What does "product" refer to in a retail context?

Physical goods sold by a retail store

Only physical goods sold by a factory

Intangible services offered by a store

What is marketability?

The ease with which a product can be sold

The speed at which a product is consumed

The amount of money earned per product

The level of competition for a product

Why are highly consumable products important for retailers?

They generate repeat customers due to frequent purchases

They last for years and require less inventory management

They eliminate the need for promotions

They are always high-profit items

What is a perishable product?

A product with a limited shelf life, such as milk or batteries

A product that requires frequent repairs

A product that can last for many years

A product that is sold at seasonal discounts

What is consultative selling?

Working with customers to identify their specific needs

Selling products without customer input

Providing customers with a list of all available products

Focusing on selling the cheapest items in the store

What is the definition of "Perishable"?

Goods that have a limited shelf life

Goods for sale in a retail store

Ease with which a product can be sold

Amount of money earned per product sale

Speed at which a product is used up and replaced

What does "Profitability" refer to?

Amount of money earned per product sale

Goods for sale in a retail store

Goods that have a limited shelf life

Ease with which a product can be sold

Speed at which a product is used up and replaced

Identify the correct definition of "Merchandise".

Goods for sale in a retail store

Goods that have a limited shelf life

Ease with which a product can be sold

Amount of money earned per product sale

Speed at which a product is used up and replaced

What is a product mix?

The variety of products a company offers to its customers

A collection of different brands in the market

A blend of customer needs and preferences

A combination of promotional strategies

What is the product lifecycle?

The phases a product goes through from introduction to decline

The duration a product is stored in inventory

The process of designing a product

The customer experience with a product

Which of the following represents a product in the growth stage?

Sales increase rapidly, and competitors start to enter the market

Sales reach their peak and begin to decline

Creating a unique identity for a product to differentiate it from competitors

The process of reducing production costs

Offering discounts on bulk purchases

A business wants to develop a new product. What is the first step in the process?

Research customer needs and market trends

What is the definition of "Product Mix"?

Variety of products offered by a business

Creating a unique identity for a product

Sales increase rapidly, attracting competitors

Stages a product goes through from introduction to decline

What happens during the "Growth Stage" of a product?

Sales increase rapidly, attracting competitors

Sales drop, and the product is eventually discontinued

A unique identity is created for the product

The product is offered in a variety of forms

What does "Product Lifecycle" refer to?

Stages a product goes through from introduction to decline

Creating a unique identity for a product

Variety of products offered by a business

When sales drop, and the product is eventually discontinued

What occurs during the "Decline Stage" of a product?

Sales drop, and the product is eventually discontinued

Sales increase rapidly, attracting competitors

A unique identity is created for the product

The product is offered in a variety of forms

What is the most critical factor in selecting a retail location?

The store's target market and trade area

The availability of nearby restaurants

What is a complementary business?

A business that sells related but different products to attract customers

A business that sells identical products to competitors

A business that does not compete with any other business

A business that offers free products to customers

What does traffic refer to in retail location selection?

The number of people who go by a store location during a given time

The number of cars passing by the store each day

The number of deliveries made to the store daily

The speed of cars near the store

What is the definition of a "Mall"?

An enclosed shopping area with a variety of stores

A group of retail businesses located together

A store unattached to other stores

A business’s geographic surroundings that provide most customers

What is a "Freestanding Location"?

A store unattached to other stores

A business that sells related but different merchandise

An enclosed shopping area with a variety of stores

A group of retail businesses located together

What is a "Strip Mall"?

A group of retail businesses located together

A store unattached to other stores

A business’s geographic surroundings that provide most customers

An enclosed shopping area with a variety of stores

What is one of the most important factors when selecting a retail location?

High foot traffic and visibility

Availability of parking for employees

Number of competitors in the area

Why is accessibility important for a business location?

To ensure customers can reach the location easily

To increase the ease of restocking inventory

To reduce costs associated with construction

To create better working conditions for employees

Which of the following is a disadvantage of locating in a high-rent area?

High operating costs that may lower profit margins

Fewer opportunities for marketing

What is a trade area?

The geographic area from which a business attracts its customers

The section of the city with the most retailers

An area reserved for supplier warehouses

The specific street a store is located on

What is the impact of competition on location selection?

Competition can be beneficial by attracting more customers to the area.

Competition is always a negative factor and should be avoided.

Competition has no effect on location decisions.

Competition increases the distance customers will travel.

What does the term "Accessibility" refer to in a business context?

Ease with which customers can reach a location

Number of people passing by a business

How noticeable a business is to potential customers

Expenses incurred for leasing the business space

What is meant by "Trade Area" in business terminology?

Geographic area from which a business draws its customers

High operating costs that may lower profit margins

Number of people passing by a business

How noticeable a business is to potential customers

What does "Visibility" mean in the context of a business?

How noticeable a business is to potential customers

Ease with which customers can reach a location

Number of people passing by a business

Expenses incurred for leasing the business space

What is "Foot Traffic" in relation to a business?

Number of people passing by a business

Geographic area from which a business draws its customers

Ease with which customers can reach a location

Expenses incurred for leasing the business space

What does "marketability" refer to?

The ease with which products can be sold

The cost of producing a product

Virtual Business Fall 2024 Final Exam Review

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VASHON LEWIS

Used 1+ times

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87 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of market research?

To develop a marketing budget

To understand customer preferences and behaviors

To hire more employees

To increase the price of products

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of primary research?

Reading online industry reports

Conducting a customer survey

Reviewing competitor pricing online

Using census data

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A target market is:

A list of every possible customer

A specific group of customers most likely to buy a product

Any individual visiting the store

A type of market defined by competitors

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between qualitative and quantitative data?

Quantitative data is descriptive; qualitative data is numerical

Qualitative data describes emotions; quantitative data measures quantities

Quantitative data involves numbers; qualitative data involves descriptions

They are the same thing

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to research competitors in market research?

To imitate their pricing and strategies

To identify strengths and weaknesses in their approach

To lower prices below cost

To avoid marketing similar products

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of Primary Research?

Specific group of customers a business targets

Data collected from existing sources

Direct data collection from surveys or interviews

Study of customer decision-making processes

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does Secondary Research involve?

Data expressed in numerical form

Data collected from existing sources

Study of customer decision-making processes

Specific group of customers a business targets

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Virtual Business Fall 2024 Final Exam Review

87 questions

What is the primary purpose of market research?

Which of the following is an example of primary research?

A target market is:

What is the difference between qualitative and quantitative data?

Why is it important to research competitors in market research?

What is the definition of Primary Research?

What does Secondary Research involve?

Which term refers to a specific group of customers a business targets?

What is the study of customer decision-making processes called?

Which type of data is expressed in numerical form?

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