Question 1

The oldest and most heavily trafficked city area is called&#10;A)regional shopping center&#10;B)prime location&#10;C)urban district&#10;D)Central business district

Accepted Answer

The Central Business District (CBD) is the oldest and most heavily trafficked area in a city, typically characterized by a high concentration of retail businesses, offices, and cultural activities.

Question 2

Giant retailers called _____ concentrate on one product category such as toys or home improvement&#10;A)Category killers&#10;B)Variety stores&#10;C)supercentres&#10;D)box stores

Accepted Answer

Category killers specialize in a particular category, often offering a wide selection of merchandise at low prices, which can dominate the market and make it difficult for smaller retailers to compete.

Question 3

Retailers such as Benetton, The Body Shop, and Marks and Spencer carry mostly own- brand merchandise. These are called _____ brands&#10;A)creative label&#10;B)private label&#10;C)house&#10;D)retail label

Accepted Answer

These brands are referred to as private label brands, which means the products are produced by one company but are sold under the retailer's own brand name.

Question 4

A_____ fee is the charge many supermarkets impose for accepting a new brand to cover the cost of listing and stocking it.&#10;A)inventory&#10;B)slotting&#10;C)initiation&#10;D)stocking

Accepted Answer

The correct term is "slotting fee," which refers to the charge supermarkets and retailers impose for accepting a new brand or product into their inventory, covering the costs associated with listing, stocking, and promoting the new item.

Question 5

Which statement is not a benefit of formulating a retail strategy?&#10;A)A retailer is forced to study the legal, economic, and competitive market&#10;B)A retailer is shown how it can differentiate itself from competitors.&#10;C)Sales maximization is stress

Accepted Answer

Sales maximization is not necessarily a direct benefit of formulating a retail strategy. Retail strategies often focus on competitive differentiation, understanding the market, and sustainable growth rather than solely maximizing sales.

Question 6

When retailers identify customer segments and develop unique strategies to meet the desires of these segments, they are using:&#10;A)mass merchandising&#10;B)niche retailing&#10;C)bifurcated retailing&#10;D)middle market retailing

Accepted Answer

Niche retailing involves targeting a specific or unique segment of the market by identifying and addressing the unique needs and preferences of that segment, rather than trying to appeal to a broad, general market.

Question 7

Which is not considered one of the elements of &#34;managing a business&#34; in a retail strategy?&#10;A)the retail organization&#10;B)human resource management&#10;C)operations management&#10;D)merchandise management and pricing

Accepted Answer

Merchandise management and pricing is more about the products and their pricing strategy rather than the overall management of the business itself.

Question 8

During each stage in the development of a retail strategy, retail managers should:&#10;A)consider only controllable variables&#10;B)refrain from &#34;fine tuning&#34; the strategy&#10;C)look for both positive and negative feedback&#10;D)consider no problems with the government to be a form of negative feedback

Accepted Answer

Retail managers should always be open to feedback, both positive and negative, during each stage of developing a retail strategy. This helps in making necessary adjustments and improvements.

Question 9

Which of the following is a recommended strategy for retailers when consumers select the outlet first and the brand second?&#10;A)Appropriate pricing&#10;B)Brand availability advertising&#10;C)Brand image management&#10;D)Price special on brands

Accepted Answer

Appropriate pricing is a recommended strategy for retailers when consumers select the outlet first and the brand second because it can help to attract customers and increase sales.

Question 10

Which of the following types of retail businesses have unlimited liability?&#10;A)Partnership and sole trader&#10;B)Partnership and private company&#10;C)Private company and sole trader&#10;D)Private company and public company

Accepted Answer

In a partnership and sole trader business structure, the owners have unlimited liability, meaning they are personally responsible for the debts and obligations of the business. Private and public companies typically offer limited liability, protecting personal assets of the owners/shareholders.

Question 11

The retailer is usually in an excellent position to&#10;A)Make the most profits in the channel&#10;B)Be the channel leader&#10;C)Gain feedback from consumers&#10;D)Co-ordinate the production strategy

Accepted Answer

The answer of The retailer is usually in an excellent...

Question 12

Which one of the following is NOT a form of direct marketing?&#10;A)catalogue retailing&#10;B)telemarketing&#10;C)personal selling&#10;D)direct mail

Accepted Answer

The answer of Which one of the following is NOT...

Question 13

The major reason people give for not shopping on the Internet is _____.&#10;A)Lack of &#34;touch&#34;&#10;B)Security concerns&#10;C)Too difficult&#10;D)Unfamiliar merchants

Accepted Answer

The answer of The major reason people give for not...

Question 14

The difference between retail and cost is called:&#10;A)profit&#10;B)markdown&#10;C)income&#10;D)markup

Accepted Answer

The answer of The difference between retail and cost is...

Question 15

Expenses that benefit the entire store are called:&#10;A)controllable&#10;B)direct&#10;C)indirect&#10;D)Margin results

Accepted Answer

The answer of Expenses that benefit the entire store are...

Deck 7: Retail and Marketing