Reference no: EM133048772

1. The steps of the consumer buying process are contained in these three models:

• AIDA, Path to Purchase, Hierarchy of Needs
• AINA, Consumer Buying Process, Summary of Wants.
• AIDA, Path to Purchase, Consumer Buying Process.

2. A limited problem-solving mindset is characterized by:

• the reduced number of problems allow the consumer to spend more time on each purchase decision.
• the consumer needing to limit the damage made by a wrong decision.
• the consumer has little consideration for the buying decision.

3. Brand "owners" for all intents and purposes are:

• marketing professionals.
• media-driven data analysts.
• the brand's customers, influencers, fans and advocates.

4. The same underlying factors are shared by differentiated, mass and niche marketing strategies:

• Product, Price, Packaging and Promotion.
• Product, Place, Perception and Price.
• Product, Place, Price and Promotion.

5. The basis for choosing differentiated, mass or niche marketing approaches is:

• the company's response to competition.
• the company's supply chain strategy.
• the company's high-level go-to-market strategy.

6. The Belief component of the Multi-attribute model represents:

• how strongly the marketer believes the product will sell.
• how strongly the consumer feels about making the purchase decision.
• how much the consumer believes the attribute will be delivered.

7. The retail strategy mix was made to:

• keep the competition off-balance, not knowing which of the strategic factors will be emphasized.
• provide a recipe for store personnel training for their market area.
• provide a set of tools for the retailer to use to achieve their business objectives.

8. The specific problem with segmenting by demographic measurements is:

• all members of the segment would not be unbiased.
• not all members of the segment would share their opinions.
• not all members of the segment would share common attitudes.

9. Conflicting customer needs arise because:

• customers change their minds.
• customers are confused by marketing techniques.
• customers express their needs in different ways

10. "Determinants of demand" relates to:

• determining allocation.
• the placement of resources.
• the reason that consumers would shop a retail format.

11. When forming a strategic plan, these variables are considered to be uncontrollable by retailers:

• presentation, staffing levels, promotional activity.
• merchandise mix, supply chain, per diem.
• economic trends, technology, demographic shifts.

12. To support a strategic goal of increasing revenue of existing customers by 10%, which of the following tactical activities would NOT be implemented.

• Using POS customer information to develop a mailing list.
• At the point-of-sale, offering additional savings coupons.
• Inviting consumers to join the customer club through a new social media campaign.

13. Formal retail strategy planning includes all of the following steps EXCEPT:

• Customer analysis.
• Objective setting
• Allocation strategy.

14. Given the increasing rapidity of change in uncontrollable variables like technology, demographic shifts, volatility of supply, etc., how should a retailer approach strategic planning?

• Hire outside consultants.
• Invest more heavily in IT in order to get more data.
• Limit planning cycles to shorter time frames, such as one or two years versus five and ten years.

15. How do vision statements differ from mission statements?

• A vision statement is intended to woo shareholders for future investment.
• A mission statement is not part of quarterly SEC filings.
• A vision statement is forward-looking and describes what a firm wants to be.

16. What is the common denominator of all the tactical activities a company would engage in to support a strategic goal of 5.6% growth in fresh and all-natural products?

• Management will need to bring in outside consultants to run the operation.
• All of the smaller projects can only be executed on time if employees work overtime.
• Almost every department within the organization must be involved to order to be successful (merchandising, finance, operations, marketing, stores, buyers, etc.).

17. Which of these forms of feedback reflect history that cannot be changed?

• Qualitative data.
• Leading indicators.
• Lagging indicators.

18. Retailers "diversification" growth means:

• targeting existing customers with a varied assortment.
• targeting new customers with current offerings.
• using a new business to target new customers.

19. Retailers differentiate themselves using target market techniques using:

• physical or concrete differences.
• perceptual or metaphysical differences.
• physical or perceptual differences.

20. Geographic trading area is defined as:

• The shoppers in the area who can afford to shop at your retail location.
• The cultural mix and language spoken in the geographic area.
• The physical geographic area that will account for the majority of your retail sales.

21. A restaurant has recently closed, and the space is available for a very affordable lease. What might you consider evaluating for this location when you look at long term planning?

• The utility and property tax costs are too high, so no one could be successful.
• If it is vacant, there must be a reason, so no further evaluation is necessary.
• How many restaurants have been in the location, failed and why?

22. There are three other restaurants in the immediate area where you are looking to locate your new Italian Bistro. Why might this be a good thing?

• The other three don't have very good food, so you will get the customers coming to your new place.
• Customers will come from the fringe area to bring in enough additional sales for everyone to flourish.
• The other three have different types of food and there is enough population in the area to support another restaurant.

23. A visual map of overlapping data can be provided by:

• The U.S. Census by printing out various demographic information and combining it into a map format.
• Combining the GIS data with the census data.
• Combining different data sources compiled from GIS information.

24. A lifestyle center might include:

• Outlet stores and restaurants.
• Hotels, large anchor stores and residential space.
• A theatre, fitness center, restaurant, childcare center and specialty shopping.

25. The U.S. Census site is limited in use for long term planning because:

• It only collects data from a limited number of households.
• It doesn't track household status such as ages, and number of people in the household.
• It can be outdated, since the survey is only done every 10 years.

