16

An apparel display fixture that has two crossbars that sit perpendicularly on a pedestal is called a __________.

Feature Fixture

4. For a retail employee, which of the following is an intrinsic reward?

Feeling good after helping a customer who really needed it

If you are standing in an aisle at your favorite supermarket, you're most likely to see ____ shelves lining the aisle on either side of you. The _____ shelf from the bottom typically attracts the most attention, unless customers are of considerably less-than-average height.

four-third

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 __________.

share of wallet (SOW)

C. quantity discount

"Multi-unit pricing" means the same thing as __________. A. first-degree price discrimination B. price lining C. quantity discount D. price bundling E. third-degree price discrimination

Regarding a Metropolitan Statistical Area (MSA), which of the following is true?

--An MSA is a core urban area consisting of more than 50,000 inhabitants, plus any adjoining communities that have a high degree of economic and social integration with the core community. --The Lexington-Fayette MSA consists of six counties: Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford. --It may make sense for a retailer to locate several stores in one MSA and none in some others. *ALL OF THE ABOVE*

For a retailer, which of the following is a potential disadvantage of locating in a n enclosed mall?

--Mall management has tight control over retailers' operations, such as strict rules about window displays and signage. --Customers may choose to go to strip centers or other shopping centers where they can park close to a retailer's front door. --Occupancy costs are higher than those of strip centers, freestanding sites, and most central business districts. *ALL OF THE ABOVE*

Regarding legal issues that affect a retailer's location decision, with which of the following would the authors of your textbook likely agree?

--Municipal regulations such as zoning ordinances, signage restrictions, and licensing requirements rarely - if ever - change. --In the U.S., federal law prohibits insurance companies from offering policies that protect retailers from economic damages due to below-ground environmental and health hazards, such as buried petroleum tanks or containers of acid. --Retailers typically do not need to concern themselves with "environmental issues" such as hazardous waste disposal or the environmental impact of construction materials. Usually, only manufacturers have to navigate their way through such regulations and restrictions. *NONE OF THE ABOVE*

When a retailer is deciding upon a type of location (e.g., freestanding location, Main Street, regional mall, community strip center), it needs to select a location that is consistent with __________.

--The density of the target market in relation to the location --The typical shopping behavior of members of its target market --Its positioning strategy *ALL OF THE ABOVE*

Regarding omnicenters, with which of the following statements would the authors of your textbook likely agree?

--They accommodate the desires of cross-shoppers, such as the shopper who wants to visit Neiman Marcus, Walmart, and P.F. Chang's in one outing. -- Omnicenters typically combine more than one retail setting (e.g., an enclosed mall, a lifestyle center, and a power center) into the same location. --Compared to most other shopping center locations, they spread the common area maintenance (CAM) charges among a larger pool of retail tenants, which reduces each individual retailer's share of the cost. *ALL OF THE ABOVE*

Common sense tells us that customers will stay away from a shopping center if there are too few parking spaces. The textbook authors tell us, however, that too many empty spaces may also be a problem; people see the empty spaces and think it means the stores are unpopular. For a supermarket, retail industry experts recommend _____ spaces per thousand square feet of retail store space.

10-15

Sara Herrera runs an Internet-based retail operation from her spare bedroom. The online storefront - named For Reality Lovers - sells DVDs, posters, figurines, bobblehead dolls, collectors' cards, licensed logo apparel, and other memorabilia from TV reality shows such as Survivor, Dance Moms, Fear Factor, American Idol, The Apprentice, The Amazing Race, Dating in the Dark, Top Chef, Project Runway, Big Brother, Kate Plus 8, Dancing with the Stars, Jersey Shore, Naked and Afraid, Tough Enough, Real Housewives of [insert city name], Dog the Bounty Hunter, The Glee Project, Bachelor in Paradise, Here Comes Honey Boo Boo, Duck Dynasty, and Keeping Up with the Kardashians. Key financial figures for Sara's business for fiscal year 2018 include: Net Sales: $23,000 Operating Expenses: $2,200 Interest Expense: $0 Average Inventory: $5,900 Total Current Assets: $8,400 Fixed Assets: $9,400 Net After-Tax Profit: $8,150 Taxes: $3,450 Cost of Goods Sold: $9,200 What was For Reality Lovers' return on assets (ROA) in FY 2018?

45.79%

3. Arlo Marlowe owns an independent hardware and home-improvement store in a neighborhood shopping center. At the beginning of this year, the following sales associates were on Arlo's payroll: Blake Drake, Eric Merrick, Clyde Hyde, Yuri Curry, and Caylie Bailey. A few months into the year, Eric and Caylie both left to pursue new opportunities, and Arlo hired Joyce Royce and Martin Parton to replace them. A few months after that, Martin left to return to college full time and was replaced by Hollis Lawless. Shortly thereafter, Clyde retired and was replaced by Zach Slack. What is the employee turnover rate at Arlo's store, if no more employees leave between now and December 31?

80%

B. retail format development

A "Walmart Market" is smaller than a Walmart Supercenter or a standard Walmart discount store. It occupies, on average, 38,000 square feet, whereas the average Walmart Supercenter covers 179.000 square feet and the average size of a standard discount store is 105,000 square feet. A Walmart Market offers about 28,000 items, including fresh produce, meat and dairy products, bakery and deli items, household supplies, health and beauty aids, and a pharmacy. At present, there are approximately 200 Walmart Markets compared with approximately 3,000 Supercenters and about 600 standard Walmart discount stores. When Wal-Mart Stores, Inc. originally launched the Walmart Market concept (which it then called "Walmart Neighborhood Market") in 1998, the company's expansion into this new store configuration was part of a __________ growth strategy. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. market penetration B. retail format development C. market expansion D. diversification E. focused

Which of the following pairs of items would retailers think of as the same SKU?

A 14.3-ounce package of Golden Oreo cookies and a 14.3-ounce package of Golden Oreo cookies

A. merchandise classification

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. [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. merchandise classification B. merchandise category C. department D. merchandise group E. stock-keeping unit (SKU)

7. Which of the following statements is true regarding a typical national retail chain, such as the one whose organization chart is presented in Exhibit 15-8?

A buyer's boss is a divisional merchandise manager (DMM); divisional merchandise managers report to general merchandise managers (GMMs), who report to the executive vice president of merchandising.

C. retail format

A(n) __________ describes the nature of the retailer's operations - its retail mix - that will be used to satisfy the needs of its target market. A. service blueprint B. mission statement C. retail format D. operating plan E. corporate charter

E. assortment plan

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

D. retail market segment

A(n) __________ is a group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail format. A. retail cartel B. designated market area (DMA) C. metropolitan statistical area (MSA) D. retail market segment E. mass market

D. merchandise category

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. [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. merchandise classification B. department C. stock-keeping unit (SKU) D. merchandise category E. merchandise group

As a retailer develops its CRM program, which of the following is likely to be one of its objectives?

A. Convert "good" customers into high-LTV customers, perhaps through add-on sales. B. Get rid of unprofitable customers, i.e., "get the lead out." C. Retain high-LTV customers - and gain a greater share of wallet from them by providing more value. D. All of the above.

Regarding frequent-shopper programs, with which of the following statements would the authors of your textbook likely agree?

A. Frequent-shopper programs often are not very effective at building repeat purchases and loyalty. B. Members of such programs generally prefer to receive something extra as a reward for their purchases, rather than lower prices. C. One of the objectives of a frequent-shopper program is to identify customers by their transactions, in order to build a customer database. All of the above options

For a retailer, which of the following is a potential disadvantage of locating in an enclosed mall?

A. Mall management has tight control over retailers' operations, such as strict rules about window displays and signage. B. Customers may choose to go to strip centers or other shopping centers where they can park close to a retailer's front door. C. Occupancy costs are higher than those of strip centers, freestanding sites, and most central business districts.

Retail executives who are examining trade areas for a potential store will typically buy information packages (often as a software subscription, sometimes as a complete hardware + software combination) to help them make an informed decision. Such systems describe the spatial features of an area, such as rivers and roads, street addresses and the characteristics of the household at an address, and information about competing retailers in the area. The authors of your textbook give __________ as an example of a company that sells this sort of information to retailers.

A. Nielsen Claritas B. Pitney Bowes C. ESRI *ALL OF THE ABOVE*

Retailing is described by the authors of your textbook as "the set of business activities that __________ the products and services sold to consumers for their personal or family use." redistributes creates adds value to curates procures

ADDS VALUE TO

The authors of the textbook classify __________ as a limited-assortment supermarket.

ALDI

E. reduces advertising and operating expenses

According to the authors of your textbook, one of the advantages of the EDLP pricing strategy is that it __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. helps sell otherwise slow-moving merchandise B. increases a retailer's bargaining power with vendors C. creates excitement D. increases profits E. reduces advertising and operating expenses

A. reduces stockouts

According to the authors of your textbook, one of the advantages of the EDLP pricing strategy is that it __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. reduces stockouts B. increases a retailer's bargaining power with vendors C. creates excitement D. helps sell otherwise slow-moving merchandise E. increases profits

D. doing any or all of the above

According to the authors of your textbook, one of the ways a retailer can develop a sustainable competitive advantage is by building strong relationships with customers, i.e., by cultivating customer loyalty. All other things being equal, retailers can build strong customer loyalty by __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. developing a well known, attractive image of its brand B. using its websites and social media to build a strong retail community C. offering unique merchandise D. doing any or all of the above E. doing either B or C. (A isn't realistic.)

