mkt 320 exam 3

Last month, Harry Krishna spent $97.61 at Walgreens, $19.87 at CVS, and $88.60 in the pharmacy section of Walmart. If we divide the amount that Harry spent at Walmart ($88.60) by his total drug-related expenditures for the month ($97.61 + $19.87 + $88.60), we are left with a quotient of .4299 (42.99%). Retailers refer to this figure as Walmart's __________. market share customer engagement index (CEI) share of wallet (SOW) relationship strength indicator (RSI) customer profitability coefficient (CPC)

share of wallet

Shirley Turley owns Ballistic Bazaar, a gun shop and shooting range. Ballistic Bazaar pays $822 for a Sig Sauer 1911 Carry Scorpion. To set her retail price for the SKU, Shirley applies an initial markup that is 33.33% of her selling price. Then, to implement odd pricing, she rounds the price upward to the nearest 99 cents. The retail price of this particular SKU will be _ $2,045.99 $1,199.99 $1,232.99 $1,018.99 This figure cannot be calculated using the information that is given.

$1,232.99

If a retailer can sell an item for $6 and needs a 40% markup on selling price to meet profit objectives, that retailer should pay no more than _______ for the item. Group of answer choices $4.00 $4.10 $3.60 $1.80 $2.40

$3.60

Sondra Alondra owns Gothic Ghoullery, a specialty apparel and accessories store. For most of the merchandise she sells, Sondra sets the price by "keystoning." This means that if Sondra sells a pair of chrome-studded black multi-buckle knee-high platform boots for $150, the markup must be _____.

$75

Sondra Alondra owns Gothic Ghoullery, a specialty apparel and accessories store. For most of the merchandise she sells, Sondra sets the price by "keystoning." This means that if Sondra buys a pair of chrome-studded black multi-buckle knee-high platform boots for $75, she'll set the retail price at ____.

150

Hugh Pugh works for a supermarket chain as a buyer. The following figures are relevant to the performance of Hugh's merchandise during the past year. Net sales: $2,400,000 Gross margin: $480,000 Average inventory: $288,000 Cost of goods sold: $1,920,000 Hugh's merchandise has generated gross margin return on investment (GMROI) of __________. 6.67 20 percent 166.67 percent This figure cannot be calculated using the information that is given. 8.33

166.67%

Kent Dent and his partner "Scratch" Hatch own Scratch & Dent Appliance. Last summer, Kent and Scratch bought a truckload of Frigidaire refrigerators that had minor cosmetic defects. They paid $1,100 each for the machines, which they displayed in the store with a retail price of $1,569.99. Three months later, none of the machines had sold, so Kent and Scratch reduced the price to $1,466.99. Within a month, all of the machines had sold. The maintained markup on this truckload of merchandise was ___ percent.

25

Kent Dent and his partner "Scratch" Hatch own Scratch & Dent Appliance. Last summer, Kent and Scratch bought a truckload of Whirlpool washing machines that had minor cosmetic defects. They paid $300 each for the machines, which they displayed in the store with a "take-it-or-leave-it" retail price of $500. Three months later, none of the machines had sold, so Kent and Scratch reduced the price to $400. Within a month, all of the machines had sold. The maintained markup on this truckload of merchandise was _____ percent.

25

Sondra Alondra owns Gothic Ghoullery, a specialty apparel and accessories store. For most of the merchandise she sells, Sondra sets the price by "keystoning." This means that if Sondra sells a pair of chrome-studded black multi-buckle knee-high platform boots for $150, the markup (as a percent of retail price) must be ____ . 150% 100% 75% This figure cannot be determined without price optimization software. 50%

50%

Regarding supply chain management, with which of the following statements would the authors of your textbook likely agree? A. When supply chain management activities are performed efficiently, consumers are able to buy merchandise in the desired quantities at a preferred location and appropriate time. B. Efficient supply chain management enables retailers to carry less backup inventory. But . . . while spending less for inventory is an attractive prospect to retailers, it is also risky in that it reduces their total investment in assets and increases their inventory turnover, which in turn lowers their return on assets (ROA). C. In recent years, retailers have played a less active role in managing their supply chains. During the same period of time, producers/manufacturers have greatly increased their leadership in the supply chain. D. All of the above. E. A and C only.

