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- 1. Fill in the BlankPositioning is the _______________ A. retailer's approach to assigning shelf space to brands B. process of creating an image in the customer's mind, relative to the retailer's competitors C. retailers geographic location strategy D. ranking of retailer in Stores magazine's annual Top 100 Retailers report; for example, Walmart ranked #1 in the 2018 Top 100 Retailers and Costco is ranked #4 E. retailer's efforts to have it stores visited by high-visibility characters in movies and TV shows
- 2. Fill in the BlankA__________________ is an assortment of items that customers see as substitutes for one another. A few examples might be men's outerwear, soft drinks, fashion footwear, salty snacks, kitchen gadgets, floor coverings, and swim apparel A. merchandise group B. merchandise classification C. merchandise category D. stock-keeping unit (SKU) E. department
- 3. Open Endedthe geographic area from which a store or shopping center derives 50 to 70 percent of its customers
- 4. Open Endedthe geographic area from which the store or shopping center derives 20 to 30 percent of store's sales
- 5. Open Endedoutermost ring of a trade area, customers who occasionally shop at the store or shopping center. Also called Fringe trading area
- 6. Open EndedA store typically draws 20 to 30 percent of its customers from its A. primary trading area B. secondary trading area C. tertiary trading area
- 7. Open EndedAll other things being equal, the best area for locating a store A. the area that has the greatest population density B. the area that has the fastest-growing economy C. the area with the least competition D. the area with the lowest operating costs E. the area that will generate the greatest long-term profit
- 8. Fill in the Blankoperating profit margin is also referred to as ______________ A. gross margin (GM) B. return on assets (ROA) C. earnings before interest, taxes, and depreciation (EBITDA) D. cost of goods sold (COGS) E. selling, general, and administrative (SG&A)
- 9. Fill in the BlankAn item that is sold by retailer for a price that is less than the retailer's cost is _________________. A. a violation of the Robinson-Patman Act B. "bait" merchandise in bait-and-switch pricing C. a loss leader D. the most common form of shrinkage E. price lined
- 10. Fill in the BlankMerchandise like men's crew socks, frozen peas, college-ruled loose-leaf notebook paper, and 60-watt light bulbs would be considered ___________________. A. impuse merchandise B. staple merchandise C. seasonal merchandise D. complementary merchandise E. fashion merchandise
- 11. Fill in the BlankWhen designer Isaac Mizrahi created a line of linens, housewares, and women's fashion to be sold only at Target, the retailer and the designer were teaming up to launch an _____________________ private-label brand A. exclusive B. generic C. knockoff D. gray market E. copycat
- 12. Open EndedRegarding RFID, with which of the following statements would the authors of your textbook likely agree? A. RFIP technology enables accurate real-time tracking of a product all the way from the factory to checkout in the store B. The initials "RFID" stand for "real-time freight information disclosure." C. A UPC bar code can hold more data than an RFID D. All of above E. Both A and C
- 13. Fill in the BlankThe purpose of an open-to-buy system is to ________________. A. develop long-term sales forecast B. maintain consistent average inventory C. avoid seasonal buying D. decrease operating expenses E. record how much of the merchandise budget has been spent at any given time, and keep track of how much remains available to spend
- 14. Fill in the BlankPorter McWhorter's seasonal allergies were acting up when he got out of bed yesterday morning. Throughout the day, his symptoms got worse. - On the way home from campus, Porter stopped CVS to buy Claritin. On the shelf, next to the blue Claritin packages, he noticed similarity-colored packages of "non-drowsy allergy relief tablets" package, he saw that both medications have the same active ingredient: 10mg Loratadine. Porter sees that he can buy almost twice as many CVS "non drowsy allergy relief tablets" as he can Claritin tablets for the same price - The authors of your textbook would classify CVS private label allergy relief tables as _______________________ brand. A. manufacturer's B. exclusive C. generic D. copycat E. premium
- 15. Fill in the BlankA __________________ is a core urban area containing a population of more than 50,000 inhabitants, together with adjacent communities that have a high degree of economic and social integration with the core community. Louisville-Jefferson County has been designated as one, as has Nashville-Davidson-Murfreesboro-Franklin. A. Metropolitan Statistical Area (MSA) B. Census C. generic D. copycat E. premium
- 16. Fill in the BlankThe authors of your textbook define a retail strategy as a statement that identifies (1) the retailer's target market, (2) _____________________________, and (3) the bases on which the retailer plans to build a sustainable competitive advantage. A. the geographic coordinates of any distribution centers that the retailer expects to build B. the retailer's largest intratype competitors C. the format the retailer plans to use to satisfy the target market's needs D. the bio(s) of the company's principal owners (if private) or board of directors (if publicly traded)
- 17. Fill in the BlankSondra Alondra owns Gothic Ghoullery, a specialty apparel and accessories retailer. For the most of the merchandise she sells, Sondra sets the price by "keystoning" This means that is Sondra sells a stainless still and garnet skull pendant for $80, the markup must be ___________________ A. $30 B. $40 C. $80 D. $50 E. $10
- 18. Fill in the BlankThe Seven Categories of Marketing Activities, in their proper sequence, are ______________________, purchase motivation, product adjustment, distribution, communication, the purchase transaction, and post transaction A. market delineation B. product position C. business buying decision D. customer relationship management (CRM) E. sales promotion
- 19. Open EndedSeven Categories of marketing activities in their proper sequence is what?
