Question 1

To respond to a competitive discount environment,Walmart is fighting back by _____.

Accepted Answer

A)   converting its discount stores into supercenters
B)   leasing retail space in its stores to independent merchants
C)   focusing on high customer service
D)   converting the discount stores into convenience stores
E)   expanding into rural locations

Question 2

Which of the following statements is true of the North American Industry Classification System (NAICS) ?

Accepted Answer

A)   It was developed by the Federal Trade Commission (FT
C)  .
B)   It uses an 8-digit classification system.
C)   It was created to collect data on North America's business activity.
D)   It is limited in its use to only manufacturing companies.
E)   It is a classification system developed by the United States.

Question 3

Extreme-value retailers primarily target low-income consumers.

Accepted Answer

A) True 
 B)False

Question 4

The most basic characteristic used to describe the different types of retailers is their retail mix,or the elements retailers use to satisfy their customers' needs.

Accepted Answer

A) True 
 B)False

Question 5

The biggest difference between service retailers and merchandise retailers is their profits.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a similarity between hypermarkets and supercenters?

Accepted Answer

A)   Both are common in the United States.
B)   Both offer self-service.
C)   Both carry a negotiable percentage of nonfood items.
D)   Both avoid the sale of perishables.
E)   Both lack parking facilities for customers.

Question 7

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

Accepted Answer

A)   Increase their pricing
B)   Decrease the variety and assortment of merchandise within the store
C)   Seek exclusive arrangements with nationally recognized brands
D)   Merge with faltering retailers to gain their market share
E)   Start selling both soft goods and hard goods

Question 8

A dermatologist has her diplomas prominently displayed above her large desk,which sits on a Persian rug in an office filled with tasteful,yet expensive furnishings.Which of the following service characteristics is the doctor trying to handle with her office décor?

Accepted Answer

A)   Intangibility
B)   Perishability
C)   Inconsistency
D)   Consumability
E)   Compatibility

Question 9

What type of a retail store is Victoria's Secret considered to be?

Accepted Answer

A)   Department store
B)   Convenient store
C)   Full-line discount store
D)   Specialty store
E)   Supermarket

Question 10

The outer walls of a supermarket that stocks fresh-merchandise such as dairy,bakery,meat,produce,etc.is referred to as the _____.

Accepted Answer

A)   power perimeter
B)   convenience rack
C)   closeouts
D)   irregulars
E)   supercenters

Question 11

A retailer that carries a broad variety and deep assortment,offers customer services,and is organized into distinct sections for displaying merchandise is called a(n) _____.

Accepted Answer

A)   off-price retailer
B)   department store
C)   discount retailer
D)   convenience store
E)   specialty retailer

Question 12

With respect to retailing,assortment is often referred to as the _____.

Accepted Answer

A)   power perimeter
B)   depth of merchandise
C)   closeouts
D)   variety of merchandise
E)   irregulars

Question 13

What type of store is Kohl's considered to be?

Accepted Answer

A)   Off-price retailer
B)   Department store
C)   Full-line discount store
D)   Extreme value retailer
E)   Specialty retailer

Question 14

Purchasing from factories that pay workers a living wage (more than the minimum wage) and offer other benefits to the employees is called _____.

Accepted Answer

A)   a closeout
B)   power perimeter
C)   cash wrap
D)   flash sale
E)   fair trade

Question 15

Discuss the reasons that department stores are losing their market share to discount stores,and list the steps taken by department stores to deal with their eroding market share.

Accepted Answer

Many consumers view department stores no...

Question 16

With respect to off-price retailing,in a _____ sale,each day at the same time,members receive an email that announces the deals available.

Accepted Answer

A)   closeout
B)   clearance
C)   enterprise
D)   consultative
E)   flash

Question 17

Services are difficult to be evaluated before customers buy or even after they buy and consume them.Which of the following characteristics of service causes this challenge for service retailers?

Accepted Answer

A)   Intangibility
B)   Perishability
C)   Inconsistency
D)   Consumability
E)   Compatibility

Question 18

What type of store is TJMaxx considered to be?

Accepted Answer

A)   Off-price retailer
B)   Department store
C)   Full-line discount store
D)   Extreme-value retailer
E)   Specialty retailer

Question 19

Convenience stores _____ than supermarkets.

Accepted Answer

A)   make customers wait in a long checkout line
B)   avoid selling lower profit products
C)   offer a broad variety and deep assortment of merchandise
D)   offer self-service to its customers
E)   charge higher prices for similar products sold

Question 20

Differentiate between variety and assortment of merchandise offered by a retailer.

Accepted Answer

Variety is the number of merchandise cat...

Exam 2: Types of Retailers

To respond to a competitive discount environment,Walmart is fighting back by _____.

Correct AnswerverifiedShow Answer

A retailer that carries a broad variety and deep assortment,offers customer services,and is organized into distinct sections for displaying merchandise is called a(n) _____.

Correct AnswerverifiedShow Answer

Discuss the reasons that department stores are losing their market share to discount stores,and list the steps taken by department stores to deal with their eroding market share.

Correct AnswerverifiedMany consumers view department stores no...View AnswerShow Answer

What type of a retail store is Victoria's Secret considered to be?

Correct AnswerverifiedShow Answer

Extreme-value retailers primarily target low-income consumers.

Correct AnswerverifiedShow Answer

Differentiate between variety and assortment of merchandise offered by a retailer.

Correct AnswerverifiedVariety is the number of merchandise cat...View AnswerShow Answer

Services are difficult to be evaluated before customers buy or even after they buy and consume them.Which of the following characteristics of service causes this challenge for service retailers?

Correct AnswerverifiedShow Answer

Which of the following is a similarity between hypermarkets and supercenters?

Correct AnswerverifiedShow Answer

Convenience stores _____ than supermarkets.

Correct AnswerverifiedShow Answer

The outer walls of a supermarket that stocks fresh-merchandise such as dairy,bakery,meat,produce,etc.is referred to as the _____.

Correct AnswerverifiedShow Answer

With respect to retailing,assortment is often referred to as the _____.

Correct AnswerverifiedShow Answer

What type of store is Kohl's considered to be?

Correct AnswerverifiedShow Answer

A dermatologist has her diplomas prominently displayed above her large desk,which sits on a Persian rug in an office filled with tasteful,yet expensive furnishings.Which of the following service characteristics is the doctor trying to handle with her office décor?

Correct AnswerverifiedShow Answer

Which of the following statements is true of the North American Industry Classification System (NAICS) ?

Correct AnswerverifiedShow Answer

The most basic characteristic used to describe the different types of retailers is their retail mix,or the elements retailers use to satisfy their customers' needs.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What type of store is TJMaxx considered to be?

Correct AnswerverifiedShow Answer

With respect to off-price retailing,in a _____ sale,each day at the same time,members receive an email that announces the deals available.

Correct AnswerverifiedShow Answer

Purchasing from factories that pay workers a living wage (more than the minimum wage) and offer other benefits to the employees is called _____.

Correct AnswerverifiedShow Answer

The biggest difference between service retailers and merchandise retailers is their profits.

Correct AnswerverifiedShow Answer

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Many consumers view department stores no...
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Variety is the number of merchandise cat...
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