Question 1

Variety is often referred to as the _____________.

Accepted Answer

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

Question 2

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

Accepted Answer

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

Question 3

What do Delta,Marriott,and Century 21 have in common?

Accepted Answer

A) These retailers have established long-term relationships with their manufacturers. 
B) They are all examples of off-price retailers. 
C) They are all examples of service retailers. 
D) They sell tangible products. 
E) They have high operating margins due to the size of their inventories. 
A) These retailers have established long-term relationships with their manufacturers. 
B) They are all examples of off-price retailers. 
C) They are all examples of service retailers. 
D) They sell tangible products. 
E) They have high operating margins due to the size of their inventories.

Question 4

Off-price retailers will often sell merchandise less than the MSRP which means:

Accepted Answer

A) the merchandise sales are profitable. 
B) the merchandise is sold below the suggested retail price. 
C) the merchandise is sold below the suggested realized profit. 
D) the merchandise is sold less than the surrounding retail competitors. 
A) the merchandise sales are profitable. 
B) the merchandise is sold below the suggested retail price. 
C) the merchandise is sold below the suggested realized profit. 
D) the merchandise is sold less than the surrounding retail competitors.

Question 5

Hispanics have significantly different shopping and eating patterns from those of the general population in the United States.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is NOT TRUE in describing characteristics of franchise?

Accepted Answer

A) The franchise ownership format attempts to combine the advantages of owner-managed businesses with the efficiencies of centralized decision making in chain store operations 
B) Franchisees are motivated to make their stores successful because they receive the profits 
C) The franchisor is motivated to develop new products and to promote the franchise because it receives a royalty on all sales 
D) The franchisor is solely responsible for financing advertising,product development,and system development 
A) The franchise ownership format attempts to combine the advantages of owner-managed businesses with the efficiencies of centralized decision making in chain store operations 
B) Franchisees are motivated to make their stores successful because they receive the profits 
C) The franchisor is motivated to develop new products and to promote the franchise because it receives a royalty on all sales 
D) The franchisor is solely responsible for financing advertising,product development,and system development

Question 7

Best Buy is a category specialist for the electronics industry. This means the stores ___________.

Accepted Answer

A) offer their customers narrow breadth and depth 
B) use quick-response inventory management systems 
C) have excellent after-the-sale service 
D) appeal to the mature consumers 
E) offer a narrow but deep assortment of merchandise 
A) offer their customers narrow breadth and depth 
B) use quick-response inventory management systems 
C) have excellent after-the-sale service 
D) appeal to the mature consumers 
E) offer a narrow but deep assortment of merchandise

Question 8

The North American Industry Classification System (NAICS):

Accepted Answer

A) was developed by the Federal Trade Commission (FT
C)  
B) uses an 8-digit classification system 
C) was created to collect data on North America's business activity 
D) is limited in its use to only retail institutions 
E) is used only by the United States 
A) was developed by the Federal Trade Commission (FT
C)  
B) uses an 8-digit classification system 
C) was created to collect data on North America's business activity 
D) is limited in its use to only retail institutions 
E) is used only by the United States

Question 9

Which of the following describes an advantage that independent,single-store establishments have over other forms of ownership?

Accepted Answer

A) economies of scale 
B) react quickly to market changes 
C) bureaucratic operation 
D) very low set-up costs 
E) distribution efficiency 
A) economies of scale 
B) react quickly to market changes 
C) bureaucratic operation 
D) very low set-up costs 
E) distribution efficiency

Question 10

To respond to a competitive discount environment,Walmart is fighting back by __.

Accepted Answer

A) opening supercenters while closing full-line discount stores 
B) focusing on promotional temporary sales 
C) increasing assortments 
D) offering better customer service on the floor 
E) reducing prices below wholesale 
A) opening supercenters while closing full-line discount stores 
B) focusing on promotional temporary sales 
C) increasing assortments 
D) offering better customer service on the floor 
E) reducing prices below wholesale

Question 11

Which of the following is a second 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 12

Discuss what drugstores are doing to remain competitive in the marketplace.

Accepted Answer

Offering a wider assortment of merchandi

Question 13

To be competitive in today's marketplace,Supermarkets are focusing on offering perishable products and meal solutions.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is the biggest threat to convenience stores?

Accepted Answer

A) Increasing prices on convenience foods 
B) Supermarket chains also offering gasoline 
C) Vending machines 
D) Consumers having more expendable time to shop and compare prices 
E) Off-price retailers 
A) Increasing prices on convenience foods 
B) Supermarket chains also offering gasoline 
C) Vending machines 
D) Consumers having more expendable time to shop and compare prices 
E) Off-price retailers

Question 15

Extreme-value retailers have a broad variety but shallow assortment of products offered at very low prices.

