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Retail Management > Test 2 > Flashcards

Test 2 Flashcards

Chapters 4, 6, 8

1
Q

A highly interactive retail channel in which salespeople interact with customers face-to-face in a convenient location, either at the customer’s home or at work is referred to as

A

direct selling

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2
Q

What term best describes using all of the retailer’s shopping channels to create a seamless and synchronized customer experience?

A

omnichannel retailing

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3
Q

The idea that the customer shopping experience can happen anywhere through the use of various technologies is the concept of

A

boundaryless retailing

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4
Q

Darlene’s is an apparel store that also offers online shopping apart from its stores. Therefore, Darlene’s is a(n)

A

multichannel retailer

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5
Q

Zoey went to the mall to meet her sister, Bella. While at the mall, they witnessed a back-to-school fashion show in a store. They took a walk and watched the children play in the center arena. Which benefit of store shopping did Zoey and Bella enjoy?

A

entertainment and social interaction

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6
Q

When retailers use stores, a website, and a catalog to improve their offerings to their customers, they do so to build

A

a competitive advantage

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7
Q

A retailer that sells product online through its website but does not accept that product to be returned to its store if the customer is not satisfied with it is not yet fulfilling a(n) __________Blank strategy.

A

omnichannel

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8
Q

How do multichannel retailers leverage their stores to lower the cost of fulfilling orders?

A

by using their stores as warehouses for gathering merchandise for delivery to customers

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9
Q

Retailers can use multiple channels synergistically by

A

using one channel to promote the others

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10
Q

Which is not a method for devising an effective omnichannel strategy?

A

offering varying prices for each channel depending on which channel is most costly to manage

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11
Q

Why do store-based retailers or catalogers add Internet channels into their retail strategy?

A

Retailers like to improve their offerings and build a competitive advantage

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12
Q

Multichannel and omnichannel retailers struggle to provide an integrated shopping experience, because

A

various channels demand various skills and unique resources

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13
Q

Which strategy can a retailer utilize to attract shoppers to its website?

A

Print the website address on signage, bags, and in advertising

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14
Q

_____Blank involves selling the same products at the same prices through the same distribution system for all channels

A

integration

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15
Q

Olivia wanted to purchase a digital camera so she visited an online retailer’s website to learn more about the different features and capabilities of the device. Later on, Olivia went to a big-box store to make other purchases. She sees the camera there and purchases it. Which term describes Olivia’s actions?

A

channel migration

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16
Q

Which strategy aids in reducing channel migration?

A

Offer uniquely relevant information to customers

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17
Q

_____Blank occurs when customers gather information from a retailer’s channel and buy products from a competitor’s channel

A

channel migration

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18
Q

Which term represents a form of channel migration?

A

showrooming

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19
Q

Sangeeta often goes to a retail store to look at electronic devices. She learns about the brands and products and then searches the Internet for lower prices. This act by Sangeeta is an example of

A

showrooming

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20
Q

_____ occurs when a consumer goes into a store to learn about different brands and products and then searches the Internet for the same product sold at a lower price.

A

showrooming

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21
Q

Retailers can reduce showrooming by

A

promoting private-label merchandise that can be purchased only from the retailer

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22
Q

A multichannel retailer is one that

A

sells merchandise or services through more than one channel

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23
Q

A cafe focuses primarily on residents who are ages 18 to 35 and earn about $30,000 to $60,000 annually. This segmentation of customers is known as its

A

target market

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24
Q

Which statement accurately describes private-label brands?

A

products developed and marketed by a retailer and available only from that retailer

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25
Q

When Pampered Pet opened stores in five other countries, it increased the company’s international market share. Pampered Pet took advantage of a ________Blank opportunity.

A

market expansion

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26
Q

Yummy Bowl, a chain of counter-serve restaurants, intends to change its pricing policy and promotional mix to cater to diners seeking a more upscale experience. Which growth strategy will best suit Yummy Bowl?

A

diversification growth opportunity

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27
Q

After a customer purchases a new putter at the Golf Superstore, the sales associate shows this customer to an adjacent section where novelty club covers are sold. This is an example of a _____Blank strategy.

A

cross-selling

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28
Q

When Home Depot launched a website to sell its merchandise to its present customers; it took advantage of a ________Blank opportunity.

A

retail format development

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29
Q

Fancy Fromage, a producer of specialty cheeses, has decided to expand its operations geographically using its signature products and unique store layout. Which strategy should Fancy Fromage use to achieve its objective?

A

market expansion growth opportunity

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30
Q

A Chef’s Life is a store that sells specialty ingredients and high-end cooking equipment. After a situation analysis, the marketing team of A Chef’s Life wants its current customers to visit and purchase from the store more frequently. Which growth strategies should A Chef’s Life follow to achieve its objective?

A

market penetration growth opportunity

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31
Q

Designing private-label merchandise is a(n) ________Blank because it builds on the retailer’s knowledge of its customers.

A

related diversification growth opportunity

32
Q

Freshie, a chain of supermarkets, intends to change its pricing policy and promotional mix but intends on catering to the same market segment. Which growth strategy will best suit Freshie LLC?

A

retail format growth opportunity

33
Q

What is an example of a market expansion growth opportunity?

A

opening new stores in new geographic markets

34
Q

What is an example of unrelated diversification?

A

creating a new product line for specialists

35
Q

What distinguishes a related diversification growth opportunity?

A

the retailer’s present target market and retail format share something in common with the new opportunity.

36
Q

A ________Blank is a growth opportunity directed toward existing customers using the retailer’s present retailing format.