D. doing any or all of the above

According to the authors of your textbook, one of the ways a retailer can develop a sustainable competitive advantage is by building strong relationships with customers, i.e., by cultivating customer loyalty. All other things being equal, retailers can build strong customer loyalty by __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. offering unique merchandise B. training employees to deliver superior customer service C. offering attractive rewards through a frequent shopper program D. doing any or all of the above E. doing only A or B. (C doesn't work.)

D. doing any or all of the above

According to the authors of your textbook, one of the ways a retailer can develop a sustainable competitive advantage is by building strong relationships with customers, i.e., by cultivating customer loyalty. All other things being equal, retailers can build strong customer loyalty by __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. positioning its brand in a way that clearly differentiates it from competitors B. offering attractive rewards through a frequent shopper program C. training employees to deliver superior customer service D. doing any or all of the above E. doing only B or C. (A isn't realistic.)

D. doing any or all of the above

According to the authors of your textbook, one of the ways a retailer can develop a sustainable competitive advantage is by building strong relationships with customers, i.e., by cultivating customer loyalty. All other things being equal, retailers can build strong customer loyalty by __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. offering unique merchandise B. offering attractive rewards through a frequent shopper program C. using its websites and social media to build a strong retail community D. doing any or all of the above E. doing only A or B. (C doesn't work.)

2c. Employers sometimes test job candidates to learn more about them, to match them with job openings, and to develop training programs. Regarding tests, which of the following statements is not consistent with the information in the textbook?

An employer is allowed to test for drugs, but only if the applicant will be driving a company vehicle or operating dangerous machinery.

A. a loss leader

An item that is sold by a retailer for a price that is less than the retailer's cost is __________. A. a loss leader B. price lined C. the most common form of shrinkage D. a violation of the Robinson-Patman Act E. "bait" merchandise (in bait-and-switch pricing)

D. Provide markdown money.

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? A. Remind Mollie that retailing is not an exact science; the best you can hope for is to win more often than you lose. B. Provide Mollie with a three-day trip to the Cayman Islands. C. Advise Mollie that Nordstrom can sell the products at lower prices, and reassure her that she will not be making a similar suggestion to Nordstrom's competitors - especially not Neiman Marcus or Bloomingdale's. D. Provide markdown money. E. Suggest pulling her product line out of Nordstrom for one season, in order to strategize and reinvent.

__________ is the number of different items offered within a merchandise category. For example, a pint of Ben & Jerry's Cherry Garcia, a 13-ounce bag of Tostitos Scoops, and an 18.8-ounce can of Campbell's Chunky New England clam chowder are three different items in the food category.

Assortment

Regarding retail channels, with which of the following statements would the authors of your textbook likely agree?

At present, the retail channel with the highest growth rate is the mobile channel.

B. In Step 2, as it conducts a SWOT analysis.

At which stage of the strategic retail planning process does a retailer analyze market factors, competitive factors, environmental factors, and its own internal strengths and weaknesses? [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In Step 1, as it defines its business mission. B. In Step 2, as it conducts a SWOT analysis. C. In Step 3, as it identifies strategic opportunities. D. In Step 4, as it evaluates strategic opportunities. E. In Step 5, as it establishes specific objectives and allocates resources.

B. In Step 2, as it conducts a SWOT analysis.

At which stage of the strategic retail planning process does a retailer analyze the impact - or potential impact - of economic conditions on its sales? [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In Step 1, as it defines its business mission. B. In Step 2, as it conducts a SWOT analysis. C. In Step 3, as it identifies strategic opportunities. D. In Step 4, as it evaluates strategic opportunities. E. In Step 5, as it establishes specific objectives and allocates resources.

A. In Step 1, as it defines its business mission.

At which stage of the strategic retail planning process does a retailer answer the questions "Who are our customers?" and "what are our capabilities?" [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In Step 1, as it defines its business mission. B. In Step 2, as it conducts a situation audit. C. In Step 3, as it identifies strategic opportunities. D. In Step 4, as it evaluates strategic opportunities. E. In Step 5, as it establishes specific objectives and allocates resources.

E. Step 5, as it establishes specific objectives and allocates resources.

At which stage of the strategic retail planning process does a retailer establish numerical indices against which progress may be measured, and determine the level of investment needed to achieve its objectives? [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In Step 1, as it defines its business mission. B. In Step 2, as it conducts a situation audit. C. In Step 3, as it identifies strategic opportunities. D. In Step 4, as it evaluates strategic opportunities.In E. Step 5, as it establishes specific objectives and allocates resources.

When Paul Swentzel, principal owner and CEO of S&S Tire (a retail chain), purchased a Bridgestone/Firestone distributorship (a wholesaler), S&S became a wholesaler selling to S&S stores, as well as a wholesaler selling to the S&S chain's retail competitors. Mr. Swentzel's purchase of the Bridgestone/Firestone distributorship is an example of __________ in the supply chain. backward integration monopolization forward integration disintermediation balkanization

BACKWARD INTEGRATION

E. none of the above

BRIC stands for __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Bucharest, Reykjavik, Istanbul, and Cairo B. Barcelona, Rome, Innsbruck, and Copenhagen C. Baltimore, Rochester, Indianapolis, and Chicago D. Bangalore, Rotterdam, Ipswich, and Casablanca E. none of the above

The asset turnover management path is one of two analytical sequences that are woven into the strategic profit model. The information that is used to analyze a retailer's asset management path comes primarily from the retailer's __________.

Balance Sheet

Garrett Jarrett owns The Sweat, Stink & Suffer Health Spa (also known as the "Triple S Gym"). Garrett believes he can segment his market into three distinct groups: those who want to join a spa so they can lose weight those who seek a target-rich environment for checking out potential dates those who want a gym only for serious pumpage of iron Thus, Garrett segments his market into those who are seeking a higher level of physical fitness, those who are seeking companionship, and those who are seeking a bulkier or more cut build. Which label most closely resembles the segmentation base that Garrett is using in order to understand and target his market?

Benefit segmentation

Shirley Turley owns Ballistic Bazaar (a gun shop and shooting range). Shirley decides she can segment her market into three distinct groups: those who want a weapon for home protection those who want a weapon for seasonal hunting of varmints collectors who enjoy owning a wide variety of firearms for their intrinsic and aesthetic value Thus, she segments her market into those who are seeking safety for their household and/or family, those who are seeking recreation, and those who are seeking the satisfaction of ownership in and of itself. Which label most closely resembles the dimension that Shirley is using to segment her market?

Benefit segmentation

_______________ is the process of grouping consumers into market segments based on what they want the product to do for them.

Benefit segmentation

Bianca Wonka has inherited a candy store chain that was started by her uncle. Bianca has completed an analysis of the company's financial statements and is now strategizing to improve the company's performance. Which of the following actions would result in greater return on assets (ROA)?Bianca successfully implements a market penetration growth strategy, which increases the company's "top line" (i.e., net sales). At the same time, she negotiates with vendors and lowers the company's per-unit cost of goods sold.

Bianca successfully implements a market penetration growth strategy, which increases the company's "top line" (i.e., net sales). At the same time, she negotiates with vendors and lowers the company's per-unit cost of goods sold. Bianca reduces operating expenses by finding ways to reduce energy costs and cut waste. Bianca identifies idle and underperforming company assets and sells them. The money from the sale of assets is then used to pay off all of the company's debt. *ALL OF THE ABOVE*

__________ is the number of merchandise categories a retailer offers. Women's clothing, food, and household cleaning products, for example, are three different categories.

Breadth

According to the authors of your textbook, a retailer that engages in __________ has a sense of purpose that is higher than simply making a profit by selling products and services. virtue signaling conscious marketing profit maximization bounded rationality greenwashing

CONSCIOUS MARKETING

To minimize conflict among franchisees, most franchise agreements grant franchisees an exclusive territory. This can be one of the benefits of a franchise, namely the avoidance of _______.

Cannibbalization

D. category captain

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. A. display deacon B. assortment adviser C. market maven D. category captain E. brand benchmark

B. related diversification; market expansion

Chief Auto Parts came into existence in 1955 in southern California and eventually grew to include stores in Arizona, Arkansas, California, Nevada, Tennessee, and Texas. In 1979, the chain was purchased by 7-Eleven. In keeping with its own identity as a convenience store chain, 7-Eleven thought of its Chief stores as "convenience auto parts stores" and kept most Chief locations open 7 days a week, 24 hours a day. Similarly, many new Chief stores were opened right next door to 7-Eleven stores. In 1992, the Chief chain was sold to General Electric. Then, in 1992, AutoZone bought the chain from General Electric. As AutoZone integrated Chief into its own operations, it closed any Chief locations that would have cannibalized existing AutoZone stores. The remaining Chief stores - some of which were located in states where AutoZone did not have a presence at the time - were turned into AutoZone stores. For 7-Eleven, the acquisition of Chief Auto Parts in 1979 was part of a(n) __________ growth strategy; AutoZone's purchase of the chain in 1992 more closely resembled the textbook definition of a(n) __________ growth strategy. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. retail format development; market penetration B. related diversification; market expansion C. market penetration; related diversification D. unrelated diversification; retail format development E. market expansion; unrelated diversification

5c. In the organization structure of a national retailer such as Meijer or Nordstrom, which of the following positions or job titles is not likely to exist?

Chief Manufacturing Officer (CMO)

Which of the following describes a consumer who is using an internal source of information during the information search step of the buying process?

Cierra Barrera "takes mental inventory" of what she has learned from her past shopping and purchase experiences.

