Exam 1: Introduction to the World of Retailing

A) Tablets
B) Computers
C) Web-enabled kiosks
D) Retail stores
E) Federal Express

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A) offering a good merchandise mix
B) offering what the market demands
C) offering deep product assortments
D) practicing intratype competition
E) practicing scrambled merchandising

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A) the growth of the elderly population
B) the increased emphasis on customer service
C) the growth of minority segments
D) the rising number of two-income families
E) the retirement of the Baby Boomers

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A) demographic marketing
B) globalization
C) product-related marketing
D) vertical integration
E) wholesaling

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D

A) Location is the second most important characteristic that consumers examine when selecting a store
B) Location offers an opportunity to gain a long-term advantage over competitors
C) Consumers do not use convenience as a basis for selecting where to shop
D) Location can never be used to gain any kind of long-term advantage over competitors due to retailing's low entry barriers
E) The only two characteristics more important than location in the selection process of where to shop are price and sales promotions

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A) It is the set of business activities that adds value to the products and services sold to consumers for their personal or family use
B) It is the merchandising component of the retail mix
C) It is the strategy retailers and vendors use to get products into the stores
D) It is the process of offering products in smaller quantities for consumer consumption patterns
E) It is the ability to offer enough variety in a store to encourage one-stop shopping

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A) By having inventory held in the store, consumers can hold less merchandise at home
B) By holding inventory, retailers can decrease the visual merchandising expenditure
C) Holding inventory in a store helps serve the customer's needs
D) Retailers keep inventory so that products are available when consumers want them
E) Holding inventory reduces consumer's cost of storing products

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A) Channel diversification
B) Distribution channel
C) Horizontal integration
D) Vertical development
E) Vertical integration

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This question can have a variety of responses,but she could first look at the obvious and identify other Chinese restaurants near her location.Is her location the best? She should consider frozen Chinese entrees at nearby grocery stores.She should also consider the prices of the entrees she offers and compare them to the prices of other types of restaurants.

A) override the control mechanism
B) evaluate the results of the strategy
C) forecast future environmental trends
D) implement the strategy
E) confirm that environmental conditions have not changed

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When they are involved in intr...

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A) enables the company to create a more informational and entertaining environment which would promote more sales
B) enables the company to reinvest savings
C) enables the customer to choose from a wide selection of brands, designs, sizes, and prices all in one store
D) enables the customer to save money by being able to shop in one store
E) enables the customer to stock up on the assortments because of their availability

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A) financial strategies
B) organizational structures
C) location strategies
D) market strategies
E) all of these

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A) Competitive response
B) Merchandise assortments
C) Location
D) Customer service
E) Advertising and promotion

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A) Variety is the number of different merchandise categories within a store
B) Variety is the number of different SKU's within a merchandise category
C) Variety is the number of different items in a category
D) Variety is another term for scrambled merchandising
E) Variety is the number of different facets of the business plan

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vertical i...

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A) A radio talk show
B) A university
C) The Better Business Bureau
D) The Red Cross
E) All of these

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