Question 1

What are the major value-creating activities performed by retailers?

Accepted Answer

The value-creating activities ...

Question 2

How do retailers use customer transaction data?

Accepted Answer

Many retailers now use the data they hav...

Question 3

Retailers are a key component in a supply chain that links manufacturers to consumers.

Accepted Answer

A) True 
 B)False

Question 4

How do retail information and supply chain management help retailers gain a strategic advantage?

Accepted Answer

Retail information and supply chain mana...

Question 5

The U.S.retail industry:

Accepted Answer

A)   has the lowest concentration of large firms.
B)   has the greatest retail density in the world.
C)   mostly has small stores operating independently.
D)   depends on a single large wholesale industry.
E)   consists of a fragmented distribution system.

Question 6

The intensity of competition is greatest among retailers when:

Accepted Answer

A)   price dominates the retail mix.
B)   their retail offerings are considered to be similar.
C)   they resort to scrambled merchandising.
D)   they focus on a narrow demographic trend.
E)   they offer a limited range of products and services.

Question 7

Which of the following is NOT an example of intertype competition?

Accepted Answer

A)   A supermarket and a fresh flower stand
B)   A coffee shop and a fast food restaurant
C)   A supercenter and a pharmacy
D)   An American Eagle store and a Macy's store
E)   A Target store and a Walmart store

Question 8

Retailers function as wholesalers when:

Accepted Answer

A)   they hold inventory.
B)   they perform manufacturing activities.
C)   they practice scrambled merchandising.
D)   they sell to other businesses.
E)   there is an intratype competition.

Question 9

Which of the following statements about retailers holding inventory is FALSE?

Accepted Answer

A)   This activity benefits customers with limited storage space,such as families living in small apartments.
B)   It allows manufacturers to efficiently make and ship merchandise in larger quantities.
C)   Holding inventory in a store helps serve customers' needs.
D)   Retailers keep inventory so products are available when consumers want them.
E)   Holding inventory reduces consumer's cost of storing products.

Question 10

Retailers provide important functions that increase the value of the products and services they sell to consumers.Which of the following is NOT a value-creating activity performed by a retailer?

Accepted Answer

A)   Providing an assortment of products
B)   Reducing production costs with innovative designs
C)   Breaking bulk
D)   Holding inventory
E)   Providing an assortment of services

Question 11

_____ are the principles governing the behavior of individuals and companies that establish appropriate behavior and indicate what is right and wrong.

Accepted Answer

A)   Ethics
B)   Acts
C)   Training guidelines
D)   Company traditions
E)   Legislations

Question 12

The competition between the same type of retailers is called _____.

Accepted Answer

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

Question 13

A _____ refers to the market toward which a retailer will direct its efforts.

Accepted Answer

A)   channel member
B)   market segment
C)   target market
D)   mass market
E)   warm market

Question 14

The retailer strategy helps a retailer to identify all of the following EXCEPT:

Accepted Answer

A)   the target market toward which the retailer will direct its efforts.
B)   the nature of the merchandise and services the retailer will offer to satisfy the needs of the target market.
C)   how the retailer will build a long-term advantage over its competitors.
D)   how to determine the break-even point for making profits.

Question 15

The U.S.retail industry has:

Accepted Answer

A)   the greatest concentration of large firms.
B)   the lowest retail density in the world.
C)   mostly small stores which operate independently.
D)   a single large wholesale industry supplying to all retailers.
E)   a fragmented distribution system.

Question 16

Retail information and supply chain management systems help retailers to:

Accepted Answer

A)   gain strategic advantages.
B)   monitor the flow of information and merchandise.
C)   make sure desired merchandise is available when customers want it.
D)   minimize the retailer's inventory investment.
E)   all of these.

Question 17

A(n) _____ is a set of firms that make and deliver a given set of goods and services to the ultimate consumer.

Accepted Answer

A)   supply chain
B)   buying network
C)   economic network
D)   integrated wholesale network
E)   extended enterprise

Question 18

_____ is the value-creating activity in which a retailer makes available a wide range of products of different brands and prices at a single location.

Accepted Answer

A)   Providing services
B)   Breaking bulk
C)   Providing assortments
D)   Holding inventory
E)   Exclusive dealing

Question 19

_____ arises when a retailer performs some distribution and manufacturing activities,such as operating warehouses or designing private-label merchandise.

Accepted Answer

A)   Exclusive dealing
B)   Merchandising
C)   Backward integration
D)   Horizontal integration
E)   Forward integration

Question 20

Increasing intertype competition has made it harder for retailers to identify their:

Accepted Answer

A)   competition.
B)   target market.
C)   merchandise mix.
D)   retail mix.
E)   price points.

Exam 1: Introduction to the World of Retailing

The retailer strategy helps a retailer to identify all of the following EXCEPT:

Correct AnswerverifiedShow Answer

A _____ refers to the market toward which a retailer will direct its efforts.

Correct AnswerverifiedShow Answer

The U.S.retail industry has:

Correct AnswerverifiedShow Answer

The intensity of competition is greatest among retailers when:

Correct AnswerverifiedShow Answer

How do retailers use customer transaction data?

Correct AnswerverifiedMany retailers now use the data they hav...View AnswerShow Answer

What are the major value-creating activities performed by retailers?

Correct AnswerverifiedThe value-creating activities ...View AnswerShow Answer

Increasing intertype competition has made it harder for retailers to identify their:

Correct AnswerverifiedShow Answer

Retailers provide important functions that increase the value of the products and services they sell to consumers.Which of the following is NOT a value-creating activity performed by a retailer?

Correct AnswerverifiedShow Answer

Retail information and supply chain management systems help retailers to:

Correct AnswerverifiedShow Answer

_____ arises when a retailer performs some distribution and manufacturing activities,such as operating warehouses or designing private-label merchandise.

Correct AnswerverifiedShow Answer

The U.S.retail industry:

Correct AnswerverifiedShow Answer

Which of the following statements about retailers holding inventory is FALSE?

Correct AnswerverifiedShow Answer

_____ are the principles governing the behavior of individuals and companies that establish appropriate behavior and indicate what is right and wrong.

Correct AnswerverifiedShow Answer

The competition between the same type of retailers is called _____.

Correct AnswerverifiedShow Answer

Retailers are a key component in a supply chain that links manufacturers to consumers.

Correct AnswerverifiedShow Answer

Retailers function as wholesalers when:

Correct AnswerverifiedShow Answer

Which of the following is NOT an example of intertype competition?

Correct AnswerverifiedShow Answer

A(n) _____ is a set of firms that make and deliver a given set of goods and services to the ultimate consumer.

Correct AnswerverifiedShow Answer

How do retail information and supply chain management help retailers gain a strategic advantage?

Correct AnswerverifiedRetail information and supply chain mana...View AnswerShow Answer

_____ is the value-creating activity in which a retailer makes available a wide range of products of different brands and prices at a single location.

Correct AnswerverifiedShow Answer

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Many retailers now use the data they hav...
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The value-creating activities ...
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Retail information and supply chain mana...
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