A

Regarding a retailer's distribution center (DC), which of the following statements is consistent with information that is presented by the authors of your textbook? Cross-docking refers to an alternative maneuver that can be used by truck drivers who aren't skilled at backing a trailer into a narrow loading or unloading dock. In the present-day retail industry, every retailer has a DC - even those that have only one or two stores. Direct store delivery (DSD) is rarely - if ever - preferable to having merchandise delivered to the DC. A DC enables a retailer to carry less merchandise at individual stores. Distribution center (DC) and fulfillment center (FC) are two different names for the same facility.

A DC enables a retailer to carry less merchandise at individual stores.

Polly-Esther Cotton is a buyer for a national women's wear chain. Yesterday, Polly-Esther told her significant other that she is "going to market" and she will be away for a week and a half. In this context, what does "market" mean? A shopping center where the retailer is opening a new store. The geographic area where the highest concentration of the retailer's customers are located. All of the retailers locations - Polly-Esther will be checking in on each one of them, in person. Anywhere the retailer's customers are located - Polly-Esther will be conducting focus groups and/or depth interviews with as many of them as possible. A concentrated area where vendors are permanently located; here, they show new merchandise during certain times of the year.

A concentrated area where vendors are permanently located; here, they show new merchandise during certain times of the year.

Minnie Small-Frye is a buyer for a chain of toddlers' and children's' apparel stores. This week, Minnie is working through adjustments to the chain's assortment plan for its winter clothing offerings. In order to decide which SKUs should continue to be in the plan - as well as to determine backup stock requirements and merchandise availability - Minnie is analyzing each SKU based on its sales, contribution to gross margin, and GMROI. Next, she'll classify the SKUs into four groups. The first group will consist of a small group of SKUs that account for a disproportionately-large share of the retailer's sales. Minnie will make a point of maintaining ample backup stock of these items, in order to ensure that the stores do not run out of them at any time during the winter season. The next group will consist of SKUs that sell pretty well, but account for a lesser share of the retailer's sales than the first group. Minnie will not give these SKUs as high a priority as the first group; in fact, she doesn't view the prospect of running out of them for a day or two as particularly tragic. Minnie's third group will consist of SKUs that account for a small percentage of sales, maybe ten or fifteen percent. Minnie will order only the most popular sizes of these items, and will expect store managers to place special orders for other sizes when customers occasionally request them. The fourth and final group will consist of SKUs that never sell until they're marked down. Yes, that's right - as good as Minnie is at her job, she still picks some losers from time to time. That's the nature of retailing. Minnie will eliminate most SKUs in the fourth group from the assortment plan. The procedure that Minnie is following is called __________. elasticity analysis multiattribute vendor analysis category mapping ABC analysis sell-through analysis

ABC analysis

As a retailer develops its CRM program, which of the following is likely to be one of its objectives? A. Get rid of unprofitable customers, i.e., "get the lead out." B. Retain high-LTV customers - and gain a greater share of wallet from them by providing more value. C. Convert "good" customers into high-LTV customers, perhaps through add-on sales .D. All of the above. E. Both B and C.

D

As the authors of your textbook indicate, frequent shopper programs are one of the available approaches to retaining the best customers and increasing the retailer's share of wallet from those customers. However, this approach has some limitations. Which of the following is a limitation that the authors point out? A. It is difficult to achieve a sustainable competitive advantage based on a frequent-shopper program. This is largely because a competitor can easily find out about the program and imitate it - and most do. B. If a problem arises in a frequent-shopper program, it is difficult to make corrections. Customers will react negatively to any change that they perceive to be a "take away." C. Frequent-shopper programs are expensive to launch, expensive to maintain, and expensive to support. D. All of the above. E. Both A and B.

D

Regarding "push supply chains" and "pull supply chains," which of the following statements is consistent with information in your textbook? A. In a pull supply chain, a store is less likely to be overstocked or out of stock. B. In a push supply chain, merchandise begins moving through the chain because of a forecast-driven decision to ship it at a particular time. C. A pull approach does not work well when order commitments must be made months in advance, as is often the case in fashion retailing. D. All of the above. E. Both A and B

D

Regarding RFID, with which of the following statements would the authors of your textbook likely agree? A. RFID technology is costly to implement. B. In the future, RFID tags may replace UPC tags. C. An RFID chip can hold more data than a UPC bar code. D. All of the above. E. Both A and B.

