Question 1

What is the challenge big box stores face,while developing locations in Europe and Japan?

Accepted Answer

A) limited and expensive land 
B) increased operating costs 
C) restricted building size in some counties 
D) opposing sentiments from local residents 
E) all of these 
A) limited and expensive land 
B) increased operating costs 
C) restricted building size in some counties 
D) opposing sentiments from local residents 
E) all of these

Question 2

Why are category specialists sometimes called category killers?

Accepted Answer

A) because they are often located in dying shopping malls 
B) because they are located at stand-alone sites 
C) because of their broad merchandise mix and shallow assortment 
D) because they can dominate a category of merchandise making it difficult for other retailers to compete 
E) because they carry mainly technologically obsolete merchandise 
A) because they are often located in dying shopping malls 
B) because they are located at stand-alone sites 
C) because of their broad merchandise mix and shallow assortment 
D) because they can dominate a category of merchandise making it difficult for other retailers to compete 
E) because they carry mainly technologically obsolete merchandise

Question 3

Whereas conventional supermarkets carry about 30,000 SKUs,limited assortment supermarkets or extreme value food retailers only stock 2000 SKUs.Which of the following is NOT the advantage of stocking lesser SKUs?

Accepted Answer

A) Less inventory holding costs 
B) Less backup stocks 
C) Less inventory investments 
D) More inventory turnover 
E) Lower transportation costs 
A) Less inventory holding costs 
B) Less backup stocks 
C) Less inventory investments 
D) More inventory turnover 
E) Lower transportation costs

Question 4

Supermarkets gain higher profit margins from private-label merchandise than national brands.

Accepted Answer

A) True 
 B)False

Question 5

Department stores have placed an emphasis on their own private branded merchandise to _______________.

Accepted Answer

A) attract the attention of the junior market 
B) differentiate their product offerings 
C) keep price points lower 
D) reduce the number of markdowns at the end of a season 
E) sever relationships with low profit vendors 
A) attract the attention of the junior market 
B) differentiate their product offerings 
C) keep price points lower 
D) reduce the number of markdowns at the end of a season 
E) sever relationships with low profit vendors

Question 6

Which of the following statements about NAICS codes is TRUE?

Accepted Answer

A) The letters in NAICS stand for National Assortments in Commercial Stores. 
B) Retailers with the same NAICS codes are likely to compete against each other. 
C) A retailer's principal competitor is seldom,if ever,in the same NAICS category. 
D) The NAICS code categorizes businesses according to an 8-digit classification system. 
E) The classifications for retail firms are based upon the location of the store fronts. 
A) The letters in NAICS stand for National Assortments in Commercial Stores. 
B) Retailers with the same NAICS codes are likely to compete against each other. 
C) A retailer's principal competitor is seldom,if ever,in the same NAICS category. 
D) The NAICS code categorizes businesses according to an 8-digit classification system. 
E) The classifications for retail firms are based upon the location of the store fronts.

Question 7

The drugstore industry has seen a decrease in their annual sales mainly due to _____.

Accepted Answer

A) higher prices on prescription drugs 
B) pharmacies in full-line discount stores 
C) the aging population 
D) government regulations on pharmaceutical sales 
A) higher prices on prescription drugs 
B) pharmacies in full-line discount stores 
C) the aging population 
D) government regulations on pharmaceutical sales

Question 8

The dermatologist has her diplomas prominently displayed above her large desk,which sits on a Persian rug in an office filled with tasteful,yet expensive furnishings.Which service characteristic is the doctor trying to handle with her office décor?

Accepted Answer

A) intangibility 
B) perishability 
C) inconsistency 
D) consumability 
E) compatibility 
A) intangibility 
B) perishability 
C) inconsistency 
D) consumability 
E) compatibility

Question 9

Assortment is often referred to as the ____________.

Accepted Answer

A) breadth of merchandise 
B) complete retail offering 
C) depth of merchandise 
D) object of the buy 
E) retail mix 
A) breadth of merchandise 
B) complete retail offering 
C) depth of merchandise 
D) object of the buy 
E) retail mix

Question 10

A massage parlor that requires its therapists to keep a database on each customer and include in that database what was done on each visit as far as customer aches and pains and peculiar characteristics of the customer,is trying to cope with which service characteristic?

Accepted Answer

A) intangibility 
B) perishability 
C) inconsistency 
D) consumability 
E) compatibility 
A) intangibility 
B) perishability 
C) inconsistency 
D) consumability 
E) compatibility

Question 11

What format of ownership combines the advantages of owner-managed businesses with the efficiency of centralized decision making in chain store operations?

Accepted Answer

A) franchise 
B) retail chain 
C) full-line discount stores 
D) single-store establishment 
E) wholesale-sponsored voluntary cooperative chain 
A) franchise 
B) retail chain 
C) full-line discount stores 
D) single-store establishment 
E) wholesale-sponsored voluntary cooperative chain

Question 12

Discuss how off-price retailers opportunistically obtain their merchandise and the different types of merchandise found at off-price retailers.

Accepted Answer

Off-price retailers procure their mercha

Question 13

Why do category specialists call themselves "category killers"?

