Retail Management Decision Process Quiz
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Questions and Answers

What is the main role of retailers in a supply chain?

  • Linking manufacturers to consumers (correct)
  • Manufacturing products
  • Exporting goods globally
  • Providing raw materials to wholesalers
  • How do retailers create value through breaking bulks?

  • By reducing product variety
  • By standardizing product sizes
  • By reducing transportation costs (correct)
  • By increasing shipping times
  • What is a major value-providing activity performed by retailers?

  • Exporting goods
  • Providing raw materials
  • Manufacturing products
  • Holding inventory (correct)
  • How do wholesalers differ from retailers in the supply chain?

    <p>They resell merchandise to retailers</p> Signup and view all the answers

    Why does a country's economy flourish when consumers spend more money buying goods and services from retailers?

    <p>Retailers create job opportunities</p> Signup and view all the answers

    What type of products do manufacturers typically specialize in?

    <p>Specific types of products</p> Signup and view all the answers

    What is the role of the retail sector in developed economies?

    <p>To indicate a vibrant financial system</p> Signup and view all the answers

    What does Corporate Social Responsibility (CSR) involve?

    <p>Meeting or exceeding ethical and legal expectations of stakeholders</p> Signup and view all the answers

    What benefits are associated with serving Bottom of the Pyramid (BoP) consumers?

    <p>Reducing worldwide poverty</p> Signup and view all the answers

    What is the focus of LEADERSHIP IN ENVIRONMENTAL DESIGN (LEED) certification?

    <p>Ensuring water savings</p> Signup and view all the answers

    How did the retail industry evolve from the consumers' perspective?

    <p>By consisting of small, independent local retailers</p> Signup and view all the answers

    Why do consumers play a crucial role in the economy of developed countries?

    <p>To indicate a vibrant financial system</p> Signup and view all the answers

    What does a retailer's microenvironment primarily focus on?

    <p>Competitors and customers</p> Signup and view all the answers

    In the retail management decision process, what are the key strategic decisions a retailer makes?

    <p>Defining target market and financial objectives</p> Signup and view all the answers

    Which factor is part of the macro-environment in the world of retailing?

    <p>Economic conditions</p> Signup and view all the answers

    What does a retail strategy typically identify?

    <p>Target markets and merchandise/services offered</p> Signup and view all the answers

    Which stage in the retail management decision process is based on an understanding of both macro and microenvironments?

    <p>Formulating and implementing a retail strategy</p> Signup and view all the answers

    What helps a retailer achieve long-term advantage over competitors according to the text?

    <p>Developing unique assets</p> Signup and view all the answers

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