Accepted Answer

A) True 
 B)False

Question 16

Angelo manages a local convenience store that sells gasoline.When gas prices are high,his sales increase,but gas margins are low.So,depending upon gas sales for the success of the business can be a problem for him.What should Angelo do?

Accepted Answer

A) add fresh healthy food and new convenient services to the product mix 
B) open more gas pumps 
C) temporarily lower gas prices to motivate customers to fill up at his store 
D) sell two-for-one candy with every fill-up 
E) all of the above 
A) add fresh healthy food and new convenient services to the product mix 
B) open more gas pumps 
C) temporarily lower gas prices to motivate customers to fill up at his store 
D) sell two-for-one candy with every fill-up 
E) all of the above

Question 17

Explain strategies which limited assortment supermarkets (extreme value food retailers)have used in order to provide customers with high quality merchandise at low prices to compete against other food retailing formats?

Accepted Answer

Rather than carrying deep merchandise, (

Question 18

A retailer that carries a broad variety and deep assortment,offers customer services,and is organized into separate departments for displaying merchandise is called a __.

Accepted Answer

A) off-price retailer 
B) department store 
C) discount retailer 
D) convenience store 
E) specialty retailer 
A) off-price retailer 
B) department store 
C) discount retailer 
D) convenience store 
E) specialty retailer

Question 19

Walgreens,CVS and Rite Aid see the largest portion of their sales results from ____.

Accepted Answer

A) soda and snacks 
B) office and paper products 
C) cosmetics 
D) photo processing 
E) prescription drugs 
A) soda and snacks 
B) office and paper products 
C) cosmetics 
D) photo processing 
E) prescription drugs

Question 20

Describe four differences between services and merchandise retailers.Then explain the challenges,and how services retailers overcome those challenges associated with them with examples.

Accepted Answer

Four important differences in the nature

Variety is often referred to as the _____________.

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

What do Delta,Marriott,and Century 21 have in common?

Off-price retailers will often sell merchandise less than the MSRP which means:

Hispanics have significantly different shopping and eating patterns from those of the general population in the United States.

Which of the following is NOT TRUE in describing characteristics of franchise?

Best Buy is a category specialist for the electronics industry. This means the stores ___________.

The North American Industry Classification System (NAICS):

Which of the following describes an advantage that independent,single-store establishments have over other forms of ownership?

To respond to a competitive discount environment,Walmart is fighting back by __.

Which of the following is a second tier department store?

Discuss what drugstores are doing to remain competitive in the marketplace.

To be competitive in today's marketplace,Supermarkets are focusing on offering perishable products and meal solutions.

Which of the following is the biggest threat to convenience stores?

Extreme-value retailers have a broad variety but shallow assortment of products offered at very low prices.

Angelo manages a local convenience store that sells gasoline.When gas prices are high,his sales increase,but gas margins are low.So,depending upon gas sales for the success of the business can be a problem for him.What should Angelo do?

Explain strategies which limited assortment supermarkets (extreme value food retailers)have used in order to provide customers with high quality merchandise at low prices to compete against other food retailing formats?

A retailer that carries a broad variety and deep assortment,offers customer services,and is organized into separate departments for displaying merchandise is called a __.

Walgreens,CVS and Rite Aid see the largest portion of their sales results from ____.

Describe four differences between services and merchandise retailers.Then explain the challenges,and how services retailers overcome those challenges associated with them with examples.

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

Variety is often referred to as the _____________.

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

What do Delta,Marriott,and Century 21 have in common?

Off-price retailers will often sell merchandise less than the MSRP which means:

Hispanics have significantly different shopping and eating patterns from those of the general population in the United States.

Which of the following is NOT TRUE in describing characteristics of franchise?

Best Buy is a category specialist for the electronics industry. This means the stores ___________.

The North American Industry Classification System (NAICS):

Which of the following describes an advantage that independent,single-store establishments have over other forms of ownership?

To respond to a competitive discount environment,Walmart is fighting back by __.

Which of the following is a second tier department store?

Discuss what drugstores are doing to remain competitive in the marketplace.

To be competitive in today's marketplace,Supermarkets are focusing on offering perishable products and meal solutions.

Which of the following is the biggest threat to convenience stores?

Extreme-value retailers have a broad variety but shallow assortment of products offered at very low prices.

Angelo manages a local convenience store that sells gasoline.When gas prices are high,his sales increase,but gas margins are low.So,depending upon gas sales for the success of the business can be a problem for him.What should Angelo do?

Explain strategies which limited assortment supermarkets (extreme value food retailers)have used in order to provide customers with high quality merchandise at low prices to compete against other food retailing formats?

A retailer that carries a broad variety and deep assortment,offers customer services,and is organized into separate departments for displaying merchandise is called a __.

Walgreens,CVS and Rite Aid see the largest portion of their sales results from ____.

Describe four differences between services and merchandise retailers.Then explain the challenges,and how services retailers overcome those challenges associated with them with examples.

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