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RETAIL INDUSTRY FINAL EXAM QUESTIONS WITH COMPLETE ANSWERS
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RETAIL INDUSTRY FINAL EXAM QUESTIONS WITH COMPLETE ANSWERS
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RETAIL INDUSTRY FINAL EXAMQUESTIONS WITH COMPLETE
ANSWERS
definition ffand ffconcept ffof ff"merchandise ffmanagement ff- ffAnswer ffthe ffprocess ffby
ffwhich ffa ffretailer ffattempts ffto ffoffer ffthe ffright ffquantity ffof ffthe ffright ffmerchandise ffin
ffthe ffright ffplace ffat ffthe ffright fftime ffand ffmeet ffthe ffcompany's fffinancial ffgoals.
definition ffand ffconcept ffof ff"category ffcaptain" ff- ffAnswer ffThe ffvendor ffwho ffworks
ffwith ffthe ffretailer ffto ffdevelop ffa ffbetter ffunderstanding ffof ffshopping ffbehavior, ffcreate
ffassortments ffthat ffsatisfy ffconsumer ffneeds, ffand ffimprove ffthe ffprofitability ffof ffthe
ffmerchandise ffcategory.
definition ffand ffconcept ffof ff"national ffbrands." ff- ffAnswer ffalso ffknown ffas
ffmanufacturer's ffbrands, ffare ffproducts ffdesigned, ffproduced ffand ffmarked ffby ffa
ffvendor ffand ffsold ffto ffmany ffdifferent ffretailers.
definition ffand ffconcept ffof ff"copycat ffbrands. ff- ffAnswer ffimitates ffthe ffmanufacturer's
ffbrand ffin ffappearance ffand ffpackaging, ffgenerally ffare ffperceived ffas fflower-quality
ffand ffare ffoffered ffat fflower ffprices.
advantages ffof ffprivate-label ffmerchandise fffor ffa ffretailer ff- ffAnswer ffLess ffexpensive
ffto ffmake
Offer ffbetter ffmarkup
Exclusive ff
Cannot ffbe ffcompared ffon ffprice
May ffbe fftargeted ffto ffniches
concept ffof ff"trade ffshows" ff(page ff348). ff- ffAnswer ffProvide ffanother ffopportunity fffor
ffbuyers ffto ffsee ffthe fflatest ffproducts ffand ffstyles ffand ffinteract ffwith ffvendors.
costs ffassociated ffwith ffglobal ffsourcing ffdecisions, ffincluding fftariffs ffand ffquality
ffcontrol, ffmarket
timing, ffand ffother ffmanagerial ffissues ffassociated ffwith ffglobal ffsourcing ff- ffAnswer
ffTariffs ffor ffduties: fftaxes ffcollected ffby ffa ffgovernment ffon ffimports
legal ffand ffethical ffissue ffof ff"counterfeit ffmerchandise" ff(review ffthe ff"Counterfeit
ffMerchandise"
,section ffon ffpages ff362 ffand ff363). ff- ffAnswer ffgoods ffmade ffand ffsold ffwithout ffthe
ffpermission ffof ffthe ffowner ffor ffa fftrademark ffor ffcopyright.
definition ffand ffconcept ffof ff"brand ffequity" ff- ffAnswer ffThe ffvalue ffthat ffa ffbrand ffimage
ffoffers ffretailers ffis ffreferred ffto ffas ffbrand ffequity.
concept ffof ff"top-of-mind ffawareness." ff- ffAnswer ffthe ffhighest fflevel ffof ffawareness,
ffoccurs ffwhen ffconsumers ffmention ffa ffspecific ffbrand ffname fffirst ffwhen ffthey ffare
ffasked ffabout ffthe fftype ffof ffretailer, ffor ffmerchandise ffcategory, ffor ffa fftype ffof ffservice.
what ffa ffretailer ffneeds ffto ffdo ffto ffbuild ffbrand ffequity ffof ffits ffprivate-label ffmerchandise
ff(review ffthe
"Building ffBrand ffEquity" ffsection ffon ffpages ff402 ffthrough ff405). ff- ffAnswer ffCreate ffa
ffhigh fflevel ffof ffbrand ffawareness ff, ff(2) ffdevelop fffavorable ffassociations ffwith ffthe
ffbrand ffname, ffand ff(3) ffconsistently ffreinforce ffthe ffimage ffof ffthe ffbrand.
definition ffand ffconcept ffof ff"brand ffimage" ff- ffAnswer ffConsists ffof ffa ffset ffassociations
ffthat ffare ffusually fforganized ffaround ffsome ffmeaningful ffthemes.
concept ffof ff"integrated ffmarketing ffcommunication ffprogram" ffas ffa ffmethod ffof
ffdelivering ffa
consistent ffmessage ff(page ff403). ff- ffAnswer ffA ffprogram ffthat ffintegrates ffall ffthe
ffcommunication ffelements ffto ffdeliver ffa ffcomprehensive, ffconsistent ffmessage ffto ffall
ffcustomers ffover fftime, ffacross ffall ffelements ffof fftheir ffretail ffmix, ffand ffacross ffall
ffdelivery ffchannels.
