Exam 4: Evaluating the Competition in Retailing

Because many retailers have access to the same merchandise,high-profit performing retailers have sought to use _____ in order to develop a protected niche in the marketplace so that they cannot be easily copied by the competition.

Market structures characterized as pure competition have heterogeneous products,many buyers and few sellers,and ease of entry for both buyers and sellers.

Strategic plans that provide a differential advantage lead to high profit only if competitors need large amounts of time or money to overcome them.

A market is considered "understored" when the number of stores is less than the current demand of the market.

The resource-advantage theory teaches that all retailers cannot achieve superior results at the same time.

Retailers must remember that most department store shoppers value a product's brand name more than the product's style.

Which of the following is NOT an example of a nonprice demand strategy that a retailer could employ as a means of increasing its demand?

When the seller is the only one selling a particular product,it is known as:

Retailing is often characterized as:

Competition at the local level is often more complex than at the national or regional level.

Retailers from large countries are often better suited to expand internationally than retailers from smaller countries.

A market offers rows of exotic produce,fresh prime meats,seafood flown in fresh,a bakery filled with artisan breads and over 220 cheeses.This market is competing for customers on which major front?

Identify the incorrect statement about warehouse clubs.

_____ describes a situation where consumers already have one unit of an item and as a result place a lower value on an additional unit.

Competition is most intense in understored markets since many retailers are operating in stores too small to carry all the merchandise demanded by customers.

Private label branding is an example of using nonprice competition to achieve a protected niche.

Outshopping occurs when customers go "out" and patronize the retailer's store rather than using other methods of shopping such as telephone and mail order.

The rate of change in retailing around the world appears to be directly related to:

In pure competition,each retailer faces a horizontal demand curve and must sell its products at the going "market" or equilibrium price.

Which of the following statements about liquidators is false?