Question 1

The two types of off-price retailers are:

Accepted Answer

A)  warehouse clubs and closeout stores 
B)  value retailers and closeout stores 
C)  outlet stores and warehouse clubs 
D)  outlet and closeout stores 
E)  closeout and value stores 
A)  warehouse clubs and closeout stores 
B)  value retailers and closeout stores 
C)  outlet stores and warehouse clubs 
D)  outlet and closeout stores 
E)  closeout and value stores D

Question 2

Each different item of merchandise in a retail store is called a/an:

Accepted Answer

A)  consumer offering 
B)  store counted item (SCI) 
C)  stored and keyed unit (SKU) 
D)  economic unit 
E)  stock keeping unit (SKU) 
A)  consumer offering 
B)  store counted item (SCI) 
C)  stored and keyed unit (SKU) 
D)  economic unit 
E)  stock keeping unit (SKU) E

Question 3

Warehouse clubs:

Accepted Answer

A)  have deep assortment within it's merchandise categories 
B)  have low turnover 
C)  provide extensive customer service 
D)  sell merchandise in a no-frills atmosphere 
E)  spend on visual displays 
A)  have deep assortment within it's merchandise categories 
B)  have low turnover 
C)  provide extensive customer service 
D)  sell merchandise in a no-frills atmosphere 
E)  spend on visual displays D

Question 4

List the main elements of the retail mix that are particularly useful for classifying retailers.

Accepted Answer

Four elements of the retail mix are part

Question 5

How can a service retailer best cope with the some of the problems associated with the intangibility of service?

Accepted Answer

A)  Solicit customer evaluations and complaints. 
B)  Increase staffing at peak demand times. 
C)  Emphasize quality control. 
D)  Use mass production. 
E)  Use low prices during off-seasons to help match supply and demand. 
A)  Solicit customer evaluations and complaints. 
B)  Increase staffing at peak demand times. 
C)  Emphasize quality control. 
D)  Use mass production. 
E)  Use low prices during off-seasons to help match supply and demand.

Question 6

Choose the element of the retail mix that best applies to the following: Retailers may appeal to different customer needs and offer different assortments and varie merchandise and services.

Accepted Answer

A)  Type of merchandise/services offered 
B)  Breadth and depth of merchandise offered 
C)  Price of merchandise 
D)  Level of customer service 
E)  None of these apply 
A)  Type of merchandise/services offered 
B)  Breadth and depth of merchandise offered 
C)  Price of merchandise 
D)  Level of customer service 
E)  None of these apply

Question 7

When compared to catalogue retailing, TV home shopping has which of the following disadvantages?

Accepted Answer

A)  The customer's ability to watch products being demonstrated 
B)  The customer's inability to look at products when they want to 
C)  The lack of federal regulation of the medium 
D)  The difficulty inherent in returning unsatisfactory products 
E)  The ability to schedule when certain types of merchandise will be sold 
A)  The customer's ability to watch products being demonstrated 
B)  The customer's inability to look at products when they want to 
C)  The lack of federal regulation of the medium 
D)  The difficulty inherent in returning unsatisfactory products 
E)  The ability to schedule when certain types of merchandise will be sold

Question 8

Isaac's Men's Store stocks 322 different styles and colours of ties. This assortment of ties can be referred to as Isaac's:

Accepted Answer

A)  store's supply standard 
B)  retailer mix 
C)  breadth of merchandise 
D)  complete retail offering 
E)  depth of merchandise 
A)  store's supply standard 
B)  retailer mix 
C)  breadth of merchandise 
D)  complete retail offering 
E)  depth of merchandise

Question 9

A marketing strategy in which the retailer offers multiple ways for shoppers to buy its products, but with a stronger focus on a seamless approach to the customer experience through all available shopping channels.

