Question 1

A planning orientation refers to a retail manager's continual attention to external forces.

Accepted Answer

A) True 
 B)False

Question 2

As a rule,larger retailers have higher operating costs per dollar of sales than do smaller firms.

Accepted Answer

A) True 
 B)False

Question 3

Market share refers to:

Accepted Answer

A)  the number of competitors a retailer must contend with. 
B)  a retailer's total sales divided by total market sales. 
C)  agreements whereby retailers attempt to "share" certain costs. 
D)  the total sales a retailer has generated from the target market. 
E)  the portion of a retailer's sales that represent profit. 
A)  the number of competitors a retailer must contend with. 
B)  a retailer's total sales divided by total market sales. 
C)  agreements whereby retailers attempt to "share" certain costs. 
D)  the total sales a retailer has generated from the target market. 
E)  the portion of a retailer's sales that represent profit.

Question 4

With population growth slowing,retailers are no longer able to sustain their long-term profit projections simply by building new stores to gain additional sales as they did in the past.

Accepted Answer

A) True 
 B)False

Question 5

The decreasing number of immigrants is having a profound effect on the way retailers operate.

Accepted Answer

A) True 
 B)False

Question 6

Retailers have found out that some consumers prefer smaller stores,since these stores provide the convenience of being able to get in and out more quickly.

Accepted Answer

A) True 
 B)False

Question 7

Retailers with several units are a stronger competitive threat because

Accepted Answer

A)  they can focus all their efforts on one trade area 
B)  they are generally owner and family operated 
C)  they can spread many fixed costs over a number of stores and can achieve economies in purchasing 
D)  they can tailor their merchandising to one trade area in each unit 
E)  they can spot customer desires sooner and respond faster. 
A)  they can focus all their efforts on one trade area 
B)  they are generally owner and family operated 
C)  they can spread many fixed costs over a number of stores and can achieve economies in purchasing 
D)  they can tailor their merchandising to one trade area in each unit 
E)  they can spot customer desires sooner and respond faster.

Question 8

An inventory turnover of 3.7 indicates that a retailer sells its inventory:

Accepted Answer

A)  for 37 percent of cost times cost. 
B)  every 3.7 months. 
C)  3.7 times a year. 
D)  about every four weeks. 
E)  about every four days. 
A)  for 37 percent of cost times cost. 
B)  every 3.7 months. 
C)  3.7 times a year. 
D)  about every four weeks. 
E)  about every four days.

Question 9

Retailers need only to pay close attention to the behavior of consumers and not worry about other environmental factors.

Accepted Answer

A) True 
 B)False

Question 10

Market share refers to a retailer's sales compared to the store's sales for the same month in the previous year.

Accepted Answer

A) True 
 B)False

Question 11

_____ is a merchandising method in which all stores in a retail chain stock the same merchandise.

Accepted Answer

A)  An optional stock list 
B)  Scrambled merchandising 
C)  A standard stock list 
D)  Automatic merchandising 
E)  Cross-merchandising 
A)  An optional stock list 
B)  Scrambled merchandising 
C)  A standard stock list 
D)  Automatic merchandising 
E)  Cross-merchandising

Question 12

Internet sales are considered to be retail sales only if a customer purchases a physical product from the web site.

Accepted Answer

A) True 
 B)False

Question 13

If you choose the store-management path,which of the following statements would be true?

Accepted Answer

A)  Selecting, training, evaluation, and all other aspects of personnel management are your responsibility. 
B)  You will have to use quantitative tools such as the merchandise budget in your work. 
C)  You are responsible for selecting the merchandise. 
D)  You must select the vendors and negotiate terms with them. 
E)  Store managers, who usually work out of the retailer's main office but do spend a great amount of time traveling have to develop appropriate buying plans for their merchandise lines. 
A)  Selecting, training, evaluation, and all other aspects of personnel management are your responsibility. 
B)  You will have to use quantitative tools such as the merchandise budget in your work. 
C)  You are responsible for selecting the merchandise. 
D)  You must select the vendors and negotiate terms with them. 
E)  Store managers, who usually work out of the retailer's main office but do spend a great amount of time traveling have to develop appropriate buying plans for their merchandise lines.

Question 14

List and discuss several factors that are expected to change the face of retailing during the next decade.

Accepted Answer

E-Tailing: E-tailing enables consumers t

Question 15

Retailing accounts for 20 percent of the worldwide labor force.

Accepted Answer

A) True 
 B)False

Question 16

Explain the four major orientations to the approach and practice of retailing.

