Question 1

New retail formats are created and evolve because ______________.

Accepted Answer

A) consumers lose interest 
B) large retailers have undertaken stronger marketing campaigns 
C) consumers needs and competition change 
D) private branding dictates new fashion 
E) retailers have built better relationships with key customers 
A) consumers lose interest 
B) large retailers have undertaken stronger marketing campaigns 
C) consumers needs and competition change 
D) private branding dictates new fashion 
E) retailers have built better relationships with key customers C

Question 2

An advantage of a large retail chain is that it can respond quickly to market changes and customer needs.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following statements about full-line discount stores is TRUE?

Accepted Answer

A) They do not carry private-label merchandise. 
B) They have a narrow breadth of merchandise. 
C) They typically carry more brands and sizes in each category than department stores. 
D) They have inconsistent assortments. 
E) None of the above statements about full-line discount stores are true. 
A) They do not carry private-label merchandise. 
B) They have a narrow breadth of merchandise. 
C) They typically carry more brands and sizes in each category than department stores. 
D) They have inconsistent assortments. 
E) None of the above statements about full-line discount stores are true. E

Question 4

The biggest difference between services and merchandise retailers is their profits.

Accepted Answer

A) True 
 B)False

Question 5

What can department stores do to differentiate their merchandise offering AND strengthen their image?

Accepted Answer

A) Increase their pricing 
B) Network with a broader variety of vendors 
C) Seek exclusive arrangements with nationally recognized brands 
D) Merge with faltering retailers to gain their market share 
E) Keep assortments in line with European styles and fads 
A) Increase their pricing 
B) Network with a broader variety of vendors 
C) Seek exclusive arrangements with nationally recognized brands 
D) Merge with faltering retailers to gain their market share 
E) Keep assortments in line with European styles and fads

Question 6

Because the only merchandise categories at the University Futon Shop are double-sized futons,the Futon Shop can be said to have no ______________.

Accepted Answer

A) inventory control 
B) need for customer service 
C) variety 
D) shrinkage 
E) product depth 
A) inventory control 
B) need for customer service 
C) variety 
D) shrinkage 
E) product depth

Question 7

Office Depot offers customers a huge selection of office supply merchandise.As a result,inventory investment _____________.

Accepted Answer

A) increases because they have to carry back up stock for each SKU 
B) increases because of the increase in demand 
C) increases because of the value of the assortment 
D) decreases because of the increase of the customer base 
E) decreases because of the introduction of back up stock 
A) increases because they have to carry back up stock for each SKU 
B) increases because of the increase in demand 
C) increases because of the value of the assortment 
D) decreases because of the increase of the customer base 
E) decreases because of the introduction of back up stock

Question 8

Specialty stores have recently seen a trend of cheap and chic "fast fashion".The fast-fashion concept introduces new products in a store _________.

Accepted Answer

A) 10-12 times per year 
B) 10-12 times per quarter 
C) each week 
D) 2-3 times per week 
E) each day 
A) 10-12 times per year 
B) 10-12 times per quarter 
C) each week 
D) 2-3 times per week 
E) each day

Question 9

Which of the following is a third tier department store?

Accepted Answer

A) Macy's 
B) Neiman Marcus 
C) TJ Maxx 
D) Nordstrom 
E) None of these 
A) Macy's 
B) Neiman Marcus 
C) TJ Maxx 
D) Nordstrom 
E) None of these

Question 10

Which of the following statements about warehouse clubs is TRUE?

Accepted Answer

A) Warehouse clubs only sell to ultimate consumers. 
B) Warehouse clubs have a category specialist format. 
C) Warehouse clubs typically have low inventory holding costs. 
D) Warehouse clubs have extensive merchandise depth. 
A) Warehouse clubs only sell to ultimate consumers. 
B) Warehouse clubs have a category specialist format. 
C) Warehouse clubs typically have low inventory holding costs. 
D) Warehouse clubs have extensive merchandise depth.

Question 11

An off-price store that is owned by manufacturers or retailers is called a/an _______.

Accepted Answer

A) subsidiary 
B) tangent 
C) branch 
D) parasite 
E) outlet 
A) subsidiary 
B) tangent 
C) branch 
D) parasite 
E) outlet

Question 12

The Men's Wearhouse stocks over 350 different styles and colors of ties.This assortment of ties can be referred to as the store's _________.

Accepted Answer

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

Question 13

What type of store is Target considered?

Accepted Answer

A) Off-price retailer 
B) Department store 
C) Full-line discount store 
D) Extreme value retailer 
E) Specialty retailer 
A) Off-price retailer 
B) Department store 
C) Full-line discount store 
D) Extreme value retailer 
E) Specialty retailer

Question 14

Which of the following is a first tier department store?

Accepted Answer

A) Macy's 
B) Nordstrom 
C) Sears 
D) Kohl's 
E) JCPenney 
A) Macy's 
B) Nordstrom 
C) Sears 
D) Kohl's 
E) JCPenney

Question 15

______________ are products that have minor blemishes to the fabric or errors in the construction.

Accepted Answer

A) Close-outs 
B) Irregulars 
C) Third-degree items 
D) Undergrounds 
A) Close-outs 
B) Irregulars 
C) Third-degree items 
D) Undergrounds

Question 16

Typically,large retail chains:

Accepted Answer

A) are completely decentralized. 
B) are very flexible in their responses to the unique needs of their local markets. 
C) have less sophisticated analytical systems than other forms of ownership. 
D) effectively negotiate lower prices because of their buying power. 
A) are completely decentralized. 
B) are very flexible in their responses to the unique needs of their local markets. 
C) have less sophisticated analytical systems than other forms of ownership. 
D) effectively negotiate lower prices because of their buying power.

