Question 1

Once a well-articulated retail strategy has been developed, the next step is to:

Accepted Answer

A)  evaluate the results of the strategy 
B)  implement the strategy 
C)  forecast future environmental trends 
D)  override the control mechanism 
E)  confirm that environmental conditions have not changed 
A)  evaluate the results of the strategy 
B)  implement the strategy 
C)  forecast future environmental trends 
D)  override the control mechanism 
E)  confirm that environmental conditions have not changed

Question 2

Which of the following businesses would be considered a retailer?

Accepted Answer

A)  Air Canada 
B)  Your local hair salon 
C)  Canadian Tire 
D)  Tim Hortons 
E)  Your local hair salon, Air Canada, Tim Hortons, and Canadian Tire 
A)  Air Canada 
B)  Your local hair salon 
C)  Canadian Tire 
D)  Tim Hortons 
E)  Your local hair salon, Air Canada, Tim Hortons, and Canadian Tire

Question 3

Which of the following statements about retailers holding inventory is false?

Accepted Answer

A)  By holding inventory, retailers can decrease the visual merchandising expenditure 
B)  Retailers keep inventory so that products are available when consumers want them 
C)  Holding inventory in a store helps serve the customer's needs 
D)  By having inventory held in the store, consumers can hold less merchandise at home 
E)  Holding inventory reduces consumer's cost of storing products 
A)  By holding inventory, retailers can decrease the visual merchandising expenditure 
B)  Retailers keep inventory so that products are available when consumers want them 
C)  Holding inventory in a store helps serve the customer's needs 
D)  By having inventory held in the store, consumers can hold less merchandise at home 
E)  Holding inventory reduces consumer's cost of storing products

Question 4

Distinguish between intratype competition and intertype competition. Give an example of each.

Accepted Answer

Intratype competition refers to the comp

Question 5

A retailer that is vertically integrated:

Accepted Answer

A)  performs more than one function in the chain from manufacturing to sales to end user 
B)  does not have frequent communication between buyers and managers 
C)  concentrates on selling to businesses only 
D)  performs only the function to end user 
E)  has an excellent vertical relationship between corporate headquarters and stores 
A)  performs more than one function in the chain from manufacturing to sales to end user 
B)  does not have frequent communication between buyers and managers 
C)  concentrates on selling to businesses only 
D)  performs only the function to end user 
E)  has an excellent vertical relationship between corporate headquarters and stores

Question 6

Which of the following is not an element in the retail mix?

Accepted Answer

A)  Merchandise assortments 
B)  Location 
C)  Competitive response 
D)  Customer service 
E)  Advertising and promotion 
A)  Merchandise assortments 
B)  Location 
C)  Competitive response 
D)  Customer service 
E)  Advertising and promotion

Question 7

What is the primary advantage for retailers to be vertically integrated?

Accepted Answer

A)  Retailers have realized that to stay competitive, they must become vertically integrated 
B)  Retailers can develop unique merchandise sold only in their stores; retailers can expand their services easily to the Internet because they can direct orders to the manufacturer; retailers have realized that to stay competitive, they must become vertically integrated; and customers preferring retailers that are vertically integrated are all advantages. 
C)  Customers prefer retailers who are vertically integrated 
D)  Retailers can expand their services easily to the Internet because they can direct orders to the manufacturer 
E)  Retailers can develop unique merchandise sold only in their stores 
A)  Retailers have realized that to stay competitive, they must become vertically integrated 
B)  Retailers can develop unique merchandise sold only in their stores; retailers can expand their services easily to the Internet because they can direct orders to the manufacturer; retailers have realized that to stay competitive, they must become vertically integrated; and customers preferring retailers that are vertically integrated are all advantages. 
C)  Customers prefer retailers who are vertically integrated 
D)  Retailers can expand their services easily to the Internet because they can direct orders to the manufacturer 
E)  Retailers can develop unique merchandise sold only in their stores

Question 8

72 percent of all retail businesses employ fewer than ________persons.