Accepted Answer

A)  Direct Selling 
B)  Omni-Channel 
C)  M-Commerce 
D)  Multichannel 
E)  None of these apply 
A)  Direct Selling 
B)  Omni-Channel 
C)  M-Commerce 
D)  Multichannel 
E)  None of these apply

Question 10

To respond to a competitive environment, discount retailers are fighting back by:

Accepted Answer

A)  developing more private-label merchandise programs 
B)  focusing on a EDLP strategy 
C)  offering better customer service on the floor 
D)  increasing assortments 
E)  All of these. 
A)  developing more private-label merchandise programs 
B)  focusing on a EDLP strategy 
C)  offering better customer service on the floor 
D)  increasing assortments 
E)  All of these.

Question 11

What is one way a convenience store can develop a sustainable advantage against competition?

Accepted Answer

A)  Nothing: convenience stores are becoming extinct 
B)  Open more stores 
C)  Close less convenient locations 
D)  Extend hours of operation 
E)  Sell prepared meals 
A)  Nothing: convenience stores are becoming extinct 
B)  Open more stores 
C)  Close less convenient locations 
D)  Extend hours of operation 
E)  Sell prepared meals

Question 12

Zara, a specialty store, produces how much of its own clothing line?

Accepted Answer

A)  None 
B)  less than 20% 
C)  less than 40% 
D)  100% 
E)  greater than 50% 
A)  None 
B)  less than 20% 
C)  less than 40% 
D)  100% 
E)  greater than 50%

Question 13

The retail format in which the retailers communicate with customers and offer products and services for sale over the Internet is called:

Accepted Answer

A)  computerized shopping 
B)  direct selling 
C)  electronic retailing 
D)  television home shopping 
E)  catalogue retailing 
A)  computerized shopping 
B)  direct selling 
C)  electronic retailing 
D)  television home shopping 
E)  catalogue retailing

Question 14

Name and describe four important differences in the nature of the offering provided by services retailers compared with merchandise retailers.

Accepted Answer

Intangibility Services are generally int

Question 15

Off-price retailers:

Accepted Answer

A)  sell brand-name and even designer-label merchandise at reduced prices. 
B)  offer gift wrapping services. 
C)  offer a consistent assortment of soft goods at low prices. 
D)  give cash refunds. 
E)  require suppliers to give them a variety of allowances and discounts. 
A)  sell brand-name and even designer-label merchandise at reduced prices. 
B)  offer gift wrapping services. 
C)  offer a consistent assortment of soft goods at low prices. 
D)  give cash refunds. 
E)  require suppliers to give them a variety of allowances and discounts.

Question 16

The Canadian retail marketplace is dominated by a small number of large retailers -which term does this describe?

Accepted Answer

A)  concentration 
B)  diversity 
C)  development 
D)  globalization 
E)  Americanization 
A)  concentration 
B)  diversity 
C)  development 
D)  globalization 
E)  Americanization

Question 17

Choose the term that best fits the following: By applying smart algorithms and deep, data-driven analytics to the massive amounts of d retailers are able to maximize all aspects of their business, including pricing, assortments, displays, staffing, and warehouse space.

Accepted Answer

A)  Challenged store economics 
B)  Maturing retail technologies 
C)  Explosion of consumer data 
D)  Blurring boundaries among channels, formats, and brands 
E)  Scientific retailing 
A)  Challenged store economics 
B)  Maturing retail technologies 
C)  Explosion of consumer data 
D)  Blurring boundaries among channels, formats, and brands 
E)  Scientific retailing

Question 18

Which of the following categories are department stores moving away from offering?

Accepted Answer

A)  Kitchenware 
B)  Women's apparel 
C)  Accessories 
D)  Home furnishings 
E)  Toys 
A)  Kitchenware 
B)  Women's apparel 
C)  Accessories 
D)  Home furnishings 
E)  Toys

Question 19

Describe and give examples how specialty stores tailor their retail strategy towards their specific market segments.

Accepted Answer

Retailers tailor their strategy by offer

Question 20

Describe two approaches that multichannel retailers can use to reduce channel migration. Give an example of a retailers that apply these approaches.

Accepted Answer

Two approaches that multichannel retaile

The two types of off-price retailers are:

Each different item of merchandise in a retail store is called a/an:

Warehouse clubs:

List the main elements of the retail mix that are particularly useful for classifying retailers.

How can a service retailer best cope with the some of the problems associated with the intangibility of service?

