Question 1

_____ is the ability to make rapid decisions,to render judgements,take action and commit oneself to a course of action until completion.

Accepted Answer

A)  Flexibility 
B)  Leadership 
C)  Initiative 
D)  Enthusiasm 
E)  Decisiveness 
A)  Flexibility 
B)  Leadership 
C)  Initiative 
D)  Enthusiasm 
E)  Decisiveness E

Question 2

What is the key difference between a retailer using the analytical method and one using the creative method?

Accepted Answer

The analytical retail manager is a finder and investigator of facts.These facts are summarized and synthesized so a manager can make decisions systematically.In doing so,the manager uses models and theories of retail phenomena that enable him/her to structure all dimensions of retailing.An analytical perspective can result in a standardized set of procedures,success formulas,and guidelines.
Conversely,the creative retail manager is an idea person.This retail manager tends to be a conceptualizer and has a very imaginative and fertile mind capable of creating a highly successful retail chain.

Question 3

Which of the following characteristics is NOT desirable for a retail manager to possess?

Accepted Answer

A)  Enthusiasm 
B)  Creativity 
C)  Analytical skills 
D)  Indecisiveness 
E)  Initiative 
A)  Enthusiasm 
B)  Creativity 
C)  Analytical skills 
D)  Indecisiveness 
E)  Initiative D

Question 4

Which of the following demographic factors have been significant sources of change over the last decade?

Accepted Answer

A)  Fluctuating birth rate, the increasing number of immigrants, the growing importance of Generation-Y consumers, the fact that Generation-Xers are starting to reach middle age and that baby boomers are nearing retirement age. 
B)  Aging of baby boomers, declining household incomes, decline in part-time workers, redistribution of income levels, and the rise in the number of college graduates. 
C)  Increasing number of women in the workplace, declining household incomes, rise in part-time workers, rise in teenage suicide, and redistribution of income levels. 
D)  Fluctuating birth rate, the growing importance of Generation-X consumers, the fact that Generation-Yers are starting to reach middle age, and the increasing number of women in the workforce. 
E)  Fluctuating birth rate, the growing importance of Generation-X consumers, the fact that Generation-Yers are starting to reach middle age, and the decline in household incomes. 
A)  Fluctuating birth rate, the increasing number of immigrants, the growing importance of Generation-Y consumers, the fact that Generation-Xers are starting to reach middle age and that baby boomers are nearing retirement age. 
B)  Aging of baby boomers, declining household incomes, decline in part-time workers, redistribution of income levels, and the rise in the number of college graduates. 
C)  Increasing number of women in the workplace, declining household incomes, rise in part-time workers, rise in teenage suicide, and redistribution of income levels. 
D)  Fluctuating birth rate, the growing importance of Generation-X consumers, the fact that Generation-Yers are starting to reach middle age, and the increasing number of women in the workforce. 
E)  Fluctuating birth rate, the growing importance of Generation-X consumers, the fact that Generation-Yers are starting to reach middle age, and the decline in household incomes.

Question 5

In the past,private labels were inexpensive knockoffs of popular items.

Accepted Answer

A) True 
 B)False

Question 6

Retail managers need only be concerned with and involved in arranging deliveries of merchandise that they sell,not the merchandise they purchase.

Accepted Answer

A) True 
 B)False

Question 7

The North American Industrial Classification System (NAICS)code is used to reflect the:

Accepted Answer

A)  location of the retailer. 
B)  industrial category of the retailer. 
C)  type of merchandise the retailer sells. 
D)  size of the retailer in terms of sales dollars. 
E)  margin the retailer maintains in its industrial category. 
A)  location of the retailer. 
B)  industrial category of the retailer. 
C)  type of merchandise the retailer sells. 
D)  size of the retailer in terms of sales dollars. 
E)  margin the retailer maintains in its industrial category.

Question 8

Classifying retailers by size generally means classifying by sales volume or number of employees.

Accepted Answer

A) True 
 B)False

Question 9

Leadership and decisiveness are unfavorable retail manager traits.

Accepted Answer

A) True 
 B)False

Question 10

Large chains which recognize that consumer tastes vary by region often use a(n)_____ to give each store the flexibility to adjust its merchandise mix.

Accepted Answer

A)  standard stock list 
B)  flexible merchandise planning center 
C)  private label branding strategy 
D)  localized merchandise planning center 
E)  optional stock list 
A)  standard stock list 
B)  flexible merchandise planning center 
C)  private label branding strategy 
D)  localized merchandise planning center 
E)  optional stock list

Question 11

Retailers are prevented by law from engaging in scrambled merchandising as it would divert business away from the more traditional outlets; even if these older,traditional outlets are inefficient.

Accepted Answer

A) True 
 B)False

Question 12

Retailing does not include telephone sales,catalog sales,and sales over the Internet.

Accepted Answer

A) True 
 B)False

Question 13

Jewelry stores are generally categorized as:

Accepted Answer

A)  low-margin/high-turnover. 
B)  high-margin/low-turnover. 
C)  low-margin/low-turnover. 
D)  high-margin/high-turnover. 
E)  low-margin/moderate-turnover. 
A)  low-margin/high-turnover. 
B)  high-margin/low-turnover. 
C)  low-margin/low-turnover. 
D)  high-margin/high-turnover. 
E)  low-margin/moderate-turnover.

Question 14

Buyers are responsible for selecting the merchandise as well as selecting and negotiating terms with vendors.

