RETAIL MANAGEMENT OSU MIDTERM
STUDY GUIDE QUESTIONS &
ACCURATE COMPLETE SOLUTIONS
ALL PASSED
what is retailing? - Correct Answer ✔✔ The set of business activities that add value to
products & services sold to consumers for their personal or family use.
what is a retailer? - Correct Answer ✔✔ A business that sells products and/or services
to consumers for their personal or family use.
what is a supply chain? - Correct Answer ✔✔ A set of firms that make and deliver
goods and services to consumers.
Variety (breadth) - Correct Answer ✔✔ The number of merchandise categories a
retailer offers.
Assortment (depth) - Correct Answer ✔✔ The number of different items offered in a
merchandise category.
Stock keeping unit (SKU) - Correct Answer ✔✔ A distinct item for sale, and its
attributes.
how do retailers create value? - Correct Answer ✔✔ -It provides assortment & variety.
-It breaks bulk.
-It holds inventory.
-It provides services.
what is vertical integration? - Correct Answer ✔✔ The combination in one company of
two or more stages supply chain competencies usually operated by separate
companies.
what is backward integration? - Correct Answer ✔✔ The retailer performs upstream
activities, like warehousing or manufacturing.
what is forward integration? - Correct Answer ✔✔ The retailer performs downstream
activities, such as operating its own stores.
The Three Pillar Model focuses on: - Correct Answer ✔✔ People, Profit, Planet (how
can retailers be sustainability and environmentally responsibility)
, what is FAANG? - Correct Answer ✔✔ Facebook, Amazon, Apple, Netflix, Google
webrooming: - Correct Answer ✔✔ Research product online. Drive to the chosen store.
Buy the product. Instant gratification!
Showrooming: - Correct Answer ✔✔ Go to the store. Interact with the product. Use the
internet (either at the store, or at home), price-compare, and buy the product. Best
price!
Retail channel: - Correct Answer ✔✔ different methods by which a retailer present and
sell products or services to customers (brick and mortar, ecommerce, direct delivery,
vending, paper catalogs)
Single channel retailing: - Correct Answer ✔✔ refers to a producer or retailer's effort to
reach customers through only one distribution option
Multichannel Retailing - Correct Answer ✔✔ is the process of using multiple channels
for selling similar products across different platforms
cross-channel retailing: - Correct Answer ✔✔ describes the experience of a customer
who has used a combination of several different channels for the same purchase
Omnichannel retail: - Correct Answer ✔✔ a business model in which all existing
channels become completely integrated to offer customers a seamless shopping
experience
What are the perceived benefits of shopping in-person via brick-and-mortar? - Correct
Answer ✔✔ Tactile interaction
Human interaction
Immediate gratification
"the hunt"
Experiences
Webrooming & showrooming
Retail market segment: - Correct Answer ✔✔ a group of customers who are attracted to
the same retail mix because they have similar needs.
Approaches for segmenting markets: - Correct Answer ✔✔ geographic, demographic,
geodemographic, psychographic, buying situation, benefit
Geographic segmentation: - Correct Answer ✔✔ groups customers according to where
they live
Demographic segmentation: - Correct Answer ✔✔ groups consumers on the basis of
easily measured objective characteristics such as age, gender, income, and education.
STUDY GUIDE QUESTIONS &
ACCURATE COMPLETE SOLUTIONS
ALL PASSED
what is retailing? - Correct Answer ✔✔ The set of business activities that add value to
products & services sold to consumers for their personal or family use.
what is a retailer? - Correct Answer ✔✔ A business that sells products and/or services
to consumers for their personal or family use.
what is a supply chain? - Correct Answer ✔✔ A set of firms that make and deliver
goods and services to consumers.
Variety (breadth) - Correct Answer ✔✔ The number of merchandise categories a
retailer offers.
Assortment (depth) - Correct Answer ✔✔ The number of different items offered in a
merchandise category.
Stock keeping unit (SKU) - Correct Answer ✔✔ A distinct item for sale, and its
attributes.
how do retailers create value? - Correct Answer ✔✔ -It provides assortment & variety.
-It breaks bulk.
-It holds inventory.
-It provides services.
what is vertical integration? - Correct Answer ✔✔ The combination in one company of
two or more stages supply chain competencies usually operated by separate
companies.
what is backward integration? - Correct Answer ✔✔ The retailer performs upstream
activities, like warehousing or manufacturing.
what is forward integration? - Correct Answer ✔✔ The retailer performs downstream
activities, such as operating its own stores.
The Three Pillar Model focuses on: - Correct Answer ✔✔ People, Profit, Planet (how
can retailers be sustainability and environmentally responsibility)
, what is FAANG? - Correct Answer ✔✔ Facebook, Amazon, Apple, Netflix, Google
webrooming: - Correct Answer ✔✔ Research product online. Drive to the chosen store.
Buy the product. Instant gratification!
Showrooming: - Correct Answer ✔✔ Go to the store. Interact with the product. Use the
internet (either at the store, or at home), price-compare, and buy the product. Best
price!
Retail channel: - Correct Answer ✔✔ different methods by which a retailer present and
sell products or services to customers (brick and mortar, ecommerce, direct delivery,
vending, paper catalogs)
Single channel retailing: - Correct Answer ✔✔ refers to a producer or retailer's effort to
reach customers through only one distribution option
Multichannel Retailing - Correct Answer ✔✔ is the process of using multiple channels
for selling similar products across different platforms
cross-channel retailing: - Correct Answer ✔✔ describes the experience of a customer
who has used a combination of several different channels for the same purchase
Omnichannel retail: - Correct Answer ✔✔ a business model in which all existing
channels become completely integrated to offer customers a seamless shopping
experience
What are the perceived benefits of shopping in-person via brick-and-mortar? - Correct
Answer ✔✔ Tactile interaction
Human interaction
Immediate gratification
"the hunt"
Experiences
Webrooming & showrooming
Retail market segment: - Correct Answer ✔✔ a group of customers who are attracted to
the same retail mix because they have similar needs.
Approaches for segmenting markets: - Correct Answer ✔✔ geographic, demographic,
geodemographic, psychographic, buying situation, benefit
Geographic segmentation: - Correct Answer ✔✔ groups customers according to where
they live
Demographic segmentation: - Correct Answer ✔✔ groups consumers on the basis of
easily measured objective characteristics such as age, gender, income, and education.
