1) According to Edwin Critchlow, which service department on campus specializes in helping students find employment, update résumés and practice interviewing skills is
2) What is the best definition of retailing?
Retailing encompasses the business activities involved in selling goods and services to consumers for their personal, family, or household use. It includes every sale to the final consumer. Retailing is the last stage in the channel of distribution.
3) What does the sorting process refer to?
The English word “retail” comes from the French word “retailer” wich translates “to resize.” This refers to breaking bulk or the sorting process. It goes Manufacturer ->Wholesaler -> Retailer -> Customers
4) The 3 main sectors comprising total U.S. retail sales are what?
1-Department Stores, 2-Variety Stores, 3-General Merchandise Stores
5) Which of the following is not one of the top 5 largest retailers in 2009 sales?
6) All of the following are major demographic shifts in the U.S. today EXCEPT
THESE ARE demographic shifts- Groups, Information. Pricing, E-Commerce, Price Competition, Smaller Store Size
7) According to our textbook authors, what action did the major airlines take to maintain profitability during the sharp increases in oil prices in 2008?
Started charging for extra services, food, bag chargers, pay for pillows, etc..
8) What is a category killer?
The definition most often associated with the term is a big-box retail chain, Wal-Mart, that is focused on one or few categories of merchandise and offers a wide selection of merchandise in these categories at relatively low prices. The emergence of such stores has taken a toll on specialized local stores in the same market, but also affected many larger department stores.
9) Which is NOT an external environmental factor affecting retailers?
These ARE: Customers, Competition, Supply Chain, Legal & Ethics, Technology, Socioeconomics
10) What is the goal of scrambled merchandising?
refers to a practice by wholesalers and retailers that carry an increasingly wider assortment of merchandise. It occurs when a retailer adds goods and services that are unrelated to each other and to the firm’s original business.
11) How much of U.S. retail sales occur over the Internet with e-retailers?
over $100 billion, 10%?
12) Safeway sells several brands of food that they have developed in-house, such as “Select”, “O”, “Lucerne” and “Eating Right.” These are known as
13) Furniture stores, high-end apparel stores and jewelry stores all share what time of margin vs. turnover strategy?
High Margin, Low Turnover
14) “Retail strategy” can be thought of as a combination of what 3 elements?
target market, value proposition, retail mix
15) What are the traditional steps of retail market strategic planning?
define mission, set business goals, conduct SWOT analysis, set marketing strat, make changes to goal
16) What is generally considered NOT to be an important element of a retailer’s mission statement?
Product, Quality, Price… all important, service levels.. etc…
17) According to architect / store designer Doug Cain, what term is used to describe the study of signs and symbols?
18) According to Doug Cain, every point of contact your customer has with your store is known as
19) According to Doug Cain, what are the three main types of fixtures you see most commonly in newly designed current retail stores?
Wall fixtures, Floor Fixtures, Screen Fixtures
20) What do “SMART goals” refer to?
Specific, Measureable, Attainable, Realistic, Timely
21) What do market-based goals strive to obtain?
22) These are all examples of financial-based objectives used by retailers EXCEPT
Profitability, Return on Net Worth, Financial Level, Return on Assets-Net
23) These are all examples of productivity-based objectives used by retailers EXCEPT
space, labor, merchandise
24) These are all examples of social-based objectives used by retailers EXCEPT
jobs, taxes, serving community, business equity, philanthropy
25) Hotels, airlines and movie theatres all have a similar challenge in needing to maximize the number of seats/rooms sold and therefore they flexible pricing systems to ensure the maximum possible number of seats/rooms are sold. This is known as what?
26) The strategy of growing sales by selling existing products and/or services to new customers is known as what?
27) The strategy of growing sales by selling more current products to existing customers is known as what?
28) Operations management can best be described as
Operations management is an area of business concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient in terms of using as little resource as needed, and effective in terms of meeting customer requirements
29) What is “The Lipstick Indicator”?
An indicator based on the theory that a consumer turns to less expensive indulgences, such as lipstick, when she (or he) feels less than confident about the future. Therefore, lipstick sales tend to increase during times of economic uncertainty or a recession.
30) What is used most often to assess how well retailers are satisfying their markets?
31) What is a simplistic model for how consumers perceive value level?
ease of shopping, ease of transaction, meet customer expectations
32) What could be the mission statement of the Animal Connection?
We provide the selling of animals and products with the best service and quality and knowledge. LOL
33) What legal challenge is the Animal Connection facing?
About to ban the sale of all pets in SF
34) What is Wal-Mart doing to attract a very specific target market to its stores that noone else is?
35) What are the steps of the GAP model of managing customer service?
Knowledge Gap, Standards GAP, Delivery Gap, Communication GAP
36) Market segmentation is
Focus on one segment of a market, demographic, age, sex, etc..
37) Major trends occurring in the U.S. population include all of the following EXCEPT
White’s lower population
38) Income growth rates, inflation and personal savings rates are all examples of what type of trends?
Social Economic Trends?
39) What are the traditional steps of the consumer behavior model?
The first one is problem recognition—you realize that something is not as it should be. Perhaps, for example, your car is getting more difficult to start and is not accelerating well. The second step is information search—what are some alternative ways of solving the problem? You might buy a new car, buy a used car, take your car in for repair, ride the bus, ride a taxi, or ride a skateboard to work. The third step involves evaluation of alternatives. A skateboard is inexpensive, but may be ill-suited for long distances and for rainy days. Finally, we have the purchase stage, and sometimes a post-purchase stage (e.g., you return a product to the store because you did not find it satisfactory). In reality, people may go back and forth between the stages. For example, a person may resume alternative identification during while evaluating already known alternatives.
