Retail Management Exam Questions with Verified Answers Latest Update 2024
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Course
Retail Management
Institution
Retail Management
Retail Management Exam Questions with Verified Answers Latest Update 2024
Formal buying organizations are most likely to be found in small independent retailers. True or false - Answers False
Traffic builders are valuable in that they can generate customers for the overall store. True or false - ...
Retail Management Exam Questions with Verified Answers Latest Update 2024
Formal buying organizations are most likely to be found in small independent retailers. True or false -
Answers False
Traffic builders are valuable in that they can generate customers for the overall store. True or false -
Answers True
Strong private (dealer) brands enable retailers to exercise greater channel control over manufacturers
and wholesalers. True or false - Answers True
An important source of information about consumer demand is the want book or want slip. True or false
- Answers True
A comprehensive store security program needs to concentrate on losses due to employee, customer and
vendor theft. True or false - Answers True
A significant disadvantage to the retail method of accounting is the required detailed bookkeeping
system. True or false - Answers True
A market skimming strategy is most appropriate when customers are highly sensitive to price and when
low prices discourage actual and potential competition. True or false - Answers False
In bait and switch advertising the retail advertiser has no intention of selling the advertised item at the
advertised price. True or false - Answers True
A retailer has raised the price of children's gloves from $5 to $6. It expects annual demand to decrease
from 1,000 units to 700 units. Therefore, demand is inelastic. True or false - Answers False
A retailer can buy a calculator for $2.50 and wants to obtain a 50 percent markup at retail. The retailer
should charge a $3.75 retail price. True or false - Answers False
Merchandising includes
A) All the steps in the buying and selling of products
B) The purchasing of products but not the sale of them
C) Pricing and product assortment decisions only
D) Cooperative buying arrangements only - Answers A
In which strategy does a retailer adjust its self-space allocations to respond to customer and other
differences among local markets?
A) Micro merchandising
B) Concentrated marketing
, C) Cross merchandising
D) Niche marketing - Answers A
All purchases originate from one office in a ________ buying organization?
A) Centralized
B) Decentralized
C) Informal
D)Inside - Answers A
The expected retail sales of a product or product category for given time periods is a ________?
A) Sales expectation
B) Sales perception
C) Sales analysis
D) Forcast - Answers D
The regular products carried by a retailer constitute ______merchandise.
A) Fashion
B) Staple
C) Assortment
D) Fad - Answers B
A vertical fashion trend occurs when a fashion is________.
A) Passed from the lower to the upper classes
B) Accepted by the general public while retaining its basic form
C) Accepted by one market segment only
D) Accepted by an upscale market segment, but undergoes basic changes before its sold to the general
public - Answers D
Unbranded no frills foods are classified as ____
A) Generics
B) Private brands
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