Consumer Science 257
Sells merchandise or services through more than one channel
A multichannel retailer is one that:
Free standing
A physical store that is not part of a mall or shopping center would be considered a __________ store.
implement a retail strategy
A retail mix is developed to:
The employee compensation plan
A retail strategy is a statement that identifies all the following EXCEPT _______.
The end user
A retailer sells products & services to __________.
A retailer wants to announce up-to-date and fast changing information to excite customers. Which of the following platforms will best suit the retailer's needs?
Add value to products and services sold to customers
A retailer's role in a supply chain is to:
An annual report
A retailer's yearly comprehensive summary to shareholders and potential investors is referred to as ____________ .
Parasite store
A store that does not create its own traffic and whose trade area is determined by the dominant retailer in the shopping center is considered a ______________.
Visibility
A store that is easy for potential customers to see has high __________________.
Web rooming
A term for the action of customers browsing online before going to a physical store to make a purchase is ___________.
Show rooming
A term for the action of customers who browse and inspect items in stores before they buy online is ___________.
Sustainable competitive advantage
A toy store has acquired an edge over its competition that cannot be easily copied by its competitors. Which of the following has the store achieved?
Only engages in CSR activities that are required of it by law
A company in the first stage of incorporating corporate social responsibility (CSR) into its strategies:
Cumulative attraction
A food court in a mall is an example of a(n) _____.
Preprint
A freestanding insert (FSI) is also called a(n) _____.
Mobile
A key initiative in most retailers strategic plan is "m-commerce". The "m" stands for:
everyday low-pricing
A(n) _____ strategy emphasizes the continuity of retail prices at a level somewhere between the regular nonsale price and the deep-discount sale price of high/low retailers
The Kroger Co.
According to the most recent top USA retailers from NRF, who is the 2nd largest USA retailer?
Sales per square foot
Apparel retailers that display most of their merchandise on freestanding fixtures typically measure space productivity in terms of _____.
are cost-efficient
Grid store layouts:
James Cash
JC Penney was the name of the founder of the namesake retail chain. JC stood for :
scrambled merchandising
Karen's is a popular clothing store in Boston. The store recently started selling designer watches. Thus, Karen's is practicing _____.
They want to ensure a safe and healthy work environment for laborers
Retailers proactively engage in enforcing the labor practices of their suppliers because:
Specialty stores
Retailers that have narrow product variety and deep assortments are best described as:
Fullfillment center
Retailers that receive an online order and ship the product from a store's inventory, refer to the store as a ____________________________.
Identify political party preferences
Retailers use customer transaction data to all but:
True
Retailing offers entrepreneurial opportunities
16%
Retail contributes approximately ____ to the USA Gross Domestic Product
At freestanding sites
Retail locations that are unconnected to other retail stores, and that are destination stores are located ____________ .
Stores
The highest percentage of retail sales is through what channel?
Income statement
Tony wanted to know what the net sales and the net profit after tax were last year for his nephew's business, The Big Guy Shop Inc. Tony should look at the store's:
Downtown area
Where is a central business district typically located?
Buying/Merchandising
Which area would be most likely to give direction to visual merchandising and store planning about incoming products and display needs?
Red, gold, and yellow tones
Which colors would be best suited to produce emotional, vibrant, hot, and active responses from customers?
Implementing programs
Which is the final step in the CRM process?
Empowering employees at the firm's lowest level
Which of the following actions is a way to reduce the delivery gap?
Personalization
Which of the following approaches toward retaining customers has retailers offering unique benefits and targeted messages to individuals?
Available sales staff
Which of the following are retailers NOT expected to provide for its disabled shoppers?
To reduce retail price competition among retailers
Why do vendors and brands strongly encourage retailers to sell their products at MSRP?
Store purchases can be made with cash or third-party credit cards
Why is constructing a data warehouse more difficult for in-store transactions than it is for online shopping?
Retail analytics
__________ are applications of statistical techniques and models to find patterns in customer purchase data and make recommendations for improving the effectiveness of retailers.
Live chats
_____________ and personalized recommendations of complementary merchandise on internet shopping sites replicates a well trained store salesperson.
Lifestyle centers
______________ are open-air shopping centers composed mainly of upscale apparel shops, boutiques, and gift shops carrying selected fashions or unique merchandise of higher quality and price along with restaurants and entertainment, and are therefore usually located in higher-income areas.
Diversification
The Market @ Macy's enables companies to gain additional exposure to Macy's customers without a long-term commitment. The pop-up vendors pay a fee to Macy's for the space while keeping all the sales revenue. Space is rented with a one-month minimum requirement and rates are based on location. Select the growth strategy the best supports this endeavor:
Depth of merchandise
The Men's Wearhouse stocks over 350 different styles and colors of ties. This assortment of ties can be referred to as the store's _________.
Retail market segment
The Tackle Box is a store that sells anything you may need to catch fish including local information about what is running, where it's running and what bait works best. The fishing enthusiasts who rely on the Tackle Box for reliable equipment and information are the retailer's:
23
The US has approximately ___sq feet per capita of retail space.
46
The USA has approximately ______ square feet of retail space per person.
Equal Employment Opportunity Commission
The _____ allows employees to sue employers that violate employment laws.
Model stock plan
The _____ is the number of each SKU in the assortment plan that the buyer wants to have available for purchase in each store.
Multiattribute analysis
The _____ method for evaluating vendors uses a weighted-average score for each vendor.
Affordable budgeting
The _____ method uses the difference between the forecasted sales and the expenses plus the desire profit for the communication budget.
Accessibility
The ___________ of a retail store site is the ease with which customers can get into and out of the site.
Customer database
The ______________ contains transactions, customer contacts, customer preferences, descriptive information such as demographic and psychographic data, and responses to marketing activities.
Mini-van
Which of the following products would most likely require the greatest amount of information search?
Robinson-Patman Act
Which of the following prohibits vendors offering different retailers different prices and purchase order terms for the same merchandise and quantity?
Gross margin
Which of the following refers to the profit on the merchandise sold?
Net sales
Which of the following refers to the total number of dollars received by a retailer after all refunds have been paid to customers for returned merchandise?
Data mining
Which of the following retail analytic applications involves the use of search techniques to gain insights into customers' buying patterns?
It is more efficient for a retailer to perform ticketing and marking at a DC than in its stores
Which of the following statements about receiving, checking, marking, and ticketing is true?
It allows customers to get the lowest price possible
Which of the following statements about retailers holding inventory is FALSE?
There is less likelihood of being overstocked or out of stock at each store
Which of the following statements describes the benefits of a pull strategy?
All of these statements are benefits of a pull strategy
Which of the following statements does not describe the benefits of a pull strategy?
Frequent-shopper cards are issued on the basis of market basket analysis.
Which of the following statements is NOT TRUE of frequent-shopper programs?
The best areas for locating stores are those that generate the highest return on investment in the short-term
Which of the following statements is NOT true in considering and evaluating store locations?
Government places restrictions on the repatriation of profits
Which of the following statements is a disadvantage of a joint venture?
It may cause employees to ignore other work tasks and obligations
Which of the following statements is a drawback of incentives?
It can be improved by increasing the gross margin and lowering expenses
Which of the following statements is a method for improving net profit margin?
The retailers think these stores are riskier and produce lower returns than other areas
Which of the following statements is a reason why U.S. retailers avoid opening stores in the inner city?
The interviewer should be an active listener
Which of the following statements is true about job interviews?
Tests must be scientifically and legally valid
Which of the following statements is true about the use of testing?