E. manuracturer's; private-label; house

Coca-Cola, Planters, and Purina One are _____________ brands. Big K (sold by Kroger), Archer Farms (sold by Target), and Ol' Roy (sold by Walmart) are ____________ brands, also sometimes called ___________ brands. [This question has been randomly selected from a pool of 15 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. house; national; private-label B. private-label; gray-market; generic C. step-down; generic; gray-market D. generic; knockoff; national E. manuracturer's; private-label; house

A. national; private-label; house

Coca-Cola, Planters, and Purina One are _____________ brands. Big K (sold by Kroger), Archer Farms (sold by Target), and Ol' Roy (sold by Walmart) are ____________ brands, also sometimes called ___________ brands. [This question has been randomly selected from a pool of 15 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. national; private-label; house B. house; national; private-label C. private-label; gray-market; generic D. step-down; generic; gray-market E. generic; knockoff; national

Regency Centre in Lexington, Kentucky is anchored by Kroger, Michael's, and T.J. Maxx. The shopping center, which has an L-shaped layout, also is also home to Five Below, Pet Supermarket, Sally's Beauty Supply, GNC, and IHOP. The authors of your textbook would categorize Recency Centre as a(n) __________.

Community Shopping Center

To report chainwide sales growth statistics, retailers and retail industry analysts generally exclude locations that have been open for less than one year. The resulting figure is known as __________ .

Comparable-store sales growth

D. threat

Consultants at Insula Research are presenting a SWOT analysis of McDonald's to McDonald's senior executives. The Insula consultants mention that of all QSR (quick-service restaurant) chains, Wendy's has the fastest average service time in the drive-through lane, averaging 133.63 seconds per vehicle. Insula's research study found Wendy's closest competitors in average service time to be Taco Bell (at 158.03 seconds per vehicle), Taco John's (at 181.19 seconds per vehicle), McDonald's (at 189.49 seconds per vehicle), and Burger King (at 198.48 seconds per vehicle). From the perspective of top management at McDonald's, the fact that their own average drive-through service time lags behind Wendy's, Taco Bell, and Taco John's would be classified as a(n) __________. A. strength B. weakness C. opportunity D. threat E. conundrum

A. strength

Consultants at Insula Research are presenting a SWOT analysis of McDonald's to McDonald's senior executives. The Insula consultants mention that of all QSR (quick-service restaurant) chains, Wendy's has the fastest average service time in the drive-through lane, averaging 133.63 seconds per vehicle. Insula's research study found Wendy's closest competitors in average service time to be Taco Bell (at 158.03 seconds per vehicle), Taco John's (at 181.19 seconds per vehicle), McDonald's (at 189.49 seconds per vehicle), and Burger King (at 198.48 seconds per vehicle). From the perspective of top management at McDonald's, the fact that their own average drive-through service time lags behind Wendy's, Taco Bell, and Taco John's would be classified as a(n) __________. [This question has been randomly selected from a pool of 7 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. strength B. weakness C. opportunity D. threat E. conundrum

On her way home from classes at the university, Staci Casey remembers that she used her last paper towel that morning. Staci is aware that Walmart is likely to have the best price in town on national brands such as Bounty or Brawny. She also knows that Kroger may have one brand of paper towels or another on sale at a reasonable price. Staci does not alter her course to drive toward either Walmart or Kroger; rather, she turns into the parking lot of a Walgreens drug store that is directly on her route home from school. Staci enters the store with the intention of buying whatever brand of paper towels is available, in whatever quantity of rolls the package contains, at whatever price Walgreens is charging. The authors of your textbook would say that this scenario illustrates which "shopping situation"?

Convenience shopping

A "Walmart Neighborhood Market" is smaller than a Walmart Supercenter or a standard Walmart discount store. It occupies, on average, 38,000 square feet and offers about 28,000 items, including fresh produce, meat and dairy products, bakery and deli items, household supplies, health and beauty aids, and a pharmacy. At present, there are approximately 200 Neighborhood Markets in the U.S. (compared with approximately 3,000 Supercenters and about 600 standard Walmart discount stores). Walmart Neighborhood Markets most closely resemble stores in which food retailer category?

Conventional supermarkets

________ refers to the total amount of money that a retailer pays vendors for the merchandise that it (i.e. the retailer) subsequently sells.

Cost of goods sold (COGS)

Trading area zones are best determined based upon _____.

Customer Drive Time

At Fayette Mall, which of the following is an anchor store?

Dick's Sporting Goods

Even though Dalton Walton is 23 years old and "tech savvy," he prefers to buy most items at a bricks-and-mortar store rather than shopping through other retail channels, such as catalogs or the Internet. According to the authors of your text, what might be the reason why Dalton would rather take the time to drive to the mall or a standalone store, park his car, and spend time walking through the store in search of an item? A. If Dalton has a question about an item or wants advice, he prefers to talk to a store sales associates face to face rather than on the telephone or through an online chat feature. B. Dalton likes to use all five senses when he is examining products. C. Dalton is all about instant gratification. Waiting even one day for a purchase to be delivered is excruciating for him. D. All of the above E. Both A and C

E. ALL OF THE ABOVE

Operating profit margin is also referred to as ______

Earnings before interest, taxes, and depreciation (EBITDA)

_____ is a hedonic benefit of shopping.

Entertainment

D. gray-market merchandise

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 __________. A. black-market merchandise B. counterfeit merchandise C. chumping D. gray-market merchandise E. dumping

In 2017, Target made charitable contributions of $217,673,712 in cash and products. Much of the money was used to improve children's education and development through grants for field trips, youth soccer, and the arts. In addition to supporting K-12 education through its giving, the company also provides financial support to St. Jude's Children's Research Hospital, the American Red Cross, and the Salvation Army. Target employees also donate hundreds of thousands of hours to volunteer projects in their communities each year. Target's actions are an example of a retail corporation's commitment to __________. managing its excess inventory generating projects to keep its employees busy distracting its critics fulfilling its corporate social responsibility obeying the law

FULFILLING ITS CORPORATE SOCIAL RESPONSIBILITY

9. The _________ Act of _____ set minimum wages, maximum hours, child labor standards, and overtime-pay provisions.

Fair Labor Standards; 1938

Spalding's Bakery is located at 760 Winchester Road (near the intersection of Winchester Road and Walton Avenue). The bakery adjoins a parking lot and is the sole occupant of its building. Which of the following is the correct label for Spalding's location?

Freestanding

Many inner-city areas are going through a process of ________, which is the renewal and rebuilding of offices, housing, and retailers in deteriorating areas. This practice has been criticized by some, because it often results in more affluent people moving into the area and lower-income residents having to leave because they cannot afford to stay.

Gentrification

A ________ layout has parallel aisles with merchandise on both sides of an aisle. Cash registers are typically located at the exit(s).

Grid

E. buyer; ROA

Gross margin return on investment (GMROI) is a metric used by retailers to determine a(n) __________'s contribution to __________. A. SKU; net profit B. department; inventory turnover C. category; cost of returned merchandise D. single store; total chain-wide revenue E. buyer; ROA

Which of the following is not a retail channel?

HGTV

A. 166.67 percent

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 __________. A. 166.67 percent B. 20 percent C. This figure cannot be calculated using the information that is given. D. 6.67 E. 8.33

Which of the following successful retail entrepreneurs is not matched with the correct retailer? Jeff Bezos: Amazon Ingvar Komprad: H&M Do Won and Jin Sook Chang: Forever 21 Howard Schultz: Starbucks Sam Walton: Walmart

INGVAR KOMPRAD; H&M

B. $3.60

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. A. $4.00 B. $3.60 C. $1.80 D. $2.40 E. $4.10

C. price elasticity

If you divide "percentage change in quantity sold" by "percentage change in price," you are calculating __________. A. competitive response B. just-noticeable difference (JND) C. price elasticity D. initial markup percentage E. break-even quantity

D. dynamic; individualized

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 __________ or __________ pricing. A. erratic; unpredictable B. variegated; supply-driven C. vendor managed; demand-driven D. dynamic; individualized E. peak; off-peak

D. diversification

In 1985, Kroger Co. purchased Turkey Hill Minit Markets (a Lancaster, Pennsylvania-based chain of convenience store/gas stations). As part of the same deal, Kroger also acquired Turkey Hill Minit Markets' sister company - Turkey Hill Dairy, based in Conestoga, Pennsylvania - a producer of fresh milk products, ice cream, frozen yogurt, and bottled drinks. In total, Kroger's Turkey Hill acquisition was part of a(n) __________ growth strategy. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. market penetration B. retail format development C. market expansion D. diversification E. focused

B. related diversification; also part of a related diversification strategy

In 1998, McDonald's (a quick service restaurant [QSR] chain) purchased Chipotle (a fast casual restaurant chain). In a separate deal, McDonald's purchased another non-QSR chain, Donato's Pizza, a year later. It appears that when McDonald's purchased Chipotle, it was carrying out a(n) __________ growth strategy. The Donato's acquisition was, most likely, __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. format development; part of a market expansion strategy B. related diversification; also part of a related diversification strategy C. market expansion; part of a penetration strategy D. market penetration; part of an unrelated diversification strategy E. market penetration; part of an unrelated diversification strategy

C. opportunities

In a SWOT analysis, the letter O stands for __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. optimal B. organization C. opportunities D. operations E. objectives

E. strengths

In a SWOT analysis, the letter S stands for __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. situation B. strategy C. sales D. sustainability E. strengths

C. threats

In a SWOT analysis, the letter T stands for __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. turnover B. target C. threats D. timeline E. total

D. weaknesses

In a SWOT analysis, the letter W stands for __________. [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. warranty B. warehouse C. workability D. weaknesses E. wholesale

A. zone pricing

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 __________. A. zone pricing B. leader pricing C. horizontal price-fixing D. price lining E. predatory pricing

Which of the following does not describe asset turnover?