Accepted Answer

A)  50 
B)  5 
C)  25 
D)  10 
E)  100 
A)  50 
B)  5 
C)  25 
D)  10 
E)  100

Question 9

As part of a retailing strategy, a retailer looks to changes in demographics and responds to these changes with their retail mix. The following are examples of demographic trends except:

Accepted Answer

A)  the growth of the elderly population 
B)  the rising number of two-income families 
C)  the increased emphasis on customer service 
D)  the retirement of the Baby Boomers 
E)  the growth of minority segments 
A)  the growth of the elderly population 
B)  the rising number of two-income families 
C)  the increased emphasis on customer service 
D)  the retirement of the Baby Boomers 
E)  the growth of minority segments

Question 10

If a chain of florist shops opened a plant nursery to provide gift plants and cut flowers to all of its outlets within a 300-mile radius, the chain would be practicing:

Accepted Answer

A)  vertical integration 
B)  service marketing 
C)  channel expansion 
D)  horizontal expansion 
E)  vertical retailing 
A)  vertical integration 
B)  service marketing 
C)  channel expansion 
D)  horizontal expansion 
E)  vertical retailing

Question 11

is when a firm performs more than one set of activities in the channel.

Accepted Answer

A)  Horizontal integration 
B)  Channel diversification 
C)  Vertical integration 
D)  Vertical development 
E)  Distribution channel 
A)  Horizontal integration 
B)  Channel diversification 
C)  Vertical integration 
D)  Vertical development 
E)  Distribution channel

Question 12

What type of merchandising increases intertype competition?

Accepted Answer

Scrambled

Question 13

As the owner of a store specializing in men's suits, Isabella can use a retail strategy statement to identify all of the following except:

Accepted Answer

A)  what types of suits the store will stock 
B)  the advertising campaign developed to sell last season's merchandise 
C)  what services the shop will offer its customers 
D)  the shop's target market 
E)  how the store will build a competitive advantage 
A)  what types of suits the store will stock 
B)  the advertising campaign developed to sell last season's merchandise 
C)  what services the shop will offer its customers 
D)  the shop's target market 
E)  how the store will build a competitive advantage

Question 14

The combination of factors retailers use to satisfy customer needs and influence their purchase decisions is called the firm's:

Accepted Answer

A)  retail mix 
B)  marketing concept 
C)  retailing concept 
D)  target market 
E)  none of these 
A)  retail mix 
B)  marketing concept 
C)  retailing concept 
D)  target market 
E)  none of these

Question 15

One of the functions retailers undertake to increase the customer's perception of value is providing services. Which of the following would be an example of that activity?

Accepted Answer

A)  Increasing employee pilferage 
B)  Selling on the Internet as an additional channel 
C)  Performing a situation analysis 
D)  Ignoring the competition 
E)  None of the available answers are correct. 
A)  Increasing employee pilferage 
B)  Selling on the Internet as an additional channel 
C)  Performing a situation analysis 
D)  Ignoring the competition 
E)  None of the available answers are correct.

Question 16

One of the functions retailers undertake to increase the customer's perception of value is providing services. Which of the following would be an example of that activity?

Accepted Answer

A)  Well-lit parking lots 
B)  Trained salespeople to answer questions 
C)  Payment by debit cards 
D)  Clean washrooms 
E)  Clean washrooms, payment by debit cards, trained salespeople, and well-lit parking lots are all appropriate examples. 
A)  Well-lit parking lots 
B)  Trained salespeople to answer questions 
C)  Payment by debit cards 
D)  Clean washrooms 
E)  Clean washrooms, payment by debit cards, trained salespeople, and well-lit parking lots are all appropriate examples.

Question 17

A credit union holds and maintains detailed records of the banking activities of its members. Each quarter, the credit union provides its members a printout of banking activities, information about low rate loans and pre-owned automobiles. By contacting its members on a regular basis, the credit union is engaging in the business function of:

Accepted Answer

A)  holding inventory 
B)  providing services 
C)  financing 
D)  breaking bulk 
E)  providing assortments 
A)  holding inventory 
B)  providing services 
C)  financing 
D)  breaking bulk 
E)  providing assortments

Question 18

Providing assortments is an advantageous business activity because it:

