Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Retail Management > Test 1 > Flashcards

Test 1 Flashcards

Chapters 1, 2, 3

1
Q

which statement about the u.s. distribution system is true?

A

many u.s. retailers are large enough to have their own warehouses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

an example of a decision that involves business ethics is when a retailer decides to

A

have its salespeople adopt a high-pressure sales approach when dealing with all customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

in terms of evolving retail, what affect did the COVID-19 pandemic have on retail in general?

A

it drove the need to improve digital retailing channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Sam Walton began his retailing career by buying a franchise in which retail outlet?

A

Ben Franklin variety store

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

a popular beauty store recently started selling designer watches. this is an example of

A

scrambled merchandising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

the offering of merchandise not typically associated with the store type is called

A

scrambled merchandise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Belco Foods Inc. and National Foods and Beverages Inc. are competitors selling frozen meals. National sells its products through a large number of local convenience stores, while Belco sells its frozen meals through delis. Which form of competition is seen between these two firms?

A

intertype competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

which is a key strategic decision made by a retailer?

A

defining the target market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

When developing the _____Blank for his salon, Lars decided to obtain a long-term competitive advantage over other salons by offering longer hours, better prices, a well-trained staff, and hair coloring for half-price every Wednesday to attract customers.

A

retail strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

As the owner of Threads, a store specializing in men’s suits, Brianna can use a retail strategy to identify all of the following except

A

the advertising campaign developed to sell last season’s merchandise.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

When Manuelo saw pastries and coffee being sold at his local bookstore, he knew it was an example of

A

scrambled merchandising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The competition between the same type of retailers is called

A

intratype competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A retail mix is developed to

A

implement a retail strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the first step in the retail management decision process?

A

understanding the world of retailing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A ________Blank identifies the target market, the merchandise and services that will be offered, and how the company will achieve long-term advantage over its competitors.

A

retail strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Scrambled merchandising increases

A

intertype competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

________Blank form a part of the microenvironment that influences retail management decisions.

A

competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

a retail mix refers to

A

a set of decisions retailers make to satisfy customer needs and influence their purchase decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A retailer’s primary competitors are other retailers that

A

use the same retail approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Which of the following is not an element in the retail mix?

A

competitive response

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Rolfs and Martins are two large retailers in Canada. They compete with each other using similar marketing strategies. Which form of competition is seen between these two retailers?

A

intratype competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a critical asset that enables retailers to build strategic advantages?

A

supply chain organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A ________Blank refers to the market toward which a retailer will direct its efforts.

A

target market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

The retail strategy helps a retailer to identify all of the following except:

A

how to determine the break-even point for making profits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Accepting credit cards, providing parking, and being open at convenient hours are all examples of the ________Blank offered by retailers.

A

services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Gina’s Gift Shop sells greeting cards, home accents, and jewelry. These merchandise categories are referred to as the store’s

A

variety

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

With respect to retailing, variety is often referred to as the

A

breadth of merchandise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

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

A

depth of merchandise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

With respect to retailing, an assortment of merchandise is best defined as

A

the number of different items offered in a merchandise category

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is the term given to the marketing analysis method that gathers and applies data precisely where they are most beneficial?

A

edge computing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Suits and More stocks over 200 different styles and colors of ties. This assortment of ties can be referred to as the store’s

A

depth of merchandise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

For what purpose is the North American Industry Classification System (NAICS) used?

A

to classify retailers based on the types of products and services they sell

33
Q

Because the only merchandise category at the University Appliance Shop are mini-sized dorm refrigerators, the Appliance Shop can be said to have no

A

variety

34
Q

Large, self-service retail food stores that offer groceries, meat, dairy, and produce are called

A

conventional supermarkets

35
Q

When Walmart, Target, and Meijer combine a supermarket with a full-line discount store, they are referred to as

A

supercenters

36
Q

Unlike supermarkets, convenience stores

A

charge higher prices for similar products sold

37
Q

What type of retail store is Costco considered to be?

A

warehouse club

38
Q

What tactic have competing food retailers used to put pressure on conventional supermarkets and capture more consumer business?

A

They have invested in state-of-the-art supply chains to reduce inventories and increase sales margins.

39
Q

A similarity between hypermarkets and supercenters is that both

A

offer self-service

40
Q

What differentiates a hypermarket from a supercenter?

A

Hypermarkets carry a larger proportion of food items, whereas supercenters carry a larger portion of nonfood items.

41
Q

_____Blank are off-price retailers owned by manufacturers or retailers.

A

outlet stores

42
Q

Due to the _____Blank of services, service retailers like restaurants, sometimes find it difficult to match supply and demand.

A

perishability

43
Q

What is a drawback of the franchise ownership?

A

The franchisee must adhere to the franchisor’s rules and operating guidelines.

44
Q

What is a stock-keeping unit?