Accepted Answer

The four major orientations to the appro

Question 17

Buying is defined as:

Accepted Answer

A)  the career path that involves responsibility for selecting, for selecting,training and
Evaluating personnel. 
B)  the career path that enables you to select merchandise lines through e-tailing. 
C)  the career path whereby one use quantitative tools to develop appropriate
Buying plans for the store's merchandise lines. 
D)  the career path that allows complete independence in ordering merchandise for the store. 
E)  the career path that will eventually lead to vice president. 
A)  the career path that involves responsibility for selecting, for selecting,training and
Evaluating personnel. 
B)  the career path that enables you to select merchandise lines through e-tailing. 
C)  the career path whereby one use quantitative tools to develop appropriate
Buying plans for the store's merchandise lines. 
D)  the career path that allows complete independence in ordering merchandise for the store. 
E)  the career path that will eventually lead to vice president.

Question 18

A 35 percent gross margin indicates that on each $100 in sales the retailer has a gross margin of $65.

Accepted Answer

A) True 
 B)False

Question 19

E-tailing restricts consumers from shopping when they like and from where they like.

Accepted Answer

A) True 
 B)False

Question 20

An alternative to scrambling merchandise to increase profitability that many retailers are implementing is:

Accepted Answer

A)  limiting Internet access to customers in stores. 
B)  selling many different and unrelated items. 
C)  becoming a discount store. 
D)  reducing store size. 
E)  selling merchandise on line only. 
A)  limiting Internet access to customers in stores. 
B)  selling many different and unrelated items. 
C)  becoming a discount store. 
D)  reducing store size. 
E)  selling merchandise on line only.

A planning orientation refers to a retail manager's continual attention to external forces.

As a rule,larger retailers have higher operating costs per dollar of sales than do smaller firms.

Market share refers to:

With population growth slowing,retailers are no longer able to sustain their long-term profit projections simply by building new stores to gain additional sales as they did in the past.

The decreasing number of immigrants is having a profound effect on the way retailers operate.

Retailers have found out that some consumers prefer smaller stores,since these stores provide the convenience of being able to get in and out more quickly.

Retailers with several units are a stronger competitive threat because

An inventory turnover of 3.7 indicates that a retailer sells its inventory:

Retailers need only to pay close attention to the behavior of consumers and not worry about other environmental factors.

Market share refers to a retailer's sales compared to the store's sales for the same month in the previous year.

_____ is a merchandising method in which all stores in a retail chain stock the same merchandise.

Internet sales are considered to be retail sales only if a customer purchases a physical product from the web site.

If you choose the store-management path,which of the following statements would be true?

List and discuss several factors that are expected to change the face of retailing during the next decade.

Retailing accounts for 20 percent of the worldwide labor force.

Explain the four major orientations to the approach and practice of retailing.

Buying is defined as:

A 35 percent gross margin indicates that on each $100 in sales the retailer has a gross margin of $65.

E-tailing restricts consumers from shopping when they like and from where they like.

An alternative to scrambling merchandise to increase profitability that many retailers are implementing is:

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

A planning orientation refers to a retail manager's continual attention to external forces.

As a rule,larger retailers have higher operating costs per dollar of sales than do smaller firms.

Market share refers to:

With population growth slowing,retailers are no longer able to sustain their long-term profit projections simply by building new stores to gain additional sales as they did in the past.

The decreasing number of immigrants is having a profound effect on the way retailers operate.

Retailers have found out that some consumers prefer smaller stores,since these stores provide the convenience of being able to get in and out more quickly.

Retailers with several units are a stronger competitive threat because

An inventory turnover of 3.7 indicates that a retailer sells its inventory:

Retailers need only to pay close attention to the behavior of consumers and not worry about other environmental factors.

Market share refers to a retailer's sales compared to the store's sales for the same month in the previous year.

_____ is a merchandising method in which all stores in a retail chain stock the same merchandise.

Internet sales are considered to be retail sales only if a customer purchases a physical product from the web site.

If you choose the store-management path,which of the following statements would be true?

List and discuss several factors that are expected to change the face of retailing during the next decade.

Retailing accounts for 20 percent of the worldwide labor force.

Explain the four major orientations to the approach and practice of retailing.

Buying is defined as:

A 35 percent gross margin indicates that on each $100 in sales the retailer has a gross margin of $65.

E-tailing restricts consumers from shopping when they like and from where they like.

An alternative to scrambling merchandise to increase profitability that many retailers are implementing is:

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