Accepted Answer

A) True 
 B)False

Question 15

The fastest growing form of e-tailing or e-commerce is

Accepted Answer

A)  texting 
B)  m-tailing or m-commerce 
C)  social network advertising 
D)  personalized on line help 
E)  on-line auctions 
A)  texting 
B)  m-tailing or m-commerce 
C)  social network advertising 
D)  personalized on line help 
E)  on-line auctions

Question 16

If a retailer had an average inventory of $80,000 (retail)and annual sales of $480,000,how many times has that retailer turned over its inventory?

Accepted Answer

A)  Four times a month 
B)  Six times a month 
C)  Four times a year 
D)  Six times a year 
E)  Eight times a year 
A)  Four times a month 
B)  Six times a month 
C)  Four times a year 
D)  Six times a year 
E)  Eight times a year

Question 17

A product sold at or below cost is known as:

Accepted Answer

A)  freebie marketing. 
B)  a loss leader. 
C)  product bundling. 
D)  a bait and switch. 
E)  product churning. 
A)  freebie marketing. 
B)  a loss leader. 
C)  product bundling. 
D)  a bait and switch. 
E)  product churning.

Question 18

A (an)_____________ perspective can result in a standardized set of procedures,success formulas and guidelines.

Accepted Answer

A)  creative 
B)  administrative 
C)  intuitive 
D)  strategic 
E)  analytical 
A)  creative 
B)  administrative 
C)  intuitive 
D)  strategic 
E)  analytical

Question 19

Depreciation and wages are considered to be operating expenses.

Accepted Answer

A) True 
 B)False

Question 20

A retailer who employs the two-pronged approach to managing primarily concentrates on data and facts that have already been collected.

Accepted Answer

A) True 
 B)False

_____ is the ability to make rapid decisions,to render judgements,take action and commit oneself to a course of action until completion.

What is the key difference between a retailer using the analytical method and one using the creative method?

Which of the following characteristics is NOT desirable for a retail manager to possess?

Which of the following demographic factors have been significant sources of change over the last decade?

In the past,private labels were inexpensive knockoffs of popular items.

Retail managers need only be concerned with and involved in arranging deliveries of merchandise that they sell,not the merchandise they purchase.

The North American Industrial Classification System (NAICS)code is used to reflect the:

Classifying retailers by size generally means classifying by sales volume or number of employees.

Leadership and decisiveness are unfavorable retail manager traits.

Large chains which recognize that consumer tastes vary by region often use a(n)_____ to give each store the flexibility to adjust its merchandise mix.

Retailers are prevented by law from engaging in scrambled merchandising as it would divert business away from the more traditional outlets; even if these older,traditional outlets are inefficient.

Retailing does not include telephone sales,catalog sales,and sales over the Internet.

Jewelry stores are generally categorized as:

Buyers are responsible for selecting the merchandise as well as selecting and negotiating terms with vendors.

The fastest growing form of e-tailing or e-commerce is

If a retailer had an average inventory of $80,000 (retail)and annual sales of $480,000,how many times has that retailer turned over its inventory?

A product sold at or below cost is known as:

A (an)_____________ perspective can result in a standardized set of procedures,success formulas and guidelines.

Depreciation and wages are considered to be operating expenses.

A retailer who employs the two-pronged approach to managing primarily concentrates on data and facts that have already been collected.

Retail Strategic Planning and Operations Management

Retail Customers

Evaluating the Competition in Retailing

Managing the Supply Chain

Legal and Ethical Behavior

Market Selection and Retail Location Analysis

Managing a Retailer’s Finances

Merchandise Buying and Handling

Merchandise Pricing

Advertising and Promotion

Customer Service and Retail Selling

Store Layout and Design

Managing People

Filters

Exam 1: Perspectives on Retailing

_____ is the ability to make rapid decisions,to render judgements,take action and commit oneself to a course of action until completion.

What is the key difference between a retailer using the analytical method and one using the creative method?

Which of the following characteristics is NOT desirable for a retail manager to possess?

Which of the following demographic factors have been significant sources of change over the last decade?

In the past,private labels were inexpensive knockoffs of popular items.

Retail managers need only be concerned with and involved in arranging deliveries of merchandise that they sell,not the merchandise they purchase.

The North American Industrial Classification System (NAICS)code is used to reflect the:

Classifying retailers by size generally means classifying by sales volume or number of employees.

Leadership and decisiveness are unfavorable retail manager traits.

Large chains which recognize that consumer tastes vary by region often use a(n)_____ to give each store the flexibility to adjust its merchandise mix.

Retailers are prevented by law from engaging in scrambled merchandising as it would divert business away from the more traditional outlets; even if these older,traditional outlets are inefficient.

Retailing does not include telephone sales,catalog sales,and sales over the Internet.

Jewelry stores are generally categorized as:

Buyers are responsible for selecting the merchandise as well as selecting and negotiating terms with vendors.

The fastest growing form of e-tailing or e-commerce is

If a retailer had an average inventory of $80,000 (retail)and annual sales of $480,000,how many times has that retailer turned over its inventory?

A product sold at or below cost is known as:

A (an)_____________ perspective can result in a standardized set of procedures,success formulas and guidelines.

Depreciation and wages are considered to be operating expenses.

A retailer who employs the two-pronged approach to managing primarily concentrates on data and facts that have already been collected.

Retail Strategic Planning and Operations Management

Retail Customers

Evaluating the Competition in Retailing

Managing the Supply Chain

Legal and Ethical Behavior

Market Selection and Retail Location Analysis

Managing a Retailer’s Finances

Merchandise Buying and Handling

Merchandise Pricing

Advertising and Promotion

Customer Service and Retail Selling

Store Layout and Design

Managing People

Filters