Retail Management Quiz 1_Introduction & Location

According to Philip Kotler, definition of retail is the

• marketing mix (4P's) including price, product, promotion and price.

• concept of selling goods or service in the outlet mall.

• activities involved in selling goods or services to the final consumers for personal, non-business use.

• activities involved in creating brand awareness among new potential customers.

_______________ environment for retailing comprises the overall economy including business cycles, consumer income and spending patterns.

• Economics

• Political

• Demographic

• Technology

Pure competition occur when a market has all below factor, EXCEPT:

• Homogenous products

• Many buyers and sellers, having perfect knowledge of the market

• Ease of entry for both buyers and sellers

• It is frequently situation in retailing

For a segment(s) to be considered attractive enough for becoming one’s target market, it must meet all three criteria:

• Measurable, accessible and sustainable

• Measurable, accessible and substantial

• Accessible, substantial and sustainable

• Substantial, acceptable and sustainable

Location of store based retailers must be strategic enough to capture more attention. The type of location below are store based location must be choose by retailers, EXCEPT:

• One Stop Centre

• Shoping centre or mall

• Neighbourhood Business Distric

• Central Business Distric

Centrally owned or managed shopping district that is planned, has balanced tenancy (the stores complement each other in merchandise offerings). This concept is applicable for

• Neighborhood Business District (NBD)

• Freestanding Retailers

• Secondary Business Distric (SBD)

• Shopping Centre or Mall

Which of the following terms describes retail?

• Individually selling products directly to the customer

• The sale of products in bulk directly from the manufacturer

• Locations where manufacturers distribute and sell their goods

• Large self-service grocery stores

Which of the following terms describes wholesale?

• Individually selling products directly to the customer

• The sale of products in bulk directly from the manufacturer

• Locations where manufacturers distribute and sell their goods

• Large self-service grocery stores

What is a niche market?

• A store which has developed branches offering the same product in different locations

• Locations where manufacturers distribute and sell their goods through retailers

• A specialized area of sales targeting a specific group rather than the mass

• An open-air form of retail outlet which often includes multiple sellers gathering in a central location at a designated time

Ross and T.J. Maxx are examples of _____ retailers which are a specialty kind of retail stores.

• direct

• discount

• catalog

• online