Business retailing (answer 20/20) | Marketing homework help

1. What can department stores do to differentiate their merchandise offering and strengthen their image?

A. Increase their pricing.

B. Seek exclusive arrangements with nationally recognized brands.

C. Network with a broader variety of vendors.

D. Merge with faltering retailers to gain their market share.

2. Whereas conventional supermarkets carry about 30,000 SKUs, limited assortment supermarkets or extreme value food retailers only stock 2,000 SKUs. Which of the following is not the advantage of stocking lesser SKUs?

A. Less backup stocks

B. Less inventory investments

C. Less inventory holding costs

D. Lower transportation costs

3. The multiattribute model suggests that a retailer can encourage customers to shop at its store more frequently by

A. cross-shopping.

B. postpurchase evaluation.

C. tightening the assortment.

D. getting its store into the customer’s consideration set.

4. Why is it advantageous for retailers to be vertically integrated?

A. Retailers have the greatest control over its supply chain.

B. Customers prefer retailers who are vertically integrated.

C. Retailers have realized that to stay competitive, they must become vertically integrated.

D. Retailers can expand their services easily to the Internet because they can direct orders to the manufacturer.

5. Which of the following describes an advantage that independent, single-store establishments have over other forms of ownership?

A. Very low set-up costs

B. React quickly to market changes

C. Economies of scale

D. Bureaucratic operation

6. Office Depot offers customers a huge selection of office supply merchandise. As a result, inventory investment

A. decreases because of the increase of the customer base.

B. increases because of the increase in demand.

C. increases because they have to carry back up stock for each SKU.

D. increases because of the value of the assortment.

7. Which of the following statements regarding party plan systems is true?

A. They use a master distributor as lead salesperson.

B. They may be illegal if they develop into pyramid schemes.

C. They’re based on the idea that social relationships influence buying habits.

D. They’re a form of direct-response advertising.

8. Angelo manages a local convenience store that sells gasoline. When gas prices are high, his sales increase, but gas margins are low. So, depending on gas sales, the success of the business can be a problem for him. What should Angelo do?

A. Sell two-for-one candy with every fill-up.

B. Add fresh healthy food and new convenient services to the product mix.

C. Temporarily lower gas prices to motivate customers to fill up at his store.

D. Open more gas pumps.

9. Ingvar Kamprad, the founder of the Swedish-based home furnishing retail chain, IKEA, discovered in his youth that he could make a profit by buying in bulk and selling the items individually at a low price. This concept is one of the activities retailers do

A. for integration.

B. to display corporate social responsibility.

C. to create a retail mix.

D. to create value.

10. Ken operates a furniture store suited for a market of young military families. When young couples come in to his store to shop, they bring their children, who distract their parents from making a purchasing decision. How can Ken help these couples make a purchase?

A. Lower the prices of the furniture

B. Extend the store hours until after the children’s bedtime

C. Provide in-store child-care

D. Offer extensive credit

11. A retail store can use certain criteria for evaluating whether a retail market segment is a viable target market. A health food store wants to use benefit segmentation. Which criterion is it most likely to meet if it follows this segmentation strategy?

A. Accessibility

B. Identifiability

C. Flexibility

D. Actionability

12. Which of the following strategies has JCPenney implemented to compete effectively with the

competition?

A. Developed a faster vendor to floor strategy by drop shipping merchandise directly to each store

B. Reorganized and streamlined its multichannel offerings

C. Reorganized with a decentralized merchandise management now in place

D. Redesigned the stores to offer more checkouts within each department

13. The multiattribute attitude model is designed to

A. segment the target market by examining customers’ attributes and determine the store’s or product’s position in the market.

B. forecast inventory needs based on a multiple regression model.

C. modify preexisting attitudes by providing customers with a list of benefits (attributes) for shopping at a particular store or buying a particular product.

D. predict how a customer will evaluate a store based on its attributes and how important these attributes are to the customer.

14. How can a store, such as The Lizard Connection, which sells only lizards and reptile paraphernalia, be found in Chicago?

A. A retailer like this locates itself where there are designers who will patronize the shop.

B. More people in the Midwest have hobbies making it more actionable.

C. The market is easier to identify because of the diversity.

D. Chicago is a large city and can support the retailing mix of the store.

15. Which of the following statements about NAICS codes is true?

A. The letters in NAICS stand for National Assortments in Commercial Stores.

B. Retailers with the same NAICS codes are likely to compete against each other.

C. The NAICS code categorizes businesses according to an 8-digit classification system.

D. A retailer’s principal competitor is seldom, if ever, in the same NAICS category.

16. Both a weight-loss center and a health club would be pleased to learn that health and fitness, together with individualism, mastery and control, and self-improvement are core values common in the _______ of the U.S.

A. culture

B. experiential base

C. environment

D. civilization

17. Which of the following does not describe tactics that retailers use to convert positive evaluations of the merchandises or services to purchases?

A. Offering online reviews to reduce perceived risks

B. Offering liberal return policies

C. Offering entertaining graphics on a website

D. Making a website easy to navigate

End of exam

18. How can a service retailer best cope with the problems associated with the inconsistency of service?

A. Increase staffing at peak demand times

B. Train and motivate employees

C. Emphasize quality control

D. Use low prices during off-seasons to help match supply and demand

19. If L’Oreal cosmetic products wanted to sell exclusively through the Internet channel, it would most likely have a difficult time because

A. of the competition from other manufacturers.

B. the manufacturer doesn’t have the appropriate systems to fulfill individual orders.

C. the manufacturer doesn’t own the rights to the brand name.

D. it doesn’t have name recognition.

20. Which of the following segmentation methods would be most appropriate for a retailer selling MP3 players?

A. Geographic

B. Buying situation

C. Demographic

 

D. Benefit

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