Accepted Answer

A) Because they have a lock on the competition,they can demand higher prices. 
B) By offering a complete assortment in a category at low prices,category specialists can "kill" a category of merchandise for other retailers. 
C) To keep costs low,employee assistance is nonexistent,thus has "killed" off customer service. 
D) As they edit their product assortments,they narrow down and drop off classifications. 
A) Because they have a lock on the competition,they can demand higher prices. 
B) By offering a complete assortment in a category at low prices,category specialists can "kill" a category of merchandise for other retailers. 
C) To keep costs low,employee assistance is nonexistent,thus has "killed" off customer service. 
D) As they edit their product assortments,they narrow down and drop off classifications.

Question 14

Each different item of merchandise in a retail store is called a(n)_____________.

Accepted Answer

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

Question 15

Services are difficult to be evaluated before customers buy,or even after they buy and consume them.What characteristic of service cause this challenge for services retailers?

Accepted Answer

A) intangibility 
B) perishability 
C) inconsistency 
D) consumability 
E) compatibility 
A) intangibility 
B) perishability 
C) inconsistency 
D) consumability 
E) compatibility

Question 16

Discount stores offer both hard and soft goods for sale.

Accepted Answer

A) True 
 B)False

Question 17

How are department stores categorized into tiers? How do the tiers differ? Give examples of each.

Accepted Answer

Department store chains are categorized

Question 18

What is the word used to describe a retailer's merchandise "breadth"?

Accepted Answer

A) Apparition 
B) Assortment 
C) Modicum 
D) Variety 
E) Product 
A) Apparition 
B) Assortment 
C) Modicum 
D) Variety 
E) Product

Question 19

What type of store is Kohl's 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 20

Discuss the practice of manufactures opening up their own specialty stores.Why is this a growing trend and what are the positives and negatives from the viewpoint of both the manufacturer and other retailers?

Accepted Answer

In years past,manufacturers have relied

What is the challenge big box stores face,while developing locations in Europe and Japan?

Why are category specialists sometimes called category killers?

Whereas conventional supermarkets carry about 30,000 SKUs,limited assortment supermarkets or extreme value food retailers only stock 2000 SKUs.Which of the following is NOT the advantage of stocking lesser SKUs?

Supermarkets gain higher profit margins from private-label merchandise than national brands.

Department stores have placed an emphasis on their own private branded merchandise to _______________.

Which of the following statements about NAICS codes is TRUE?

The drugstore industry has seen a decrease in their annual sales mainly due to _____.

The dermatologist has her diplomas prominently displayed above her large desk,which sits on a Persian rug in an office filled with tasteful,yet expensive furnishings.Which service characteristic is the doctor trying to handle with her office décor?

Assortment is often referred to as the ____________.

A massage parlor that requires its therapists to keep a database on each customer and include in that database what was done on each visit as far as customer aches and pains and peculiar characteristics of the customer,is trying to cope with which service characteristic?

What format of ownership combines the advantages of owner-managed businesses with the efficiency of centralized decision making in chain store operations?

Discuss how off-price retailers opportunistically obtain their merchandise and the different types of merchandise found at off-price retailers.

Why do category specialists call themselves "category killers"?

Each different item of merchandise in a retail store is called a(n)_____________.

Services are difficult to be evaluated before customers buy,or even after they buy and consume them.What characteristic of service cause this challenge for services retailers?

Discount stores offer both hard and soft goods for sale.

How are department stores categorized into tiers? How do the tiers differ? Give examples of each.

What is the word used to describe a retailer's merchandise "breadth"?

What type of store is Kohl's considered?

Discuss the practice of manufactures opening up their own specialty stores.Why is this a growing trend and what are the positives and negatives from the viewpoint of both the manufacturer and other retailers?

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

What is the challenge big box stores face,while developing locations in Europe and Japan?

Why are category specialists sometimes called category killers?

Whereas conventional supermarkets carry about 30,000 SKUs,limited assortment supermarkets or extreme value food retailers only stock 2000 SKUs.Which of the following is NOT the advantage of stocking lesser SKUs?

Supermarkets gain higher profit margins from private-label merchandise than national brands.

Department stores have placed an emphasis on their own private branded merchandise to _______________.

Which of the following statements about NAICS codes is TRUE?

The drugstore industry has seen a decrease in their annual sales mainly due to _____.

The dermatologist has her diplomas prominently displayed above her large desk,which sits on a Persian rug in an office filled with tasteful,yet expensive furnishings.Which service characteristic is the doctor trying to handle with her office décor?

Assortment is often referred to as the ____________.

A massage parlor that requires its therapists to keep a database on each customer and include in that database what was done on each visit as far as customer aches and pains and peculiar characteristics of the customer,is trying to cope with which service characteristic?

What format of ownership combines the advantages of owner-managed businesses with the efficiency of centralized decision making in chain store operations?

Discuss how off-price retailers opportunistically obtain their merchandise and the different types of merchandise found at off-price retailers.

Why do category specialists call themselves "category killers"?

Each different item of merchandise in a retail store is called a(n)_____________.

Services are difficult to be evaluated before customers buy,or even after they buy and consume them.What characteristic of service cause this challenge for services retailers?

Discount stores offer both hard and soft goods for sale.

How are department stores categorized into tiers? How do the tiers differ? Give examples of each.

What is the word used to describe a retailer's merchandise "breadth"?

What type of store is Kohl's considered?

Discuss the practice of manufactures opening up their own specialty stores.Why is this a growing trend and what are the positives and negatives from the viewpoint of both the manufacturer and other retailers?

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