Question 1

Scrambled merchandising increases:

Accepted Answer

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

Question 2

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

Question 3

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

Question 4

Retailing is the nation's largest industry in terms of:

Accepted Answer

A)  community involvement 
B)  competition 
C)  employment 
D)  promotions 
E)  variety 
A)  community involvement 
B)  competition 
C)  employment 
D)  promotions 
E)  variety

Question 5

Once a retailer understands its environment,it needs to develop and implement a(n):

Accepted Answer

A)  retail strategy 
B)  advertising plan 
C)  customer base 
D)  competitive strategy 
E)  functional strategy 
A)  retail strategy 
B)  advertising plan 
C)  customer base 
D)  competitive strategy 
E)  functional strategy

Question 6

To implement a retail strategy,management must:

Accepted Answer

A)  develop a retail mix that satisfies the needs of its target market better than its competitors 
B)  locate the ideal location 
C)  develop budgets and acquire merchandise 
D)  set pricing strategies and determine promotions 
E)  determine its target market and set retail objectives 
A)  develop a retail mix that satisfies the needs of its target market better than its competitors 
B)  locate the ideal location 
C)  develop budgets and acquire merchandise 
D)  set pricing strategies and determine promotions 
E)  determine its target market and set retail objectives

Question 7

When developing the _________________ for his new salon,George decided to obtain a long-term competitive advantage over other salons by offering longer hours,better prices,a well trained staff and half-price perm day every Thursday to attract customers.

Accepted Answer

A)  selling concept 
B)  business cycle 
C)  retail strategy 
D)  focal point orientation 
E)  marketing concept 
A)  selling concept 
B)  business cycle 
C)  retail strategy 
D)  focal point orientation 
E)  marketing concept

Question 8

How are retailers using point-of-sale (POS)terminals and Universal Product Codes (UPCs)affixed to merchandise? As a way to:

Accepted Answer

A)  target the distribution plan 
B)  create an advertising plan 
C)  check its location strategy 
D)  gain a strategic advantage 
E)  set its retailing objectives 
A)  target the distribution plan 
B)  create an advertising plan 
C)  check its location strategy 
D)  gain a strategic advantage 
E)  set its retailing objectives

Question 9

Grocers purchase bananas from several different tropical countries.When bananas arrive in the distribution centres across Canada,containers are reduced to amounts that are appropriate for store delivery.Once delivered to the stores,associates open the cartons and arrange the bananas for the consumer to select.Grocers are performing what function?

Accepted Answer

A)  Holding inventory 
B)  Vertical integration 
C)  Breaking bulk 
D)  Distribution 
E)  Providing services 
A)  Holding inventory 
B)  Vertical integration 
C)  Breaking bulk 
D)  Distribution 
E)  Providing services

Question 10

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

Question 11

Why is it advantageous for retailers to be vertically integrated?

Accepted Answer

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

Question 12

List the four functions performed by retailers.

Accepted Answer

The four functions performed b

Question 13

The intensity of competition is greatest among retailers when:

Accepted Answer

A)  price dominates the retail mix 
B)  they are located near each other and offer similar retail offerings 
C)  they are located near each other and target the same customer 
D)  they are located far from each other and offer similar retail offerings 
E)  they are located far from each other and target the same customer 
A)  price dominates the retail mix 
B)  they are located near each other and offer similar retail offerings 
C)  they are located near each other and target the same customer 
D)  they are located far from each other and offer similar retail offerings 
E)  they are located far from each other and target the same customer

Question 14

Walmart,Loblaws,and Future Shop are in what kind of competition?

Accepted Answer

A)  channel 
B)  horizontal 
C)  indirect 
D)  intertype 
E)  intratype 
A)  channel 
B)  horizontal 
C)  indirect 
D)  intertype 
E)  intratype

Question 15

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

Question 16

Lydia owns the Shake Shack,a small ice cream shop on a busy beach boardwalk that specializes in a variety of milkshakes,malts and cones.She has identified her customer as a person walking on the boardwalk-mostly vacationers who want something cool and quick with no frills.She located herself close to parking for easy access,unlike some of her competitors.Lydia seems to have developed a strong:

Accepted Answer

A)  business concept 
B)  business plan 
C)  location strategy 
D)  retail strategy 
E)  selling strategy 
A)  business concept 
B)  business plan 
C)  location strategy 
D)  retail strategy 
E)  selling strategy

Question 17

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

Accepted Answer

Intratype competition refers to the comp

Question 18

The competition between the same types of retailers is called:

Accepted Answer

A)  indirect competition 
B)  intertype competition 
C)  intratype competition 
D)  scrambled merchandising 
E)  vertical integration 
A)  indirect competition 
B)  intertype competition 
C)  intratype competition 
D)  scrambled merchandising 
E)  vertical integration

Question 19

Which business activities are undertaken by retailers?

Accepted Answer

A)  Purchasing goods and services 
B)  Developing management information systems 
C)  Raising capital 
D)  Managing a sales force 
E)  All answers provided are correct. 
A)  Purchasing goods and services 
B)  Developing management information systems 
C)  Raising capital 
D)  Managing a sales force 
E)  All answers provided are correct.

Question 20

The largest sectors in terms of retail sales are:

Accepted Answer

A)  General merchandise and Clothing 
B)  Pharmacies and Building supplies 
C)  Food, Beverage, and Automotive 
D)  Furniture and Pharmacies 
E)  Automotive and Building supplies 
A)  General merchandise and Clothing 
B)  Pharmacies and Building supplies 
C)  Food, Beverage, and Automotive 
D)  Furniture and Pharmacies 
E)  Automotive and Building supplies

Scrambled merchandising increases:

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?

Retailing is the nation's largest industry in terms of:

Once a retailer understands its environment,it needs to develop and implement a(n):

To implement a retail strategy,management must:

When developing the _________________ for his new salon,George decided to obtain a long-term competitive advantage over other salons by offering longer hours,better prices,a well trained staff and half-price perm day every Thursday to attract customers.

How are retailers using point-of-sale (POS)terminals and Universal Product Codes (UPCs)affixed to merchandise? As a way to:

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?

Why is it advantageous for retailers to be vertically integrated?

List the four functions performed by retailers.

The intensity of competition is greatest among retailers when:

Walmart,Loblaws,and Future Shop are in what kind of 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:

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

The competition between the same types of retailers is called:

Which business activities are undertaken by retailers?

The largest sectors in terms of retail sales are:

Types of Retailers

Customer Buying Behaviour

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

Scrambled merchandising increases:

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?

Retailing is the nation's largest industry in terms of:

Once a retailer understands its environment,it needs to develop and implement a(n):

To implement a retail strategy,management must:

When developing the _________________ for his new salon,George decided to obtain a long-term competitive advantage over other salons by offering longer hours,better prices,a well trained staff and half-price perm day every Thursday to attract customers.

How are retailers using point-of-sale (POS)terminals and Universal Product Codes (UPCs)affixed to merchandise? As a way to:

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?

Why is it advantageous for retailers to be vertically integrated?

List the four functions performed by retailers.

The intensity of competition is greatest among retailers when:

Walmart,Loblaws,and Future Shop are in what kind of 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:

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

The competition between the same types of retailers is called:

Which business activities are undertaken by retailers?

The largest sectors in terms of retail sales are:

Types of Retailers

Customer Buying Behaviour

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