It provides an incentive for customers to consolidate their purchases with one retailer to reach the higher tiers
Which of the following statements is true of a tiered reward structure?
It is an emotional connection between a retailer and a customer
Which of the following statements is true of customer loyalty?
They often resemble a collection of specialty shops
Which of the following statements is true of department stores?
It captures a mood or feeling that enhances the store's image
Which of the following statements is true of lighting when creating an appealing store atmosphere?
They transmit data about the objects in which they are embedded
Which of the following statements is true of radio frequency identification devices?
The SKUs in a merchandise category are rank-ordered by several performance measures
Which of the following statements is true of the ABC analysis?
The amount of information searched depends on the individual
Which of the following statements is true of the information search carried out by customers?
Define the business mission
Which of the following steps is typically the first step in the strategic retail planning process?
Market basket analysis
Which of the following terms best describes the type of data analysis that focuses on the composition of products purchased by a customer during a single shopping trip?
Extreme-value retailer
Which of the following types of general merchandise retailers is also sometimes referred to as dollar stores?
Hedonic needs
Which of the following types of needs is satisfied by shopping for designer label merchandise?
Internet
Which retail channel provides the most product information for the consumer purchasing products?
REI
Which retailer is a co-op?
Home Depot
Which retailer would be least dependent on traffic counts?
Grid layout
Which store layout is used primarily by supermarkets and full-line discount stores?
Gray-market goods
_____ involve the flow of merchandise through distribution channels, usually across international borders, other than those authorized or intended by the manufacturer or producer.
Complete integration
_____ involves selling the same products at the same prices through the same distribution system for all channels.
Fair trade
_____ is a socially responsible movement that ensures that producers receive adequate prices for their products.
The center store
_____ is in the middle of each aisle of a grid layout where less compelling or exciting products are displayed
Reliability
_____ is the ability to perform the service dependably, accurately, and as promised.
Lead time
_____ is the amount of time between the recognition that an order needs to be placed and the point at which the merchandise arrives in the store and is ready for sale.
Department Store
A retailer that carries a broad variety and deep assortment, offers customer services, and is organized into distinct sections for displaying merchandise is called a(n) _____.
Discount store
A retailer that carries both hard and soft lines, with a wide breadth, shallow depth, usually freestanding store, centrally located checkouts and a low profit margin percent best describes which type of retailer?
Accessibility
A retailer that is hard to get to, even if the customer can see it, has low __________________.
Co-op store
A retailer that is owned and controlled by "members" where costs are kept low, wages are kept high, and no profits are expected is best described as a(n):
Pure
A retailer that only sells products through digital means is referred to as a [____] player
Trickle up
Punk style first became popular during the 1970s and spread to fashions seen on the streets of London. In terms of the Fashion Adoption Process, this is an example of ____ .
The store's retail sales during the period
The accounting records for Sports-R-Us, a superstore targeted at armchair athletes, showed that it had bought and received $1,830,000 worth of merchandise. An actual count of the merchandise in the store showed only $1,644,000 worth of merchandise in stock. What other information is needed to calculate inventory shrinkage?
1-to-1 retailing
The Bird of Paradise is one of the world's most attractive tropical flowers. When Josiah, who owns Joe's Flower Shop, knows he's receiving flowers from Hawaii, he emails all his customers whom he knows will like the flower and informs them of the expected shipment. Josiah's program is an example of:
Information search
The Internet dramatically reduces the cost of a/an:
Event sponsorship
The Macy's Thanksgiving Day Parade is an example of _____.
400
Theft impacts the profitability of retailers, hence they sometimes need to increase their prices to cover their losses. This results in impacting each consumer about $______ on average per year. [cost per customer]
Consumers will spend more time searching for information when they have prior experience with the merchandise category
Which of the following is NOT true of the amount of information searched by customers?
Increase in product availability
Which of the following is a benefit of efficient supply chain management?
Managing inbound transportation
Which of the following is a function of a distribution center?
Target market
Which of the following is a group of consumers with similar needs which the retailer plan to focus its resources and retail mix?
Exclusivity arrangement
Which of the following is a negotiation issue that is often used in fashion merchandise categories?
It drives local retailers out of business
Which of the following is a reason for opposing big-box retailers?
Improved employee morale
Which of the following is a result of a high inventory turnover?
Both offer self-service.
Which of the following is a similarity between hypermarkets and supercenters?
JCPenney
Which of the following is a third tier department store?
Switching to another retailer
Which of the following is a typical reaction that customers exhibit when experiencing multiple stock outs?
Race track
Which of the following is a typical store layout design used by department store retailers?
Grid
Which of the following is a typical store layout design used by drug store retailers?
Grid
Which of the following is a typical store layout design used by grocery retailers?
Free-form
Which of the following is a typical store layout design used by specialty stores?
DCs enable the stores to carry less inventory
Which of the following is an advantage of using distribution centers over direct store delivery?
Vendor relations
Which of the following is an area in which a retailer can develop a long-term competitive advantage?
The cost of the mannequin used to display current gowns
Which of the following is an example of a fixed cost for a bridal gown shop?
Inventory turnover
Which of the following is an example of a productivity measure?
The cost associated with the free pack of paper for every computer printer sold
Which of the following is an example of a variable cost for a retailer of electronic equipment?
Men's black socks
Which of the following is an example of staple merchandise?
Buildings
Which of the following is classified as an asset?
It is an emotional and personal connection between a retailer and a customer
Which of the following is most supportive of customer loyalty?
Kroger grocery store
Which of the following is not a destination store?
Type of lease
Which of the following is not a factor affecting the size of the trade area?
MSRP Pricing
Which of the following is set by vendors by withholding benefits such as cooperative advertising or even refusing to deliver merchandise to noncomplying retailers?
Carry the merchandise over to the next season
Which of the following is the LEAST profitable method of liquidating markdown merchandise?
"Display merchandise on racks within 24 hours of delivery."
Which of the following is the best example of a service goal for a retailer that is sincere about reducing the standards gap?
Supermarket chains and discount stores that also offer gasoline
Which of the following is the biggest threat to convenience stores?
Understanding the world of retailing
Which of the following is the first step in the retail management decision process?
It does not directly relate pay incentives to productivity
Which of the following is the major disadvantage of a straight salary plan?
Merchandise management
Which of the following is the process by which a retailer attempts to offer the appropriate quantity of the right merchandise, in the right place and at the right time while meeting the company's financial goals?
Back of the store
Which of the following is the worst placement for new merchandise?
It is difficult to implement these strategies when sourcing globally
Which of the following is true of collaborative supply chain management?
Most people in BoP markets live in rural areas with limited access to mass media
Which of the following is true of retailing activities in the BoP market?
Scale economies are cost advantages due to a retailer's size
Which of the following is true of scale economies?
They are not bound by the bureaucracies inherent in large retail organizations
Which of the following is true of single-store retailers?
Retailers develop the design for these products in most cases
Which of the following is true of store brands?
Forecasts are typically based on extrapolating historical sales
Which of the following is true of the forecasting approach for staple merchandise categories?
Match characteristics of present trade area with potential sites
Which of the following is typically the last step in site selection?
Comparable-store sales growth
Which of the following is used to assess overall performance at a corporate level?
Coca Cola 20 ounce
Which of the following items has the most price elasticity?
Fashion merchandise management system
Which of the following merchandise systems focuses on staying as close to out of stock as possible?
Omnichannel
A retailer that sells product online through their website but does not accept that product to be returned to their store if the customer is not satisfied with it is not yet fulfilling a(n) __________ strategy.
50
A retailer using a promotion of BOGO is really selling two products at [__] percent off each.
