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WorksheetsMarketing Management Final
Total questions: 46
Worksheet time: 28mins
Which is NOT a use for market research?
Identifying what services customers want
Deciding what merchandise to sell
Determining tax deductions
Forecasting sales
Which is NOT one of the five steps in conducting market research?
Apply for government funding
Identify problem
Obtain data
Choose the best solution
___ is a small group of people who provide opinions under the direction of a discussion leader.
Experiments
Interviews
Surveys
Focus group
Qualitative research tends to ask these type of questions
How or Why
What or Why
Is
Where
Why do retailers use market research?
They want information about other products.
It's used to provide retailers with information about potential manufacturers.
It helps identify what customers want
All of the above
Primary data is ___.
data previously collected for a purpose other than the problem
data obtained through the use of surveys, observations and focus groups
data collected by discovering consumer information by using qualitative research
data that answers questions about quantity
Which of the following is considered a seasonal product?
Bottled water
Shoes
Snowboard
Toothbrush
Which of the following is NOT perceived as one of the main advantages of a big box retailer?
Low prices
Personalized Customer Service
Convenient downtown locations
Which of the following best describes product?
amount of money a business charges for items it offers a sale
amount of money a business charges for items it offers a sale
deciding where the good or service is best located
a physical object that you sell and that customers come to buy
Which of the following items are considered perishable?
Rice
Canned vegetables
Eggs
Paper Towels
What are critical considerations when choosing a location for a retail store?
Traffic
Convenience
Visibiilty
Nearby police station
Which of the following is a mall?
group of retail businesses in a location usually owned by a company that leases retail space
a collection of stores serving a large area that is usually in an enclosed building with an adjacent parking lot
unclosed shopping area that evolved without a lot of planning
a group of retail businesses
What is market share?
The amount of floor space a retail store has
The percentage that a store has of the total sales in its trading area
The price of a store's shares on the stock market
The shelf space a store devotes to any particular product
Customers tend to think that a product is defective when the price is __.
Set high
Set average
Set low
All of the above.
____ is the total revenue of a business less all expenses over a period of time.
Margin
Cost
Markdown
None of the above
What is cost?
a reduction in price of merchandise to increase sales of a product
the total revenue of a business less all expenses over a period of time
the amount of money the store pays to purchase the merchandise from a supplier.
the different the retail price of an item and the cost
___ is a promotion that is meant to heighten a store's image.
Institutional Promotion
Product Promotion
Sales Promotion
Advertising
A sales associates is typically responsible for which of the following types of promotion
Sales promotion
Personal Selling
Advertising
Public Relations
This type of promotion encourages customers to make purchases
(a)
____ is a form of non-personal promotion and is a one-way message.
Personal Selling
Sales promotion
Public relations
Advertising
___ happens when there are too many staff members in the store for the customer traffic
Overstaffing
Customer Service
Employment laws
Understaffing
True or False: Not hiring workers to work part-time during peak hours is a way to avoid overstaffing.
(a)
What is work ethic?
employee arriving on time
employee feelings and emotions
employee's hard work and diligence
employee's ability to tell the truth
This type of inventory reduced the amount of inventory a store must keep on hand.
Droppshipping
FIFO
Par level
Just-in-time
What is a "vendor"?
Any automated sales process that needs no human interaction
A business that sells merchandise to retail stores for resale
The head cashier in a store
Which of the following is NOT an impulse purchase?
chips
soda
candy bar
Computer printer
Which of the following usually has a grid layout?
Grocery Store
Clothing store
Department stores
Drugstore
Where are staple products typically located?
Front of the store
Back of the store
By the cash registers
On the bottom shelf
How much money do US retailers lose each year due to theft?
$2 trillion
$5.3 billion
$100 million
Over $41 billion
Which of the following is NOT a type of promotion?
Public relations
Advertising
Customer relations
Sales promotion
___ describes the amount of product available to sell and the willingness of customers to buy that product.
market research
merchandising
economics
supply and demand
A retail business must strike a compromise between two main factors when setting an item's price. What are these two main factors?
Location and value
Reasonable margin and customers' willingness to pay
Advertising budget and cost of ads
Quality and quantity
Long lines are an indication of what?
Disgruntled employees
Too many people writing checks
Prices that are too low
Understaffing
Which product has the highest "consumability"?
A large-screen TV
A loaf of bread
An iPad
A freezer
The ____ is a business's geographic surroundings.
Trade tariff
Trade area
Sample size
Sample area
Which question is an example of quantitative market research?
How many times did you purchase this product in the past six months?
Why did you buy this product?
How did you hear of our product?
In the context of retail, which of the following means the same as "stock"?
Floor space
Inventory
Headroom
Common
You sell $2,500 per week of baseball bats at 30% margin. You sell $2,200 of baseball gloves at 40% margin. Which generates more total margin for you?
23. Sales of cases of soft drinks are up 20% from last year. You sold 500 cases of soft drinks during September of the previous year. Based on current demand trends, what would the forecast be for total sales of cases of soft drinks for this September?
700 cases
400 cases
600 cases
550 cases
Heather makes $6.55 per hour. She worked 25 hours last week. Heather had payroll deductions of $42.11 for federal, state, and local taxes, and for social security. What was Heather's take home pay?
121.64
119.80
103.45
121.44
Compute the new selling price for a group of sun visors that are currently selling for $6.00 each and that will receive a markdown of 25%.
5.00
4.50
1.50
7.00
Compute the selling price of a bottle of cleaning spray that has a cost of $2.05 and a markup of 35%.
2.88
2.77
2.69
2.78
You open a business selling art supplies and lessons. In your first month, you had the following total sales: $4,000 in paint, $2,000 in brushes, $1,500 in easels, and $1,750 in canvas. You ran a promotion on painting lessons totaling $600 in discounts. Your returns equaled $250. Calculate total net sales.
8250
8400
8300
8350
The selling price of a box of crackers is $1.75 You mark the crackers up to $2.54. What is the markup percentage?
45%
40%
35%
29%
Your typical markup for merchandise is 40%. Your cost of the item is $8.00. Calculate the selling price.
(a)
You employ 17 people making an average of $37,000 per year. You want to give every employee a 3% increase for next year. What will be the total increase in your company's annual payroll?
$21,450
$18,870
$18,000
$16,000