definition ffand ffconcept ffof ff"marginal ffanalysis" ff- ffAnswer ffIs ffbased ffon ffthe ffeconomic
ffprinciple ffthat fffirms ffshould ffincrease ffcommunication ffexpenditures ffas fflong ffas ffeach
ffadditional ffdollar ffspent ffgenerates ffmore ffthan ffa ffdollar ffof ffadditional ffcontribution.
why ffit ffis ffimportant fffor ffstores ffto ffbe ffdesigned ffwith ffflexibility ffin ffmind ff- ffAnswer
ffreduces ffcost.
concept ffof ffthe ff"racetrack fflayout" ff(page ff475). ff- ffAnswer ffalso ffknown ffas ffa ffloop, ffis
ffa ffstore fflayout ffthat ffprovides ffa ffmajor ffaisle ffthat ffloops ffaround ffthe ffstore ffto ffguide
ffcustomer fftraffic ffaround ffdifferent ffdepartments ffwithin ffthe ffstore.
concept ffof ffthe ff"promotional ffaisle ffor ffarea" ff- ffAnswer ffA ffspace ffused ffto ffdisplay
ffmerchandise ffthat ffis ffbeing ffpromoted.
definition ffand ffconcept ffof ff"planogram" ff- ffAnswer ffa ffdiagram ffthat ffshows ffhow ffand
ffwhere ffspecific ffSKU's ffshould ffbe ffplaced ffon ffretail ffshelves ffor ffdisplays ffto ffincrease
ffcustomer ffpurchases.
"tonnage ffmerchandising ff- ffAnswer ffA ffdisplay fftechnique ffin ffwhich fflarge ffquantities
ffof ffmerchandise ffare ffdisplayed fftogether.
, definition ffand ffconcept ffof ff"atmospherics." ff- ffAnswer ffrefer ffto ffthe ffdesign ffof ffan
ffenvironment ffby ffstimulation ffof ffthe fffive ffsenses.
challenges ffin ffproviding ffconsistent ffhigh-quality ffcustomer ffservice ff(pages ff500 ffand
ff501). ff- ffAnswer ffintangibility
concept ffof ffthe ff"service ffgap ff- ffAnswer ffWhen ffthe ffcustomer's ffperception ffof ffthe
ffservice ffdelivered ffby ffa ffretailer fffails ffto ffmeet ffthe ffcustomer's ffexpectations ffa
ffservice ffgap ffresults.
concept ffof ffthe ff"knowledge ffgap" ff- ffAnswer ffA ffknowledge ffgap ffreflects ffthe
ffdifference ffbetween ffcustomers' ffexpectations ffand ffthe ffretailer's ffperception ffof ffthose
ffcustomer ffexpectations ffand ffperceptions.
concept ffof ffthe ff"standards ffgap." ff- ffAnswer ffPertains ffto ffthe ffdifference ffbetween ffthe
ffretailer's ffknowledge ffof ffcustomers' ffperceptions ffand ffexpectations ffand ffthe ffservice
ffstandards ffit ffsets. ffBy ffsetting ffappropriate ffservice ffstandards ffand ffmeasuring
ffservice ffperformance, ffretailers ffcan ffclose ffthis ffgap.
concept ffof ffthe ff"delivery ffgap" ff- ffAnswer ffis ffthe ffdifference ffbetween ffthe ffretailer's
ffservice ffstandards ffand ffthe ffactual ffservice ffit ffprovides ffto ffcustomers. ffThis ffgap ffcan
ffbe ffreduced ffby ffgetting ffemployees ffto ffmeet ffor ffexceed ffservice ffstandards ffthrough
fftraining ffand/or ffappropriate ffincentives.
definitions ffand ffconcepts ffof ff"distributive fffairness" ffand ff"procedural fffairness" ff(pages
ff520 ffand
521). ff- ffAnswer ffDistributive fffairness ffis ffA ffcustomer's ffperception ffof ffthe ffbenefits
ffrecieved ffcompared ffwith ffhis ffor ffher ffcosts ffin ffterms ffof ffinconvenience ffor ffmonetary
ffloss.
Procedural ffFairness ffis ffthe ffpercieved fffairness ffof ffthe ffprocess ffused ffto ffresolve
ffcomplaints.
how ffretailers ffcan ffminimize ffthe fftime ffit fftakes ffto ffget ffa ffquestion ffanswered ffor
ffproblem ffresolved ff- ffAnswer ffstore ffemployees ffwho ffare ffself ffsufficient.
The ffprocess ffby ffwhich ffa ffretailer ffattempts ffto ffoffer ffthe ffright ffquantity ffof ffthe ffright
merchandise ffin ffthe ffright ffplace ffat ffthe ffright fftime ffand ffmeet ffthe ffcompany's
fffinancial ffgoals ffis
called: ff- ffAnswer ffc. ffmerchandise ffmanagement.
The ffhighest ffclassification fflevel ffin ffthe ffbuying fforganization ffis ffcalled ffthe: ff- ffAnswer
ffmerchandise ffgroup.
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