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Question;1. What can department stores do to;differentiate their merchandise offering and strengthen their image?;A. Increase their pricing.;B. Seek exclusive arrangements with nationally;recognized brands.;C. Network with a broader variety of vendors.;D. Merge with faltering retailers to gain their;market share.;2. Whereas conventional supermarkets carry;about 30,000 SKUs, limited assortment supermarkets or extreme value food;retailers only stock 2,000 SKUs. Which of the following is not the advantage;of stocking lesser SKUs?;A. Less backup stocks;B. Less inventory investments;C. Less inventory holding costs;D. Lower transportation costs;3. The multiattribute model suggests that a;retailer can encourage customers to shop at its store more frequently by;A. cross-shopping.;B. postpurchase evaluation.;C. tightening the assortment.;D. getting its store into the customer's;consideration set.;4. Why is it advantageous for retailers to be;vertically integrated?;A. Retailers have the greatest control over its;supply chain.;B. Customers prefer retailers who are;vertically integrated.;C. Retailers have realized that to stay;competitive, they must become vertically integrated.;D. Retailers can expand their services easily;to the Internet because they can direct orders to the manufacturer.;5. Which of the following describes an;advantage that independent, single-store establishments have over other forms;of ownership?;A. Very low set-up costs;B. React quickly to market changes;C. Economies of scale;D. Bureaucratic operation;6. Office Depot offers customers a huge;selection of office supply merchandise. As a result, inventory investment;A. decreases because of the increase of the;customer base.;B. increases because of the increase in demand.;C. increases because they have to carry back up;stock for each SKU.;D. increases because of the value of the;assortment.;7. Which of the following statements regarding;party plan systems is true?;A. They use a master distributor as lead;salesperson.;B. They may be illegal if they develop into;pyramid schemes.;C. They're based on the idea that social;relationships influence buying habits.;D. They're a form of direct-response;advertising.;8. Angelo manages a local convenience store;that sells gasoline. When gas prices are high, his sales increase, but gas;margins are low. So, depending on gas sales, the success of the business can be;a problem for him. What should Angelo do?;A. Sell two-for-one candy with every fill-up.;B. Add fresh healthy food and new convenient;services to the product mix.;C. Temporarily lower gas prices to motivate;customers to fill up at his store.;D. Open more gas pumps.;9. Ingvar Kamprad, the founder of the;Swedish-based home furnishing retail chain, IKEA, discovered in his youth that;he could make a profit by buying in bulk and selling the items individually at;a low price. This concept is one of the activities retailers do;A. for integration.;B. to display corporate social responsibility.;C. to create a retail mix.;D. to create value.;10. Ken operates a furniture store suited for a;market of young military families. When young couples come in to his store to;shop, they bring their children, who distract their parents from making a;purchasing decision. How can Ken help these couples make a purchase?;A. Lower the prices of the furniture;B. Extend the store hours until after the;children's bedtime;C. Provide in-store child-care;D. Offer extensive credit;11. A retail store can use certain criteria for;evaluating whether a retail market segment is a viable target market. A health;food store wants to use benefit segmentation. Which criterion is;it most likely to meet if it follows this segmentation strategy?;A. Accessibility;B. Identifiability;C. Flexibility;D. Actionability;12. Which of the following strategies has;JCPenney implemented to compete effectively with the;competition?;A. Developed a faster vendor to floor strategy;by drop shipping merchandise directly to each store;B. Reorganized and streamlined its multichannel;offerings;C. Reorganized with a decentralized merchandise;management now in place;D. Redesigned the stores to offer more;checkouts within each department;13. The multiattribute attitude model is;designed to;A. segment the target market by examining;customers' attributes and determine the store's or product's position in the;market.;B. forecast inventory needs based on a multiple;regression model.;C. modify preexisting attitudes by providing;customers with a list of benefits (attributes) for shopping at a particular;store or buying a particular product.;D. predict how a customer will evaluate a store;based on its attributes and how important these attributes are to the customer.;14. How can a store, such as The Lizard;Connection, which sells only lizards and reptile paraphernalia, be found in;Chicago?;A. A retailer like this locates itself where;there are designers who will patronize the shop.;B. More people in the Midwest have hobbies;making it more actionable.;C. The market is easier to identify because of;the diversity.;D. Chicago is a large city and can support the;retailing mix of the store.;15. Which of the following statements about;NAICS codes is true?;A. The letters in NAICS stand for National;Assortments in Commercial Stores.;B. Retailers with the same NAICS codes are;likely to compete against each other.;C. The NAICS code categorizes businesses;according to an 8-digit classification system.;D. A retailer's principal competitor is seldom;if ever, in the same NAICS category.;16. Both a weight-loss center and a health club;would be pleased to learn that health and fitness, together with individualism;mastery and control, and self-improvement are core values common in the;of the U.S.;A. culture;B. experiential base;C. environment;D. civilization;17. Which of the following does not describe;tactics that retailers use to convert positive evaluations of the merchandises;or services to purchases?;A. Offering online reviews to reduce perceived;risks;B. Offering liberal return policies;C. Offering entertaining graphics on a website;D. Making a website easy to navigate;End of exam;18. How can a service retailer best cope with;the problems associated with the inconsistency of service?;A. Increase staffing at peak demand times;B. Train and motivate employees;C. Emphasize quality control;D. Use low prices during off-seasons to help;match supply and demand;19. If L'Oreal cosmetic products wanted to sell;exclusively through the Internet channel, it would most likely have a;difficult time because;A. of the competition from other manufacturers.;B. the manufacturer doesn't have the;appropriate systems to fulfill individual orders.;C. the manufacturer doesn't own the rights to;the brand name.;D. it doesn't have name recognition.;20. Which of the following segmentation methods;would be most appropriate for a retailer selling MP3 players?;A. Geographic;B. Buying situation;C. Demographic;D. Benefit


Paper#46479 | Written in 18-Jul-2015

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