_____ are shopping centers that consist primarily of collections of big-box retail stores,
such as full-line discount stores, off-price stores, warehouse clubs, and category
specialists.
A. Neighborhood shopping centers
B. Power centers
C. Enclosed shopping malls
D. Lifestyle centers
E. Outlet centers
Answer:
A _____ is a business that sells products and/or services to consumers for their personal
or family use.
A. manufacturer
B. wholesaler
C. retailer
D. distributor
E. none of these
Answer:
Which of the following statements is true of laws relating to compensation?
A. It requires that firms pay the same work pay for men and women.
B. It requires that firms pay the same work pay for all employees of a department.
C. It protects the organization’s investment on its employees.
D. It places restrictions on the salaries drawn by the top management.
E. It monitors the financial investments made by the top management of the
organization.
Answer:
In the customer pyramid, which of the following segments consists of customers with
the top 25 percent CLVs?
A. Gold segment
B. Platinum segment
C. Iron segment
D. Lead segment
E. Silver segment
Answer:
Scrambled merchandising increases:
A. vertical integration.
B. intertype competition.
C. concentric diversification.
D. horizontal integration.
E. intratype competition.
Answer:
A food court in a mall is an example of a(n) _____.
A. multiple risk
B. analog approach
C. cumulative attraction
D. consumer spotting
E. diminishing adjacent
Answer:
An inventory planner notes that the inventory she is responsible for would be best
managed by relying on consumer demand. She recommends to her management to
implement a(n) _____ that would support being in a better stock position of her
managed product by store location.
A. cross check logistic strategy
B. pull supply chain strategy
C. cost efficient logistic strategy
D. push supply chain strategy
E. influential logistic strategy
Answer:
Which of the following retail growth strategies has the greatest chance for succeeding?
A. Related diversification growth opportunity
B. Market penetration growth opportunity
C. Market expansion growth opportunity
D. Retail format development growth opportunity
E. Unrelated diversification growth opportunity
Answer:
Which of the following differentiates a hypermarket from a supercenter?
A. Hypermarkets do not offer self-service facilities, whereas supercenters offer
self-service facilities to its customers.
B. Hypermarkets carry a larger proportion of food items, whereas supercenters carry a
larger portion of nonfood items.
C. Hypermarkets have a greater emphasis on dry groceries, whereas supercenters have a
greater emphasis on perishables.
D. Hypermarkets are very common in the United States, whereas supercenters are not
common in the United States.
E. Hypermarkets provide large parking facilities to its customers, whereas supercenters
do not provide parking facilities to its customers.
Answer:
_____ is also referred to as the level of support or service level.
A. Product assortment
B. Product availability
C. Product satisfaction
D. Product depth
E. Product breadth
Answer:
Which of the following statements is not true of geographic information systems?
A. It is used by retailers to find locations that maximize their sales and profits.
B. Its use develops a deeper understanding of the trade areas.
C. It combines demographic data, consumer spending patterns, and lifestyles in a
geographic area.
D. It is based only on demographic census data.
E. Examples of GIS suppliers include ESRI, Claritas, and Pitney Bowes.
Answer:
Which of the following statements is true of the ABC analysis?
A. It compares actual and planned sales to determine the quantity of merchandise
needed.
B. It uses a weighted-average score for each vendor.
C. The A items account for 10 percent of the SKUs and 20 percent of sales.
D. The SKUs in a merchandise category are rank-ordered by several performance
measures.
E. The C items account for 65 percent of SKUs and contribute to 70 percent of sales.
Answer:
Retailers will use all BUT which of the following to retain and increase share of wallet
from their best customer?
A. Frequent-shopper programs
B. Special customer services
C. Personalization
D. Promotions
E. Lower prices
Answer:
Which of the following is a benefit of efficient supply chain management?
A. Decrease in inventory turnover
B. Increase in product availability
C. Increase in turnaround time
D. Increase in organizational turnover
E. Decrease in cross selling
Answer:
_____ are applications of statistical techniques and models that seek to improve retail
decisions through analyses of customer data.
A. Retail analytics
B. Redress analytics
C. Strategic analytics
D. Information drafts
E. Data clones
Answer:
_____ refers to products that customers decided to buy before entering the store.
A. Impulse merchandise
B. Demand/destination merchandise
C. Special merchandise
D. Complementary merchandise
E. Promotion merchandise
Answer:
A contiguous geographic area that accounts for the majority of a store’s sales and
customers is called a _____.
A. demographic
B. metropolitan complex
C. site location
D. trade area
E. target market
Answer:
Gambler’s Den, a casino, has identified 2,000 people it categorizes as high rollers. Since
the casino people contend that there are no unifying demographics that can be used to
identify a high roller, what sort of segmentation must they be using?
A. Social class and income
B. Occupation, perceived risk, and social class
C. Lifestyle
D. Occupation, education, and lifestyle
E. Occupation, education, and geographic
Answer:
Which of the following pricing practices employs tactics such as inadequate inventory
for advertised products?
