Retail Management Prelim Exam
Questions and Answers10
Developing an Overall Retail Strategy - ANSWERS -Controllable Variable (Store locations,
Managing business, Merchandise Management and Pricing) & Uncontrollable Variables
(Consumers, Competition, Technology) > Retail Strategy
It is the long term plans of an association. - ANSWERS -Vision
It is the short term plans of an association. - ANSWERS -Mission
It encompasses the business activities involved in selling goods and services to consumers for
their personal use. It includes every sale to the final consumer - ANSWERS -Retailing
An Ideal Candidate for a Retailing Career - ANSWERS -Be a people person (human being)
Be flexible
Be decisive
Have analytical skills
Have stamina (patient)
Retailers can best address these questions by fully understanding and applying the basic
principles of retailing, as well as the elements in a well-structured, systematic and focused retail
strategy. - ANSWERS -The Philosophy
A Typical Change of Distribution - ANSWERS -Manufacturer > Wholesaler > Retailer > Final
Consumer
, The Retailer's Role in the Sorting Process - ANSWERS -Manufacturer A & B > Wholesaler >
Retailer > Brand A & B customers
Manufacturer C & D > Wholesaler > Retailer > Brand C & D customers
A retailer sells to consumer through multiple retail formats. - ANSWERS -Multi-Channel
Retailing; websites, physical stores
Suppliers make agreement with one or few retailers that designate the latter as the only ones in
a specified geographic area to carry certain brand or products. - ANSWERS -Exclusive
Distribution
Suppliers sell through as many retailers as possible. - ANSWERS -Intensive Distribution
Special Characteristics Affecting Retailers - ANSWERS -Small Average Scale, Impulse Purchase,
Popularity of Stores through location > Retailer's Strategy
Six Steps in Strategic Planning - ANSWERS -1. Define the type of business (corporate mission)
2. Set long-run and short-run objectives
3. Determine the customer market
4. Devise an overall, long-run plan
5. Implement an integrated strategy
6. Evaluate and correct (fine-tune)
Aspects of Target's Strategy - ANSWERS -- Customer service
- Innovation
- Focus
- Appeal to a prime mark
- Distinctive image
Questions and Answers10
Developing an Overall Retail Strategy - ANSWERS -Controllable Variable (Store locations,
Managing business, Merchandise Management and Pricing) & Uncontrollable Variables
(Consumers, Competition, Technology) > Retail Strategy
It is the long term plans of an association. - ANSWERS -Vision
It is the short term plans of an association. - ANSWERS -Mission
It encompasses the business activities involved in selling goods and services to consumers for
their personal use. It includes every sale to the final consumer - ANSWERS -Retailing
An Ideal Candidate for a Retailing Career - ANSWERS -Be a people person (human being)
Be flexible
Be decisive
Have analytical skills
Have stamina (patient)
Retailers can best address these questions by fully understanding and applying the basic
principles of retailing, as well as the elements in a well-structured, systematic and focused retail
strategy. - ANSWERS -The Philosophy
A Typical Change of Distribution - ANSWERS -Manufacturer > Wholesaler > Retailer > Final
Consumer
, The Retailer's Role in the Sorting Process - ANSWERS -Manufacturer A & B > Wholesaler >
Retailer > Brand A & B customers
Manufacturer C & D > Wholesaler > Retailer > Brand C & D customers
A retailer sells to consumer through multiple retail formats. - ANSWERS -Multi-Channel
Retailing; websites, physical stores
Suppliers make agreement with one or few retailers that designate the latter as the only ones in
a specified geographic area to carry certain brand or products. - ANSWERS -Exclusive
Distribution
Suppliers sell through as many retailers as possible. - ANSWERS -Intensive Distribution
Special Characteristics Affecting Retailers - ANSWERS -Small Average Scale, Impulse Purchase,
Popularity of Stores through location > Retailer's Strategy
Six Steps in Strategic Planning - ANSWERS -1. Define the type of business (corporate mission)
2. Set long-run and short-run objectives
3. Determine the customer market
4. Devise an overall, long-run plan
5. Implement an integrated strategy
6. Evaluate and correct (fine-tune)
Aspects of Target's Strategy - ANSWERS -- Customer service
- Innovation
- Focus
- Appeal to a prime mark
- Distinctive image