A

each different item of merchandise offered by a retailer

45
Q

Which is the best definition of a warehouse club?

A

They are retailers that offer a limited and irregular assortment of food and general merchandise with little service at low prices.

46
Q

when compared to national brands, retailers that offer private-label merchandise

A

experience increased store loyalty

47
Q

Carrying a much smaller number of SKUs, ALDI and Save-A-Lot are what type of food retailer?

A

limited-assortment supermarket

48
Q

Which statement is true regarding online grocery retailers?

A

Online orders placed with grocery retailers involve a greater percentage of nonfood items compared to sales in stores.

49
Q

For retailers, engaging visitors, encouraging them to spend time viewing and interacting with their website, and facilitating commerce all represent which element of the 7C digital retailing framework?

A

core goals

50
Q

Noel suggested that the company’s website be designed using earth tones since the company manufactured construction equipment that literally moved earth. Which of the 7Cs of the digital retailing framework does this decision reflect?

A

context elements

51
Q

Cool Creations asked its Twitter followers to send in ideas for new ice cream combinations to feature on its menu. The two most-popular items will be added to the menu next year. What technique is the company using to build community?

A

crowdsourcing

52
Q

When a retailer facilitates purchases by providing products and services to customers in easy-to-process formats, such as a “buy now” button it is tapping into which element of the digital retailing framework?

A

commerce

53
Q

Rahm is looking for ways to increase communication with customers through his company’s website. Which approach would be most helpful?

A

adding an instant messaging function

54
Q

Crowdsourcing relates to which of the 7Cs of the digital retailing framework?

A

community

55
Q

It is Shree’s job to constantly monitor the information on the company website to make sure it is accurate, up-to-date, and relevant to their customers. Which of the 7Cs of the digital retailing framework is Shree concerned with?

A

content

56
Q

Which component of the 7C digital retailing framework comprises text, graphics, video, and audio?

A

content

57
Q

What is the largest social media platform?

A

facebook

58
Q

In which visual image-based social media network do users maintain virtual bulletin boards?

A

pinterest

59
Q

The broad term used to describe various forms of electronic communication, which users can employ to create online communities in which they share ideas and information, their interpersonal messages, and other content is

A

social media

60
Q

While out shopping, Kiesha goes to a strip mall where one of her favorite stores is located. As she is parking her car, she receives a notification on her phone from the store offering her 20% off her purchase. This type of message is known as a

A

push notification

61
Q

What tactic have retailers used to respond to the increased use of mobile devices by consumers?

A

they are harnessing the power of locational technology

62
Q

Nearly half of Gen Zers and Millennials agree that the most relevant channel for advertising is

A

social media

63
Q

Which social media app allows users to create and share 15-second videos and was the most downloaded app in 2020?

A

tiktok

64
Q

Location-based technologies allows retailers to use which marketing tactic?

A

push notifications

65
Q

A retailer using ________ can determine which stores are closest to each shopper, then personalize its app to send push notifications about exciting in-store events, an offer of a free service, or special product offers.

A

geotargeted advertising

66
Q

For retailers competing in the mobile retailing space, a responsive website design is preferred because it

A

automatically formats page designs based on the size of the device screen

67
Q

Which platform offers the lowest shopping cart abandonment rate and, in turn, a higher conversion rate?

A

mobile apps

68
Q

In creating a social media campaign, what takes place during the fourth, or campaign, step of the process?

A

experiment and engage

69
Q

The online business activities and digital assets used for creating, capturing, communicating, and delivering value to customers is referred to as

A

digital retailing

70
Q

Carmela enjoys viewing the website for her favorite clothing store because part of the space lets customers post pictures wearing their latest outfit from the store. These pictures give Carmela ideas of new ways to style her own clothing. Which of the 7Cs of digital retailing framework does this demonstrate?

A

community

71
Q

Bianca uses Twitter to market her handmade jewelry. She sets up a Twitter account with the name @uniquedesignsbybianca and posts this on her Facebook page, making sure to tweet every few days. Soon Bianca is selling a lot of necklaces. Bianca’s Twitter account is an example of

A

a microblog

72
Q

Which social media platform is beneficial for retailers to engage with customers and introduce new products in a seemingly authentic way by using the platform’s “stories” feature?

A

instagram

73
Q

Search engine marketing (SEM) is a type of

A

paid media

74
Q

Influencer marketing is a type of ________ media.

A

paid

75
Q

what is an example of contextual element?

A

website navigation

76
Q

Which element would fall under the communication category in the digital retailing framework?

A

a live chat feature

77
Q

What is the goal of the connection element of the digital retailing framework?

A

to get customers to interact and engage with the firm continuously in a positive manner

78
Q

Why might retailers decide to use a responsive website design?

A

It relieves them from the burden of having to maintain two separate websites.

Retail Management (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions