Rise Up NRF Foundation BOR quiz #2-KT

When is the BEST time to introduce a customer to additional service programs?

• Only when the customer asks about them.
• During a product return process.
• Before a purchase is made.
• After a purchase and customer satisfaction.

A new pet grooming store is opening in town and wants to promote the business. What is the BEST way to reach the target audience?

• Utilize social media, newspapers, and local partnerships to promote the store.

• Host a large event in a different city.
• Advertise on national television.
• Hand out flyers at the local grocery store.

You are opening a small online retail shop and are trying to decide how to price your products. You'll be operating the business yourself. What would you take into consideration for setting a retail price?

• Seasonal trends in fashion
• Personal preferences of the owner
• Randomly chosen numbers for pricing
• Cost of products, website service fees, competitor's prices and your desired profit margin.

You are opening a new shoe store in town. Who would you consider to be your direct competitor?

• Koh's

• Walmart

• Nike

• Walgreens

When an item is priced at $29.99, what pricing strategy is used?

• Cost-plus pricing
• Dynamic pricing
• Bundle pricing
• Psychological pricing

What is the term for companies that seek the same customer's money but offer products that meet different needs?

• Direct Competitors

• replacement competitors

• Partner competitors

• indirect competitors

Carefully choosing the right assortment of items to sell that meets the needs of customers and aligns with company brand is what marketing plan component?

• Product Assortment
• Promotional Tactics
• Place

• Pricing Strategy

What are strategies used by retailers to make a product appealing, incentivize customers to purchase or generate sales called?

• value pricing

• Customer engagement techniques
• Product placement
• Promotions

Lucy was excited to open her gourmet lemonade shop. As a small business owner, she had to carefully determine what products she would sell, the price of those products, the place or location of her physical store and how she would promote her business. What is Lucy creating?

• A marketing plaln

• A product catalog
• A financial report
• A business model

A sales associate notices that several fragrance display tables have been empty well before the close of business for the past few days. Which solution would be most effective for ensuring that the product is visible at all times?

• Limit the number of fragrances available for sale.
• Increase the price of the fragrances.
• Implement a regular restocking schedule for the fragrance displays. Place as much possible on the tables during stocking.

• Remove the fragrance displays altogether.