In the strategic profit model, it is on the profit management path.

A. Merchandise Group > Department > Classification > Category > SKU

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? A. Merchandise Group > Department > Classification > Category > SKU B. Department > Merchandise Group > Classification > Category > SKU C. Classification > Department > Category > Merchandise Group > SKU D. Merchandise Group > Classification > Department > Category > SKU E. Category > Classification > Merchandise Group > Department > SKU

2a. Employers sometimes test job candidates to learn more about them, to match them with job openings, and to develop training programs. Regarding tests, which of the following statements is not consistent with the information in the textbook?

Intelligence tests are prohibited by law. Period.

With regard to gathering identifying information from customers, which of the following statements is consistent with the information that appears in your textbook?

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.

Jay Bird just found out that his mother is coming to visit for three days. Between now and the time Mom arrives (which is about six hours from now), Jay needs to buy paper towels, eggs, milk, diet soda, an air-freshener refill cartridge, bathroom cleaner/disinfectant, cereal, furniture polish, and dish soap. Four retailers are in Jay's consideration set for the quick trip he is about to make: Kroger (about three miles away), Family Dollar (about a mile away), Walgreens (about a half-mile away), and Walmart (about six miles away). Jay believes he can accomplish one-stop shopping at any one of the four stores. In the terminology of the multiattribute model, if Jay were to articulate his beliefs about the stores' performance benefits, Kroger would receive the following scores (on a scale of 1 to 10, with 10 being best). Desirability of brands carried: 9 Ease of parking-lot and front-entrance access: 4 Budge friendliness: 6 Pleasure of the shopping experience: 6 Proximity to home: 4 Jay would give Family Dollar the following scores on the same performance benefits. Desirability of brands carried: 4 Ease of parking-lot and front-entrance access: 8 Budget friendliness: 10 Pleasure of the shopping experience: 3 Proximity to home: 7 Jay would give Walgreens the following scores on the same performance benefits. Desirability of brands carried: 5 Ease of parking-lot and front-entrance access: 6 Budget friendliness: 2 Pleasure of the shopping experience: 5 Proximity to home: 8 Jay would give Walmart the following scores. Desirability of brands carried: 8 Ease of parking-lot and front-entrance access: 1 Budget friendliness: 8 Pleasure of the shopping experience: 2 Proximity to home: 2 Jay places the following importance weights on the five key performance benefits (with 10 representing "very important" and 1 representing "very unimportant"). Desirability of brands carried: 8 Ease of parking-lot and front-entrance access: 5 Budget friendliness: 4 Pleasure of the shopping experience: 7 Proximity to home: 8 If we use the multiattribute model to predict which retailer Jay will choose, which of the following can we conclude?

Jay will go to Kroger.

E. price lining

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 __________. A. bait pricing B. price bundling C. variable pricing D. two-part pricing E. price lining

D. approximately 25

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. [This question has been randomly selected from a pool of 3 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. approximately 33.5 B. approximately 43 C. approximately 30 D. approximately 25 E. This figure cannot be calculated using the information that is given.

Which of the following is not a service retailer?

Kroger

By recent estimates, the Lexington-Fayette __________ has a population of 516,464, with 321,959 of those individuals residing within Lexington itself. By similar estimates, the Paducah KY-IL __________ is populated by 99,261, of whom 24,941 live within the community of Paducah itself.

Metropolitan Statistical Area (MSA); Micropolitan Statistical Area (MiSA)

C. diverted

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. A. counterfeit B. generic-branded C. diverted D. gray-market E. copycat

A. tying agreement

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. A. tying agreement B. dual-distribution agreement C. one-way exclusive dealing agreement D. implied warranty E. two-way exclusive dealing agreement

Which of the following is not a service retailer?

Lululemon

Which of the following is not one of the overriding principles of conscious marketing? Consideration of stakeholders and their interdependence The presence of conscious leadership, creating a corporate culture Recognition of the retailing firm's greater purpose The understanding that decisions are ethically based Maximizing sales revenue, profit, and market share

MAX SALES REV, PROFIT, AND MARKET SHARE

E. high/low

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. A. odd B. dynamic C. prestige D. EDLP E. high/low

E. staple merchandise

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

B. ABC analysis

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 __________. A. multiattribute vendor analysis B. ABC analysis C. elasticity analysis D. sell-through analysis E. category mapping

Which of the following ratios appears in the strategic profit model and is one of the terms used to calculate return on assets (ROA)?

Net profit margin

10. The _________ provides guidance to retailers on how to control crowds on Black Friday.

Occupational Safety and Health Administration (OSHA)

B. franchising

Orlando, Florida-based Darden Restaurants, Inc., the world's largest full-service restaurant company, owns a portfolio of brands that includes Olive Garden, LongHorn Steakhouse, Capital Grille, Seasons 52, Eddie V's, Yard House, and Bahama Breeze. In Lexington, the Olive Garden and LongHorn locations are wholly owned by Darden, as are most other U.S. locations. However, if you were to visit a Middle East or North Africa location of one of these three restaurants - such as the LongHorn Steakhouse in Riyadh, Saudi Arabia or the Olive Garden in Abu Dhabi, United Arab Emirates - you might notice a wall plaque stating that the restaurant is operated by Americana Group. Indeed, Americana Group (headquartered in Kuwait City) has paid an upfront fee to Darden for the right to operate a total of 60 Darden-branded restaurants. In addition to that, Americana pays a monthly fee to Darden based on the restaurants' sales performance. Americana Group also operates TGI Fridays (a TriArtisan Capital Companies brand), KFC (a Yum! brand), Pizza Hut (also a Yum! brand), and Krispy Kreme locations in the Middle East, under agreements that are similar to the company's agreement with Darden. If the authors of your textbook were to use this scenario to illustrate nondomestic market entry, they would cite it as an example of __________. A. a strategic alliance B. franchising C. direct investment D. a joint venture E. exporting

The authors of your textbook would describe Fazoli's at Zandale Shopping Center as a(n) __________.

Outparcel

The authors of your textbook state that retailers create value by enabling customers to choose from a wide selection of products, brands, sizes, and prices - all at one location. According to the authors, the technical name for providing value in this manner is __________. expansive retailing channel integration breaking bulk providing assortments providing services

PROVIDING ASSORTMENTS

2b. Employers sometimes test job candidates to learn more about them, to match them with job openings, and to develop training programs. Regarding tests, which of the following statements is not consistentwith the information in the textbook?

Personality tests are prohibited by law. Period.

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

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. 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. B. All of the retailers locations - Polly-Esther will be checking in on each one of them, in person. C. A shopping center where the retailer is opening a new store. C. The geographic area where the highest concentration of the retailer's customers are located. E. A concentrated area where vendors are permanently located; here, they show new merchandise during certain times of the year.

A. process of creating an image in the customer's mind, relative to the retailer's competitors

Positioning is the __________. A. process of creating an image in the customer's mind, relative to the retailer's competitors B. retailer's effort to have its stores visited by high-visibility characters in movies and TV shows C. retailer's approach to assigning shelf space to brands D. retailer's geographic location strategy E. ranking of a retailer in Stores magazine's annual Top 100 Retailers report; for example, Walmart is ranked #1 in the 2019 Top 100 Retailers and Costco is ranked #4.

Regarding customer complaints and service recovery, which of the following statements would the authors of your textbook disagree?

Postrecovery satisfaction is almost always greater than the satisfaction level before the service failure. The steps in effective service recovery are (1) anticipate the complaint, (2) save customers the trouble of complaining - you know what they're going to say anyway, and (3) resolve the problem quickly. Service recovery is easier when the problem was caused by the customer's unusual expectations. When a retailer is truly great at service - like Nordstrom or Zappos - a service recovery is rarely (if ever!) necessary.

Which of the following is both a pricing technique and a merchandise presentation technique?

Price lining

5d. In the organization structure of a national retailer such as Macy's or Nordstrom, which of the following positions or job titles is not likely to exist?

Process Engineer

5a. In the organization structure of a national retailer such as Macy's or Nordstrom, which of the following positions or job titles is not likely to exist?

Production Manager

Arlo Marlowe owns an independent hardware and home-improvement store in a neighborhood shopping center. If you were to visit Arlo's store several times throughout the year, you might notice an area (near the rear) where the type of merchandise changes a lot. There's a pattern. From January through March, the area is stocked with items that you would use for organizing and storing things in your home and/or garage In April, the organizing- and storage-related merchandise disappears and is replaced by lawn, garden, and patio merchandise From October through December, the area is filled with Christmas-related merchandise This special section of the store is called a(n) __________.

Promotional Area

D. outsourcing

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 __________. A. freight forwarding B. backhauling C. reverse logistics D. outsourcing E. pull supply chain

D. All of the above.

Regarding "push supply chains" and "pull supply chains," which of the following statements is consistent with information in your textbook? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] 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.

E. Both A and B.

Regarding "push supply chains" and "pull supply chains," which of the following statements is consistent with information in your textbook? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] 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. In the present-day North American retailing environment, a pull supply chain always delivers the best results. D. All of the above. E. Both A and B.

D. All of the above.

Regarding "push supply chains" and "pull supply chains," which of the following statements is consistent with information in your textbook? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In a pull supply chain, merchandise begins moving through the chain because it has been requested by the retailer. 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 system requires a more costly and sophisticated information infrastructure than a push system. D. All of the above. E. Both A and B.

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.

Regarding "push supply chains" and "pull supply chains," which of the following statements is consistent with information in your textbook? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In a pull supply chain, merchandise begins moving through the chain because of a forecast-driven decision to ship it at a particular time. B. In a push supply chain, merchandise begins moving through the chain because it has been requested by the retailer. 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.

E. Both A and C.

Regarding RFID, with which of the following statements would the authors of your textbook likely agree? [This question has been randomly selected from a pool of 3 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. RFID technology enables accurate real-time tracking of a product all the way from the factory to checkout in the store. B. The initials "RFID" stand for "refined form of identification and detection." C. Using RFID on individual items can reduce theft. D. All of the above. E. Both A and C.

E. Both A and B.

Regarding RFID, with which of the following statements would the authors of your textbook likely agree? [This question has been randomly selected from a pool of 3 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. RFID technology is costly to implement. B. An RFID chip can hold more data than a UPC bar code. C. The initials "RFID" stand for "rejected for insufficient documentation." D. All of the above. E. Both A and B.

D. All of the above.

Regarding RFID, with which of the following statements would the authors of your textbook likely agree? [This question has been randomly selected from a pool of 3 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] 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.

A. Cross-docked merchandise usually spends only a few hours in the DC, at most.

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? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Cross-docked merchandise usually spends only a few hours in the DC, at most. B. Distribution center (DC) and a data warehouse are two different names for the same facility. C. Direct store delivery (DSD) is rarely - if ever - preferable to having merchandise delivered to the DC. D. In the present-day retail industry, every retailer has a DC - even those that have only one or two stores. E. A DC is a good place to store merchandise for long periods of time. It is not a good place for ticketing, marking, attaching RFID tags, or placing garments on hangers.

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

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? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. 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. B. In the present-day retail industry, every retailer has a DC - even those that have only one or two stores. C. Direct store delivery (DSD) is rarely - if ever - preferable to having merchandise delivered to the DC. D. A DC enables a retailer to carry less merchandise at individual stores. E. Distribution center (DC) and fulfillment center (FC) are two different names for the same facility.

C. A DC makes it easier for a store to avoid a stockout.

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? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Direct store delivery (DSD) is rarely - if ever - preferable to having merchandise delivered to the DC. B. 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. C. A DC makes it easier for a store to avoid a stockout. D. Distribution center (DC) and fulfillment center (FC) are two different names for the same facility. E. In the present-day retail industry, every retailer has a DC - even those that have only one or two stores.

B. Most distribution centers run 50 to 100 outbound truck routes in one day.

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? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Distribution center (DC) and fulfillment center (FC) are two different names for the same facility. B. Most distribution centers run 50 to 100 outbound truck routes in one day. C. 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. D. Direct store delivery (DSD) is rarely - if ever - preferable to having merchandise delivered to the DC. E. A DC is a good place to store merchandise for long periods of time. It is not a good place for ticketing, marking, attaching RFID tags, or placing garments on hangers.

E. DCs enable retailers to make more accurate sales forecasts.

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? [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In the present-day retail industry, every retailer has a DC - even those that have only one or two stores. B. Direct store delivery (DSD) is rarely - if ever - preferable to having merchandise delivered to the DC. C. 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. D. Distribution center (DC) and fulfillment center (FC) are two different names for the same facility. E. DCs enable retailers to make more accurate sales forecasts.

E. Reverse auctions are more popular with vendors than with retailers.

Regarding reverse auctions, which of the following is not consistent with what the authors of the textbook say? [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In a reverse auction, retailers provide a group of vendors with a specification for what they want. B. A reverse auction is a way for retailers to get quality private-label merchandise at reasonable cost. C. Reverse auctions are commonly used by retailers to source seasonal products. D. In a reverse auction, there is one buyer - the retailer - and many potential sellers (the manufacturing firms). E. Reverse auctions are more popular with vendors than with retailers.

E. Retailers use reverse auctions only to procure merchandise for resale. They never use them to buy store fixtures or furnishings, such as carpet, shelving, or lighting.

Regarding reverse auctions, which of the following is not consistent with what the authors of the textbook say? [This question has been randomly selected from a pool of 4 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. In a reverse auction, retailers provide a group of vendors with a specification for what they want. B. In a reverse auction, there is one buyer - the retailer - and many potential sellers (the manufacturing firms). C. A reverse auction is a way for retailers to get quality private-label merchandise at reasonable cost. D. Reverse auctions are commonly used by retailers to source seasonal products. E. Retailers use reverse auctions only to procure merchandise for resale. They never use them to buy store fixtures or furnishings, such as carpet, shelving, or lighting.

B. Vendors of products with low brand loyalty pay the highest slotting fees.

Regarding slotting fees, which of the following statements is consistent with the information in your textbook? [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. A "slotting fee" is a surcharge that television and radio stations charge advertisers when they broadcast cooperative advertising. B. Vendors of products with low brand loyalty pay the highest slotting fees. C. "Slotting fee" refers to the "rent" that vendors pay for booth space at a trade show. D. A slotting fee usually is billed to a vendor once every quarter for as long as a retailer carries the vendor's product. E. 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. 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.

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.

When evaluating the performance of a retailer, which of the following is the best financial performance measurement to use?

Return on Assets

The strategic profit model graphically summarizes the factors that affect a retail firm's financial performance. A manager or analyst who completes the strategic profit model will compute several dollar figures and ratios and "plug them into" the model. The final computation - and the main point of using the model - will be __________, which is reported as a __________.

Return on assets (ROA); ratio

An apparel display fixture that consists of a circular pipe mounted on a pedestal is called a _________. It sometimes doubles as a "tent" or "fort" where kids hide while a parent is shopping.

Rounder

Most of us think of Staples and Office Depot as places to buy school or office supplies, such as an office chair, a package of file folders, an ink cartridge, a flash drive, office software, a printer, a shredder, or a stapler. However, at Staples you can also buy a Monster energy drink and at Office Depot you can buy a king size Snickers bar. These are examples of __________. scrambled merchandising cross-docking cannibalization horizontal integration cross-channel retailing

SCRAMBLED MERCHANDISING

An example of intertype competition is when __________ and __________ compete for the same customer's dollar.

SPEEDWAY: WALGREENS

A __________ is a set of firms that make and deliver goods and services to consumers. supply chain syndicate co-operative conglomerate cartel

SUPPLY CHAIN

The authors of the textbook classify __________ as a limited-assortment supermarket.

Save-a-Lot

E. copycat

Scooter Tudor woke up with a cold this morning. As he struggled with his symptoms throughout the day, he became aware that he was probably going to get worse before he starts getting better. On the way home from the university, Scooter stops at Walgreens to buy Zyrtec. On the shelf, next to the green Zyrtec packages, Scooter notices similarly-colored packages of Wal-Zyr "all day allergy tablets" with the red Walgreens logo in small print. When Scooter examines both the Zyrtec package and the Wal-Zyr package, he sees that both medications have the same active ingredient: 10 mg Ceterizine Hydrochloride. Scooter sees that he can buy almost twice as many Wal-Zyr pills as he can Zyrtec pills for the same price. The authors of your textbook would classify Wal-Zyr as a(n) __________ brand. [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. exclusive B. premium C. manufacturer's D. generic E. copycat

5b. In the organization structure of a national retailer such as Home Depot or Macy's, which of the following positions or job titles is not likely to exist?

Senior Plant Manager

E. $1,232.99

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 _____. A. $1,199.99 B. $2,045.99 C. This figure cannot be calculated using the information that is given. D. $1,018.99 E. $1,232.99

D. $150

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 ____. [This question has been randomly selected from a pool of 3 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. $100 B. This figure cannot be determined without price optimization software. C. $125 D. $150 E. $175

E. 50%

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 ____ . [This question has been randomly selected from a pool of 3 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. This figure cannot be determined without price optimization software. B. 100% C. 150% D. 75% E. 50%

E. $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 sells a pair of chrome-studded black multi-buckle knee-high platform boots for $150, the markup must be _____. [This question has been randomly selected from a pool of 3 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. $100 B. $150 C. $50 D. This figure cannot be determined without price optimization software. E. $75

Which of the following examples best illustrates a hedonic need?

Sophie Brophy buys herself a new pair of shoes to cheer herself up at the end of a bad day.

The NAICS code for the Kroger supermarket on Euclid Avenue in Lexington is 445110. 445110 is also the NAICS code for all of the following except

Speedway on Euclid Avenue in Lexington.

Intratype competition is competition between _____________ for the same customer. two different types of retailers, such as a convenience store and a drug store a discount retailer and a full-price/full-service retailer a brick-and-mortar retailer and an internet retailer two retailers of the same type, such as two supermarkets a traditional retailer and a membership warehouse

TWO RETAILERS OF THE SAME TYPE

The __________ system classifies all U.S. neighborhoods into 67 segments based on demographics and socioeconomic characteristics. To get this proprietary analysis of the population surrounding a prospective retail site, a retailer would need to buy it from _________. A retailer might use this information if it wished to take a __________approach to market segmentation.

Tapestry™ Segmentation; Esri; geodemographic

Which of the following retailers is not classified as a category specialist?

Target

All other things being equal, the best area for locating a store is ______.