40) The generation of Americans born between 1946 and 1964, who are just starting to retire on social security and are expected to begin inheriting wealth from their elderly parents are known as
41) These are all dimensions on which retailers compete for customers EXCEPT
Price, Service, Slection, Location, Overall Experience
42) In San Francisco, all consumers are able to purchase electricity and gas from only one vendor, this is known as
43) A competitive market structure such as furniture retailers in which there are many competitors all selling unique products but which are highly substitutable for each other is known as
44) According to Jared and Ryan of Verba Software, what does their “Compare” feature do?
compares prices of many different book sellers
45) Verba Software enables retailers to conduct “dynamic pricing” for textbooks. What is “dynamic pricing”?
lower price while higher price for other items… I get it
46) What is meant the The Retail Mix?
The retail marketing mix is a marketing term that refers to the variables that a retailer can combine in alternative ways to arrive at a marketing strategy for attracting its consumers. The variables usually include factors such as: merchandise variety and assortment and services offered, pricing, advertising, promotion and layout, store design, store location, and visual merchandising.
47) The demand curve can be used to determine the “optimum price” for a particular product. The “optimum price” is what?
The price at which profit is maximized, which takes into account the cost behaviour of fixed and variable costs and the relationship between price and demand for a product/service.
48) Disneyland and Canyon Ranch are examples retailers that don’t offer tangible products and traditional services, they offer a more holistic approach through stimulation via a combination of several or all senses – tactile, visual, smell, sound and taste. This type of service retailing is known as
49) McDonalds has followed a classic evolutionary path of starting with a low-cost, limited menu restaurant offering and gradually gotten more upscale with nicer facilities, a wider menu selection, and more expensive meal options. The retailing evolutionary model that most closely describes this history is know as
evolution of retailing
50) H&M and Forever 21 are examples of retailers that have developed competitive advantages because of their practice of what?
low price, quick to market
51) The example cited in the textbook of Holiday Inn acquiring different businesses – a carpet mill, furniture manufacturer, and cleaning supply company – is an example of a…
vertical integration, channel collaboration
52) According to Stephen Hochheiser of Cengage why do textbook publishers release new editions every few years?
To compete with used book sellers
53) According to our authors, all of the following main factors have changed the makeup of households and families in the last two decades EXCEPT
54) According to our authors, all of the following lifestyle attributes for American Hispanic consumers are ranked significantly higher than all other shoppers EXCEPT
55) Non-price decisions involve all of the following considerations EXCEPT
1. Changes in consumers’ Income spent on goods and services, Changes in the Tastes/Preferences of consumers for goods/services, Changes in government fiscal policy (spending and taxation) and monetary policy (interest rate etc), Natural disasters (storms, hurricanes, earthquakes, tornadoes, floods etc), Scientific discoveries (medical, chemical etc), Advertising or Commercial ads, Changes in the growth rate of a Population, The # of consumers in a marke, Seasonality (Christmas, Easter, Valentines Day etc), Sociological factors (age, sex, education, marriage etc)
56) In airports, gift shops use attractive displays and promotional signs advertising sales in an effort to distract passengers from their intended destination (such as the waiting area or a restaurant). This competition strategy is referred to as what?
57) CostCo carries most bestsellers at discounts in an attempt to compete with big box chains like Borders and Barnes & Noble. What type competition is this?
Offprice Retaling Competition
58) What is a retailer-owned cooperative?
59) Dr. Pepper soda can be purchased in most grocery stores, liquor stores, convenience stores, and even hardware stores. This is an example of which type of distribution strategy?
60) What is “referent power” as it relates to management of the supply chain?
Basis of referent power is in identification of one party with the other, a feeling of oneness, dentification-based Trust Indentification with the other party’s desires and intentions
61) What is “legitimate power” as it relates to management of the supply chain?
Legitimate power stems from a legitimate right to influence and an obligation to accept this influence. In this case, a focal actor is recognized in the eyes of the network members as having aright to make specific decisions.
62) Which is an example of “dual distribution”?
Wholesale or retain resale through more than one distribution channel, such as via dealers to smaller customers and direct to the large customers., Hallmark
63) What is true about “category management”?
Category management is a retailing and supply management concept in which the range of products purchased by a business organisation or sold by a retailer is broken down into discrete groups of similar or related products; these groups are known as product categories (examples of grocery categories might be: tinned fish, washing detergent, toothpastes). It is a systematic, disciplined approach to managing a product category as a strategic business unit.
64) According to Stephen Hochheiser of Cengage why are international editions of textbooks usually less expensive than textbooks sold in the American market?
Supply and Demand
65) Which retailing evolutionary model includes stages such as introduction, growth, maturity and decline?
Product Life Cycle
66) All of the following are examples of the newest retail formats EXCEPT
67) What is the difference between “off-price” and “discount” retailers?
Off-price retailing involves selling brand-name merchandise at lower than regular prices. The difference between the off-price retailer and a discount store is that off-price merchandise is bought by the retailer from manufacturers with excess inventory at prices below wholesale prices, whereas the discounter buys at full wholesale price but takes less of a markup than do traditional department stores
68) How has The Tata Group of India offered in the Indian hotel industry over the past twenty years to realize dramatic growth?
Steel, Power, Etc.. in favor
69) How does a “secondary marketing institution” differ from a “primary marketing institution?
In the primary market, securities are offered to public for subscription for the purpose of raising capital or fund. Secondary market is an equity trading venue in which already existing/pre-issued securities are traded among investors. Secondary market could be either auction or dealer market. While stock exchange is the part of an auction market, Over-the-Counter (OTC) is a part of the dealer market.
70) The following are the three major factors which constitute consumer lifestyles
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