Introduction to Retailing: Quiz
What is one outcome of retailers' efforts to personalize the shopping experience for their shoppers?
Retailers are developing goods and services based on data they have collected.
Antonio and Anika are window shopping in the mall and see a "store closing" sign in the window of a homegoods store specializing in kitchen appliances. "What a shame! I was just in there a few months ago. I've even been to their online store before. Even though their products seemed a bit specialized they always had great customer service," says Antonio. "I guess it just wasn't enough to get more people in the door," said Anika. What are some changes the store could have taken to avoid the closure?
Start a customer loyalty program to collect data on the shift in customer's preferences.
Describe a key benefit of using a PEST analysis instead of a SWOT analysis.
The PEST analysis evaluates macro-environmental issues in more detail than a SWOT.
Middle managers, regardless of the company they work for, need which of the following skills?
The ability to delegate tasks to first-level managers.
How would you define the concept of "experiential learning" in a retail setting?
The ability to derive meaning from actual experience.
Pricing is one element of the retail mix. Why is it especially important?
Pricing tactics can support the company's financial strategy and goals.
Describe the key purpose of an AIS (Accounting Information System)
Reports are generated about financial and accounting information.
Which of the following is most likely to appeal to the socially conscious shopper today?
Making decisions to create environmentally friendly products and practices.
There are several steps in the purchase decision process. Which of the following is one of those steps?
Recognizing need
Tam has been a manager at a garden store for 3 years. Over that past year he has noticed that customers aren't buying as many weed killer or lawn control products as before. Tam decides to compare the displays for the weed killer with the displays for the insect control products. This could give him insight into reorganizing or changing the location of the weed killer or to create better signage for the products. In this scenario what type of retail manager skill is Tam showcasing?
conceptual skills
Many retailers over time will add higher prices, more service and better merchandise. What may happen next according to the "retail concept"?
A new competitor could enter the retail market and undercut prices.
Which of the following describes the role of a functional manager in retailing?
A person with managerial authority over an operating unit or department.
Which of the following is a good definition of retailing?
Actions taken to market and sell goods and services to consumers for their personal use.
Elena just got hired to be a sales associate at a local grocery store and is now going through training. Yolanda is directing the training and she will be overseeing Elena's progress over the next few weeks. In this scenario Elena is ________ and Yolanda is ________.
An entry level worker, the manager.
90% of shoppers use mobile phones while in stores. Why is this trend a key challenge for today's retailers?
Because they can easily compare products in stores online offerings.
Explain why business to business (B2B) are not considered part of the consumer channel?
Because they do not deal with individual consumer needs
When businesses set up e-commerce sites for other businesses, this is called:
Business-to-business (B2B) online shopping.
Describe why shoppers' evolving preferences have an effect on retailers' need to adapt.
Change in preferences have a major impact on how and where people shop.
Which of the following is the first step in developing a retail strategy?
Describe the goals and philosophies of the business.
Describe a key reason why so many department stores closed their doors in the '60s and '70's.
Discount department stores were new competition.
Which of these describes the role of a manager charged with inventory management and assortment planning in a retail company?
Ensuring the right quantity of the right goods in the right locations.
Luan is a store manager at a grocery store. The store just launched an online grocery ordering service six months ago to compete with major e-commerce companies. This online shopping service allows customers to shop online for the products and then pick up the order at the store. Customers have been trying out the new service and there have been many repeat users. While the launch of the online ordering service is going well it is causing stress between departments because it is taking up important floor space used by inventory. Luan has been asked to brainstorm ways to approach the lack of space issue. What stage of the strategic plan is Luan at?
Evaluate performance and make adjustments
Middle managers in retailing are usually charged with which of these choices?
Executing plans and objectives determined by the company's senior management.
Which of the following is a reason of having good inventory management?
Having too much or too little can affect consumer perceptions and retail sales.
Which of the following is a typical responsibility of a human resource manager?
Hiring and training people with the skills for appropriate jobs at the store level.
Sandra works at a grocery store and has just been promoted from floor manager to assistant store manager. After her first week as assistant store manager she received an email from the corporate office that she needs to give an instructional talk. This talk will be describing the new loss prevention guidelines to all sales associates. Giving this talk is an example of what kind of managerial role?
Interpersonal role of a manager
Describe the role of a situation audit.
It allows a company to collect data to be used during strategic planning.
Name a key reason why "product" is a key factor in building a retail mix.
It ensures that the retailer is offering merchandise appealing to the target customer.
Describe the main role that a SWOT analysis plays in developing a strategic plan.
It helps retailers analyze their own strengths, weaknesses, threats and opportunities.
Of the following, which is the most important purpose of Inventory Management Software?
It helps retailers track inventory levels, orders, sales and deliveries.
Describe the most important role played by distribution centers in the supply chain.
It is the location where finished products are kept before being shipped to stores
Interpersonal ability is most helpful to a retail manager in improving which of these skills?
Leadership skills
What is the key distinction between micro- and macro-environmental studies?
Micro- looks at internal issues, and macro- looks at outside/societal forces.
If you are a merchandise manager for a retail company, which of these best describes your role?
Middle management
What is one potential impact of inadequate inventory levels to the retailer?
Missed dollar sales
Griffith is getting ready for a summer trip to the beach but needs a new pair of sandals. He checks his email for a digital coupon for one of his favorite footwear stores. After browsing the online store he orders a new pair of sandals online. In a matter of seconds he receives an email confirming his purchase. A day later he gets an email saying that the order is being shipped and gives him a code to track the package. A week later he receives an email notifying him that the package has arrived. This process of receiving emails multiple times throughout the marketing, buying and shipping process are an example of: Responses
The extensive use of information systems (IS) in each level of the retail industry.
Which of the following technical skills would be most useful to a front-line manager at a grocery store?
The knowledge of how to use a point of sale system so they can teach new employees how to use it.
Juliana is a floor manager for a luxury shoe store that specializes in women and men's formal footwear. In the third quarter the sales of kitten heels was down 5 percent while platform and wedge footwear was selling better than ever. Juliana thinks that a medical study on foot health and the detrimental side effects of heels might have impacted the third quarter numbers. In this scenario ________ is an example of macro environment considerations and ________ is an example of micro environment considerations.
The medical study, narrow product range.
Which of the following most accurately describes supply chain activities?
The process of transforming resources or raw materials into finished products for end consumers.
Which of the following statements best describes the change in structure of the retail industry over the past 60 years?
The retail industry has evolved from local mom and pop stores with a limited assortment of products to customers having more choices than ever due to advances in e-commerce.
When a company is trying to establish themselves they often follow a model of starting with low cost operators and evolve to higher prices. This is an example of?
The retail life cycle
There is a key benefit to stores who assess their retail mix. Which of these is the most important?
The retail mix helps appeal to the store's target customer.
Amazon began as a low-cost online seller of books. This is an example of ________?
The retailing concept
Lin wants to open a new sandwich shop in her neighborhood. She has a meeting with investors in one week and needs to write a summary of her initial steps to make the restaurant successful. Which of the following would be a good description for approaching the entry phase of the retailing concept for the new restaurant?
To establish a loyal customer base the restaurant will have an attractive and affordable lunch special and a punch card reward system to entice customers to visit the location multiple times.
Which question below addresses the product component of the retail mix?
What is the depth as well as the breadth that you will carry in your assortment?
