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RETAIL STRATEGY (100% SOLUTION)

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Question;1. If Mohammed wanted to examine the assets and;liabilities of the Silver Exchange Coin Shop for the end of the year, he should;look at its;A. balance sheet.;B. profitability statement.;C. financial leverage statements.;D. income statement.;2. Craig works for a retailer planning what;merchandise will be in the assortments, setting prices, negotiating with;vendors and planning advertising and marketing for intimate apparel. He attends;fashion trade shows and travels to market in New York City nearly every month.;What position in the organizational structure of a retailing firm does Craig;have?;A. Store manager;B. Merchandise planner;C. Buyer;D. Divisional merchandise manager;3. How do retailers and vendors ensure that;information that passes back and forth between retailers and vendors is secure?;A. Suppliers, customers and new clients all;have a form of access to information.;B. Paper hard copies are sent to one another;for comparison to be certain that the information is accurate.;C. With a high level of planning;implementation and control of the flow of information, then the information;will be secure.;D. The system ensures that the information;received has not been tampered with by ensuring that the communication is both;authentic and authorized.;4. Schnuck's;Grocery Store is located in St. Louis, Missouri. The owner has taken a map and;has drawn three different sized shapes around the store's location. Those;people that are located in only the largest shape being beyond a 15-minute;drive radius of the store are in what's referred to as the store's;A. delineated market.;B. geographic market.;C. tertiary trading area.;D. market trading area.;5. Why are concerns about privacy heightened;for customers who use the electronic channel while they;shop?;A. Electronic retailers ask for more;information than necessary for a simple transaction.;B. Consumers are concerned as to how the;information is shared.;C. Consumers are concerned about their credit;card security.;D. Because a large amount of information can be;collected without the consumer's knowledge.;6. Which of the following statements about the;strategic profit model is false?;A. It illustrates the different approaches for;achieving a high return on assets (ROA).;B. It is a method for summarizing the factors;that affect a firm's financial performance.;C. It decomposes return on assets (ROA) into;net profit and operating expenses.;D. It indicates the impacts of factors;affecting a firm's return on assets (ROA).;7. Which of the following is supportive of;customer loyalty?;A. It is the state of accumulated transactions;that customers build through repeat purchases responding to various promotions;to a retailer.;B. It is when customers purchase merchandise;and services from the retailer because of their convenient location.;C. It is an emotional connection between a;retailer and a customer.;D. It is customers making repeat visits to a;retailer and being satisfied with their experiences.;8. You would most likely find a;lifestyle center;A. in a small town.;B. in a low-income, rural community.;C. at an interstate interchange.;D. in a high-income neighborhood.;9. Which of the following statements describing;the size of trade area is false?;A. Convenience stores' trade areas are;relatively small.;B. A retailer like IKEA has large trade areas.;C. A retailer like Starbucks has a large trade;area.;D. Category specialists have relatively large;trade areas.;10. Why would a discount store have a lower;gross margin percent than a jewelry store?;A. Jewelry stores cannot offer the variety that;discount stores offers.;B. Discount stores traditionally do not profit;as well as jewelry stores.;C. Discount stores are only beginning to;explore gross margin in pricing decisions.;D. Discount stores have a lower priced;merchandise strategy.;11. Which of the;following correctly describes the practices which protect customer;privacy?;A. Current legislation in the U.S. for consumer;privacy forces strict protection of consumer privacy in retailing.;B. In the EU, the opt-out policy is applied;when consumers' personal information is collected and used.;C. In the United States, Americans rely upon;federal government to protect consumer privacy.;D. In the U.S., personal information is;generally viewed as being in the public domain, and retailers can use it in any;way they desire.;12. Which of the following;does not describe a retailer's strategic advantage gained through the;efficient;supply chain and information system?;A. All retailers can increase sales, and reduce;costs, by using high performance information systems.;B. The competitive advantage from information;and supply chain systems is easy to be duplicated by competitors.;C. The effective use of supply chain and;information systems requires the coordinated effort of employees and functional;areas throughout the company.;D. All retailers can develop a competitive;advantage from their information and supply chain systems.;13. Val is concerned that the commissioned;salespeople in her fur shop aren't keeping the store clean and merchandise;properly displayed. What should she do?;A. Stock less merchandise.;B. Change the incentives from commissions to;bonuses.;C. Increase the sales commissions for her;salespeople.;D. Fire the salespeople and hire new ones.;14. Locations in a shopping center affect both;sales and occupancy costs. Which of the following;statements describing the relationships;is false?;A. A destination store, like a shoe repair;store, should be located close to supermarket in a strip shopping center.;B. The more expensive locations are closest to;the supermarket in a strip shopping center.;C. Shops, like a flower shop, which attract;impulse buyers should be close to the supermarket in a strip shopping center.;D. Stores that cater to consumers engaging in;comparison shopping are benefited from being located in more expensive;locations near the department store anchors.;15. Which of the following statements;is false?;A. It is important to examine an area's level;and growth of population and employment and how long such growth will continue and;how it will affect demand for merchandise sold in its stores.;B. The best areas for locating stores are those;that generate the highest return on investment in the short term.;C. It is important to have the strategic fit of;the areas' population with the retailer's target market.;D. It is important to consider local and state;legal and regulatory environments affecting operating costs.;16. Which of the following is not a;benefit of using RFID over traditional bar codes?;A. Reduced point of sale labor costs;B. Reduced inventory turn;C. Reduced warehouse and distribution labor;costs;D. Reduced theft;17. When a regular customer calls a well-known;pizza delivery restaurant, the order-taker types in the caller's name. The;computer screen shows the customer's address, phone number, directions to his;or her house, his or her usual order, and the date and frequency of orders. If;the customer has not ordered during a two-month period, or the average number;of orders has been down, then the pizza parlor mails them a coupon for their;favorite pizza. The pizza parlor uses;A. a data warehouse.;B. retail information system.;C. direct marketing.;End of exam;D. customer data system.;18. Which of the following statements;describing market penetration growth strategy is false?;A. It involves realizing growth by directing;efforts toward existing customers using the retailer's present retailing;format.;B. It involves using the existing retail format;in new market segments.;C. It includes keeping existing stores open for;longer hours.;D. It involves displaying merchandise to;increase impulse purchases and training salespeople to cross-sell.;19. Which of the following;is not considered a barrier to entry in a market for a retailer?;A. Market dominated by a few large competitors;with scale economies;B. Market dominated by a well-established;retailer that has developed a loyal group of customers;C. Market with many vendors;D. Market with no good locations;20. Which of the following statements about the;Huff Gravity Model is false?;A. The formula indicates that the larger the;size of the store compared with competing stores' sizes, the greater the;probability that a customer will shop at the location.;B. The greater travel time or distance for the;consumer, compared with that of competing locations, the higher probability;that the consumer will shop at the location.;C. It predicts the probability of a customer;going to a specific store location.;D. It is assumed that a larger size is;generally more attractive in consumers' eyes because it means more merchandise;assortment

 

Paper#46478 | Written in 18-Jul-2015

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