Royalty
A university's school spirit and demand for licensed product sales is part of their brand. Sales of licensed products generates [__________] revenue for the university.
Direct store delivery
A vendor that employs sales associates for retailers to visit stores, analyze their business and inventory, and create displays of their products will most likely also utilize what method of product delivery?
Strike zone
A(n) _____ creates the customer's first impression of the store's offering and is the area where retailers place their most compelling merchandise.
Retail format
A(n) _____ describes the nature of the retailer's operations that it will use to satisfy the needs of its target market.
Premium brand
A(n) _____ developed by a retailer is comparable with national brands on quality rather than price
Data warehouse
A(n) _____ forms the foundation for all CRM activities.
Feature fixture
A(n) _____ has two crossbars that sit perpendicular on a pedestal.
Supply Chain
A(n) ______________ is a set of firms that make and deliver a given set of goods and services to the ultimate consumer.
The Home Depot
According to the most recent top USA retailers from NRF, what is the 4th largest volume retailer in the USA?
CVS Caremark
According to the most recent top USA retailers from NRF, what is the 5th largest volume retailer in the USA?
Costco
According to the most recent top USA retailers from NRF, who is the 3rd largest USA retailer?
Shrinkage
_____ is the difference between the recorded value of inventory based on merchandise bought and received and the value of the actual merchandise in stores and distribution centers divided by retail sales during the period.
Shrinkage
_____ is the inventory loss due to employee theft, shoplifting, mistakes, inaccurate records, and vendor errors.
Customer spotting
_____ is the process of locating the residences of customers for a store on a map and displaying their positions relative to the store location.
Collaborative planning, forecasting, and replenishment (CPFR)
_____ is the sharing of forecasts and related business information between retailers and vendors to improve supply chain efficiency and product replenishment.
Assortment
_____ of a retailer's merchandise is the number of SKUs within a subcategory.
Zone pricing
_____ refers to charging of different prices for different stores, markets, or regions.
Demand/destination merchandise
_____ refers to products that customers decided to buy before entering the store.
Share of wallet
_____ refers to the percentage of the customers' purchases made from the retailer.
Generic brands
_____ target a price-sensitive segment by offering a no-frills product at a discount price.
Bait and switch
_______ is an unlawful, deceptive practice which lures customers into a store by advertising a product at a lower-than-normal price and then, once they are in the store, induces them to purchase the higher-priced model.
Drop-shipping
________ is a system where retailers receive an order from a customer and then have the product shipped directly to the customer from the vendor
Variety
_________ refers to the number of different merchandise categories a retailer offers.
National
"Manufacturer" brands are also referrer to as [_______] brands.
Private
Sonoma at Kohl's, Arizona at JC Penney and Archer Farms at Target are _________ brands.
Marshall's, an off-price clothing retailer
In which of the following stores would you be most likely to encounter a rounder as a common fixture?
Private
Bath & Body, Gap, Old Navy are best considered _______ brands.
The recognition of a well known brand name
The most salient reason to invest in a franchise is:
Umbrella brand
When identifying national brands, vendors use a(n) _____ associated with their company.
Forecasting sales for this category is simplistic and predictable
Which of the following is NOT true of a fashion merchandise category?
Retail Strategy
A _____ identifies the target market, the merchandise and services that will be offered, and how the company will achieve long-term advantage over its competitors.
Market expansion growth opportunity
A _____ involves using the retailer's existing retail format in new market segments.
Classification
A _____ is a group of items targeting the same customer type, such as girls' sizes 4 to 6.
Rain check
A _____ is a promise to customers to sell currently out-of-stock merchandise at the advertised price when it arrives.
DMM
A buyer would typically report to a :
Building code
A community in the southwest requires all places of business to have stucco outside walls of neutral color with clay roofing tiles in orange. This would be an example of a ____________.
87% = ($15 - $2)/$15 = $13/$15 = 87%
A drugstore purchases hand cream at $2 per jar and retails them for $15. What is their initial markup percentage?
Cumulative attraction
A food court in a mall is an example of ___________________.
At-Will
A legal presumption in all of the USA (except Montana), where either an employer or an employee may, with no adverse legal consequences, terminate the employment relationship for any legal or no reason is called [________] employment.
Extended problem solving
A purchase decision process in which customers devote considerable time and effort for analyzing alternatives is called:
Target market
A retail strategy is made up of the the retailer's competitive advantage, the retail format and the _____________ ____________ (2 words).
Controlling costs
A retailer considering fluorescent lighting versus LED lighting, solar power versus standard electricity, and local grasses versus typical grasses for landscaping would most likely be considering which design objective?
Substantiality
A retailer in Lincoln, Nebraska, who wants to open a store that will sell surfboards and surfing accessories, finds that the local market is very small. He would be able to serve a national market better by means of Internet marketing. Which factor for evaluating a market segment is seen in the given scenario?
Predatory pricing
A retailer selling products at a price lower than their competitor for the purpose of causing their competitor to go out of business is using ____________.
Wide and deep
Advantages of this type of strategic assortments are: high level of customer traffic, customer loyalty and one stop shopping convenience for customers.
Store brands
Alfani (women's fashion), Hotel Collection (luxury fabrics), and Tools of the Trade (housewares) are examples of Macy's _____.
Customer loyalty
Although Rosa visits several retailers when shopping for suits, she always buys suits at Bow and Arrow Inc. Which of the following approaches best demonstrates her affinity for Bow and Arrow Inc.?
Sales cannibalization
Although retailers gain economies of scale from opening multiple locations in an area, they also could suffer diminishing returns associated with locating too many additional stores in an area. This is called:
Privacy
Although, having information about individual customers helps retailers provide better services to consumers, consumers are concerned about _____.
Adventure
Amanda considers shopping to be like a game. She goes shopping because she enjoys finding bargains and discounts. Amanda is always on the lookout for special offers and discounts. Hence, Amanda's hedonic needs are satisfied by a sense of:
Selection, Value and Fast Shipping
Amazon's "Secret Sauce" per se is:
Holacracy
An HR system that replaces hierarchies and bosses with distributing power and self management is ___________ .
Horizontal price fixing
An agreement between retailers that are in direct competition with each other to set the same prices is called _____.
Price lining
An appliance store wants to get customers who are buying an upright freezer to trade up to the more expensive self-defrosting model with a special section for ice cream. Which of the following practices can be used by the store to achieve this goal?
Tell employees they will have to work late Friday night
An autocratic manager would be most likely to _____.
Has high visibility
An end-cap:
A customer clicks on an advertisement on Facebook and is connected to the advertisers website to make a purchase
An example of s-retailing is when:
20-25%
Approximately what percent of working people are employed in the retail industry?
Kiosk
As Chelsea walked through the concourse to her connecting flight to Spain, she walked by a place selling high quality audio headphones. She talked with the person standing with the cart. The cart of merchandise would be described as a _____.
Democratic
As a(n) _____ store manager, Dina treats her employees as equals and asks for their input when she is making a decision about whether to stay open late during the Memorial Day weekend, stock extra inventory for Valentine's Day, or any other decision that will directly affect her employees.
Atmospherics
As you enter Yesteryear, a vintage clothing boutique, you're aware of how inviting the store is for browsers. The entire lighting is from floor and table lamps. The music plays Benny Goodman serenades, and the air smells like powder. The walls are covered in vintage floral wallpaper. This design which stimulates customers' senses is called _____.
Slotting Allowances
At supermarkets, it is common for the retailer to impose a charge to vendors to stock a new item on the retailer's shelves. This charge is referred to as [two words, no symbols]
Adjacent
At the Dick's Sporting Goods store, men's athletic clothing is across the aisle from athletic shoes. Therefore these product categories are ________ to one another.
Promotional area
At the home improvement store, Home Fits, there is an area at the back that has one of three categories of merchandise throughout the year. From January through March, the area has organization and garage storage merchandise, from April through September, it has lawn, garden, and patio merchandise, and from October through December, it has Christmas merchandise. This special section at the store is an example of a(n) _____.
Prestige pricing
At the new store that opened, all the products were priced at $47.00, $77.00, or $97.00. What type of pricing practice is this reflective of?
Competitors
_____ form a part of the microenvironment that influences retail management decisions.
Retail buyers and planners no longer need to monitor inventory levels and place orders
Because of the nature of vendor-managed inventory, _____.
Culture
_____ forms the basis of the social factors influencing people's buying decisions.
Subculture
Punk in the 70's/80's, Grunge in the 80's/90's, denim jeans, tie-dye and cowboy boots becoming fashionable are all examples of the _________ theory.
Extended problem solving
Bella is about to be married in two months. When she shopped for the bridesmaids' gowns, her gown, and flowers for the ceremony, she spent a lot of time in deciding what to buy. She was not sure whether her parents, in-laws, and fiancé would like her selections. Which form of purchase decision process is Bella engaged in?
Market penetration growth opportunity
Bine Lane LLC is a fabric store that sells only cotton clothing. After a situation analysis, the marketing team of Bine Lane wants its current customers to visit and purchase from the store more frequently. Which of the following growth strategies should Bine Lane follow to achieve its objective?
A destination item
Bonnie wanted to paint her living room and had a specific type of paint in mind. When she entered the large home improvement store she saw that the paint department was in the far back of the store. This home improvement store must consider paint as ______________ .
Buying situation
Brian's is a department store. It observes that most of its customers prefer weekly shopping and accordingly maintains its merchandise stock. Therefore, the store's segmentation is based on _____.
Exceeds customer expectations
Bronson has shopped at several toy stores. However, he really likes The Toy Corner because of the broad assortment offered for different age groups. Moreover, if a particular toy is not available at the store, Bronson can place an order and have it delivered directly to his home at a discounted price. Hence, Bronson feels that the services offered by The Toy Corner:
The assortment of products offered
Buyers have significant influence over _________.
How much profit was generated from his investment in assets
By knowing the return on assets for his bakery shop, Chuck will know:
Tailor merchandise and recommendations
By obtaining information about customer preferences, and past purchase behavior, retailers operating an electronic channel are able to:
Vertical merchandising
By using _____, stores can effectively organize their merchandise to follow the eye's natural movement.
Are focused on maintaining loyalty
CRM programs directed toward customers in the high-value segment:
Retail market segment
Catherine's is a chain of retail stores having merchandise assortments for women over size 14. Women who meet this criterion form a:
Demographics
Characteristics such as age, gender, income, and education are considered:
Price elasticity
Cliff struggled with the price of produce at his well-established produce markets. The reputation of the markets attracts repeat customers from a 50-mile radius. Recently, local farmers started increasing produce prices for him due to the upsurge in gas prices. Now, Cliff feels it is time to pass the costs onto his customers. Which of the following should Cliff estimate to determine the effect of price changes?
Broader and deeper assortment
Compared to other retail formats, Internet shopping offers the benefit of:
The ability to touch and feel the products
Compared to other retail formats, the greatest benefit that store shopping offers the customer is:
Horizontal price fixing
Competing retailers agreeing to sell products at set prices so as not to compete is called ___________.
Food
Consumer buying patterns are shifting. Teens are now spending more on _______ than on clothing.
When they haven't developed brand loyalty
Consumers make habitual decision making for all the following cases EXCEPT:
Charge higher prices for similar products sold
Convenience stores _____ than supermarkets.
The percentage of customers who enter a store and buy products from that same store
Conversion rate can be described as:
Developing a relationship with their better customers
Customer relationship management (CRM) is based on the idea that retailers can increase their earnings by ____ .
Competitive parity method
Similar to the other rule-of-thumb methods, the _____ doesn't allow retailers to exploit the unique opportunities or problems they confront in a market.
Wholesaling
Dailies is a large retail chain in New Jersey. Apart from selling to customers, Dailies supplies bread and vegetables to a large number of restaurants in and around New Jersey. Therefore, Dailies is engaged in _____ when selling to restaurants.
Intratype competition
Daily Needs and Smart Saves are two large retailers in Canada. They compete with each other using similar marketing strategies. Which form of competition is seen between these two retailers?
10
Demographic information about a trading area for a potential retail site can be obtained from the US Census. The U.S. Census is completed every _____ years.
Reverse Logistics
Similarly to Wal-mart's backhauls, Target's delivery trucks will return from the stores with loads of recyclable material. This is referred to as (2 words):
Reference Group
Diego began his first job out of college with a consulting firm, and wants to make a good impression upon his supervisors. He noticed the attire of the associates when he interviewed, and he decided to mimic them by wearing power-suits and Italian shoes. What social factor most influences Diego's wardrobe?
Reference group
Diego began his first job out of college with a consulting firm. He wanted to make a good impression on his superiors. He noticed the attire of the associates when he attended the interview and decided to dress in a similar manner. Which social factor has influenced Diego's dressing style?
Video games
Direct store delivery would most likely be used for what type of product?
Wide and shallow
Disadvantages of this type of strategic assortments are: customers are focused mostly on price, and customers may be dissatisfied with the little selection of products
Standardized
Discount, off-price and convenience stores typically used [_______] service to create a consistent experience for customers while minimizing costs.
Price lining
Dream Homes is an appliance store. It recently launched its own brand of freezers in order to build customer loyalty. The store launched three different models to cater to low, middle, and high income groups. The freezers are also priced accordingly. These freezers are exclusive to Dream Homes and cater to all customer segments. This pricing strategy involving price points within a merchandise category is known as _____.
True
Ethical principles can change over time.
Files that identify visitors when they return to a website
Electronic retailers can collect transaction data for their data warehouse, but they can also collect information by placing cookies on a visitor's hard drive. Cookies are:
Knockoffs
Fast-fashion retailers will often view the fashions from designers and then create similar items referred to as ___________ to sell at a lesser price in their stores.
Trade area
Fishing enthusiasts come for miles to shop at Shabby Bills, a shack that sells limited tackle and bait on the North Carolina Outer Banks. Bill attracts this crowd because of his expertise in the Outer Banks and local folklore. The Outer Banks would be considered Shabby Bills':
Backward Integration
Florals is a popular retail chain specializing in women's lingerie and perfume. It designs and sources their own private-label merchandise being sold in the store. Therefore, Florals is practicing _____.
Vertical Integration
Fresh n Fragrant is a chain of flower shops offering a variety of flowers and ornamental plants. It recently opened a distribution center to supply ornamental plants and cut flowers to all its stores within a 300-mile radius. From the given scenario, it can be seen that Fresh n Fragrant is practicing _____.
Achievers
From the Value Attitude and Lifestyle (VALS) framework, which psychographic market segmentation does this narrative best describe? They have goal-oriented lifestyles and a deep commitment to career and family; social lives reflect this focus and are structured around family, their place of worship, and work; value consensus, predictability, and stability over risk, intimacy, and self-discovery; active in the consumer marketplace with many wants & needs and image is important to them.