D

Regarding frequent-shopper programs, with which of the following statements would the authors of your textbook likely agree? A. One of the objectives of a frequent-shopper program is to identify customers by their transactions, in order to build a customer database. B. Frequent-shopper programs often are not very effective at building repeat purchases and loyalty. C. Members of such programs generally prefer to receive something extra as a reward for their purchases, rather than lower prices. D. All of the above. E. Both A and C.

D

Which of the following accurately portrays the impact of an efficient supply chain and information system? A. More efficient supply chain >> more attractive, tailored assortments >> more customers >> higher net sales >> higher gross margin >> higher net profit >> higher net profit margin >> higher ROA B. More efficient supply chain >> lower cost of goods sold >> higher gross margin >> higher net profit >> higher net profit margin >> higher ROA C. More efficient supply chain >> smaller investment in inventory >> lower current assets >> lower total assets >> greater asset turnover >> higher ROA D. All of the above. E. A and B only.

D

Regarding a retailer's distribution center (DC), which of the following statements is consistent with information that is presented by the authors of your textbook? In the present-day retail industry, every retailer has a DC - even those that have only one or two stores. Direct store delivery (DSD) is rarely - if ever - preferable to having merchandise delivered to the DC. Cross-docking refers to an alternative maneuver that can be used by truck drivers who aren't skilled at backing a trailer into a narrow loading or unloading dock. Distribution center (DC) and fulfillment center (FC) are two different names for the same facility. DCs enable retailers to make more accurate sales forecasts.

DCs enable retailers to make more accurate sales forecasts

Regarding reverse auctions, which of the following is not consistent with what the authors of the textbook say? n a reverse auction, there is one buyer - the retailer - and many potential sellers (the manufacturing firms). Most commonly, retailers use reverse auctions to procure store fixtures and furnishings, such as carpet, shelving, or lighting. However, they are also used to procure some types of merchandise. In a reverse auction, retailers provide a group of vendors with a specification for what they want. Increasingly, reverse auctions are becoming retailers' preferred means of procuring national brands. A reverse auction is a way for retailers to get quality private-label merchandise at reasonable cost.

Increasingly, reverse auctions are becoming retailers' preferred means of procuring national brands.

With regard to gathering identifying information from customers, which of the following statements is consistent with the information that appears in your textbook? At present, when customers use third-party credit cards (e.g., a Chase or Citi Visa or MasterCard) for in-store purchases, the retailer gains access to the same identifying information (e.g., customer address, preferences, purchase history) that it can access when the customer uses a store-issued private-label credit card (e.g., a Target REDcard or a Kohl's card). It is easier to gather a customer's identifying information when the customer makes an online purchase than when the customer makes an in-store purchase. Biometric technology is available that would use customers' scanned fingerprints to collect payment, track purchases, and offer rewards. However, at of the time the textbook was published, no U.S. retailer had started using finger-scan technology. All of the above. None of the above.

It is easier to gather a customer's identifying information when the customer makes an online purchase than when the customer makes an in-store purchase.

In the typical system for grouping merchandise within a retailer's buying organization, which of the following correctly describes the levels of merchandise, from highest to lowest? Or, said differently, from the broadest to the most specific? Classification > Department > Category > Merchandise Group > SKU Merchandise Group > Classification > Department > Category > SKU Category > Classification > Merchandise Group > Department > SKU Department > Merchandise Group > Classification > Category > SKU Merchandise Group > Department > Classification > Category > SKU

Merchandise Group > Department > Classification > Category > SKU

Regarding reverse auctions, which of the following is not consistent with what the authors of the textbook say? Reverse auctions are more popular with vendors than with retailers. In a reverse auction, there is one buyer - the retailer - and many potential sellers (the manufacturing firms). A reverse auction is a way for retailers to get quality private-label merchandise at reasonable cost. Reverse auctions are commonly used by retailers to source seasonal products. In a reverse auction, retailers provide a group of vendors with a specification for what they want.

Reverse auctions are more popular with vendors than with retailers.