A. Bait and switch
B. Deceptive reference pricing
C. MSRP pricing
D. Predatory pricing
E. Horizontal price fixing
Answer:
After using her Chevy Citation for 17 years, Tracey’s mechanic told her that it would
cost more to fix the transmission than what the car was worth. She decided it was time
for a new car. In which stage of the buying process is Tracey involved?
A. Product selection
B. Need recognition
C. Information search
D. Product examination
E. Product purchase
Answer:
_____ is a socially responsible movement that ensures that producers receive adequate
prices for their products.
A. Green sheen
B. Whitewashing
C. Black marketing
D. Fair trade
E. Licensed branding
Answer:
Before Emily started her transaction at a retailer, the cashier requests her to register her
fingerprints and credit card details. Emily can now pay for products without having to
use her credit card or cash each time she shops. Her fingerprint would suffice. Which
method of collecting customer data is the retailer using?
A. Placing RFID chips on merchandise
B. Using market basket analysis
C. Using biometrics
D. Connecting Internet and store purchasing data
E. Using cookies
Answer:
Which of the following is true of store brands?
A. Store brands are limited in variety when compared to national brands.
B. These products are sold to competing retailers.
C. They are labeled only with the commodity name and have no distinguishing brand
names.
D. Retailers develop the design for these products in most cases.
E. National brand vendors are not involved in the development of these products.
Answer:
The _____ is the market segment(s) toward which the retailer plans to focus its
resources and retail mix.
A. target market
B. retail market
C. virtual market
D. labor market
E. global market
Answer:
Retailers are the _____ group of national advertisers in the United States.
A. third-largest
B. second-largest
C. sixth-largest
D. fourth-largest
E. fifth-largest
Answer:
A retailer has to confirm the receipt of an online shipping order to its customer. Which
of the following mediums is best suited for this purpose?
A. Blog
B. E-mail
C. Twitter
D. Youtube
E. Facebook
Answer:
Increasing intertype competition has made it harder for retailers to identify their:
A. competition.
B. target market.
C. merchandise mix.
D. retail mix.
E. price points.
Answer:
As Garry was waiting to pay for a bottle of aspirin at a pharmacy, he added a copy of
TV Guide, a Snickers bar, and a pack of cheese crackers to his purchases. The area
where Garry made his TV Guide and Snickers selections is called a(n) _____.
A. end cap
B. cash wrap
C. gondola display
D. promotional area
E. freestanding fixture
Answer:
Catherine visited American Eagle, an apparel store, to browse through the new spring
collection. The sales associate greeted her when she entered the store, showed her the
new collection, and stayed with her throughout her shopping experience, bringing her
additional items while Catherine was in the dressing room. This sales service can best
be described as _____.
A. a standardized service
B. wardrobing
C. micromanagement
D. a personalized service
E. a perceived service
Answer:
Which of the following is an example of top-of-mind awareness?
A. Ben asks Dwight what his favorite cola is, and Ben replies that he does not have any
favorites.
B. Melvin asks Steve is he knows GAP, and Melvin answers no.
C. Carol asks Lara if she knows Bloomingdales, and Lara answers yes.
D. Jason asks Shaun what his favorite brand of car is, and Shaun replies BMW.
E. Gwen asks Josh if he knows Tiffany’s, and Josh answers yes.
Answer:
Which of the following statements does not describe the benefits of a pull strategy?
A. There exists less likelihood of being overstocked, or out of stock, because the store
orders merchandise as needed on the basis of consumer demand.
B. It increases inventory turnover.
C. It is more responsive to changes in customer demand.
D. It becomes more efficient than a push approach when demand is uncertain and
difficult to forecast.
E. All of these statements are benefits of a pull strategy.
Answer:
Isabel works as a senior jewelry buyer for a department store chain. On a recent visit to
a trade show, she noticed a new vendor selling unique earrings, necklaces, and bracelets
made of glass. She had seen such pieces in trade magazines, but initially ignored them
because of the exorbitant price. She thought her affluent customers would appreciate
the look, so she decided to talk with the sales representative to learn more about the
possibility of a trial in only a few of her top stores. Isabel is in the _____ phase of
building strategic relationships.
A. expansion
B. consideration
C. commitment
D. exploration
E. awareness
Answer:
What is net profit?
A. Operating profit less interest, taxes, and depreciation
B. COGS less operating expenses
C. Gross sales minus net sales
D. A measurement of the liquidity of the firm
E. Net sales minus the cost of goods sold
Answer:
Which of the following would be an inappropriate question to ask in an interview?
A. Why do you want to leave your present job?
B. Where were your parents born?
C. How did you spend the summers during college?
D. What kind of people do you find it difficult to work with?
E. What is the most frustrating situation you’ve encountered in your career?
Answer:
Which of the following statements is true of lighting when creating an appealing store
atmosphere?
A. It captures a mood or feeling that enhances the store’s image.
B. Good lighting is limited to illumination of a store’s space.
C. A store’s lighting generally does not have an impact on customers.
D. Focusing lights on the store’s architecture strategically draws customers through the
store.
E. All of these.
Answer: