Question;101.;In what ways does franchising benefit the;franchisor? In what ways does it benefit;the franchisee?;102.;The trends in retailing include;new retail forms and combinations. List the six other trends in retailing;discussed in the chapter.;103.;Retailers are facing increasing competition from;other manufacturer-to-consumer distribution channels. A retailer must develop a;product-differentiation strategy. The author suggests seven;product-differentiation strategies. List and explain these seven.;104.;Paco Underhill, managing director of the retail;consultancy Envirosell Inc., offers several tips for fine-tuning retail space;in order to keep shoppers spending. List;three of them.;105.;The;growth of ?house brands? has skyrocketed in recent years. Why do intermediaries;bother to sponsor their own brands?;In the confrontation between manufacturers? and private brands, retailers have;many advantages and increasing market power. What are some of the other factors;affecting or weakening the national brands?;\;106.;In general, wholesalers are;efficient in performing specific functions. List these nine functions.;\;107.;Today;stronger demands for logistical support from large customers will increase;suppliers? costs. What are the demands that retailers are requiring of;manufacturers?;APPLICATION;QUESTIONS;Multiple;Choice;108.;Customers who like to be waited;on prefer to shop in stores that offer ________.;a. limited service;b. self-service;c. full service;d. part-time service;e. events and experiences;109.;You and your best friend are;considering opening a retail store. You have identified your target market and;location. Now you must decide on the format. You are pressing for a store that;offers leftover goods, overruns, and irregular merchandise sold at less than;full retail. This is a description of a(n) _________ retailer.;a.;off-price;b.;self-service;c.;discount;d. limited-service;e. none of the above;\;110.;You have ideas of owning a;Subway after graduation. In owning a Subway location, you are entering a;agreement.;a. voluntary;b. self-service;c. franchise;d. merchandising;e. none of the above;\;111.;In your restaurant you offer a;wide variety of dishes and are open for breakfast, lunch, and dinner. In terms;of product assortment, you can claim that your restaurant has a product;assortment that has ________.;a. a narrow focus and narrow target market;b. appeal to all consumers;c. location and variety;d. variety and long hours;e. breadth and depth;\;112.;Using;direct product profitability analysis, many users are learning, to their;surprise, that the gross margin on a product ________ the direct product;profit.;a. is highly correlated with;b. is negligible compared to;c. often bears little relation to;d. is often significantly less than;e. is exactly the same as;\;113.;Mass;merchandisers and discount stores typically fall into the ________ group with;respect to margins and volume.;a. mixed markup, high-volume;b. low-volume, mixed markup;c. low-volume, low-markup;d. high-volume, low-markup;e. high-markup, lower-volume;\\\;114.;In;your neighborhood there is a small men?s store that has a limited selection of;clothing, but the selection that is carried is of very high quality and price.;Services include free alterations and tailoring, personalized record keeping;and free dry cleaning. The inside of the store has deep leather chairs and;couches and thick pile carpet. Upon entering the store, one feels ?special and;rich.? In terms of differentiation, what is this retailer trying to communicate;by its decorations and service level?;a. Differentiation based upon services mix and;atmosphere;b. Differentiation based upon prepurchase;services;c. Differentiation based upon postpurchase;services and atmosphere;d. Differentiation based upon ancillary;services and atmosphere;e. None of the above;\;115.;Natural advantages of;brick-and-mortar over e-commerce retailers include ________.;a.;products that shoppers can;actually see;b.;real-life customer service;c.;no delivery lag time for small;or medium-sized purchases;d.;a shopping experience;e.;all of the above;\;116.;As a marketing intern, your job;is to ?hang out at the mall? and note the percentage of people who enter a;particular store versus those who pass by it. This is an example of;for retailers.;a. measuring advertisement effectiveness;b. measuring foot traffic at the mall;c. measuring consumer shopping patterns;d. measuring retail sales effectiveness;e. measuring retail locations;\;117.;Wal-Mart?s;Ol?Roy dog food has surpassed Nestl??s Purina brand as the top-selling dog;chow. Ol?Roy is an example of a;a. generic;b. national brand;c. franchise;d. copy-cat brand;e. private-label brand;\;118.;As a;sales representative for a major food manufacturer, your largest customer has;asked you to provide him with a product that meets the following definition: It;must not contain any brand name, be plainly packaged, use less expensive;ingredients, use lower-quality raw products in its makeup, and not allocate any;funds for advertising and promotion. What type of product is your buyer;describing that he wants from you?;a. Reseller brand;b. Store brand;c. Private label;d. House brand;e. Generic;\;119.;Agricultural assemblers;petroleum bulk plants and terminals, and auction companies are examples of;a.;full-service wholesalers;b.;specialized wholesalers;c.;limited-service wholesalers;d.;merchant wholesalers;e.;brokers;120.;Which of the following is true;of brokers?;a.;Brokers represent buyers or;sellers on a semipermanent basis.;b.;Most brokers are small;businesses with a few skilled salespeople.;c.;Brokers bring buyers and;sellers together and assist in negotiation.;d.;Selling brokers have;contractual authority to sell a manufacturer?s entire output.;e.;Purchasing brokers make;purchases for buyers and often receive, inspect, warehouse, and ship;merchandise.;\;121.;You are interviewing for a job;after graduation with a wholesaler. In your preparation for the interview, you;discover that the wholesaler carries