Under federal law, a vendor cannot charge different prices on "goods of like grade and quality." Exceptions are allowed in the case of a retailer that is performing functions that lower the vendor's cost of doing businesses with that retailer. For example, a retailer that can receive one large shipment at its central distribution center - where other retailers require multiple small shipments to their individual stores - provides the vendor with money-saving efficiency in the loading and shipping process. Therefore, the vendor can legally offer that retailer a price that accurately reflects the lower cost of doing business with the retailer. The specific law that sets forth these provisions is the __________. Clayton Antitrust Act (1914) Wheeler-Lea Amendment to the Federal Trade Commission Act (1938) Taft-Hartley Act (1947) Robinson-Patman Act (1936) Magnuson-Moss Act (1975)

Robinson-Patman Act (1936)

Regarding slotting fees, which of the following statements is consistent with the information in your textbook? A slotting fee usually is billed to a vendor once every quarter for as long as a retailer carries the vendor's product. A "slotting fee" is a fee that some retailers charge customers who return an item. It typically amounts to 15 percent of the purchase price. A "slotting fee" is a surcharge that television and radio stations charge advertisers when they broadcast cooperative advertising. Vendors of products with low brand loyalty pay the highest slotting fees. "Slotting fee" refers to the "rent" that vendors pay for booth space at a trade show.

Vendors of products with low brand loyalty pay the highest slotting fees and a slotting fee that is collected from general mills by kroger or albertsons may exceed 1 million

If you're walking into Martin's Cigar Shop in Lexington for the first time, the first thing you notice is likely to be the sign on the door: This is a work-free smoke place. The second thing you're likely to notice is that the customers are in no hurry to leave after they make a purchase. A "regular" customer is likely to take a seat, light a recently-purchased cigar, and engage in conversation about such time-honored topics as cigar preferences, single-barrel bourbon, horse race handicapping, politics, and the Kentucky Wildcats. Most of the customers will not shop at any of the other cigar retailers in town. Most regular customers have also bought a humidor from Martin's at one time or another, and most keep at least a couple dozen fine cigars on hand at home. Furthermore, most regulars also visit Martin's several times per week, most know several other regulars by their first name, and most will treat a newcomer to the same good-natured ribbing that they dish out to the other regulars. The authors of your textbook would say that Martin's customers are, collectively, a classic example of __________. the "iron" layer of the customer pyramid a retail brand community a cadre of codgers the "eighty" in the 80-20 rule - i.e., the eighty percent of customers who generate twenty percent of the retailer's profits the "lead" layer of the customer pyramid

a retail brand community

When a manufacturer ships merchandise to a retailer's distribution center, a(n) __________ tells the retailer's distribution center what has been shipped and when it will be delivered. radio frequency identification (RFID) tag shipping document (SD) universal product code (UPC) bill of lading (BOL) advance shipping notice (ASN)

advanced shipping notice

The fifth step in merchandise management planning is to __________.

allocate merchandise to stores

For retailers who wish to involve themselves in the CRM process, the first necessary activity is collecting customer shopping data. The second activity is __________. inviting vendor collaboration setting up a frequent-shopper program deciding on a way to deal with unprofitable customers analyzing customer data and identifying target customers CRM program implementation

analyzing customer data and identifying target customers

Kent Dent and his partner "Scratch" Hatch own Scratch & Dent Appliance. Last summer, they bought a truckload of LG clothes dryers that had minor cosmetic defects. Kent and Scratch paid $375 each for the machines, which they displayed in the store with a retail price of $579.99. Three months later, none of the machines had sold, so Kent and Scratch reduced the price to $529.99. Within a month, all of the machines had sold. The maintained markup on this truckload of merchandise was _____ percent. approximately 30 This figure cannot be calculated using the information that is given. approximately 55 approximately 41 approximately 35

approximately 30

A(n) __________ identifies the set of SKUs (within a category) that a retailer will offer in each of its stores. merchandise budget plan assortment plan sell-through analysis merchandise menu variety vector

assortment plan

According to the authors of your textbook, one of the advantages of the EDLP pricing strategy is that it __________.

assures customers of low prices

Market basket analysis has found __________ to be the most common item in Americans' grocery carts. toilet paper milk bananas soft drinks ibuprofen

bananas

Gross margin return on investment (GMROI) is a metric used by retailers to determine a(n) _____ contribution to ____

buyer, ROA

Carrefour asked a vendor, Colgate, to help it better understand how consumers shop for oral care products, and to help maximize sales of all oral care products that Carrefour carries, regardless of brand. Colgate dug into its own past research into consumer behavior and made several well-informed recommendations, including the suggestion that Carrefour display toothbrush products directly above toothpaste products, instead of side by side as it had been doing for years. Carrefour followed Colgate's advice. Thereafter, sales of oral care products in Carrefour stores increased by 6 to 16 percent, depending on location. Colgate's sales increased as well. By asking Colgate to serve in this advisory capacity, Carrefour gave the company preference over other oral care product vendors such as Unilever, Procter & Gamble, GlaxoSmithKline, and Church & Dwight. The authors of your textbook would say that in this example, Colgate is Carrefour's __________ for oral care products. category captain display deacon brand benchmark market maven assortment adviser

category captain

Porter McWhorter's seasonal allergies were acting up when he got out of bed yesterday morning. Throughout the day, his symptoms got worse. On the way home from campus, Porter stopped at CVS to buy Claritin. On the shelf, next to the blue Claritin packages, he noticed similarly-colored packages of "non-drowsy allergy relief tablets" with the red CVS logo in small print. When Porter picked up both the Claritin package and the CVS non-drowsy allergy relief tablets package, he saw that both medications have the same active ingredient: 10 mg Loratadine. Porter sees that he can buy almost twice as many CVS "non-drowsy allergy relief tablets" as he can Claritin tablets for the same price. The authors of your textbook would classify CVS' private-label allergy relief tablets as a(n) __________ brand. copycat exclusive premium generic manufacturer's

copycat

To calculate __________, retailers use a mathematical model that takes into consideration the gross margin from a customer's past purchases, the estimated cost (including advertising and other promotion) of acquiring the customer, and the cost of processing merchandise that has been returned by the customer. recency-frequency-monetary coefficient (RFMC) break-even customer acquisition cost (CAQ) customer lifetime value (CLV) opportunity cost of defection (OCD) average lifetime profit (LTP)

customer lifetime value (CLV)

The fourth step in merchandise management planning is to __________. buy merchandise allocate merchandise to stores establish a control system for managing inventory set inventory and product availability levels develop an assortment plan

establish a control system for managing inventory

Last week, Jolene Moline went shopping for bargain-priced clothing and shoes at Overstock.com. Jolene was thrilled to find a pair of Alfani boots (in her size!) for $51.99. As Jolene was finalizing her order, she said to herself, "I don't think I've seen this brand anywhere but Macy's before." Indeed, Jolene is correct. Alfani is one of Macy's private-label brands. The authors of your textbook would describe Jolene's new boots as __________ merchandise.

diverted

If you make an airline reservation for a flight to, say, Miami, you're likely to be charged a higher price two weeks from now than if you make the reservation today. The rate that you pay for your hotel stay in South Beach might also differ based on the day and time that you book your reservation. Not only that, but your rate may be different from what a government employee, a member of AAA, or a member of AARP would be charged. The process of charging different prices for goods or services based on the type of customer, the time of the day, the day of the week, the season of the year, or level of demand is called

dynamic, individualized

When designer Vince Camuto created women's shoe brands Antonia Melani, Gianni Bini, Nurture, and Michelle D to be sold only at Dillard's, the retailer and the designer were teaming up to launch __________ private-label brands. Group of answer choices

exclusive

Even though they do not have authorization from manufacturers, distributors will sometimes divert products from low-price markets to sell them in high-price markets. For example, a consumer in the U.S. who is shopping for a new Japanese-built Yamaha grand piano may find one for $27,500 and another very similar one for $14,000. The difference is that the $27,500 Yamaha piano was built for the U.S. market; the $14,000 Yamaha piano was built for the southeast Asia market and was intended to be sold at a list price of $8,500 in that market. Through unauthorized redirection into the U.S., some distributor (which has not been authorized by the Yamaha Corporation) makes additional money, even though the consumer pays less. (The consumer may actually be ripped off, though, because the wooden parts of the piano have been carefully selected and treated for optimal performance in the humidity of southeast Asia; those parts may crack or wear out prematurely from becoming excessively dry in some areas of the U.S.) This scenario is an example of __________ black-market merchandise gray-market merchandise chumping counterfeit merchandise dumping