26. You are experiencing problems building a client base for your personal training studio. What might be the problem?

• The population may not have enough disposable income, even if your research showed an income that would support your service.
• You aren't marketing correctly to bring in clients from your fringe area to support your business.
• If there are not enough people who place value on becoming fit in this area, you will not be able to change the societal values simply by opening a studio.

27. A funky little farm store would most likely be located:

• Near one of the anchor stores in a shopping mall.
• In a mixed use development where people live, work and shop in a small area.
• Either in an unplanned shopping area or a rural location.

28. Economic factors involved in potential sites for a new business could include:

• The ages of the people in the area.
• The competition in the area.
• Researching median housing prices and education level of the population.

29. An unplanned shopping location is defined as:

• A downtown area with little foot traffic.
• An isolated store in a rural location.
• A space for shopping that has developed organically over time and may include a variety of shopping options.

30. Planned shopping areas have advantages over unplanned areas that include:

• Lower cost of occupancy.
• The mix of stores developed organically out of consumer need.
• Better parking options and a planned variety of stores and common areas to meet the needs of customers.

31. You have been asked to help with site selection for a new children's clothing store. The first factor to consider in site selection would include:

• Median housing prices and education level of the population.
• Income levels of the population.
• The ages of the population and number of children.

32. You are planning to open a retail outlet that requires 100 shoppers per day. When looking at your geographic trading area, an important consideration will be:

• How many parking spaces are available.
• The income of the geographic trading area.
• The population of the geographic trading area.

33. In order to foster customer loyalty and long-term customer engagement, retailers utilize:

• online marketing.
• transactional marketing.
• 1:1 marketing.

34. A supply chain is:

• a system of organizations, people, activities, information, and resources involved in delivering online purchases directly to consumers.
• a system of organizations, people, activities, information, and resources involved in maintaining inventory levels at retail warehouses.
• a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

35. Which of these would NOT be a part of a supply chain for tablecloths for a home store retailer?

• cotton and thread.
• RFID or UPC barcodes.
• tables and chairs.

36. Retailers utilize this type of marketing to foster customer loyalty and long-term customer engagement:

• word-of-mouth marketing.
• transactional marketing.
• 1:1 marketing.

37. A POS system captures customer data through:

• the customer's driver's license.
• the customer's signature.
• a credit card swipe.

38. Good information gathering is vital for retailers to meet this most important challenge:

• Understanding shopping patterns in order to establish store hours.
• Finding the right mix of online and brick and mortar offerings.
• Purchasing the right inventory well in advance of customer need.

39. Given the advances in CRM technology, retailers can now:

• stimulate positive reviews on social media.
• organize better focus groups.
• construct individual marketing plans.

40. The three primary categories of data stored in CRM systems are customer:

• returns, purchases, and orders.
• comments, critiques, and suggestions.
• profiles, activities, and management.

41. When a new employee comes on board, it is important first for human resources to:

• Make sure the employee gets set up in the payroll system.
• Introduce them to everyone they will be working with and quiz them on their coworker's names.
• Offer an orientation to the company, the tasks, payroll questions and any other things that arise during the initial period of employment.

42. Possible ethical violations in a retail environment may include:

• Marking up your products to make a profit.
• Providing health and dental insurance for your employees.
• Selling a non-environmentally friendly product, when you state specifically that all of your products are environmentally friendly.

43. Employers should seek to insure ethical actions in:

• Hiring and firing, to insure they are not violating laws.
• The hiring process only.
• Hiring, firing, promotions, raises and all other activities involving employees.

44. Recruiting top talent is important in the current job market, due to low unemployment. How might you approach the recruitment process?

• Create a list of job duties and skills that are beyond what you need to weed out undesirable candidates.
• Just put the ad in local newspapers with a phone number to contact and an address to mail a paper resume.
• make an amazing job description, encouraging people with the skillset to apply regardless of education and experience and get it out in social media and on websites.

45. Lower wage rates and poor working hours in retail may lead to:

• HR needing to create fictitious job descriptions in order to get people in to apply for jobs.
• Making hiring mistakes repeatedly by not following HR protocol in the hiring process.
• HR departments needing to use creative methods, such as job fairs, hiring seminars and attractive job descriptions to attract potential employees away from other sectors.

46. Human resources works with various methods to find suitable new employees, including:

• Waiting for potential employees to drop off their resumes for review.
• Calling friends and relatives to see if they know anyone looking for employment.
• Online advertising such as LinkedIn, Monster or Indeed.

47. Discrimination based on color, race, religion, national origin and gender was made illegal with:

• The ADEA passed in 1967.
• The ADA act passed in 1990.
• The EEOA passed after the Civil Rights Act of 1964.

48. Professional codes of conduct may:

• Are the same for everyone.
• Consist of laws to govern all of society.
• Vary by profession and position, but need to be followed.

49. In all sizes of organization, there are people who do:

• The finance and operations, but small organizations don't need an executive function.
• The executive function, but not always finance and operations are needed.
• Executive, finance and operations and sales tasks. It may be one person, a team or a large staff.