Accepted Answer

A)  enables the customer to save money by being able to shop in one store 
B)  enables the company to create a more informational and entertaining environment which would promote more sales 
C)  enables the customer to choose from a wide selection of brands, designs, sizes, and prices all in one store 
D)  enables the customer to stock up on the assortments because of their availability 
E)  enables the company to reinvest savings 
A)  enables the customer to save money by being able to shop in one store 
B)  enables the company to create a more informational and entertaining environment which would promote more sales 
C)  enables the customer to choose from a wide selection of brands, designs, sizes, and prices all in one store 
D)  enables the customer to stock up on the assortments because of their availability 
E)  enables the company to reinvest savings

Question 19

Scrambled merchandising increases:

Accepted Answer

A)  intertype competition 
B)  concentric diversification 
C)  horizontal integration 
D)  vertical integration 
E)  intratype competition 
A)  intertype competition 
B)  concentric diversification 
C)  horizontal integration 
D)  vertical integration 
E)  intratype competition

Question 20

A retailer's role in the distribution channel is to:

Accepted Answer

A)  act as the liaison between manufacturers and wholesalers 
B)  buy merchandise exclusively from the manufacturers 
C)  sell to wholesalers 
D)  negotiate with consumers through a series of focus groups 
E)  satisfy the needs of the consumers 
A)  act as the liaison between manufacturers and wholesalers 
B)  buy merchandise exclusively from the manufacturers 
C)  sell to wholesalers 
D)  negotiate with consumers through a series of focus groups 
E)  satisfy the needs of the consumers

Once a well-articulated retail strategy has been developed, the next step is to:

Which of the following businesses would be considered a retailer?

Which of the following statements about retailers holding inventory is false?

Distinguish between intratype competition and intertype competition. Give an example of each.

A retailer that is vertically integrated:

Which of the following is not an element in the retail mix?

What is the primary advantage for retailers to be vertically integrated?

72 percent of all retail businesses employ fewer than ________persons.

As part of a retailing strategy, a retailer looks to changes in demographics and responds to these changes with their retail mix. The following are examples of demographic trends except:

If a chain of florist shops opened a plant nursery to provide gift plants and cut flowers to all of its outlets within a 300-mile radius, the chain would be practicing:

is when a firm performs more than one set of activities in the channel.

What type of merchandising increases intertype competition?

As the owner of a store specializing in men's suits, Isabella can use a retail strategy statement to identify all of the following except:

The combination of factors retailers use to satisfy customer needs and influence their purchase decisions is called the firm's:

One of the functions retailers undertake to increase the customer's perception of value is providing services. Which of the following would be an example of that activity?

One of the functions retailers undertake to increase the customer's perception of value is providing services. Which of the following would be an example of that activity?

Providing assortments is an advantageous business activity because it:

Scrambled merchandising increases:

A retailer's role in the distribution channel is to:

Types of Retailers

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 1: Introduction to the World of Retailing

Once a well-articulated retail strategy has been developed, the next step is to:

Which of the following businesses would be considered a retailer?

Which of the following statements about retailers holding inventory is false?

Distinguish between intratype competition and intertype competition. Give an example of each.

A retailer that is vertically integrated:

Which of the following is not an element in the retail mix?

What is the primary advantage for retailers to be vertically integrated?

72 percent of all retail businesses employ fewer than ________persons.

As part of a retailing strategy, a retailer looks to changes in demographics and responds to these changes with their retail mix. The following are examples of demographic trends except:

If a chain of florist shops opened a plant nursery to provide gift plants and cut flowers to all of its outlets within a 300-mile radius, the chain would be practicing:

is when a firm performs more than one set of activities in the channel.

What type of merchandising increases intertype competition?

As the owner of a store specializing in men's suits, Isabella can use a retail strategy statement to identify all of the following except:

The combination of factors retailers use to satisfy customer needs and influence their purchase decisions is called the firm's:

One of the functions retailers undertake to increase the customer's perception of value is providing services. Which of the following would be an example of that activity?

One of the functions retailers undertake to increase the customer's perception of value is providing services. Which of the following would be an example of that activity?

Providing assortments is an advantageous business activity because it:

Scrambled merchandising increases:

A retailer's role in the distribution channel is to:

Types of Retailers

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