83 test bank for retailing management 7th edition by

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83 Test Bank for Retailing Management 7th Edition by Free Text Questions - Page 1

Retailers are the final business in a distribution channel that link to consumers.

With manufacturers legally able to sell direct from the

factories, why should retailers exist?

Answer Given

In the retailing distribution channel, there are occasions when manufacturers sell directly to the ultimate consumer While occasionally doing so, manufacturers mainly exist to manufacture products to satisfy the needs of a wholesaler or

retailer Retailers exist because they direct their efforts and specialize in satisfying only the customer's needs Retailers exist because they increase the value

consumers receive.

Why would a Walgreens add novelty gifts, fresh bread, wrapped sandwiches and milk to its product mix?

pre-Answer Given

Walgreens is engaging in scrambled merchandising They have added these products; and therefore, appeal more to a broader group of customers, while providing one-stop shopping for our time-starved society.

A _ is a set of businesses that move products from the point of production to the point of sale to the

The four functions performed by retailers are (1) providing an assortment of

products and services, (2) breaking bulk, (3) holding inventory, and (4) providing services.

What are the three things identified by a retail strategy

statement?

Answer Given

(1) The target market toward which the retailer will direct its efforts, (2) the nature

of the merchandise and services the retailer will offer to satisfy the needs of the target market, and (3) how the retailer will build a long-term advantage over its competitors.

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

Answer Given

Intratype competition refers to the competition between retailers with the same format An example would be the competition between Publix and BiLo for sale of fresh salmon Intertype competition refers to retailers that sell similar merchandise using different formats An example would be the sale of Revlon Color-Stay

Lipstick between CVS and Target.

Renting a tuxedo, the purchase of a DVD on Amazon.com, buying a Ronco Veg-O-Matic after watching an infomercial, and getting a facial are all examples of activities the sale of goods and services to the ultimate consumer.

Answer Given

retailing

Why do retailers consider customers important when

developing a retail strategy?

Answer Given

(1) JCPenney is reducing its distribution costs by shipping merchandise through its distribution centers rather than using direct delivery from vendors to stores (2) JCPenney centralized merchandise management Rather than having sore

managers make merchandise decisions, merchandise decisions are made by JCPenney buyers in the corporate headquarters to save costs and respond quicker (3) To increase customer convenience, JCPenney is building new stores off the mall (4) To increase convenience, the company is also installing

centralized checkout counters in each area of the store.

What is the retailer's role in a supply chain?

Answer Given

The retailer's role in the distribution channel is to link manufacturers with

consumers by directing their efforts to satisfying the needs of the ultimate

A _ is a business that sells products and services to ultimate consumers.

Answer Given

retailer

29 Free Test Bank for Retailing Management 7th Edition by Levy Free Text Questions - Page 2

When a retailer like L.L Bean designs merchandise as well

as sells the merchandise, _ is occurring.

The philosophy, strategies, programs and systems that

focus on identifying and building loyalty with a retailer's most valued customers are called _.

Answer Given

customer relationship management

Why do retailers use point of sale (POS) terminals to read Universal Product Codes (UPC) and electronic data

interchange (EDI) to send sales and inventory information from computer to computer?

Answer Given

These technologies allow retailers to have a better idea of what is selling and a way to quickly communicate that information to vendors so that replenishment can quickly occur Additionally it gives the retailer a competitive advantage over

retailers that do not work with current supply chain management systems.

Scrambled merchandising increases _, which occurs between retailers that sell similar merchandise using

different formats, such as specialty and discount stores.

Costco buys directly from manufacturers They have

merchandise shipped to their warehouses for storage, and then distribute the merchandise to their stores What term is used to describe this type of activity?

Answer Given

vertical integration

_ are the principles governing the behavior of

individuals and companies.

Answer Given

Ethics

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.

Answer Given

scrambled merchandise

When making the strategic and tactical decisions managers need to consider the effects of their decisions on the

profitability of their firms and the satisfaction of their

customers What other implications must managers consider

as a result of their decisions?

Answer Given

ethical and legal implications

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

to buy them one at a time What business function is Best Buy performing?

Answer Given

breaking bulk

_ describes the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.

Answer Given

Corporate social responsibility

Multiple Choice Questions

Which of the following strategies has JCPenney changed to compete effectively with the competition in the past?

1. A JCPenney centralized merchandise management

2 B JCPenney is building new stores off the mall

3 C JCPenney is designing stores with centralized checkout

4 D JCPenney now ships merchandise through distribution centers

5 E JCPenney is upgrading its merchandise offering by adding France's cosmetics Sephora

6 F All of the above

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

1. A viable customer base

2 B advertising plan

3 C retail strategy

4 D competitive strategy

5 E functional strategy

A retailer's role in a supply chain is to:

1. A act as the liaison between manufacturers and wholesalers

2 B buy merchandise exclusively from the manufacturers

3 C negotiate with manufacturers to eliminate a wholesaler

4 D satisfy the needs of the consumers

5 E sell to wholesalers

Which of the following would be an example of intertype competition?

1. A a supermarket and a fresh flower stand

2 B a specialty store and a fast food restaurant

3 C a supercenter and a pharmacy

4 D a convenience store and a department store

5 E all of the above

When Taco Bell opened its first restaurant, a hungry patron could order a taco, a burrito and a Coke In those early years, Taco Bell did not offer much:

5 E all of the above

Which of the following is NOT TRUE in describing

distribution systems within major international markets?