Question 17

Which of the following is NOT TRUE in describing retailers who offer a deep,and broad assortment?

Accepted Answer

A) It increases inventory holding costs 
B) It increases inventory investment because a retailer must have backup stock for each SKU 
C) Discounters and warehouse clubs offer a greater assortment 
D) Specialty retailers offer the depth of merchandise 
A) It increases inventory holding costs 
B) It increases inventory investment because a retailer must have backup stock for each SKU 
C) Discounters and warehouse clubs offer a greater assortment 
D) Specialty retailers offer the depth of merchandise

Question 18

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

Accepted Answer

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

Question 19

_________ refers to the number of different merchandise categories a retailer offers.

Accepted Answer

A) Inventory mixture 
B) Product measurement 
C) Product depth 
D) Variety 
E) Assortment 
A) Inventory mixture 
B) Product measurement 
C) Product depth 
D) Variety 
E) Assortment

Question 20

Why do movie theaters sell tickets for an afternoon showing of a movie at a lower price than the 7 p.m.showing of the same movie?

Accepted Answer

A) to deal with the perishability of services 
B) to make sure the service offered is consistent 
C) to deal with the intangible characteristic of services 
D) to deal with the incompatibility characteristic of services 
E) to minimize inventory losses 
A) to deal with the perishability of services 
B) to make sure the service offered is consistent 
C) to deal with the intangible characteristic of services 
D) to deal with the incompatibility characteristic of services 
E) to minimize inventory losses

New retail formats are created and evolve because ______________.

An advantage of a large retail chain is that it can respond quickly to market changes and customer needs.

Which of the following statements about full-line discount stores is TRUE?

The biggest difference between services and merchandise retailers is their profits.

What can department stores do to differentiate their merchandise offering AND strengthen their image?

Because the only merchandise categories at the University Futon Shop are double-sized futons,the Futon Shop can be said to have no ______________.

Office Depot offers customers a huge selection of office supply merchandise.As a result,inventory investment _____________.

Specialty stores have recently seen a trend of cheap and chic "fast fashion".The fast-fashion concept introduces new products in a store _________.

Which of the following is a third tier department store?

Which of the following statements about warehouse clubs is TRUE?

An off-price store that is owned by manufacturers or retailers is called a/an _______.

The Men's Wearhouse stocks over 350 different styles and colors of ties.This assortment of ties can be referred to as the store's _________.

What type of store is Target considered?

Which of the following is a first tier department store?

______________ are products that have minor blemishes to the fabric or errors in the construction.

Typically,large retail chains:

Which of the following is NOT TRUE in describing retailers who offer a deep,and broad assortment?

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

_________ refers to the number of different merchandise categories a retailer offers.

Why do movie theaters sell tickets for an afternoon showing of a movie at a lower price than the 7 p.m.showing of the same movie?

Introduction to the World of Retailing

Multi-Channel Retailing

Customer Buying Behavior

Retail Market Strategy

Financial Strategy

Retail Locations

Retail Site Location

Human Resource Management

Information Systems and Supply Chain Management

Customer Relationship Management

Managing the Merchandise Planning Process

Buying Merchandise

Retail Pricing

Retail Communication Mix

Managing the Store

Store Layout, Design, and Visual Merchandising

Customer Service

Filters

Exam 2: Types of Retailers

New retail formats are created and evolve because ______________.

An advantage of a large retail chain is that it can respond quickly to market changes and customer needs.

Which of the following statements about full-line discount stores is TRUE?

The biggest difference between services and merchandise retailers is their profits.

What can department stores do to differentiate their merchandise offering AND strengthen their image?

Because the only merchandise categories at the University Futon Shop are double-sized futons,the Futon Shop can be said to have no ______________.

Office Depot offers customers a huge selection of office supply merchandise.As a result,inventory investment _____________.

Specialty stores have recently seen a trend of cheap and chic "fast fashion".The fast-fashion concept introduces new products in a store _________.

Which of the following is a third tier department store?

Which of the following statements about warehouse clubs is TRUE?

An off-price store that is owned by manufacturers or retailers is called a/an _______.

The Men's Wearhouse stocks over 350 different styles and colors of ties.This assortment of ties can be referred to as the store's _________.

What type of store is Target considered?

Which of the following is a first tier department store?

______________ are products that have minor blemishes to the fabric or errors in the construction.

Typically,large retail chains:

Which of the following is NOT TRUE in describing retailers who offer a deep,and broad assortment?

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

_________ refers to the number of different merchandise categories a retailer offers.

Why do movie theaters sell tickets for an afternoon showing of a movie at a lower price than the 7 p.m.showing of the same movie?

Introduction to the World of Retailing

Multi-Channel Retailing

Customer Buying Behavior

Retail Market Strategy

Financial Strategy

Retail Locations

Retail Site Location

Human Resource Management

Information Systems and Supply Chain Management

Customer Relationship Management

Managing the Merchandise Planning Process

Buying Merchandise

Retail Pricing

Retail Communication Mix

Managing the Store

Store Layout, Design, and Visual Merchandising

Customer Service

Filters