Question 1

Why do retailers use point-of-sale (POS)terminals to read Universal Product Codes (UPCs)and electronic data interchange (EDI)to send sales and inventory information from computer to computer?

Accepted Answer

The answer of Why do retailers use point-of-sale (POS)terminals to...

Question 2

By providing assortments,breaking bulk,holding inventory and providing services,retailers increase the ___________ consumers receive from their products and services.

Accepted Answer

The answer of By providing assortments,breaking bulk,holding inventory and providing...

Question 3

The combination of factors retailers use to satisfy customer needs and influence their purchase decisions is called the firm's:

Accepted Answer

A)  retailing concept 
B)  retail mix 
C)  marketing concept 
D)  target market 
E)  none of these

Question 4

What are the three things identified by a retail strategy statement?

Accepted Answer

The answer of What are the three things identified by...

Question 5

When McDonald's opened its first restaurant,a hungry patron could order a hamburger,French fries and a shake.In those early years,McDonald's did not offer much:

Accepted Answer

A)  assortment 
B)  product depth 
C)  quantity 
D)  value 
E)  variety

Question 6

When Austin saw pastries and coffee at his local bookstore,he knew it was an example of _______,which is the juxtaposition of unrelated merchandise in the store.

Accepted Answer

The answer of When Austin saw pastries and coffee at...

Question 7

Which of the following is not a part of the retail mix for a furniture store?

Accepted Answer

A)  Competitive response 
B)  Furniture assortments 
C)  The location of the store 
D)  Store credit card 
E)  Television commercials

Question 8

Which of the following would be an intratype competitor for an IGA supermarket?

Accepted Answer

A)  Walmart 
B)  Subway 
C)  Loblaws 
D)  Shoppers Drug Mart 
E)  Old Navy

Question 9

A(n)_____________ is a set of businesses that move products from the point of production to the point of sale to the ultimate consumer.

Accepted Answer

The answer of A(n)_____________ is a set of businesses that...

Question 10

What type of merchandising increases intertype competition?

Accepted Answer

The answer of What type of merchandising increases intertype competition?...

Question 11

How do retailers increase the value consumers receive from their purchases?

Accepted Answer

The answer of How do retailers increase the value consumers...

Question 12

Which of the following businesses would be considered a retailer?

Accepted Answer

A)  Your local hair salon 
B)  Air Canada 
C)  Tim Hortons 
D)  Canadian Tire 
E)  Your local hair salon, Air Canada, Tim Hortons, and Canadian Tire

Question 13

If a chain of florist shops opened a plant nursery to provide gift plants and cut flowers to all of its outlets within a 300-mile radius,the chain would be practicing:

Accepted Answer

A)  vertical integration 
B)  channel expansion 
C)  horizontal expansion 
D)  vertical retailing 
E)  service marketing

Question 14

Delia was delighted to see that the local Shoppers Drug Mart carried milk,bread,and snacking crackers.Her delight indicates she has never seen:

Accepted Answer

A)  a deep product assortment 
B)  an acceptable merchandising mix 
C)  a retail mix 
D)  scrambled merchandising 
E)  this type of intratype competition

Question 15

A business philosophy and set of strategies,programs,and systems that focus on identifying and building loyalty with a firm's most-valued customers is called:

Accepted Answer

A)  customer decision area 
B)  customer loyalty 
C)  customer relationship management 
D)  intratype competition 
E)  strategizing

Question 16

The offering of merchandise not typically associated with the store type is called:

Accepted Answer

A)  channel conflict 
B)  intratype competition 
C)  product diversification 
D)  scrambled merchandising 
E)  vertical differentiation

Question 17

A(n)_____ is a business that sells products and services to ultimate consumers.

Accepted Answer

The answer of A(n)_____ is a business that sells products...

Question 18

The Reptile Shop is a pet shop that focuses on reptiles and their accoutrements for reptile lovers.The shop carries aquariums,warming rocks,toys and even live mice and crickets.It sponsors a reptile club where members can bring their pet to share with other reptile lovers.The store provides an inexpensive veterinary service.It even has a 3-month guarantee when you purchase a baby reptile.The Reptile Shop has created loyalty from its customers and continuously attracts new ones because of the services offered.What does this describe?

Accepted Answer

The answer of The Reptile Shop is a pet shop...

Question 19

_________________________ means that a firm performs more than one set of activities in the channel,such as investments by retailers in wholesaling or manufacturing.

Accepted Answer

The answer of _________________________ means that a firm performs more...

Question 20

72 percent of all retail businesses employ fewer than ___________ persons.

Accepted Answer

A)  100 
B)  50 
C)  25 
D)  10 
E)  5

Exam 1: Introduction to the World of Retailing