1. A The U.S distribution system has the greatest retail density and the greatest concentration of large retail firms

2 B The Indian distribution systems are characterized by small stores operated by small firms and a large independent wholesale industry

3 C In the Chinese distribution system, the merchandise often passes through several levels of distribution to make the daily deliveries to the small retailers efficient

4 D Northern European retailing is similar to efficient distribution system in the U.S

5 E Southern European retailing is fragmented across all sectors

6 F All of the above is true

7 G None of the above is true

A retailer that is vertically integrated:

1. A concentrates on selling to businesses only

2 B does not have frequent communication between buyers and managers

3 C has an excellent vertical relationship between corporate and stores

4 D performs more than one function in the chain from manufacturing to sales to end user

5 E performs only one function to end user

The retail strategy helps a retailer to identify the following EXCEPT:

1. A The target market toward which the retailer will direct its efforts

2 B The nature of the merchandise and services the retailer will offer to satisfy the needs of the target market

3 C How the retailer will build a long-term advantage over its competitors

4 D Break-even point for making profits

5 E All of the above

is when a firm performs more than one set

1. A override the control mechanism

2 B evaluate the results of the strategy

3 C forecast future environmental trends

4 D confirm that environmental conditions have not changed

5 E implement the strategy

To implement a retail strategy, a retailer must develop a _ that satisfies the needs of its target market better than its competitors

What is retailing?

1. A It is the merchandising component of the retail mix

2 B It is the set of business activities that adds value to the products and services sold to consumers for their personal use

3 C It is the strategy retailers and vendors use to get products into the stores

4 D It is the process of offering products in smaller quantities for consumer

3 C real estate negotiations

4 D the target market

5 E which merchandise to scramble

_ occurs when a manufacturer undertakes retailing activities

1. A Private label business

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?

1. A clean restrooms

2 B displaying merchandise

3 C having trained salespeople available to answer questions

4 D well-lit parking

5 E all of the above

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:

1. A retailing conglomerate

2 B retail mix

3 C marketing strategy

4 D target group

5 E none of the above

Which of the following would be an intratype competitor for

a Home Depot supermarket?

1. A Target

2 B Lowe's

3 C Kroger

4 D Macy's

5 E All of the above

Providing assortments is an advantageous business activity because:

1. A it enables the company to create a more informational and entertaining

environment that would promote more sales

2 B it enables the company to reinvest for the future of the business

3 C it enables the customer to choose from a wide selection of brands, designs, sizes and prices all in one store

4 D it enables the customer to try more products

5 E It enables the customer to stock up on the assortments because of bulk

5 E none of the above

Which of the following statements about the U.S distribution system is true?

1. A Many people think the United States is understored

2 B Many U.S retailers are large enough to have their own warehouses and have eliminated their need for wholesalers

3 C When compared to retail density in Europe, the United States is very low

4 D The small specialty store is the fastest growing type of U.S retailer

5 E All of the above statements about the U.S distribution system are false

The competition between the same types of retailers is

called:

1. A intertype competition

2 B indirect competition

3 C intratype competition

4 D scrambled merchandising

5 E vertical integration

When considering the largest retailers worldwide,

_ retailers continue to dominate among them

The decisions that retail manger make include:

1. A Selecting their target markets

2 B Selecting retail locations

3 C Negotiating with suppliers

4 D Training and motivating sales associates

5 E All of the above

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

1. A a deep product assortment

2 B an acceptable merchandising mix

3 C a retail mix

4 D scrambled merchandising

5 E this type of intratype competition

Dillards sells Godiva chocolates and coffees in their stores

By selling such products, Dillards is:

1. A offering a good merchandise mix

2 B offering what the market demands

3 C offering deep product assortments

4 D practicing scrambled merchandising

5 E practicing intratype competition

Which of the following is NOT an element in the retail mix?

1. A competitive response

2 B merchandise assortments

3 C location

4 D customer service

5 E advertising and promotion

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

1. A By having inventory held in the store, consumers can hold less merchandise at home

2 B By holding inventory, retailers can decrease the visual merchandising

expenditure

3 C Holding inventory in a store helps serve the customer's needs

4 D Retailers keep inventory so products are available when consumers want them

5 E Holding inventory reduces consumer's cost of storing products

The Lands' End Web site, the JCPenney catalog, and the Sears area all in competition

1. A Variety is the number of different items in a category

2 B Variety is the number of different SKU's within a merchandise category

3 C Variety is the number of different merchandise categories within a store.

4 D Variety is another term for scrambled merchandising

5 E Variety is the number of different facets of the business plan

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

Which of the following parts of the retail mix can be utilized

by a small hardware store?

1. A bright lighting in the store, which makes it easier to read the messages

2 B a new ad campaign that uses both radio and newspaper media

3 C store location next door to a hospital

4 D attractive point-of-purchase displays at the ends of the store's aisles

5 E all of the above

Which of the following businesses would be considered a retailer?

1. A a hot dog cart at the Highland Games

Which of the following is NOT TRUE when explaining what created differences within the distribution system of the

major international markets?

1. A China and India have many large businesses to reduce unemployment

2 B E.U has many large retailers to achieve economy of scales

3 C E.U countries protect small retailers

4 D China has many large retailers because it has an abundance of low-cost real estate available for building large stores

Why is it advantageous for retailers to be vertically

4 D Customers prefer retailers who are vertically integrated

5 E There is no advantage to being vertically integrated

What are the principles governing the behavior of the

individual and the company?

1. A ethics

2 B retail strategy

3 C training guidelines

4 D company culture

5 E Civil Rights Act of 1964

A is a business that sells products and/or services to consumers for their personal or family use

1. A manufacturer

2 B wholesaler

3 C retailer

4 D Distributor