Retail Management Set 10 MCQs

Q1 | The correct statement about chain stores is ----.

they offer economic of scale in buying.

they can hire good managers.

they integrate wholesaling and retailing function.

they centralize function.

Q2 | Which of the following objectives is concerned with strategic marketing planning?

Day to day performance and results.

Over-all long term organizational growth.

Identifying the strengths and weaknesses of marketing department

None of the above.

Q3 | Which sources of advantage will be helpful for a firm to achieve positionaladvantage over its competitors?

Superior skills.

Superior resources.

Superior controls.

All of the above a, b and c.

Q4 | What are the elements that a mission statement of an organization should include?

Sets guidelines for business operations

Identifies the reasons for existence of a company and its responsibilities to the stakeholders

Identifies the firms customers and their needs and marches them with products and services.

All of the above 1, 2 and c.

Q5 | The term which is used to identify the major areas of business of a diversifiedorganization is.

Business area.

Business segment, group or diversion

Business scope.

Diversified business.

Q6 | Business composition is the term used while framing the following strategies. Whatare they?

Corporate strategy.

Marketing strategy.

Business strategy.

Both 1 and b.

Q7 | Which of the following is not the characteristics of a strategic business unit?

It serves a homogenous set of markets with a limited number of related technologies

It serves a unique set of products.

It owns responsibility for its own profitability.

None of the above.

Q8 | According to GE screening grid model, which strategy should a company follow when it has high industry attractiveness and low business competitive position.

Invest/growth

Selective investment /maintain position.

Harvest/divest

None of the above.

Q9 | Which of the following will act as a corner stone in maintaining the competitiveness of company

Market focus.

Defining capabilities.

Relationships and organizational change.

None of the above.

Q10 | Which analysis compares the strengths and weaknesses of a firm against theopportunities and threats in the external environment.

Environmental analysis.

Business analysis.

SWOT analysis.

None of the above.

Q11 | Which of the following is not included in the list of macro environmental variables.

Prevailing economic conditions and political manifestors.

Changes in legislation and emerging new technologies.

Financial conditions and culture.

None of the above.

Q12 | What is the term used if management wants to audit the key management functionslike sales force, advertising or pricing?

Vertical audit

Horizontal audit.

External audit.

None of the above.

Q13 | The best way for a retailer to differentiate itself in the eyes of the consumer formthe competitions is to.

increase advertising of sale items.

offer the lowest prices in town.

always be well stocked with the basic items that customers would expect to find in your store.

not sell any of the brand names the competition is selling.

Q14 | The boomerang effect is a relatively new phenomenon that describes

the recent trend for firms to seek bankrupts protection.

the way styles from years ago come back as today's most popular styles.

the recent trend of children returning to live with their parents after having already moved out.

the recent trend of having most companies report losses for the current quarter .

Q15 | Discretionary income is.

all personal income after taxes and retirement savings.

all personal income after savings

all personal income after taxes.

personal income after taxes minus the money needed for necessities.

Q16 | The final stage of the consumer shopping/purchase model around which all otherstages revolves is the.

buy decision stage.

active information gathering stage.

purchase stage.

post-purchase evaluation stage.

Q17 | What type of competitive structure are most retail firms involved in?

horizontal competition.

monopolistic competition.

vertical competition.

pure competition.

Q18 | Which of the following marketing functions is one the retailer could not perform?

selling.

sorting.

location analysis.

buying.

Q19 | Facilitating institutions may best be described as specialists that.

take title but not possession of the merchandise.

take title to the merchandise in order to facilitate the transaction

manage the channel so as to increase over-all efficiency marketing functions

perform certain marketing functions, in which they have an expertise, for other channel members.

Q20 | Which one of the following factors is not found on a six month merchandisebudget?

planned gross margin.

current liabilities.

planned sales percentage

planned purchases at retail.

Q21 | The --- provides the retailer with a picture of the organization's profit and losssituation

expense report.

index of inventory valuation.

statement of cash flow.

income statement.

Q22 | What word best describes the relationship between a retailer's pricing decisions and the merchandise, location, promotion, credit, services, image and legal decisions that retailers must make?

independent.

separate.

interactive.

competitive.

Q23 | If a retailer is offering the same products and quantities to different customers at different prices, the retailer has what kind of pricing policy?

two-price

customary.

flexible.

leader.

Q24 | Which of the following areas should not be taken into consideration whenformulating a retailer's promotional strategy?

the retailers credit customers.

the price level of the merchandise.

merchandise inventory levels.

the retailer's net worth.

Q25 | The two objectives of institutional advertising include:.

creating a positive store image and public service promotion

publicity and sales promotions.

advertising a sale and generating store

none