RETAIL MANAGEMENT FSU EXAM 3
HOPKINS (THANK ME LATER)
QUESTIONS & UPDATED CORRECT
ANSWERS PASSED 100%
**How are firms currently collecting data about you? - Correct Answer ✔✔ Purchasing
data
Wearables
Oura Ring
23 and Me
**How is this data being used?/What does data tell retailers about your shopping
behaviors? - Correct Answer ✔✔ See Below
Retail Information System (RIS) - Correct Answer ✔✔ Anticipates the information needs
of managers
Collects, organizes, and stores relevant data on a continuous basis
Directs the flow of information to proper decision makers.
Data-Base Management - Correct Answer ✔✔ •A major element in an RIS
•System gathers, integrates, applies, and stores information in related subject areas
Used for:
•Loyalty program management
•Customer analysis
•Promotion evaluation
•Trade area analysis
Guest ID - Correct Answer ✔✔ what information/dat is tied together to create a unique
customer profile (how the data is being used) (Target big example)
Data Mining - Correct Answer ✔✔ The in-depth analysis of information to gain specific
insights about customers, product categories, vendors, etc.
Exm Harrah's Casino
Found 82% of rev. came from 26% of customers (locals)
Locals (middle class/aged) were more "aspiring to high levels of achievement or
reward" rather than free night and meal at hotel
Micromarketing - Correct Answer ✔✔ An application of data mining whereby retailers
use different marketing techniques specific customer segments
, Micromarketing includes segmentation based on:
Location
Customer Need
Brand Loyalty
Industry
**Primary and Secondary Data (Advantages and Disadvatages) - Correct Answer ✔✔
See Below
Primary Data - Correct Answer ✔✔ Information collected for the specific purpose at
hand
Adv.
Collected for specific purpose
Current
Relevant
Known and controlled source (know how trustworthy the data is)
Dis.
May be more expensive
Tends to be more time consuming
Information may not be acquired
Limited perspectives
Secondary Data - Correct Answer ✔✔ Information collected by someone else for
another purpose
Adv.
Inexpensive
Fast
Several sources and perspectives
Generally credible
Provides background information
Dis.
May not suit current study
May be incomplete
May be dated
May not be accurate or credible
May suffer from poor collection techniques
**Information exchange between suppliers (Information Flow) - Correct Answer ✔✔
What information is wanting to be known between Supplier to Retailer to Customer (and
any combo of those) (test questions are going to ask about what groups are looking for)
Suppliers need to know... - Correct Answer ✔✔ From Retailer
HOPKINS (THANK ME LATER)
QUESTIONS & UPDATED CORRECT
ANSWERS PASSED 100%
**How are firms currently collecting data about you? - Correct Answer ✔✔ Purchasing
data
Wearables
Oura Ring
23 and Me
**How is this data being used?/What does data tell retailers about your shopping
behaviors? - Correct Answer ✔✔ See Below
Retail Information System (RIS) - Correct Answer ✔✔ Anticipates the information needs
of managers
Collects, organizes, and stores relevant data on a continuous basis
Directs the flow of information to proper decision makers.
Data-Base Management - Correct Answer ✔✔ •A major element in an RIS
•System gathers, integrates, applies, and stores information in related subject areas
Used for:
•Loyalty program management
•Customer analysis
•Promotion evaluation
•Trade area analysis
Guest ID - Correct Answer ✔✔ what information/dat is tied together to create a unique
customer profile (how the data is being used) (Target big example)
Data Mining - Correct Answer ✔✔ The in-depth analysis of information to gain specific
insights about customers, product categories, vendors, etc.
Exm Harrah's Casino
Found 82% of rev. came from 26% of customers (locals)
Locals (middle class/aged) were more "aspiring to high levels of achievement or
reward" rather than free night and meal at hotel
Micromarketing - Correct Answer ✔✔ An application of data mining whereby retailers
use different marketing techniques specific customer segments
, Micromarketing includes segmentation based on:
Location
Customer Need
Brand Loyalty
Industry
**Primary and Secondary Data (Advantages and Disadvatages) - Correct Answer ✔✔
See Below
Primary Data - Correct Answer ✔✔ Information collected for the specific purpose at
hand
Adv.
Collected for specific purpose
Current
Relevant
Known and controlled source (know how trustworthy the data is)
Dis.
May be more expensive
Tends to be more time consuming
Information may not be acquired
Limited perspectives
Secondary Data - Correct Answer ✔✔ Information collected by someone else for
another purpose
Adv.
Inexpensive
Fast
Several sources and perspectives
Generally credible
Provides background information
Dis.
May not suit current study
May be incomplete
May be dated
May not be accurate or credible
May suffer from poor collection techniques
**Information exchange between suppliers (Information Flow) - Correct Answer ✔✔
What information is wanting to be known between Supplier to Retailer to Customer (and
any combo of those) (test questions are going to ask about what groups are looking for)
Suppliers need to know... - Correct Answer ✔✔ From Retailer