The area that will generate the greatest long-term profit

B. radio frequency identification

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 __________. A. real-time freight information disclosure B. radio frequency identification C. remote forecasting input dynamics D. rail facility internet dispatch E. revenue function impact derivative

D. supply chain management

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." A. logistics B. direct store delivery (DSD) C. vendor-managed inventory (VMI) D. supply chain management E. electronic data interchange (EDI)

C. the retailer's target market

The authors of your textbook define a retail strategy as a statement that identifies (1) __________, (2) the format the retailer plans to use to satisfy the target market's needs, and (3) the bases on which the retailer plans to build a sustainable competitive advantage. [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. a graphic representation of the retailer's trade areaa B. summary of the company's approach to site selection C. the retailer's target market D. a "competitive intelligence" section that analyzes the retailer's three largest intratype competitors E. the bio(s) of the company's principal owners (if private) or board of directors (if publicly traded)

D. the bases on which the retailer plans to build a sustainable competitive advantage

The authors of your textbook define a retail strategy as a statement that identifies (1) the retailer's target market, (2) the format the retailer plans to use to satisfy the target market's needs, and (3) __________. [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. a graphic representation of the retailer's trade area B. a summary of the company's approach to site selection C. a "competitive intelligence" section that analyzes the retailer's three largest intratype competitors D. the bases on which the retailer plans to build a sustainable competitive advantage E. the bio(s) of the company's principal owners (if private) or board of directors (if publicly traded)

C. tailored assortments

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 __________. A. value-added point-of-sale promotion B. Increased certainty of products' country of origin C. tailored assortments D. more precise targeting of customers in the retailer's secondary trading area E. larger delivery quantities

D. Brazil; India

The emerging international markets that are sometimes referred to as "the BRIC" countries are __________, Russia, __________, and China. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Bolivia; Ireland B. Bulgaria; Israel C. Bahrain; Iran D. Brazil; India E. Belize; Indonesia

E. none of the above

The emerging international markets that are sometimes referred to as "the BRIC" countries are __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Bolivia, Rhodesia, Indonesia, and Chile B. Bangladesh, Republic of the Congo, Iceland, and Cambodia C. Bulgaria, Romania, Iran, and Colombia D. Burma, Rwanda, Israel, and Cuban E. none of the above

E. Brazil, Russia, India, and China

The emerging international markets that are sometimes referred to as "the BRIC" countries are __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Burundi, Reunion Island, Ireland, and Czech Republic B. Belize, Rhodesia, Iraq, and Croatia C. Bahrain, Rwanda, Israel, and Cameroon D. Benin, Romania, Italy, and Cyprus E. Brazil, Russia, India, and China

C. allocate merchandise to stores

The fifth step in merchandise management planning is to __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. set inventory and product availability levels B. buy merchandise C. allocate merchandise to stores D. establish a control system for managing inventory E. develop an assortment plan

B. forecast category sales

The first step in merchandise management planning is to __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. allocate merchandise to stores B. forecast category sales C. develop an assortment plan D. set inventory and product availability levels E. configure a model stock plan

A. establish a control system for managing inventory

The fourth step in merchandise management planning is to __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. establish a control system for managing inventory B. set inventory and product availability levels C. develop an assortment plan D. allocate merchandise to stores E. buy merchandise

"The difference between customers' expectations and the retailers' perception of those expectations" is the __________ gap.

The gap between the level of service that is provided at a company-owned location and what is provided at a franchised location The gap between the level of service that is provided by a union employee and the level of service that is provided by a nonunion employee The gap between the level of service that is available for a bargain price and the level of service that is available for a premium price The gap between the level of service that is provided by the #1 rated company in the industry and the level of service that is provided by the second best

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

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

A. develop an assortment plan

The second step in merchandise management planning is to __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. develop an assortment plan B. set inventory and product availability levels C. forecast category sales D. allocate merchandise to stores E. configure a model stock plan

Regarding space management, which of the following statements is not consistent with information that appears in your textbook?

The term strike zone refers to the first ten feet or so inside the store entrance.

D. set inventory and product availability levels

The third step in merchandise management planning is to __________. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. allocate merchandise to stores B. forecast category sales C. develop an assortment plan D. set inventory and product availability levels E. configure a model stock plan

Regarding stakeholders, which of the following is not consistent with the information that appears in your textbook? A retailer's supply chain partners are stakeholders. Stakeholders are people who might be affected by a company's actions. A retailer's employees are stakeholders. The words stakeholder and shareholder mean the same thing. A retailer's customers are stakeholders.

The words stakeholder and shareholder mean the same thing.

A. perceptual map

To develop and refine its target marketing and positioning, a retailer may rely on a two-dimensional plot of consumers' perceptions of the retailer and its competitors. This visual aid is called a __________. A. perceptual map B. planogram C. Blake Mouton grid D. Venn diagram E. PERT diagram

In a supermarket or drug store in the U.S., the best placement for private-label merchandise is __________.

To the right of nationally branded merchandise

When retail workers use the expression "Stock it high and let it fly," they're talking about the __________ merchandise presentation technique.

Tonnage

__________ is a display technique in which large amounts of merchandise are displayed together (think Home Depot).

Tonnage Merchandising

B. Robinson-Patman Act (1936)

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 __________. A. Magnuson-Moss Act (1975) B. Robinson-Patman Act (1936) C. Wheeler-Lea Amendment to the Federal Trade Commission Act (1938) D. Taft-Hartley Act (1947) E. Clayton Antitrust Act (1914)

Inside the corporate offices of a well-known store chain, marketing executives Carly Farley and Cecil Diesel are having a spirited discussion. Specifically, they are debating whether they should tailor the marketing mix of their new product to appeal to the "Achievers" market segment or the "Innovators" segment, or whether they should develop a separate marketing mix for each of those segments. From their use of labels like "Achievers" and "Innovators" to describe their target market, we can determine that Carly and Cecil's company has bought into the __________ segmentation typology.

VALS™

The NAICS code for Francesca's at Fayette Mall is 448120, which is also the NAICS code for Altar'D State, Ann Taylor, J. Jill, and Lane Bryant. Victoria's Secret, on the other hand, has a different NAICS code: 448150. Which of the following explains why Victoria's Secret has a different NAICS code from the others?

Victoria's Secret is categorized as an accessories store. The others are classified as women's clothing stores.

A. resident buying office

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) __________. A. resident buying office B. perpetual trade show C. mercantile exchange D. embassy E. import/export agent

An example of intratype competition is when __________ and __________ compete for the same customer's dollar. Speedway; Walgreens Target; Dick's Sporting Goods Dollar Tree; Walmart Walmart; Target Abercrombie & Fitch; Macy's

WALMART: TARGET

D. private-label

Walmart's Great Value brand of groceries and its Equate brand of nonprescription pharmaceutical items are examples of __________ brands. [This question has been randomly selected from a pool of 15 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. manufacturer's B. gray market C. generic D. private-label E. national

E. store

Walmart's Great Value brand of groceries and its Equate brand of nonprescription pharmaceutical items are examples of __________ brands. [This question has been randomly selected from a pool of 15 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. gray market B. manufacturer's C. national D. generic E. store

E. advance shipping notice (ASN)

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. A. radio frequency identification (RFID) tag B. shipping document (SD) C. universal product code (UPC) D. bill of lading (BOL) E. advance shipping notice (ASN)

D. exclusive

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. A. generic B. copycat C. knockoff D. exclusive E. gray market

Regarding atmospherics, which of the following statements is not consistent with what the authors of your textbook say?

When shoppers are pursuing hedonic goals (i.e., shopping for fun), they prefer slow music and soothing colors.

E. Franchising

Which method of entering the global marketplace is the least expensive and also the least risky - but also has the lowest profit potential? [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. A strategic alliance B. A joint venture D. Direct investment E. Franchising

C. Direct investment

Which method of entering the global marketplace is the most expensive and also the most risky - but also offers the highest profit potential? [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. A strategic alliance B. A joint venture C. Direct investment D. Franchising

D. All of the above.

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.

E. market penetration

While Vince Pence is buying a pair of Air Jordan XXXIII basketball shoes at Dick's Sporting Goods, the sales associate asks him if he has a ScoreCard®. After Vince replies that he does not, the sales associate explains that if Vince were to become a member, he would earn a $10 reward every time his points reached 300 - and points add up at the rate of 1 point per dollar spent in the store or at DicksSportingGoods.com. The sales associate asks if Vince would like to become a member. Vince does some mental arithmetic and concludes that if he had become a member a year ago, he would have earned $40 worth of free merchandise by now. When Vince says yes, he would indeed like to have a ScoreCard®, the sales associate puts a brochure (which includes a wallet-sized card and two key fobs) in his bag and informs Vince that he can go online at his convenience and activate his membership. If the ScoreCard® program is the principal component of Dick's growth strategy, then the retailer's strategy can best be described as a(n) __________ growth strategy. [This question has been randomly selected from a pool of 5 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. market expansion B. related diversification C. unrelated diversification D. retail format development E. market penetration

D. All of the above.

With regard to building a sustainable competitive advantage through customer loyalty, which of the following statements is consistent with the information that appears in your textbook? A. Unique merchandise has enabled Lululemon to create customer loyalty. B. Outstanding customer service has helped Ritz-Carlton hotels to build customer loyalty. C. Starbucks has boosted customer loyalty by building a strong online retail community. D. All of the above. E. Both A and B.

E. Both A and B.

With regard to developing and maintaining a sustainable competitive advantage, with which of the following statements would the authors of your textbook likely agree? [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Efficient internal operations (e.g., human resource management) can be a source of sustainable competitive advantage. B. Location can be the most important source of sustainable competitive advantage. C. It's almost impossible for a retailer to have more than one source of sustainable competitive advantage. D. All of the above. E. Both A and B.