gray-market merchandise

Matt Flatt buys most of his business attire and some of his casual attire at Joseph A. Bank. Matt thinks Jos. A. Bank's regular pricing is "a bit on the high side," but the clothes are well made and he likes the way they look and feel. Matt has learned to watch for sales at Jos. A. Bank's stores, as well as at the company's online store. A couple of months ago, during a two-day sale, he was able to buy an "Executive" suit for $199, instead of paying the regular price of $598. A month later, during a dress shirt sale, he ordered two "Reserve Collection" wrinkle-free dress shirts at the Jos. A. Bank website. The shirts were priced at two for $89 instead of the regular price of $109.50 each. Not too long thereafter, Matt took advantage of another sale and bought three "Traveler" sportshirts for $39 each (they're normally $89.50 each). The following month, during a four-day sale, he bought a "Traveler" suit for $279 instead of paying the regular price of $798. As an experienced Jos. A. Bank shopper, Matt knows he can expect several more sales this year, and he plans to add something relevant to his work wardrobe each time a sale happens. In this scenario, Matt is benefiting from Jos. A. Bank's __________ pricing strategy. odd prestige high/low dynamic EDLP

high/low

According to the authors of your textbook, one of the advantages of the EDLP pricing strategy is that it __________. creates excitement improves inventory management increases a retailer's bargaining power with vendors helps sell otherwise slow-moving merchandise increases profits

improves inventory management

As they are developing their CRM programs, many retailers use the "customer pyramid" classification to identify their highest-value customers. On the pyramid, customers are classified hierarchically based upon their customer lifetime value (CLV) scores. These four tiers of customers, in order of bottom of the pyramid to top, are labeled

lead, iron, gold, platinum

An item that is sold by a retailer for a price that is less than the retailer's cost is __________.

loss leader

Coca-Cola, Planters, and Purina One are [ Select ] ["manufacturer's", "step-down", "house", "private-label", "generic"] brands. Big K (sold by Kroger), Archer Farms (sold by Target), and Ol' Roy (sold by Walmart) are [ Select ] ["knockoff", "national", "private-label", "gray-market", "generic"] brands, also sometimes called [ Select ] ["stock", "store", "gray-market", "national", "generic"] brands.

manufacturers/national, private-label, store/house

The authors of your textbook describe [a] __________ as "a specific type of retail analytics that focuses on the composition of the . . . bundle of products purchased by a household during a single shopping occasion." depth interview RFM (recency-frequency-monetary) analysis cohort analysis market basket analysis focus group

market basket analysis

Regarding "push supply chains" and "pull supply chains," which of the following statements is consistent with information in your textbook? A. In a pull supply chain, a store is less likely to be overstocked or out of stock. B. In a push supply chain, merchandise begins moving through the chain because of a forecast-driven decision to ship it at a particular time. C. A pull approach increases inventory turnover. D. All of the above. E. Both A and B.

maybe D

A(n) __________ is an assortment of items that customers see as substitutes for one another. A few examples might be men's outerwear, soft drinks, fashion footwear, salty snacks, kitchen gadgets, floor coverings, and swim apparel. department merchandise classification stock-keeping unit (SKU) merchandise category merchandise group

merchandise category

A __________ is a group of items targeting the same customer type. A few examples might be men's big and tall sizes, gluten-free food items, or girls' sizes 4 to 6.

merchandise classification

Rather than owning warehouses to store merchandise, retailers can use public warehouses that are owned and operated by an independent company. This is a form of __________. outsourcing pull supply chain freight forwarding backhauling reverse logistics

outsourcing

If you divide "percentage change in quantity sold" by "percentage change in price," you are calculating __________. Group of answer choices initial markup percentage price elasticity break-even quantity just-noticeable difference (JND) competitive response

price elasticity

Joseph A. Bank offers its "Executive Collection" of men's suits in a wide variety of patterns and colors at a price of $598 each. A shopper at a Jos. A. Bank store or at josabank.com can also choose from a variety of higher-technology (cooler in hot weather) "1905" suits at $698 each, as well as from a few "Signature" suits (with a higher grade of wool and higher-quality lining) at $798 each and "Signature Gold" suits (made of higher-quality materials yet) at $998 each. For the man who wants a suit that is crafted in the USA out of fine Italian wool, the "Reserve" suit is available in a few colors for a price of $1,298. Joseph A. Bank's approach to pricing is best described as __________.