over 10,000 stockkeeping units, maintains;a sales force, makes store door deliveries, and provides management and;research assistance to retailers. You are interviewing with a;wholesaler.;a. specialized;b. rack jobber;c. full-service;d. cash and carry;e. merchant;\;122.;The;company that you work for has outlined the following to its customers: Our;on-time deliveries will be set at 95%, ordering and billing accuracy will be at;a minimum of 98%, and we will establish four warehouses to serve the United States.;These policies relate to ________.;a. customer responsiveness;b. targeted marketing;c. integrated logistics systems;d. market logistics;e. supply chain management;\;123.;encompass sales forecasting, production planning, and inbound materials;transportation.;a. Market logistics;b. Containerization;c. Supply chain management;d. Nonstore retailing;e. Wholesaling;\;124.;A;stock reorder point of 10 means reordering the product ________.;a. every 10 days;b. when stock falls to 10 units;c. every 10 units;d. when stock falls to 9 units;e. none of the above;\;125.;Companies are reducing;inventory costs by treating inventory items differently. Critical items defined;as high risk, high opportunity and commodities defined as low risk, high;opportunity. Recently, your company has introduced a product that is considered;by the distributor a ?bottleneck? item. What is the risk/reward relationship;for bottleneck items?;a. Low risk, mediocre opportunity;b. Low risk, high opportunity;c. Low risk, low opportunity;d. High risk, high opportunity;e. High risk, low opportunity;\;126.;Optimal;order quantities exist when the order-processing cost per unit and;inventory-carrying cost per unit curves ________.;a. increase to 1;b. decrease to less than 1;c. intersect;d. equal each other;e. equal zero;\;127.;The;trucking firm hired by your transportation manager provides service between the;Northeast and the Southeast on a regular schedule. Hiring this shipper is available to all at;standard rates. Your transportation manager has hired a _____________.;a. common carrier;b. contract carrier;c. private carrier;d. piggybacked carrier;e. gypsy carrier;\;Short;Answer;128.;Direct;marketing has its roots in direct-mail and catalog marketing. What other kinds of direct marketing exist?;129.;Identify;and describe three of the six major types of corporate retail organizations.;130.;Identify;the three characteristics that distinguish franchises from other forms of;corporate retailing.;\;131.;In the;past, retailers secured customer loyalty by offering convenient locations;special or unique assortments of goods, greater or better services than;competitors, and store credit cards. How;has this changed?;132.;How;has the growth of giant retailers threatened traditional retailers?;133.;Why;must retailers begin by defining their target market before making any other;marketing decisions?;\;134.;Identify;the seven steps involved in retail category management.;\;135.;The;real challenge of retail category management begins after defining the store?s;product assortment, and that is to develop a product-differentiation;strategy. Give three possible retailing;product-differentiation strategies..;\\;136.;Retailers;examining their product mix find that a third of their products are not profitable or do not make economic sense. Yet;these products still take up retail shelf space. Why does this continue and;what techniques are retailers using to ?tighten? this process?;137.;The;services mix afforded to retailers is a key tool for differentiating one store;from another. Briefly explain the three services mixes available to retailers.;\;138.;Explain;what is meant by the term ?store atmosphere? and why it is important for;retailers to have a distinctive atmosphere.;139.;Retailers;can place their stores in a variety of locations. Give three examples of shopping venues in;which retailers can place their stores.;140.;As;part of your internship with a marketing research firm, you have been asked to;evaluate the relationship between high traffic and high rents for a retailer;client who is thinking about moving his location. What methods for evaluating;this relationship are available to you?;\;141.;How do;generics differ from private-label brands?;Manufacturers typically do not sell directly;to retailers or final consumers. They;choose to use wholesalers because wholesalers are more efficient at certain;functions. What functions are these?;142.;Supply chain management is the;broader concept of physical distribution. Explain the concept of ?supply chain;management.?.;\ \;143.;Your;division has a new general manager. As part of his stated tasks, he believes in;?getting the right goods to the right places at the right time for the least;cost.? As your company?s logistics manager, you know that this objective;provides little practical guidance and could in fact be detrimental to the;company objectives. How would you formulate a response to the new general;manager to convince him to change his ?position? regarding customer service?;\;144.;Your company?s order-to-payment;cycle is 50 days. The average for your industry is 45 days. Your boss has asked;you to reduce this cycle to the industry?s average. To accomplish this goal;you begin to outline the ?processes? in the order-to-payment cycle to find out;where improvements can be made. List the processes that make up the;order-to-payment cycle.;Suggested;Answer: The;order-to-payment cycle is the elapsed time between an order?s receipt;delivery, and its payment. This cycle involves many steps, including order;transmission by the salesperson, order entry, and customer credit check;inventory and production scheduling, order and invoice shipment, and receipt of;payment.;\;145.;As a brand manager why should;you be concerned with the transportation decisions regarding your product?.;\;146.;Explain;why the market-logistics strategies must be derived from business strategies;rather than solely from cost considerations.
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