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| 1. Being successful in selling value eyewear requires all the following except: |
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A.
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Requires lower pricing. |
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B.
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Remove the “cheap” from the sale. |
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C.
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Understand how consumers view value. |
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D.
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How to fulfill consumer's expectations. |
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| 2. Older shoppers require all of the following except: |
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A.
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Always in stock |
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B.
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Convenience of location |
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C.
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Lower pricing |
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D.
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Free cases |
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| 3. When one studies purchasing habits, most people make a purchase based on |
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A.
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Price |
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B.
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Value |
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C.
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Size |
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D.
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Index |
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| 4. Successful stores create all of the following except |
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A.
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Price/value balance |
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B.
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Retail entertainment |
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C.
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Discount relevance |
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D.
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Convenience |
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| 5. According to WSL Strategic Retail the “New Normal” helps shoppers to |
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A.
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Be economically cautious |
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B.
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Simplify their lives |
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C.
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Provide an emotional connection |
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D.
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All of the above |
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| 6. To become indispensable to customers/patients, optical must |
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A.
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Ensure good binocularity |
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B.
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Provide good, better and best in frame selection |
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C.
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Allow economic variety |
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D.
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Guarantee satisfaction |
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| 7. Mark-up pricing |
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A.
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Ensures profitability |
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B.
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Fixes pricing based on competitors |
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C.
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Adds a margin to a baseline cost |
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D.
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Adds mark downs regularly |
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| 8. Pricing by Position requires the optical retailer to |
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A.
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Determine the positioning of their image and price accordingly |
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B.
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Place product at regular pricing and run positioning discounts |
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C.
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Create an everyday low price |
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D.
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Non of the above |
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| 9. In order to price by perceived value, an optical retailer must |
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A.
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Understand and use brands effectively |
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B.
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Understand the minimum required margins for their business |
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C.
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Purchase effectively |
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D.
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All of the above |
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| 10. Lexus is an example of |
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A.
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A luxury brand that is also perceived as good value |
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B.
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Is priced using a sophisticated Value pricing strategy |
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C.
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Uses the going rate factor for price determination |
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D.
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Internal price perceptions give external reference prices |
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| 11. Frame branding helps to develop the price/value relationship, for lenses the consumer must |
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A.
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Develop a trust in the optician/doctor |
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B.
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Use price to determine value |
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C.
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Always order brands they know |
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D.
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Know the lens warrantee offered |
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| 12. Which of the following is a true statement? |
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A.
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People buy features and benefits |
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B.
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Perceived value pricing attracts and maintains loyal customers |
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C.
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Consumers are price conscious |
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D.
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None are true |
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| 13. To increase the value of products |
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A.
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Add benefits |
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B.
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Create a “value pack” |
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C.
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Offer frequent shopper incentives |
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D.
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All of the above |
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| 14. Reducing consumer purchase risks create all of the following except |
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A.
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Improved sales |
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B.
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Reduced consumer confidence |
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C.
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Effective use of product warranties |
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D.
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Repeat customers and patient loyalty |
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| 15. Which of the following is false? |
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A.
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Fulfill expectations, you can't be all things to all people |
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B.
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Make stores exciting |
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C.
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Hire enthusiastic sales people and train them well |
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D.
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Determine pricing based on the appearance of the customer |
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