Question 1

Prescription pharmaceuticals account for over half or more of drugstores annual sales.

Accepted Answer

A) True 
 B)False

Question 2

_____________ are end of season merchandise that will NOT be in the manufacturer's offerings going forward.

Accepted Answer

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

Question 3

Walmart is classified as an off-price retailer.

Accepted Answer

A) True 
 B)False

Question 4

Discuss the reasons that department stores are loosing their market share to discount stores and discuss what department stores are doing to try to gain back customers?

Accepted Answer

Many consumers view department stores no...

Question 5

Stocking a deep and broad assortment is appealing to customers,but costly for retailers.What option does a small specialty store owner have to offset costs,and make a profit?

Accepted Answer

A)  charge higher prices
B)  hire less staff
C)  offer less expensive assortments
D)  offer less hours of operation
E)  substitute services for merchandise

Question 6

Attempting to combat losing market share,department stores are ____________.

Accepted Answer

A)  becoming more effective with multichannel retailing
B)  adding exclusive merchandise to their assortments
C)  developing stronger marketing campaigns to enhance their store image
D)  all of these

Question 7

What type of store is Dollar-General considered to be?

Accepted Answer

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

Question 8

Specialty stores that focus on specific market segments are vulnerable to _____.

Accepted Answer

A)  shifts in customer tastes and preferences
B)  high price points
C)  operating parameters set by mall management
D)  strong competition from the department stores that sell comparable merchandise
E)  overstocking

Question 9

_________________ offer an inconsistent assortment of brand-name,fashion-oriented soft goods at low prices.

Accepted Answer

A)  Off-price retailers
B)  Department stores
C)  Discount retailers
D)  Convenience stores
E)  Specialty retailers

Question 10

What does the acronym SKU stand for?

Accepted Answer

A)  Style Kept Utility
B)  Stock Keeping Unit
C)  Selling Keyboard Utility
D)  Stored and keyed Unit
E)  None of the above

Question 11

Differentiate between retailer's breadth of merchandise and depth of merchandise.

Accepted Answer

Breadth of merchandise refers ...

Question 12

The _____________ focuses on reducing the carbon footprint caused by the transportation of food throughout the world.

Accepted Answer

A)  core insight plan
B)  locavore movement
C)  fair labor standards
D)  reversed profits guidelines
E)  fair trade policy

Question 13

What type of store is T.J.Maxx considered to be?

Accepted Answer

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

Question 14

Describe the ways supermarkets in the United States have shifted their product offerings and shopping experience in their stores to the growing ethnic population of Hispanics.

Accepted Answer

Bilingual staff and signage,gr...

Question 15

Warehouse clubs:

Accepted Answer

A)  have extensive assortments
B)  expensive store designs and aesthetics
C)  high inventory holding costs
D)  sell merchandise in a no-frills atmosphere
E)  provide extensive customer service

Question 16

How can a service retailer best cope with the problems associated with the inconsistency 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)  Train and motivate employees.
E)  Increase staffing at peak demand times.

Question 17

Subway is a franchise.

Accepted Answer

A) True 
 B)False

Question 18

Off-price retailers ________.

Accepted Answer

A)  offer a consistent assortment of soft goods at low prices
B)  sell brand-name merchandise at reduced prices
C)  offer gift registries
D)  require suppliers to give them a variety of advertising allowances and markdown discounts
E)  None of the above

Question 19

In a franchise contract,the franchisor _________.

Accepted Answer

A)  makes sure all franchise outlets provide the same quality of service and products
B)  agrees to operate a franchise outlet in accordance with procedures prescribed in the contract
C)  agrees to pay a royalty to the franchisee
D)  is given permission to use a franchise name and format
E)  does all of these things

Question 20

A company that operates multiple retail units under common ownership,most commonly has centralized decision making for defining and implementing its strategy,is called a _________.

Accepted Answer

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

Exam 2: Types of Retailers

Subway is a franchise.

Correct AnswerverifiedShow Answer

Walmart is classified as an off-price retailer.

Correct AnswerverifiedShow Answer

Describe the ways supermarkets in the United States have shifted their product offerings and shopping experience in their stores to the growing ethnic population of Hispanics.

Correct AnswerverifiedBilingual staff and signage,gr...View AnswerShow Answer

What does the acronym SKU stand for?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Differentiate between retailer's breadth of merchandise and depth of merchandise.

Correct AnswerverifiedBreadth of merchandise refers ...View AnswerShow Answer

The _____________ focuses on reducing the carbon footprint caused by the transportation of food throughout the world.

Correct AnswerverifiedShow Answer

Discuss the reasons that department stores are loosing their market share to discount stores and discuss what department stores are doing to try to gain back customers?

Correct AnswerverifiedMany consumers view department stores no...View AnswerShow Answer

Off-price retailers ________.

Correct AnswerverifiedShow Answer

What type of store is T.J.Maxx considered to be?

Correct AnswerverifiedShow Answer

In a franchise contract,the franchisor _________.

Correct AnswerverifiedShow Answer

Stocking a deep and broad assortment is appealing to customers,but costly for retailers.What option does a small specialty store owner have to offset costs,and make a profit?

Correct AnswerverifiedShow Answer

Specialty stores that focus on specific market segments are vulnerable to _____.

Correct AnswerverifiedShow Answer

Prescription pharmaceuticals account for over half or more of drugstores annual sales.

Correct AnswerverifiedShow Answer

Warehouse clubs:

Correct AnswerverifiedShow Answer

A company that operates multiple retail units under common ownership,most commonly has centralized decision making for defining and implementing its strategy,is called a _________.

Correct AnswerverifiedShow Answer

_____________ are end of season merchandise that will NOT be in the manufacturer's offerings going forward.

Correct AnswerverifiedShow Answer

_________________ offer an inconsistent assortment of brand-name,fashion-oriented soft goods at low prices.

Correct AnswerverifiedShow Answer

Attempting to combat losing market share,department stores are ____________.

Correct AnswerverifiedShow Answer

What type of store is Dollar-General considered to be?

Correct AnswerverifiedShow Answer

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Bilingual staff and signage,gr...
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Breadth of merchandise refers ...
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Many consumers view department stores no...
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