price lining

One out of every two ceiling fans sold in the United States is a Hampton Bay fan. Hampton Bay fans are available only at Home Depot. Hampton Bay is an example of a(n) __________ brand. generic national private-label gray market manufacturer's

private-label

As a vendor, Allie McNally works very well with Nordstrom's women's advanced modern sportswear buyer, Mollie Holley. The working relationship has been mutually satisfactory for several years. This past year, Allie's line of sportswear has included a few SKUs that sold poorly. It's now time to show Nordstrom (i.e., Mollie) the next season's product line. Allie expects that this time, Mollie will be a tougher negotiator than before. What should Allie be prepared to do? Group of answer choices

provide markdown money

"Multi-unit pricing" means the same thing as __________.

quantity discount

The authors of your text state that "RFID enables the accurate, real-time tracking of every single product from manufacturer to checkout in the store," thus decreasing warehouse, distribution, and inventory costs, as well as reducing stockouts and theft. Ultimately, this increases margins. The letters RFID stand for __________ real-time freight information disclosure radio frequency identification remote forecasting input dynamics rail facility internet dispatch revenue function impact derivative

radio frequency identification

The purpose of an open-to-buy system is to __________. maintain consistent average inventory develop long-term sales forecasts record how much of the merchandise budget has been spent at any given time, and keep track of how much remains available to spend decrease operating expenses avoid seasonal buying

record how much of the merchandise budget has been spent at any given time, and keep track of how much remains available to spend

According to the authors of your textbook, one of the advantages of the EDLP pricing strategy is that it __________.

reduces stockouts

Vincent Laurent, an English-speaking Frenchman, meets with buyers from the United States when they visit Paris. Once in Paris, the buyers rely on Vincent to make appointments with French vendors, which saves the buyers time and helps them penetrate the market. During the buyers' meetings with vendors, Vincent serves as an interpreter and assists in negotiations. From this information, we can conclude that Vincent works for a(n) __________.

resident buying office

The third step in merchandise management planning is to __________. set inventory and product availability levels allocate merchandise to stores develop an assortment plan buy merchandise forecast category sales

set inventory and product availability levels

Merchandise like men's crew socks, frozen peas, college-ruled loose-leaf notebook paper, and 60-watt light bulbs would be considered __________. seasonal merchandise impulse merchandise fashion merchandise staple merchandise complementary merchandise

staple merchandise

Kroger's Big K cola, Target's Archer Farms snacks, and Walmart's Ol' Roy dog food are examples of __________ brands.

store

The authors of your textbook define __________ as "a set of activities and techniques firms employ to efficiently and effectively manage the flow of merchandise from the vendors to the retailer's customers." Group of answer choices

supply chain management

The authors of your textbook state that efficient supply chain management provides two principal benefits to retailers and their customers. Those benefits are fewer stockouts and __________. larger delivery quantities tailored assortments value-added point-of-sale promotion more precise targeting of customers in the retailer's secondary trading area Increased certainty of products' country of origin

tailored assortments

Levi Strauss, a national manufacturer of apparel, will supply JCPenney with its most-popular styles of jeans only if JCPenney also carries other, lesser-known Levi's products, as well as the Dockers line of apparel and accessories. Levi Strauss is enforcing a(n) __________ in its relationship with JCPenney. dual-distribution agreement one-way exclusive dealing agreement tying agreement implied warranty two-way exclusive dealing agreement

tying agreement

In an October 1, 2018 article in the Courier-Journal, reporter Bailey Loosemore mentioned that prices are typically higher at a Kroger in Prospect (where Kroger has no competition) than at a Kroger on Buechel Bypass in Bashford Manor (where Kroger is located near a Walmart, a Target, and a Costco store). In the same article, we read that grocery prices at a Walmart near E.P. Tom Sawyer State Park (where Meijer, Target, and Kroger are also located) are typically lower than at the New Albany location (where competitors are fewer and not as close by). From this information, we can determine that Kroger and Walmart practice __________.

zone pricing