D. All of the above.

With regard to developing and maintaining a sustainable competitive advantage, with which of the following statements would the authors of your textbook likely agree? [This question has been randomly selected from a pool of 2 questions. For optimal success in this class, repeat this chapter's questions until you are sure you are acquainted with all of the alternate versions of each question.] A. Supply chain efficiency can be a source of sustainable competitive advantage. B. Location can be a source of sustainable competitive advantage. C. A carefully-cultivated brand image can be a source of sustainable competitive advantage. D. All of the above. E. Both B and C.

The NAICS code for the Kroger supermarket on Euclid Avenue in Lexington is 445110. The first five digits (44511) identify it as __________.

a grocery store or supermarket

Beverly Everly takes her lunch to work every day, and a sandwich is always part of her lunch. Bev's favorite part of a sandwich is the cheese, and she enjoys just about any cheese that has a bold flavor. Bev is loyal to the Sargento brand of sliced cheese, which she buys at her neighborhood supermarket. In the past, Bev has bought—and enjoyed—Sargento Chipotle Cheddar slices, Sargento Jarlsberg Swiss slices, Sargento Pepper Jack slices, Sargento Muenster slices, Sargento Extra-Sharp Cheddar slices, Sargento Aged Swiss slices, and Sargento Vermont White Cheddar. Each of these Sargento cheeses is almost always available at Bev's neighborhood supermarket, as are the more "ordinary" kinds (such as Sargento Mild Cheddar, Sargento Monterrey Jack, Sargento Provolone). Today, Bev is unable to shop at her neighborhood supermarket because of recent storm damage to the store. Instead, she is shopping at a competing supermarket a few miles from her home. When she arrives at the cheese section, Bev is dismayed to see that this store carries only five kinds of Sargento slices: Swiss, Mild Cheddar, Monterey Jack, Medium Cheddar, and a Cheddar-Mozzarella blend—and none of these appeal to her adventuresome taste buds. Compared to Bev's neighborhood supermarket, the store where she is shopping today appears to offer __________.

a more shallow assortment of merchandise

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 __________.

a retail brand community

The NAICS code for the Kroger supermarket on Euclid Avenue in Lexington is 445110. The first three digits (445) identify it as __________.

a store that sells food and beverages

The NAICS code for the Kroger supermarket on Euclid Avenue in Lexington is 445110. The first two digits (44) identify it as __________.

a store that sells merchandise

1. According to the authors of your textbook, hiring and retaining retail employees involves five steps. In reality, each step is a set of activities. They are Recruit Train and ________ Motivate Evaluate Reward and compensate

acculturate

Garrett Jarrett is establishing a communication budget for The Sweat, Stink & Suffer Health Spa (also known as the "Triple S Gym"). Relying on his own experience and taking into account various economists' predictions about the economy, Garrett does a rough forecast of next year's sales. Then, Garrett estimates his total cost of doing business for the same time period. Next, Garrett contemplates a few arbitrary improvements he would like to make and estimates the costs of those improvements, as well as deciding the amount of his own salary. From the discretionary funds that are then left over (approximately $92,000), Garrett decides to allocate $72,000 to his company's IMC program. In this scenario, Garrett is using the __________ method of setting a communication budget.

affordable budgeting

For retailers who wish to involve themselves in the CRM process, the first necessary activity is collecting customer shopping data. The second activity is __________.

analyzing customer data and identifying target customers

Levy and Weitz cite statistics from Advertising Age magazine's annual rankings of advertisers: After __________, retailers are the second-largest group of national advertisers, spending more than _____ annually on online and mobile advertising. The authors go on to list Amazon, Apple, Best Buy, Walt Disney, McDonald's, Sears Holding, Macy's, Target, and Home Depot among the largest spenders.

automobile manufacturers (e.g., Toyota, Hyundai)

Market basket analysis has found __________ to be the most common item in Americans' grocery carts.

bananas

The free-form layout is also sometimes called the ________ layout.

boutique

In the present-day marketplace, retailers receive most of their sales revenue through __________.

brick-and-mortar stores

6c. In a national department store chain such as JC Penney or Macy's, __________ are responsible for managing relationships with vendors and negotiating with them.

buyers

On March 16, 2016, a long-awaited event took place in Lexington, Kentucky: Cabela's opened its Hamburg store. According to the authors of your textbook, the correct general-merchandise retailer classification for Cabela's is __________.

category specialist

Patagonia sells a line of t-shirts that feature the artwork of nature conservationist James Prosek. Each of the shirts is imprinted with one of Mr. Prosek's drawings of a trout. For each trout t-shirt sold, Patagonia donates $5 to a grassroots organization that works to protect trout species and their natural habitat. This action by Patagonia would be categorized by the authors of your textbook as __________.

cause-related marketing

The authors of your textbook state that a retail __________ "defines the way a retailer sells and delivers merchandise and services to its customers."

channel

Gwendolyn Gwynn-Dolin was interested in buying a digital camera, so she went on Best Buy's Web site to learn about the available brands and features, as well as to read product reviews and customer ratings. As she gathered information at the site, the Nikon Coolpix B500 emerged as her clear favorite. The next day, while Gwen was inside a Target store buying household supplies and toiletries, she also bought a Coolpix. The label __________ is used to describe Gwen's shopping behavior.

channel migration

If a retailer identifies customers in its target market by benefits sought, lifestyles, and demographics, it is taking the __________ approach to segmentation.

composite

When a vendor (such as Kimberly-Clark) splits the cost of advertising with a local retailer (such as all Rite Aid stores within a designated metropolitan statistical area) for one of its products (such as Kleenex), it is called ______________ advertising.

cooperative

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.

customer lifetime value (CLV)

Abercrombie & Fitch operates three well-known chains of stores, each designed to serve a different target market. The company's namesake Abercrombie & Fitch stores target young adults age 21 and older, while its Hollister stores are geared to teens 14 and older and its Abercrombie Kids stores sell clothing for children from 7 to 14. From this information, we can conclude that A&F has taken a __________ approach to market segmentation.

demographic

Decision makers at a department store chain know from market research that their average customer comes from a household of $60,000 annual income, 33% of their customers have children at home, 51% of their customers have a college education, and the median age of their customers is 42. These statistics are an example of __________ information that a retailer might use for market segmentation.

demographic

Typically, we'd expect a(n) __________ to carry a broader variety of merchandise than a(n) __________.

department store; category specialist E.

According to the authors of your textbook, we can consider Nordstrom, Neiman Marcus, Macy's, JCPenney, and Kohl's to be __________.

department stores

According to the authors of your textbook, if you use a desktop or laptop computer to shop, you are shopping in the ________ channel. On the other hand, if you use a smartphone or a tablet, that is called __________.

electronic; mobile retailing

Kirk Burke is shopping for tires for his pride and joy, i.e., his 2016 Camaro SS. When Kirk bought the car new, it came equipped with Pirelli P Zero tires. Kirk is not sure he wants to replace the original tires with more of the same. The Pirellis performed admirably in the spring and summer months. However, for the $850 to $1,100 that he'll end up spending, Kirk suspects that there may be other brands and types of tires that would be more appropriate for year-round driving. Kirk also knows that some tires are more appropriate than others for a cool car like his. He wouldn't want to buy tires that he and his buddies think of as belonging on their grandfathers' Oldsmobiles (such as Uniroyal, Goodyear, or General), just like he wouldn't want to disgrace his beloved Camaro by buying tires that would look more at home on the Volvos, Subarus, and minivans of cautious "soccer moms." Maybe BFGoodrich? Toyo? Stick with Pirelli? Kirk isn't at all sure what to buy. All he knows at this point is that he'll visit a lot of websites and tire retailers, and he'll have a lot of conversations with service representatives before he makes his final choice. Kirk's tire shopping behavior most closely resembles __________.

extended problem solving

According to the authors of your textbook, we can consider Dollar General and Dollar Tree to be __________.

extreme-value retailers

All other things being equal, retailers can expect a consumer's most important reference group to be his or her __________.

family

Sondra Alondra owns Gothic Ghoullery, a specialty apparel and accessories retailer. At present, the retailer has eleven locations: three at regional malls, six in strip centers, and two standalone stores. Sondra has five-year leases for each of her standalone locations. At one of these (the Batwing Boulevard location), Sondra pays a monthly amount that is equal to $1.30 per square foot. At the other store (located on Darque Alley), Sondra pays a monthly amount that is equal to 7 percent of her previous month's sales, but no more than $3,100 per month. Sondra's current lease at the Batwing Boulevard location is a(n) __________ lease. The Darque Alley lease, on the other hand, is a(n) __________ lease.

fixed-rate; percentage

Jared Sherrod prefers Nike athletic shoes over any other brand. He does not, however, have a strong preference for any particular retailer, or even for any category of retailer. His next pair of Nikes may be purchased at Finish Line, Shoe Carnival, Foot Locker, JCPenney . . . one never knows. And, since Jared wears his Nikes as an all-around sneaker rather than for playing a particular sport, his next pair may be running shoes, basketball shoes, cross trainers - whatever happens to be convenient to purchase when it's time to buy. Jared's purchase behavior, when it comes to athletic shoes, most closely resembles __________.

habitual decision making

One of the four criteria for deciding whether a retail segment is a viable target market is "substantiality." A substantial segment:

has enough buying power to warrant developing a special retailing mix.