Innovators
From the Value Attitude and Lifestyle (VALS) framework, which psychographic market segmentation does this narrative best describe? Very active consumers, and their purchases reflect cultivated tastes for upscale, niche products and services. Image is important, not as evidence of status or power but as an expression of their taste, independence, and personality. Their possessions and recreation reflect a cultivated taste for the finer things in life.
Markdown Money
Funds a retail may request for from a vendor to compensate for missed gross margin plan is referred to as: [two words, no symbols]
Impulse buying
Geraldo went to the supermarket to buy a bottle of chocolate syrup. While there, he saw the new National Enquirer at the checkout stand. He had not planned on buying the magazine, but on the spur of the moment, he bought himself a copy. This is an example of:
Personalized service
Glamour Looks is a beauty salon. It offers various skin and hair treatment packages based on customer requests. Which of the following types of services is Glamour Looks offering?
Counterfeit
Goods made and sold without the permission of the owner of a trademark, copyright or patented invention are referred to as [_________] merchandise.
A decision process involved little or no conscious effort
Habitual decision making occurs when ___________.
Hard
Hard or soft goods: Baseball uniform pant
Soft
Hard or soft goods: Shoes
Lifestyle segmentation
Harley Davidson stores sell merchandise which attract people who love motorcycles and the idea of an open road and freedom. Some are bikers and others are those who do not have a Harley Davidson motorcycle but buy the HD logo apparel and accessories. Therefore, Harley Davidson is using _____ as the scheme for market segmentation.
Lifestyle
Harley Davidson stores sell merchandise which interest people who love motorcycles and the idea of the open road and freedom. Some are bikers and others are those who do not have a Harley Davidson motorcycle, but buy the HD logo apparel and accessories anyway. Harley Davidson would focus on which of the following segmentations?
Premium store brand
Home Day is a large supermarket. It recently launched its own brand of cereals called Fast Bites equivalent to most national brands and also priced slightly lower. Therefore, Fast Bites is an example of a(n) _____.
The shop can offer classes on quilting
How can a small town quilting supply store best compete against Wal-Mart, and still thrive?
Retailers can charge customers for the services they are abusing like a stocking fee for returned goods
How can retailers best minimize the negative impact of unprofitable customers?
EDLP reduces the retailer operating expenses because employees do not have to spend time continually making price changes
How can the use of an EDLP strategy increase a retailer's profit margin?
Develop relationships with members offering unique work-out programs with designated instructors recommending specific routines to suit their needs
How could a fitness center best develop a sustainable competitive advantage over a national chain like Gold's Gym?
Online
How do most consumers "discover" products?
The system ensures that the information received has not been tampered with by ensuring that the communication is both authentic and authorized
How do retailers and vendors ensure that information that passes back and forth between them is secure?
Gross margin divided by net sales
How is gross margin percent calculated?
Diverted
If a name-brand product is found at an unauthorized (by the brand) retailer it is most likely _________ merchandise.
Decrease selling, general and administrative expenses
If a retailer's gross margin percent is on plan, however the retailer is tracking below plan for net operating profit margin plan, which of these options would help improve their situation?
Toy Fair
If you were a buyer of video games and novelty items, you would most likely attend the [_______] tradeshow in NYC each February
Consideration set
If you were to ask Roland to recommend a restaurant in Charleston, South Carolina, he would tell you to go to Vendue Range, The French Quarter or California Dreaming. There are obviously many restaurants in Charleston, but these are in Roland's:
Freestanding display
In Sid's Surf Shop, there is a 10-foot long surf board on legs with swimwear on it near the entrance to the department where surfing merchandise is sold. The surfboard attracts many customers into that department. This is an example of a(n) _____.
Zoning
In a city, some parts of it are restricted to be for residents only, where other parts of the city allow for retail stores. This is an example of a ____________.
Co-op advertising
In a national print advertisement, Levi's was showcasing their new denim jean products. At the bottom of the ad, Macy's logo was found as a place where the new denim jeans could be purchased by customers. This is an example of _______.
2.5
In caparison to Wal-mart, Costo does approximately _____ times more sales volume per average store location.
Ring leader
In organized retail theft crimes, it is most effective to eliminate which role?
Order point
In staple merchandise management systems, the _____ is the amount of inventory below which the quantity available shouldn't go or the item will be out of stock before the next order arrives.
Metropolitan statistical area
In the United States, retailers often focus their analysis on a _____ because consumers tend to shop within this area.
Allowing credit card transactions
In the late 1950's, JC Penney was the only one on the board of directors who was against
Bloomingdales
In which of the following stores would you be most likely to encounter a four-way fixture?
Kohl's department store
In which of the following stores would you be most likely to encounter a straight rack?
Social media
Infegy utilizes insights from ___________ to understand consumers buying patterns and sentiments.
Soft
Is "Jewelry" soft or hard goods?
Bait & switch
Luring customers in for a specified product (advertising, promotions, displays, etc.) then not having the product (purposely) and instead selling a higher priced product to the consumer is referred to as:
Exploration
Isabel works as a senior jewelry buyer for a department store chain. On a recent visit to a trade show, she noticed a new vendor selling unique earrings, necklaces, and bracelets made of glass. She had seen such pieces in trade magazines, but initially ignored them because of the exorbitant price. She thought her affluent customers would appreciate the look, so she decided to talk with the sales representative to learn more about the possibility of a trial in only a few of her top stores. Isabel is in the _____ phase of building strategic relationships
$4000
It costs retailers on average approximately _____________ to hire and train each new store employee.
They had set prices
JC Penney's "Golden Rule" store was different than others because
Referring him to other employees at the bakery
Jack went to a bakery and ordered a dozen bagels for work. When he got to work, he discovered that the bagels were stale. The next morning he stopped by the bakery to complain. All of the following would be appropriate ways to deal with Jack's complaint EXCEPT:
Stock out
Jane visits the local supermarket to purchase caviar for a dinner party. Upon enquiry, she finds out that caviar is sold out. Which of the following terms best describes this situation?
Off Aisle
Kohl's new version of an "off-price" store similar to a TJ Maxx, Marshalls or Ross is titled:
Quality control
Linda is a fashion designer who sourced out to a manufacturer in India in order to assemble her fall line. She assumed the patterns for the clothes were simple, and she deemed it unnecessary to personally visit the factory and supervise the workers sewing her clothes. Months later, the shipment arrived in New York and, the seams on all of the blouses were sewn incorrectly. This mishap is an issue of _____.
Canada
Longer distances from distribution centers to the stores, more frequent one way loads and the need for heated trailers are some of the logistical challenges in __________.
Selecting retail locations
Managers in retail make many different decisions regarding their business. A decision that would NOT be a part of retail management is:
FLSA
Mandates minimum wages, maximum hours, child labor standards and overtime-pay provisions
Reference group
Many department stores have advisory teen boards to help the retailer understand the fashions and fads of teens. This teen board acts as a(n) _____ for other teens to emulate.
Market basket analysis
Many products in a supermarket can be found in more than one place throughout the store. Which retail analytics are referenced when deciding where to place products in multiple places in a store?
Market basket analysis
Many products in a supermarket can be found in more than one place throughout the stores. What type of retail analytics technique is used to decide where to place products in a store?
Blue laws
Many states ban the sale of alcohol or automobiles on Sundays; this is due to _______ _________.
Gentrification
Many urban areas are going through a process of _____________ which is the renewal and rebuilding of offices, housing, and retailers in deteriorating areas coupled with an influx of more affluent people that displaces the former poorer residents.
Entertainment and social interaction
Margaret went to the mall to meet her sister, Val. While at the mall, they witnessed a back-to-school fashion show in a store. They took a walk and watched the children play in the center arena. Which benefit of store shopping did Margaret and Val enjoy?
