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retail
part 2 exam
| Question | Answer |
|---|---|
| objectives state how much output the retailer desires for each unit of resource input. (How much the retail plans to profit from the money, time and resources invested in floor space, labor, & inventory investment) | Productivity |
| The productivity objective that reflects how many dollars in annual sales the retailer desires to generate for each full-time equivalent employee. Is called what? | Labor Productivity |
| Many retailers today try to differentiate their business on the basis of __________ and are not successful. | Price |
| A retailer's ______________ is the specific group of customers that it is seeking to serve. | Target Market |
| __________________ is the combination of merchandise, assortment, price, promotion, customer service, and store layout that best serves the segments targeted by the retailer. | retail mix |
| Who was the retail that we discussed in lecture as being the first American retailer to provide its part-time employees with full health care benefits and stock options? | Starbucks |
| marcus was born in 1988. His generation is very much into technology, his parents are considered from the "baby boomer" generation, and he is becoming a more powerful buying force as his income increases. he is considered | generation Y |
| Metropolitan statistical areas are freestanding urban areas with populations with at least ______________ people. | 50,000 |
| Joe graduated from college and moved out of his parent’s house and into an apartment. After living in his apartment for 6 months, Joe decided to move back home and live with his parents in order to save more of his monthly income | The boomerang effect |
| _______________ is a consumer's personal income after all taxes and bills have been paid. | Discretionary Income |
| ______________ is the easiest variable for the competition to copy. | Price |
| Which of the following is NOT an example of intratype competition? | JC Penny vs. Target |
| Sandy works for Kay Jewelers. Her manager has asked her to compare the store’s sales for May 2012 to its sales for May 2011. Sandy will be looking at what retailers call ______________. | Same-Store Sales |
| Nick usually purchases all his grocery items from Wal-Mart, but while he was in Walgreen’s getting a prescription refilled he decided to purchase cereal, milk, and detergent. Walgreen’s used | Divertive Competition |
| In Wiggins there is only one store that sells grocery items. This store is very crowded most of the time and residents often wish that there was another alternative. In this example Wiggins is _________________ in grocery stores. | Understored |
| Retailing is defined as: | the final activities and steps needed to place merchandise made elsewhere into the hands of the consumer or to provide services to the final consumer |
| Taking a diverse population of consumers and dividing them into smaller groups based on characteristics like age, sex, race, etc. would be an example of what? | Market segmentation |
| All of the following are examples in which retailers can use non-price factors to achieve a protected niche except: | Price your merchandise lower than your competition |
| This type of merchandise assortment occurs when a retailer carries many items that are different and unrelated? Ex: A Convenience Store | Scrambled Merchandise |
| All of the following retailers are examples of category killers except: | Target |
| Target is a national retail chain. It has locations in Mississippi, Texas, Utah, and many other states. Not all Target locations carry the same merchandise selection. | optimal stock list |
| Amazon, EBay, and Zappos would all be considered ___________ due to the fact that they are strictly online retailers. | E-Tailers |
| All of the following would be considered a recycled merchandise retailer except: | Hudson’s Salvage Stores |
| Which of the following brands would be considered a private label brand? | Great Value by Wal-Mart |
| If a city has too many retailers/outlets of one particular type in relation to the city’s popluation. That city is said to be _______________ in that type of retail format. | Overstored |
| Sarah recently shopped online at Amazon.com. She was very surprised at the selection of merchandise and how easy it was to complete her transaction. Sarah experienced ____________________ because her total shopping experience was met or exceeded. | Customer Satisfaction |
| Which of the following retailers would be considered a high margin/low turnover retailer? | A Car Dealership |
| Which of the following retailers would best be considered a low margin/high turnover retailer? | The Dollar Tree |
| _______________ is the anticipation and organization of what needs to be done to reach an objective. | Planning |
| The easiest way for a retailer to differentiate itself in the eyes of consumers is to: | satisfy the customer's needs and wants better than the competition. |
| Which of the following statements regarding current U.S. population trends is incorrect? | The overall population is increasing |
| ________________ involves tailoring merchandise in each store to the preferences of its neighborhood. | Micromarketing |
| ______________ occurs when a household leaves their community of residence to shop in another community; it usually occurs when people leave a smaller community to shop in a larger community. | Outshopping |
| When gasoline stations, convenience stores, and supermarkets all sell milk, bread and oil, this is an example of what type of competition? | Intertype competition |
| The _____ theory of retail evolution describes retail institutions as evolving from outlets that offer wide assortments to specialized stores that offer narrow assortments, and then return to the wide assortment stores, continuing this pattern again and a | retail accordion |
| All of the following are stages in the retail life cycle except: | Depression |
| This retail format combines a discount store and grocery store to carry 80,000 to 100,000 products in order to offer one-stop shopping. | Supercenter |
| Which of the following retailers would best be considered in the introductory stage of the retail life cycle? | PeaPod Online Grocery Stores |
| ____________ problem solving typically involves infrequently purchased expensive products of high risk. Here the consumer desires a lot of new information. | Extended |
| Megan is a new mom and is shopping for new baby items. Since she has never really shopped for these items before; she will spend a little more time looking at items and trying to decide what will be best for her baby. | Limited problem solving |
| When Mrs. Harris shops at her local grocery store; she purchases many of the same products each visit. Milk, bread, Diet Cokes, etc. are all items that she purchases without much thought. Mrs. Harris probably uses | Habitual |
| In order to be classified as a "chain store"; a retailer must have how many units? | 11 |
| At what stage in the retail life cycle does the retailer begin to lose market share and profits fall? | Decline |
| A retailer that carries such a large amount of merchandise in a single category at such competitive prices that it makes it impossible for the customers to walk out without purchasing what they need is called a _____________. | Category Killer |
| ___________ expenses are expenses the retailer incurs in running the business on a day-to-day basis. These expenses include rent, employee wages, utilities, etc. | Operating |
| _____________ which began operations in 1948, is said to be the first category killer. | Toys “R” Us |
| JC Penny stores carry all the same merchandise despite local taste, climate, or other factors. Stores in Mississippi, Utah, and Michigan all have to the same or similar assortments. | Standard Stock List |
| The term "cannaibalizing" in the retail industry means that a company is doing what? | Taking away business from itself |
Created by:
colecoe