Retail Market Strategy Lesson 6 Quiz

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What makes up the retailing mix according to the text?

6 P's: product, place, promotion, price, presentation, personnel (correct)
7 P's: product, place, promotion, price, presentation, personnel, process
4 P's: product, place, promotion, price
5 P's: product, place, promotion, price, presentation

Which of the following is NOT one of the 6 P's of retailing mix mentioned in the text?

Process (correct)
Product
Promotion
Place

What is the main objective of considering the right advertising strategy according to the text?

Decrease consumer choice
Persuade consumers to choose the retailer's brand (correct)
Reduce the retailer's market share
Increase retailer's operational costs

In retail marketing, what does the term 'retail strategy' refer to?

Total operations approach including marketing mix to satisfy target market needs (D) Signup and view all the answers

What are the 6 P's of retailing mix used by modern retailers according to the text?

Product, place, promotion, pricing, presentation, personnel (A) Signup and view all the answers

How do retailers achieve a set of 'rights' in the merchandising outcome according to the text?

Through the merchandising process (B) Signup and view all the answers

What is one key aspect of merchandise management according to the text?

Location strategy (A) Signup and view all the answers

In retail marketing strategy, what does the choice of merchandise convey to consumers?

Nature of the merchandise (B) Signup and view all the answers

Which aspect of the retail business refers to the people working for a specific company or project?

Personnel (D) Signup and view all the answers

How do internal marketing efforts in a retail business mainly support?

Sales team (B) Signup and view all the answers

What influences a consumer's purchase decision and intention to purchase according to the text?

Product type carried (B) Signup and view all the answers

Where does merchandise management play a role in retail strategy according to the text?

Merchandise assortment search (C) Signup and view all the answers

What is the main difference between online retailing and catalog retailing?

Online retailing involves purchasing products over the Internet, while catalog retailing involves ordering from a physical store. (C) Signup and view all the answers

What is a key characteristic of an independent retailer?

An independent retailer builds their business from the ground up. (C) Signup and view all the answers

What differentiates a merchandising company from a service company?

Merchandising companies purchase and resell products, while service companies primarily sell services. (C) Signup and view all the answers

What is a typical characteristic of dealership ownership?

Dealership owners are a combination of a franchise and an individual retailer. (B) Signup and view all the answers

In the context of retailing, what is the significance of simultaneous production and consumption?

It involves the immediate delivery of services to customers. (D) Signup and view all the answers

How does catalog retailing differ from online retailing in terms of product display?

Catalog retailing displays all items in-store, while online retailing only shows a selection. (A) Signup and view all the answers