Retailer loyalty
Marybeth usually shops for her wardrobe in various department stores. However, when purchasing shoes, she shops only at Great Shoes. Marybeth's allegiance to Great Shoes is an example of:
Frequent-shopper program
Millhouse loves books and often shops at a nearby Book Universe store. At the beginning of the year, he enrolled in a $5 program, and he would get a percentage off on the purchases he made throughout the year. Which of the following best demonstrates this type of approach toward customer retention?
The adventure of finding a bargain
Murray's research regarding "Consumer Preferences in Resale Retailing" confirmed that consumers who prefer to shop at resale retailers such as Goodwill, Salvation Army, Buffalo Exchange, Plato's Closet, Rethreads, Ragstock, etc., are mostly motivated by _________.
Mystery shopper
Natalie is a senior executive of a department store chain. Every week, she visits one of the stores and pretends to be a customer. She records her observations on the service provided by the store's sales associates and the manner in which her queries were handled. Sales associates who meet the service standards are awarded a small bonus. Therefore, Natalie is a(n) _____.
Consumers' needs, wants and competition change
New retail formats are created and evolve because _______________.
An extrinsic reward
Norman was recognized as the best Albertons' employee of the year. His name, along with the names of other winners, is engraved on a plaque that is prominently displayed in the store. This is an example of _____.
CVS
Of the top 5 USA Retailers, which retailer has the most stores?
Public relations
Often not planned, ________________ activities support other promotional efforts by generating "free" media attention and general goodwill.
Wellness
One of the current trends in retailing that Kohl's shared that was impacting many product categories of theirs from apparel to footwear to home was Active & ___________
Traffic flow
One of the most important factors affecting store sales is the number of vehicles and pedestrians that pass by the site, or the ________________.
Attend trade shows
One way for a buyer to become familiar with products and styles is to:
10%
Online retailing makes up about ____ of all retail sales.
10%
Online retails sales are approximate _____ of total US retail sales.
Gross margin less selling, general and administrative expenses
Operating profit margin is:
Earnings before interest, taxes and amortization (EBITA)
Operating profit margin, which is gross margin minus operating expenses, is also known as ____________.
Neiman Marcus
Out of the department stores analyzed, which department store does the most volume per average store?
Burlington
Out of the off-price stores analyzed, which off-price store does the most volume per average store?
Because they have little knowledge about the product
People engage in extended problem solving:
Everyday Low Pricing
Primark is said to be utilizing Walmart's pricing strategy. What is this strategy called?
Galyan's (now Dicks Sporting Goods), Sportmart and BonTon
Prior to acadamia, Professor Murray (or Dr. Murray or just "Murray) worked for retailers such as:
National
Product that is designed, produced an marketed by a vendor and sold by many competing retailers is a/n ________ brand.
Exclusive
Product that is develop as a partnership between a celebrity and a retailer is referred to as a/n ________ brand.
Are assets
Products, content, offers, ads, searches, ___________ in which Kohl's can develop a personalized connection with a customer.
Buying, planning and product development
Professor Murray (or Dr. Murray, or just "Murray") has retail industry experience in
ADA
Prohibits employment discrimination against qualified individuals with disabilities
Title VIII of the Civil Rights Act in 1964
Prohibits employment discrimination based on race, color, religion, sex, or national origin.
EDEA
Protects individuals who are 40 years of age or older
Equal Pay Act of 1963
Protects those who perform substantially equal work in the same establishment from gender-based wage discrimination.
EEOC
Provides oversight and coordination of all federal employment regulations, practices, and policies
The quality of service can vary dramatically across stores
Providing high-quality service is difficult for a retailer because:
Signage
Reese designed his gift shop specializing in teen room decoration in a free-form layout. He used music, lighting, and color to suit the teen tastes. What could Reese add to help customers locate specific products and departments?
High brand awareness
Research shows that 96% of people recognize the bullseye as being the logo for Target stores. This is a higher recognition percent than the Nike swoosh or Apple's logo for the iphone, ipad, etc.. It can be said that the Target bulleye logo has ___________.
A stores would have the largest sales volume
Retail chains typically classify each of their stores on the basis of annual sales. According to this classification, _____.
Deeper assortments
Retail websites typically offer _____________ than the retail store channel.
50%
Retailer Joe was short on time, so rather than doing any pricing analysis or competitive shops, he just keystoned every item for sale in his skateboard shop. The initial mark-up percent that Joe is using is:
Customer database
Retailer's have information about a customer that includes what she has purchased, the colors, sizes, and styles, and how she has responded to recent promotions. This information is collectively called:
Empowering the first contact employee to act quickly to solve the problem
Retailers can minimize the time taken to get a problem resolved and increase customer satisfaction by:
Promoting private-label merchandise that can be purchased only from the retailer
Retailers can reduce show rooming by:
Convenience shopping
Rhonda rolled her eyes when she realized how much she had to pay for a pack of gum at the paper stand on her way to reach her departing flight from JFK. With security lines as long as they were, she knew she needed to hurry and pay the $2.75 for her pack of gum. Her purchase situation can best be described as:
Offering Assortments
Samson's is a large clothing retailer. The store offers over 1,000 brands and 50,000 different products. Which of the following value-creating activities can best be seen in the given example?
Vertical Integration
Select the growth strategy the best supports this description: Russell Athletic harvesting their own cotton and manufacturing their own fabric for producing their apparel goods.
Market Penetration
Select the growth strategy the best supports this description: Target stores have over 20 locations in the Minneapolis and St.Paul Minnesota, "Twin Cities" area
1. The right hand side of the store 2.By the check out areas
Select the two locations that are best suited for impulse products -.
Intangibility
Services are difficult to be evaluated before customers buy or even after they buy and consume them. Which of the following characteristics of service causes this challenge for service retailers?
Market basket analysis
Since Yolanda used _____ to analyze what her customers often buy together during a single store visit, she knows to place facial tissues by the cold medicine and Wonder bread by the Skippy Peanut Butter in her store.
Urban markets
Smaller docks requiring smaller trucks and more frequent deliveries are some of the logistical challenges at what type of stores?
Staple merchandise
Smart Wash is a popular brand of detergent powder. The stock needs to be continuously replenished in stores and supermarkets due to its high demand. The detergent powder belongs to the category of _____.
It helps retailers recoup a percentage of the merchandise cost
Some retailers liquidate end-of-season merchandise to retailers like T.J. Maxx, who in return sell it at a deep discount. What is the benefit to the retailer who liquidates merchandise using this strategy?
Buying situation segmentation
Stacy's is a popular convenience store. It notices that most of its customers visit the store during the week to shop for products such as milk and fruits. Therefore, it maintains sufficient stock of these products. Which of the following segmentation methods is the store using?
Flexibility
Star Tax Services opens many offices around the country to accommodate the tax season. The company has the ability to piece together new offices, expand existing offices, or alter the design for a unique space in a matter of hours. Which of the following design considerations related to controlling costs can be seen in this example?
White space
Strategic retailers will map out competitors in the market place using different category descriptions on an X axis and on the Y axis to identify ___________.
Retailing involves the management of distribution systems
Students often view retailing as part of marketing because:
Organization culture
The day begins in each Wal-Mart store with the manager leading the famous Wal-Mart cheer. The cheer is a fun and energetic way to remind employees that the customer is always number one. For years, it has been the one way that the company has shared its enthusiasm and can be considered part of the __________.
Pharmacies in full-line discount stores
The drugstore industry has seen a decrease in their annual sales mainly due to _____.