A

market penetration growth opportunity

37
Q

Cross-selling is most commonly practiced with which growth opportunity?

A

market penetration

38
Q

A ________Blank is an opportunity in which a retailer develops a new retail mix for the same target market.

A

retail format development growth opportunity

39
Q

A ________Blank is one in which a retailer introduces a new retail format directed toward a market segment that’s not currently served by the retailer.

A

diversification growth opportunity

40
Q

A coffee shop that decides to open an hour earlier every morning is taking advantage of a ________Blank opportunity.

A

market penetration

41
Q

Retailers have the least opportunity to exploit a competitive advantage when they pursue

A

diversification growth opportunities.

42
Q

What is the best example of related diversification?

A

operating in similar locations

43
Q

Walgreens has had rapid growth in their store openings. Many times, they have stores opening within just a few blocks of each other. This is an example of Walgreens practicing

A

market penetration.

44
Q

What is characteristic of an unrelated diversification growth opportunity?

A

It has little commonality between the retailer’s present business and the new growth opportunity.

45
Q

A ________Blank involves using the retailer’s existing retail format in new market segments.

A

market expansion growth opportunity

46
Q

Hudson runs a store featuring handmade dinnerware and decorative pottery. Since demand was high and supplies were low, he decides to buy an old warehouse and then hire craftspeople to work there to produce the plates and pottery he sells. The store would provide all the supplies needed and would be the only customer. This business is engaging in

A

vertical integration.

47
Q

What is an example of a market penetration growth opportunity?

A

keeping existing stores open for longer hours

48
Q

Which retail growth strategy has the greatest chance of succeeding?

A

market penetration growth opportunity

49
Q

Which statement is true of vertical integration?

A

It is the diversification by retailers into manufacturing.

50
Q

Galaxy, a chain of electronic stores, plans to grow geographically. It has entered into agreements with local retailers in international markets to form a new company in which ownership, control, and profits are shared among all involved parties. Which of the following entry strategies is being followed by Galaxy?

A

joint venture

51
Q

Manuel is responsible for the strategic retail planning process in his organization. He is currently identifying strategic opportunities. The opportunities he identifies as most attractive are likely those in which

A

the firm has a strong competitive position.

52
Q

The maintenance of common facilities, security, advertising, and special events to attract consumers are handled by the shopping center management and are covered under ________Blank costs.

A

common area maintenance

53
Q

Macy’s department stores are typically located in malls. This is a(n) ________Blank location.

A

planned

54
Q

What is an advantage of freestanding locations?

A

high vehicular traffic

55
Q

Which statement is true of a central business district?

A

parking is inconvenient

56
Q

The inner city is a

A

low-income residential area within a large city

57
Q

Where is a central business district typically located?

A

downtown area

58
Q

When the public housing project Cabrini Green in Chicago was torn down, the area was rebuilt with restaurants, condos, and shopping that drew a more affluent population to the area, but displaced those who could no longer afford it. This is called

A

gentrification

59
Q

What is a disadvantage of main street locations?

A

small overall draw

60
Q

A supermarket requires a large parking area and easy access. Therefore, it is most likely to be located in a

A

freestanding site

61
Q

What is a potential disadvantage of freestanding sites?

A

limited trade area

62
Q

A common challenge for residents living in inner cities is

A

lack of access to healthy and affordable foods

63
Q

A McDonald’s restaurant in Bolingbrook, Illinois is located at the end of the Costco parking lot facing the street. It is clearly visible from both the parking lot and the street. This is a(n)

A

outparcel

64
Q

Urban customers typically place more importance on

A

reducing their shopping time

65
Q

In the 1950s and 1960s, interstate highways were built at a rapid pace, often through cities using right-of-way laws that went through neighborhoods and rendered them unlivable. This often led to

A

urban decay

66
Q

Javier is a retail store manager. His store is located in the traditional downtown financial business area in the city. In classification of retail locations where is Javier’s store located?

A

central business district

67
Q

________Blank are retail locations for an individual, isolated store unconnected to other stores

A

Freestanding sites

68
Q

Which statement is a reason why U.S. retailers avoid opening stores in the inner city?

A

more risk and lower returns than other areas

69
Q

________Blank can be defined as shopping centers that employ a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. They are typically designed to appeal to tourists

A

Theme/festival centers

70
Q

Brenda was walking across campus to her dorm when she saw a tent with tables selling campus merchandise. She was sure it hadn’t been there the day before. This retail format would be an example of a

A

pop-up store

71
Q

Many companies are capitalizing on people being at the airports longer and not being able to carry many personal health and beauty aids. A vending machine selling cosmetics and perfume at an airport is a

A

kiosk

72
Q

While Ryoko was shopping at Target, she noticed a Starbucks near the entrance, which prompted her to stop for coffee. This is an example of a

A

store-within-a-store

73
Q

Why would a mall operator be interested in a kiosk?

A

kiosks are an opportunity to generate rental income in otherwise vacant space

74
Q

As Carrie walked through the concourse to her connecting flight to San Francisco, she walked by a cart selling audio headphones and chargers. The cart of merchandise would be described as a

A

kiosk

75
Q

Craig was late to work one morning and decided to use the McDonald’s drive-through for his morning cup of coffee. Normally a coffee drinker loyal to Starbucks, Craig was trying to save time and the Starbucks was out of his way. Which form of shopping best describes Craig’s shopping situation?

A

convenience shopping

76
Q

Big-box retailers often meet with resistance when they attempt to build a store in a community. What is one reason for this?

A

low wages

Retail Management (4 decks)

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