Choose the element of the retail mix that best applies to the following: Retailers may appeal to different customer needs and offer different assortments and varie merchandise and services.

When compared to catalogue retailing, TV home shopping has which of the following disadvantages?

Isaac's Men's Store stocks 322 different styles and colours of ties. This assortment of ties can be referred to as Isaac's:

A marketing strategy in which the retailer offers multiple ways for shoppers to buy its products, but with a stronger focus on a seamless approach to the customer experience through all available shopping channels.

To respond to a competitive environment, discount retailers are fighting back by:

What is one way a convenience store can develop a sustainable advantage against competition?

Zara, a specialty store, produces how much of its own clothing line?

The retail format in which the retailers communicate with customers and offer products and services for sale over the Internet is called:

Name and describe four important differences in the nature of the offering provided by services retailers compared with merchandise retailers.

Off-price retailers:

The Canadian retail marketplace is dominated by a small number of large retailers -which term does this describe?

Choose the term that best fits the following: By applying smart algorithms and deep, data-driven analytics to the massive amounts of d retailers are able to maximize all aspects of their business, including pricing, assortments, displays, staffing, and warehouse space.

Which of the following categories are department stores moving away from offering?

Describe and give examples how specialty stores tailor their retail strategy towards their specific market segments.

Describe two approaches that multichannel retailers can use to reduce channel migration. Give an example of a retailers that apply these approaches.

Introduction to the World of Retailing

Customer Buying Behaviou

Retail Market Strategy

Retail Locations Strategytrade Area Decisions and Site Assessment

Store Design, Layout, and Visual Merchandising Strategy

International Retailing Strategy

Financial Strategy

Information Systems and Supply Chain Management

Merchandise Management

Buying Strategies

Retail Pricing

Human Resource Management and Staff Training Issues

Building Customer Loyalty: Customer Relationship Management and Service Strategies

Appealing to the Customer: Retail Communication Mix

Filters

Exam 2: Types of Retailers

The two types of off-price retailers are:

Each different item of merchandise in a retail store is called a/an:

Warehouse clubs:

List the main elements of the retail mix that are particularly useful for classifying retailers.

How can a service retailer best cope with the some of the problems associated with the intangibility of service?

Choose the element of the retail mix that best applies to the following: Retailers may appeal to different customer needs and offer different assortments and varie merchandise and services.

When compared to catalogue retailing, TV home shopping has which of the following disadvantages?

Isaac's Men's Store stocks 322 different styles and colours of ties. This assortment of ties can be referred to as Isaac's:

A marketing strategy in which the retailer offers multiple ways for shoppers to buy its products, but with a stronger focus on a seamless approach to the customer experience through all available shopping channels.

To respond to a competitive environment, discount retailers are fighting back by:

What is one way a convenience store can develop a sustainable advantage against competition?

Zara, a specialty store, produces how much of its own clothing line?

The retail format in which the retailers communicate with customers and offer products and services for sale over the Internet is called:

Name and describe four important differences in the nature of the offering provided by services retailers compared with merchandise retailers.

Off-price retailers:

The Canadian retail marketplace is dominated by a small number of large retailers -which term does this describe?

Choose the term that best fits the following: By applying smart algorithms and deep, data-driven analytics to the massive amounts of d retailers are able to maximize all aspects of their business, including pricing, assortments, displays, staffing, and warehouse space.

Which of the following categories are department stores moving away from offering?

Describe and give examples how specialty stores tailor their retail strategy towards their specific market segments.

Describe two approaches that multichannel retailers can use to reduce channel migration. Give an example of a retailers that apply these approaches.

Introduction to the World of Retailing

Customer Buying Behaviou

Retail Market Strategy

Retail Locations Strategytrade Area Decisions and Site Assessment

Store Design, Layout, and Visual Merchandising Strategy

International Retailing Strategy

Financial Strategy

Information Systems and Supply Chain Management

Merchandise Management

Buying Strategies

Retail Pricing

Human Resource Management and Staff Training Issues

Building Customer Loyalty: Customer Relationship Management and Service Strategies

Appealing to the Customer: Retail Communication Mix

Filters