Mixed Use Development
The example given in class describing how Ford Motor company now occupies a former Lord & Taylor location is an example of:
Customer life time value
The expected contribution from the customer to the retailer's profits over their entire relationship with the retailer is the
Special event
The famous designer Issac Mizrahi made a scheduled appearance at Borders bookstore in Mall of America to sign copies of his book "How to Have Style". This is an example of what type of communication method?
GMM
The highest classification level of a merchandise group is managed by a VP or:
Need recognition
The imminent approach of Halloween pushes millions of homeowners to go out and purchase candy. Halloween stimulates a ______________ which is part of the buying process.
Balance Sheet
The information used to analyze a retailer's asset management path primarily comes from the _____.
Exclusive
The labels Jennifer Lopez and Lauren Conrad at Kohl's are what type of brands?
Simon
The largest mall management company in the USA is:
Single's day
The largest online shopping day in world is:
True
The largest retail company in the world is headquartered in the United States of America
Common area maintenance
The maintenance of common facilities, security, advertising, and special events to attract consumers are handled by the shopping center management and are covered under _____ costs.
Market basket analysis
The marketing manager utilized a ____________________ to review patterns in the footwear department sales; she found that athletic socks were also purchased 80% of the time along with athletic footwear.
Habitual
The most dangerous type of retail thief is the _______ shoplifter.
sub umbrella private national manufacturer
The opportunity for a retailer to achieve higher profit on the merchandise sold and most control over pricing are benefits of having [________] brands
Data warehouse
The place where the point of sale data is stored, and the organization uses to support its decisions is called a(n) _____.
Onboarding
The process by which new hires get adjusted to the social and performance aspects of their jobs quickly and smoothly, and learn the attitudes, knowledge, skills, and behaviors required to function effectively within an organization is termed: [process of adjusting new hires]
Empowerment
The process of managers sharing poser and decision making authority with employees is called [___________].
Vendor line sheet
The product's country of origin and fabric content is found on the __________.
Perpetual inventory
The retailer's information system determines the _____ by comparing the sales made through the POS terminals with the shipments received by the store.
Purchase order
The shipping start and cancel date along with the payment terms is found on the ___________ .
Employee labor
The store management is responsible for controlling their costs. What is the largest expense that they need to manage?
Combines profit margin management and asset management
The strategic profit model is useful to retailers because it:
CES
The three letter acronym for the largest hardgoods tradeshow is: [___]
Amazon
The top online retailer is __________.
Speed and profit
The two things merchants (buyers and planners) are primarily concerned with or responsible for are: ____________(one word) and ______________ (one word)
Department store
The type of retailer that focuses mostly on soft goods, carries both national and private brands, and has a wide breadth with a high ambiance would be best described as a(n):
Off-price store
The type of retailer that is mostly known for inconsistent assortments is best described as a(n):
True
There are over 1 million retail establishments across the U.S. and the majority of these retailers are small businesses.
Everlane/Everland/Warby Parker
This once online only retailer found that customer prefer to touch apparel, footwear and accessories before they buy AND people prefer to return or exchange items in person. This same retailer emphatically vowed to never open physical stores and now has opened stores in NYC and San Francisco:
Sears
This retailer's strategy many years ago purchased store locations rather than leasing the store locations. As of late, this retailer has closed many of their locations and now actually leases the stores to other retailers. Who is this retailer that owns quite of bit of retail real estate? [Retail Real Estate Owner]
Tonnage
To "stack it high and let it fly" refers to what type of merchandising display?
Sales per square foot
To determine the productivity of store space, retailers are most likely to use ______.
Prominent displays
To effectively sell merchandise which typically involves impulse purchases, what is the most critical element in the retail mix?
Direct investment
Toss LLC, a chain of sports equipment retailers, plans to invest in a retail operation in a foreign country. Which of the following categories of investments does this belong to?
50
Total inventory shrinkage attributed to employee theft is approximately $__ billion annually in the U.S.
MAGIC
UBM Fashions owns one of the largest softlines tradeshows that takes place twice a year in Las Vegas during February and March. The overall 5 letter acronym for this tradeshow is: [_____]
Reference
Using "regular price" or "original price" as the compare to price providing a perception of value is also called: ______ pricing
Enforcing core labor practices
Violations of human rights are avoided by _____.
Are channels of
Web, mobile, email, call center, and in-store ___________ interaction points with the customers.
Utilitarian
Weekly grocery store shopping primarily fulfills a consumers ____________ needs.
Bananas
What SKU is so popular at Walmart that it is their #1 item and they display this product in more than one location?
Net Sales, Gross Margin and Inventory Turn performance
What are buyers, planners and product developers typically evaluated on?
China
What country does the majoring of the sales come from on this largest online shopping day?
Stock Keeping Unit
What does the acronym SKU stand for?
Excess inventory builds up in the system
What happens when retailers and vendors do not coordinate their supply chain management activities?
Engaged employees
What is a retailer's most effective tool against shoplifting?
Promote private-label merchandise that can be purchased only from that retailer
What is a way that retailers can reduce channel migration?
Regional Distribution Center
What is an "RDC"? (what does the acronym stand for)
RFID holds more data stored on the device
What is an advantage of using RFID over traditional bar codes?
It is the set of business activities that adds value to the products and services sold to consumers for their personal use
What is retailing?
Consumer Package(d) Goods
What is the acronym "CPG" for? (What do the 3 letters represent?)
Customers feel they are in an intimate and relaxed environment and are more likely to buy
What is the advantage of free-form layout to the consumer?
A function of retailers is to provide assortments, so they must deal with a variety of suppliers
What is the best reason for retailers to develop and maintain relationships with multiple and sometimes competing suppliers?
More data
What is the best tool for driving better customer personalization through CRM?
November 11th
What is the date of this largest online shopping day in the world?
The vendor category captain could take advantage of their position and maximize their own sales
What is the drawback of utilizing category captains?
To develop a base of loyal customers who patronize the retailer frequently
What is the primary objective of CRM process?
Reverse logistics
What is the process of moving merchandise through the channel from the customer to the store to the DC to the vendor?
Habitual decision making
What kind of consumer decision making process is MOST closely associated with store loyalty?
Food
What product category has the most challenges for supply chain?
Gross margin percent
What ratio should a retailer use to best compare the performance of cashmere sweaters versus cotton sweaters?
Kohl's
What retailer is the largest customer of Li & Fung?
A warehouse club
What type of a retail store is Costco considered to be?
Department store
What type of retailer is Kohl's considered to be?
Full-line discount store
What type of retailer is Target considered to be?
A supermarket
What type of retailer would LEAST likely benefit from the use of a distribution center?
Lifestyle centers
What type of shopping center has an open-air configuration of specialty stores, entertainment, and restaurants?
Shopping malls
What type of shopping center is composed of upscale apparel shops, boutiques, and gift shops carrying selected fashions or unique merchandise of high quality and price?
Her accounts payable
When Erica calculates the current assets for her picture framing business, she should not include which of the following?
Feature area
When Joe visited Decors, he was surprised to see tea cups displayed up a wall almost to the ceiling. The wall is an example for a _____.
Price lining
When Lena went to buy walking shorts, she first noticed the store had three racks of shorts. Then, she noticed all the shorts on one rack were $14.99, all the shorts on the second rack were priced at $19.99, and all the shorts on the third rack were priced at $24.99. What type of merchandise presentation did Lena see?
Grid layout
When Raisa walked into the local convenience store, she saw it had parallel aisles with shelves on either side. Immediately, she knew the retailer had used a _____ as a design for its store.
