pay
• Long Hours
• Boring
• Dead-end Job
• No benefits
• Everyone is part-time
• Unstable environment

Question 41

Types of Jobs in Retailing (6)

Most entry level jobs are in store management
or buying, but retailers also have staff specialists:

Answer 41

• Accounting and Finance
• Real Estate
• Human Resource Management
• Supply Chain Management
• Advertising
• Public Affairs