According to the authors of your textbook, buying the naming rights to a sports or entertainment venue (for example, PNC Park in Pittsburgh) is a form of __________. Some other authors (including, perhaps, the authors of your MKT300 textbook) say that it is a form of __________.

in-store marketing/design elements

The authors of your textbook categorize event sponsorship (for example, the Land Rover Three-Day Kentucky Event) as a form of __________. Your instructor disagrees.

in-store marketing/design elements

The authors mention that a retailer can send "mixed messages" when it communicates through several different media at once. For example, the company may be trying to establish its image as a time-honored and prestigious brand through its television and magazine advertising; at the same time, it may be involved in sales promotion activities (e.g., coupons and/or freemiums) that project a bargain-basement image. Furthermore, the firm may be promoting itself in YouTube videos that make it look more like a "hipster" brand than the "Ivy League" brand that it is trying to be. And, the company may be running a social media campaign that is inappropriate for its target audience or that makes it appear desperate for customers. According to Levy and Weitz, a retailer can avoid this type of fragmentation of its message; that is, it can ensure that all of the elements in its communication mix "speak with the same voice." The way to do this is by having a well-conceived and well-managed __________.

integrated marketing communications (IMC) program

One of the four criteria for deciding whether a retail segment is a viable target market is "identifiability." An identifiable segment:

is a segment whose population is of known or knowable size, social characteristics, and demographic features.

One of the four criteria for deciding whether a retail segment is a viable target market is "actionability." An actionable segment:

is made up of customers whose needs are significantly different from those of customers in other segments - and the retailer knows how to satisfy these needs.

One of the four criteria for deciding whether a retail segment is a viable target market is "reachability." A reachable segment:

is one to which the retailer can effectively target promotions and other elements of the retail mix.

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 , and platinum .

lead, iron, gold, platinum

Finley McKinley has little to no preference for a brand of tires. He says, "Goodyear, Hoosier, Firestone, Toyo, Michelin, Uniroyal, Dunlop, BF Goodrich, Cooper, Hankook, Yokohama, Mastercraft, Bridgestone, Nexxen, Cooper, General — they're all about the same. Round, black, and made of rubber." Finley will go only one place to buy tires for his Toyota Camry: NTB (National Tire and Battery) Auto Center. When the tires on the Camry are worn enough to need replacement, Finley goes to NTB. Once he's there, Finley will look at the displays and read the signs and brochures, as well as talking to the service representative (if necessary). Finley's strategy is to choose the tires that have the best warranty in his price range. Based on the authors' explanation of "types of buying decisions," Finley's tire shopping behavior most closely resembles __________.

limited problem solving

Tanner Danner believes that his choices about what food to eat matter a lot. He thinks that in addition to the impact of his food choices on his own physical well-being, they have profound environmental, political, and economic consequences as well. Tanner's favorite books are Coming Home to Eat (by Gary Paul Nabham), Food Rules: An Eater's Manual (by Michael Pollan), and The Complete Idiot's Guide to Urban Homesteading (by Sundari Elizabeth Kraft). After reading in HuffPost that Denver is the #1 city in the U.S. for local food, Tanner left his native Shelbyville, Kentucky and moved there. Tanner tries very diligently to eat only vegetables that were grown within a 100-mile radius of where he lives. Similarly, most of the beef, chicken, and pork that Tanner eats comes from animals that were raised and slaughtered in the surrounding region, and most of the dairy products that he consumes come from Colorado dairies. Tanner's favorite food shopping venue is the Metro Farmer's Market. For items that he can't buy at Metro Farmer's Market (which is located outdoors and closes during the winter), Tanner shops at Vitamin Cottage Natural Grocers, In Season Local Market, Foodcopia's Online Corner Store, and - if he absolutely must - Whole Foods Market. (Tanner has mixed feelings about Whole Foods because some of its products are shipped from faraway locations, which requires large amounts of fossil fuel to be burned.) Six months ago, Tanner gave up coffee and chocolate, since their base ingredients are not grown on the U.S. mainland. However, his latest hobby is growing bonsai coffee and hydroponic cacao trees in his living room, and he hopes that his harvest will enable him to begin consuming these items once more. The authors of your textbook would describe Tanner as a(n) __________.

locavore

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."

market basket analysis

6a. In a national department store chain such as Saks Fifth Avenue or Macy's, __________ are responsible for tailoring the assortment of several categories of merchandise for specific stores in a geographic area.

merchandise planners

A(n) __________ retailer uses more than one channel to sell and deliver merchandise and services to customers. A(n) __________ retailer coordinates multichannel retail activities in a way that provides seamless and synchronized customer experience.

multichannel; omnichannel

In the five-stage buying process, as it is presented by the authors of your textbook, a customer enters the __________ stage because of an unsatisfied need.

need recognition

The authors of your textbook describe a buying process that begins with __________ and ends with __________.

need recognition; postpurchase evaluation

The authors of your textbook differentiate between two categories of "new" media elements. One category is __________. Levy and Weitz list _________ as one of the media elements that fit this category. The other category of "new" media is __________, of which __________ is one example.

online media; e-mail; social media; Twitter

Sondra Alondra is establishing a communication budget for Gothic Ghoullery. Based on recent years' sales trends and based on economists' expectations of healthy economic growth, Sondra does a rough forecast of next year's sales: $1.2 million. Then Sondra computes 7% of that total: $84,000. This becomes the amount that Sondra allocates to her company's IMC program. In this scenario, Sondra is using the __________ method of setting a communication budget.

percentage-of-sales

According to the authors of your textbook, the three basic types of retail locations are _____, ______, and _______.

planned; unplanned; nontraditional

A store's __________ is the geographic area from which it draws 50 to 70 percent of its customers. Its __________ is located immediately beyond that area, and generates another 20 to 30 percent of the store's customers. The remaining customers come from the store's __________

primary trading area; secondary trading area; tertiary trading area

8. The authors of your textbook state that human resource managers in retail firms need to be well acquainted with six categories of legal and regulatory issues. They are Equal employment opportunity Compensation Labor relations Employee safety and health Sexual harassment Employee __________

privacy

Cause-related marketing (for example, Chili's partnership with St. Jude's Research Hospital) is a form of __________.

public relations

Cause-related marketing (for example, Starwood Hotels and Resorts' partnership with Special Olympics) is a form of __________. Group of answer choices

public relations

Product placement (for example, Starbucks in Fight Club) is a form of __________.

public relations

6b. In a national department store chain such as Neiman Marcus or Macy's, __________ supervise district managers, who in turn supervise __________.

regional managers; store managers

In a typical supply chain for a low-cost, frequently-purchased consumer product (such as a magazine or package of candy), a wholesaler would primarily sell to and be concerned about the ___________, and a manufacturer would primarily sell to and be concerned about the ___________. retailer; wholesaler manufacturer; retailer retailer; consumer broker; manufacturer's representative consumer; retailer

retailer: wholesaler

A successful retail communication strategy will usually make use of several media elements. Most likely, some of those media elements will be "traditional" media elements and some will be "new" media elements. Traditional media elements include mass media advertising, sales promotions, in-store marketing, personal selling, and __________.

sales promotions

Levy and Weitz (they're the authors of your textbook) describe __________ as "special incentives or excitement-building programs that encourage customers to purchase a particular product or service." Examples include samples, coupons, and point-of-purchase (POP) displays.

sales promotions

When Scott Free moved into his new apartment, he decided to buy a new TV. Scott went to Best Buy and looked at various Samsung, LG, Sony, and Vizio televisions. Once he had decided that he wanted a particular 50-inch Samsung model, Scott searched for a lower price online and ended up ordering that same Samsung from Amazon. The label __________ is used to describe Scott's shopping behavior.

show rooming

The s in s-retailing stands for __________. An example would be when __________.

social; Jay Walker clicks the buy button on a picture on Instagram

In the world of retailing, the initials SKU stand for __________.

stock keeping unit

Hypermarkets originated in France in the mid-20th century, and are common in Europe and in some South American countries. Shoppers in the United States, on the other hand, have not responded well to the hypermarket concept. Therefore, true hypermarkets are rare in the U.S. American consumers seem be more comfortable with a retail format that is similar in some ways to, say a Carrefour hypermarket, but which offers more nonfood items. This American "equivalent" of a hypermarket is called a(n) __________, and __________ is an example of one. However, in comparison, a hypermarket would typically carry a larger proportion of __________.

supercenter; Fred Meyer; packaged food items

Hypermarkets originated in France in the mid-20th century, and are common in Europe and in some South American countries. Shoppers in the United States, on the other hand, have not responded well to the hypermarket concept. Therefore, true hypermarkets are rare in the U.S. American consumers seem be more comfortable with a retail format that is similar in some ways to, say a Carrefour hypermarket, but which offers more nonfood items. This American "equivalent" of a hypermarket is called a(n) __________, and __________ is an example of one. However, in comparison, a hypermarket would typically carry a larger proportion of __________.

supercenter; SuperTarget; packaged food items

Compared to other retail channels, __________ enable(s) retailers the greatest ability to personalize merchandise offerings and information for each customer - and the ability to do so the most economically.

the Internet

The authors of your text define conversion rate as __________.

the total number of customers who leave the store (or exit a website) having made a purchase, divided by the total number of shoppers who enter the store (or access the website)

According to the authors of your textbook, people go shopping because of __________ needs.

utilitarian and hedonic

McLane Company is a Temple, Texas-based company that distributes grocery and nonfood products to convenience stores, discount retailers, wholesale clubs, drugstores, military bases, quick service restaurants, and fast casual restaurants throughout the United States. Retailers who buy from McLane's include Walmart, Sam's Club, Walgreens, Circle K, 7-Eleven, Target, Love's, Family Dollar, and Army and Air Force Exchange Service (AAFES). Restaurants that are supplied by McLane include Taco Bell, Pizza Hut, KFC, Sonic, Long John Silver's, Applebee's, and Sonic. McLane is a __________. producer wholesaler franchisor category killer 3pl (third party logistics) provider

wholesaler