Question 1

Consumers are using their mobile devices to help their retail buying decisions in the following way.

Accepted Answer

Consumers use mobile devices for all the listed activities: comparing prices, finding retailer information, reading reviews, and looking up product details.

Question 2

Multichannel retailers:

Accepted Answer

Multichannel retailers should promote private-label or exclusive merchandise to differentiate themselves and encourage customers to purchase directly from them, rather than from competitors.

Question 3

Choose the term that best fits the following: Consumers want to consume in a responsible, sustainable way. Retailers are responding b embracing the issues and helping customers and suppliers do the same.

Accepted Answer

The term "Buying local, going green" best fits the scenario as it involves consumers wanting to consume responsibly and sustainably, and retailers responding by embracing these issues.

Question 4

Which of the following retailers is the best example of a multichannel retailer?

Accepted Answer

Sears is a multichannel retailer because it sells products through various channels, including physical stores, online platforms, and catalogs.

Question 5

Choose the term that best fits the following: Consumers can make informed decisions with the increased access to product informatio comparisons, and user reviews, and then widely share their experiences with others.

Accepted Answer

Consumers are empowered and discriminating because they have access to extensive information and reviews, allowing them to make informed decisions and share their experiences widely.

Question 6

Which of the following is a benefit of store channel shopping?

Accepted Answer

All the options listed are benefits of shopping in a physical store, including the tactile experience, cash payments, personal service, and the ability to browse products in person.

Question 7

A multichannel retailer is one that:

Accepted Answer

A multichannel retailer sells merchandise or services through more than one channel, such as physical stores, online platforms, and catalogs.

Question 8

Which of the following is not a benefit of retail store channel shopping?

Accepted Answer

Retail store shopping does not inherently guarantee personal safety, as it involves physical presence in a public space, which can have safety risks.

Question 9

Choose the term that best fits the following: It has never been more critical for retailers to integrate digital opportunities into the shopp experience, with the Internet available at work, at home, and on the go (mobile). Digital a physical experiences are converging, with shoppers expecting interactive, value-added experiences anytime, anywhere, and through any channel.

Accepted Answer

Ubiquitous connectivity refers to the constant availability of the internet and digital services, which allows for the integration of digital opportunities into the shopping experience, as described in the scenario.

Question 10

Choose the term that best fits the following: Physical stores turning into showrooms in the minds of consumers and the rise of online b are forcing retailers to rethink their costly real-estate assets and merchandising formats.

Accepted Answer

The scenario describes how physical stores are becoming less economically viable due to the rise of online shopping, leading retailers to reconsider their real-estate investments and store formats, which aligns with "Challenged store economics."

Question 11

Choose the term that best fits the following: The top five grocery stores in Canada now have 67 percent share of the market, with Lobl Companies Ltd. dominating with 29.9 percent.

Accepted Answer

The term "Growing retailer power" best fits the scenario described, as it highlights the increasing market share and dominance of a few large grocery stores in Canada, particularly Lobl Companies Ltd.

Question 12

Choose the element of the retail mix that best applies to the following: Retailers may appeal to different customer needs and offer different assortments and varie merchandise and services.

Accepted Answer

Breadth and depth of merchandise offered refer to the variety and assortment of products and services a retailer provides, which allows them to appeal to different customer needs.

Question 13

Choose the term that best fits the following: A wide range of maturing technologies is allowing companies to streamline backroom fu and increase efficiency, helping to offset higher labour costs.

Accepted Answer

Maturing retail technologies refer to the development and implementation of advanced technologies that help companies improve efficiency and streamline operations, which aligns with the description provided.

Question 14

Choose the term that best fits the following: The enormous amount of data generated by points of sale, social media, corporate websit tracking URLs is greater than the ability of many retailers to exploit the potential value of input.

Accepted Answer

The term "Explosion of consumer data" best fits the description as it refers to the vast amount of data generated from various sources that retailers struggle to utilize effectively.

Question 15

Choose the element of the retail mix that best applies to the following: The United States, Canada, and Mexico have developed a classification scheme, called th American Industry Classification System (NAICS), to collect data on business activity in each country.

Accepted Answer

The answer of Choose the element of the retail mix...

Question 16

Margaret went to the mall on her lunch hour. While she was there, she witnessed a back-to-school fashion show in Target, saw an old friend, took a walk and watched the Children play in the centre arena. What benefit of store shopping was Margaret enjoying?

Accepted Answer

Margaret enjoyed entertainment and social interaction by witnessing a fashion show, seeing an old friend, and watching children play.

Question 17

Choose the term that best fits the following: Shoppers Drug Mart is selling food; Loblaws has in-house bank branches; and Indigo has Starbucks cafés in stores. Retailers are evolving into a more integrated business model wh channels share a common strategy for profitable growth.

Accepted Answer

These examples illustrate how retailers are integrating different services and products, blurring the lines between traditional retail channels, formats, and brands to create a unified strategy for growth.

Question 18

Choose the term that best fits the following: By applying smart algorithms and deep, data-driven analytics to the massive amounts of d retailers are able to maximize all aspects of their business, including pricing, assortments, displays, staffing, and warehouse space.

Accepted Answer

Scientific retailing refers to the use of data-driven analytics and smart algorithms to optimize various aspects of retail operations, such as pricing, assortments, and staffing.

Question 19

Mobile device and smartphone retail application research indicates that smartphones:

Accepted Answer

Smartphones are often used for store-related shopping when customers are close to making a purchase, as they provide quick access to information and comparisons.

Question 20

Choose the term that best fits the following: With increasing amounts of data available on customers, their online activities, and their purchasing patterns, retailers are able to create more targeted marketing campaigns.

Accepted Answer

The term "New age of marketing" best fits the scenario described, as it highlights the use of data analytics and technology to create targeted marketing campaigns based on customer data and behavior.

Quiz 2: Types of Retailers