Premium brand
When a grocery retailer develops its own high quality private-label organic food product, this would be a(n) _____.
Greenfield
When a retailer enters a new international market, owning and operating their own stores and building brand new stores, this is referred to as (a/n):
Public relations
When a retailer makes a generous contribution to a charity and the event is covered on the evening news, it would be a method of communicating through ______________.
A buyer would want unique swimwear to arrive early in the season to get the most sales at the original price
When a swimwear buyer negotiates for delivery and exclusivity with a vendor, what would a buyer typically want?
The budget is determined
When developing a retail communication program, a marginal analysis takes place when _____.
Objectives are established
When developing a retail communication program, communication objectives are set when the _____.
Push supply chain
When merchandise is allocated to stores on the basis of forecasted demand and when a forecast is determined, specified quantities of merchandise are shipped to the distribution center and stores at predetermined time intervals. Which supply chain strategy does this describe?
Partners
When owning and operating JC Penney, the man JC Penney referred to the store managers as
Co-op Cooperative
When retailer's and brands sharing the costs of advertising and marketing, this is referred to as [______] advertising
Reverse logistics
When the law office of Dewey, Cheatham, and Howe received the case of legal paper it had ordered from an internet office supply retailer, the office manager was dismayed to find the paper was pink even though it was marked white. The office manager packed the paper and sent it back to the retailer who in turn sent it back to the vendor. This is an example of:
New merchandise is continually available to customers
When there is a high inventory turnover, there is an increase in sales because:
Bentonville, Arkansas
Where is the corporate headquarters (where buying and product decisions are made) for the largest retailer in the world?
Automobile industry
Which among the following is the largest group of national advertisers in the United States?
Planning and Allocation
Which area are analytical skills most needed/important?
Product Development
Which area is knowledge of fabric and garment construction most needed?
Buying/Merchandising (Product Development does too)
Which area is usually responsible for analyzing consumer trends and ensuring the product assortments reflect this accordingly?
Planning and Allocation
Which area is usually responsible for managing the amount of purchases and inventory?
Buying/Merchandising
Which area is usually responsible for providing ad copy specifics and samples for advertising?
Planning and Allocation
Which area is usually responsible for replenishing inventory of basic products?
Planning and Allocation
Which area is usually responsible for working with logistics and the supply chain?
Product Development
Which area will create new packaging and brands?
Planning and Allocation
Which area would be most likely to determine markdowns for products?
Buying/Merchandising
Which area would be most likely to determine the initial price of a product?
Product Development
Which area would be most likely to work most closely with quality control and a design team?
Reduced stock outs and tailored assortments
Which benefits does efficient supply chain management provide retailers concerning product availability?
Internet
Which channel allows the customer the most ease and unbiased information about products?
The percentage lease and the fixed-rate lease
Which of the following are the two basic types of leases?
The number of different merchandising subcategories within a store
Which of the following best describes variety?
Proctor & Gamble
Which of the following businesses would not be considered a retailer?
When the vendor coordinates the supply chain for its specific products, it does not know what other actions the retailer is taking that might affect the sales of its products in the future
Which of the following describes the limitations of vendor-managed inventory that retailers may encounter?
Hypermarkets carry a larger proportion of food items, whereas supercenters carry a larger portion of nonfood items.
Which of the following differentiates a hypermarket from a supercenter?
Through CRM, retailers try to increase the share of wallet with all customers
Which of the following does NOT accurately describe customer relationship management?
It provides a visually exciting design
Which of the following does NOT describe a aspect of a grid layout?
Using reverse logistics
Which of the following does NOT describe a way to reduce the level of inventory in the supply chain and the number of stock outs in the stores?
Using reverse logistics
Which of the following does not describes the ways to reduce the level of inventory in the supply chain and the number of stock outs in the stores?
Frequent store deliveries
Which of the following factors does NOT contribute to the increase of buffer stock levels?
Reduced inventory turnover
Which of the following is NOT a benefit of using RFID over traditional bar codes?
Language barriers
Which of the following is NOT a factor that retailers consider in setting prices?
Negotiating with vendors
Which of the following is NOT a function of a distribution center?
Can offer increase security in payment transactions
Which of the following is NOT an advantage of internet retailing over store retailing?
The right price
Which of the following is NOT an element for efficient supply chain management?
Impulse buying
While waiting in the checkout line at Essentials, Autumn spotted a nail care kit displayed amongst the candy and batteries. She liked it and asked the cashier to add it to her bill. Which form of limited problem solving did Autumn engage in?
Walmart
Who is the largest retailer (both in the US & the World)?
Lead times are longer, and there is a need to maintain higher levels of safety stocks
Why are inventory carrying costs higher for retailers who source internationally?
They can best gather and evaluate data regarding customers' wants and needs
Why are retailers considered the most important part of the supply chain?
By offering a complete assortment in a category at low prices, category specialists can "kill" a category of merchandise for other retailers
Why do category specialists call themselves "category killers"?
To deal with the perishability of services
Why do movie theaters sell tickets for an afternoon showing of a movie at a lower price than the 7 p.m. showing of the same movie?
To encourage retailers to offer and promote their products
Why is it imperative that manufacturers like HP and Procter and Gamble understand the operations of retailers?
Retailing is a dynamic business, and retailers need to keep changing the merchandise mix offered
Why is it important for stores to be designed with flexibility in mind?
Traffic count determines flow and accessibility
Why is traffic count particularly important for convenience stores?
The 80-20 rule does not consider important differences among the 80 percent of customers in the "rest" segment
Why would the customer pyramid be more appropriate in identifying customer's lifetime value than utilizing the traditional 80-20 rule?
Frequent-shopper programs
Wilbur uses Books-A-Million customer card, Kash-N-Karry customer card, Blockbuster customer card, and Sandwich Shop customer card when he shops at any of these retailers. Each time he uses them, he gets rewarded with reduced cost, free merchandise, or a credit. These cards form a part of:
Promotional signage
Willa is the manager of a pet store and wants to display an advertisement for dog food on sale in the store window. What type of signage should she use?
Number of households with children not attending school
With regression analysis used in location analysis, predictor variables are selected. Which of the following predictor variables would be more useful for a retailer who is contemplating opening a day care center than for a retailer of used books?
Flash
With respect to off-price retailing, in a _____ sale, each day at the same time, members receive an email that announces the deals available.
Breadth of merchandise
With respect to retailing, variety is often referred to as the _____.
The number of merchandise categories a retailer offers
With respect to retailing, which of the following best defines variety?
Store within a store
Zoe purchased a new pair of prescription eye glasses at Macy's and tried to use a Macy's 25% off coupon. The cashier explained that the coupon was not valid in the optical area because they were a _____________.
Commercial Bribery
[Two words] is when a buyer asks or receives something of value that influences their purchasing decisions. The offering of gifts and entertainment can sometimes be considered this. Buyers should make their decision solely on the basis of the vendor's performance and what is best for the retailer.
Severance
[______________] pay may be offered by the employer to employees as a result from layoffs, job elimination or mutual agreement to part ways. This usually amounts to a number of weeks pay or for each year the employee supplied service to the company. For executives, this pay is often much more.
10%
___ of a store's customers will go more than halfway into the store.
Copycat brands
_____ are private-label products produced by the retailer that imitate the national brand in both appearance and packaging, but are often offered at a lower price.
Irregulars
_____ are products that have minor blemishes to the fabric or errors in the construction.
Power centers
_____ are shopping centers that consist primarily of collections of big-box retail stores, such as full-line discount stores, off-price stores, warehouse clubs, and category specialists.