- 20. Fill in the BlankAccording to the authors of your textbook, buying the naming rights to a sports or entertainment venue (ex: Coca-Cola Roxy in Atlanta) is a form of __________________. Some other authors, on the other hand, say that it is a form of ______________. A. in-store marketing/design elements; public relations B. advertising; public relations C. direct marketing; indirect marketing D. advertising; mobile marketing E. personal selling; sales promotion
- 21. Fill in the Blankaccording to the authors of your textbook, one of the advantages of the EDLP pricing strategy is that is________________ A. assures customers of low prices B. reduces stockouts C. improves inventory management D. all of the above E. both A and C
- 22. Open EndedWhich of the following is not a traditional media element? A. sales promotion B. in-store marketing C. public relations D. mass media advertising E. Facebook
- 23. Open EndedThe authors of your textbook state the retailers create value by enabling customer to choose from a wide selection of products, brands, sizes, and prices - all at one location. - According to authors, the technical name for providing value in this manner is A. providing assortment B. providing services C. breaking bulk D. expansive retailing E. channel integration
- 24. Fill in the BlankAn ___________________ ______________ identifies the set of SKUs (within a category) that a retailer will offer in each of its stores A. variety vector B. merchandise budget plan C. sell-through analysis D. merchandise menu E. assortment plan
- 25. Fill in the BlankAn example of intertype competition (different) is when ___________________ and __________________ for the same customer's dollar A. Costco; Sams Club B. Whole Foods Market; Fresh Market C. Lowe's; Home Depot D. Rite Aid; Walgreens E. Urban Outfitters; TJ Max
- 26. Fill in the BlankCoca-Cola, Planters, and Purina One are __________________ brands. Big K (sold by Kroger), Archer Farms (sold by Target, and Ol' Roy (sold by Walmart) are _________________ brands, also sometimes called __________________ brands. A. national; private-label; house B. step-down; generic; gray-market C. house; national; private-label D. private-label; gray market; generic E. generic; knockoff; national
- 27. Open EndedIn a SWOT analysis what does each letter stand for?
- 28. Fill in the BlankFor a SUPERMARKET, retail industry experts recommend _________________ spaces per thousand square feet of retail store space A. 10 to 15 B. 5.5 C. 3 D. 5 E. 20
- 29. Fill in the BlankFor a SHOPPING CENTER, retail industry experts recommend ____________________ spaces per thousand square feet of retail store space. A. 10 to 15 B. 5.5 C. 3 D. 5 E. 20
- 30. Fill in the Blank________________ are open-air shopping centers that consist mainly of big-box retail stores, which may be freestanding. Such a shopping center will usually have a limited number of smaller specialty stores, as well. Hamburg Pavilion, which is anchored by Target, Kohl's, Best Buy, Dick's Sporting Goods, and Barnes and Noble is an example. A. Neighborhood shopping centers B. Power Center C. Lifestyle Centers D. Theme/festival centers E. Omnicenters
- 31. Open EndedShopping center that is dominated by several larger anchors, including discount stores (Target), off-price stores (Marshalls), warehouse clubs (Costco), or category specialists such as Home Depot, Office Depot, Dick's Sporting Goods, Best Buy, and Toys "R" Us.
- 32. Open EndedA shopping center with an outdoor traditional streetscape layout with sit-down restaurants and a conglomeration of specialty retailers
- 33. Open Endeda combination of mall, lifestyle, and power center components in a unified, open-air layout
- 34. Open EndedVincent Lauren, an English-speaking Frenchman, meets with buyers from the US when they visit Paris. Once in Paris, the buyers rely on Vincent to make appointments with French vendors, which saves the buyers time and helps them penetrate the market. During the buyers' meeting with vendors, Vincent serves as an interpreter and assist in negotiations. - From this information, we can conclude that Vincent works for a A. embassy B. resident buying office C. import/export agent D. percentile exchange E. perpetual trade show
- 35. Open Endedan organization located in a major buying center that provides services to help retailers buy merchandise
- 36. Fill in the BlankTo report chain wide sales growth statistics, retailers and retail industry analysts generally exclude locations that have been open for less than one year. The resulting figure is known as __________________________ A. same-store sales growth B. anchor-store sales growth C. cornerstone-store sales growth D. flagship-store sales growth E. legacy-store sales growth
- 37. Open Endedthe sales growth in stores that have been open for over one year. Also called comparable-store sales growth
- 38. Open EndedJared sheered prefers Nike athletic shoes over any other brand. He does not lower, have a strong preference for any particular retailer, or even any category of retailer. His next pair of Nikes may be purchased at Finish Line, Shoe Carnival, Foot Locker, JCPenny..... one never knows. - And since Jared wears his Nikes as an all-around sneaker rather than for playing a particular sport, his next pair may be running shoes, basketball shoes, cross trainers - whatever happens to be convenient to purchase when it's time to buy. - Jared's purchase behavior, when it comes to athletic shoes, most closely resembles A. extended problem solving B. haphazard problem solving C. limited problem solving D. habitual decision making E. protracted problem solving
- 39. Fill in the BlankWhen a brand appears in a movie scene (for example, when Reese's Pieces appeared in E.T.) it is called ______________ and it is a form of ___________________. A. product positioning; personal selling B. product placement; public relations C. advertisement; new media D. unearned media; advertising E. event sponsorship; sales promotion
- 40. Fill in the BlankGross margin return on investment (GMROI) is a medic used by retailers to determine a __________________'s contribution to __________________. A. buyer ROA B. SKU; net profit C. department; inventory turnover D. category; cost of returned merchandise E. single store; total chain-wide revenue
- 41. Fill in the BlankPatagonia sells a line of t-shirts that feature the artwork of nature conservationist James Prosek. Each of the shirts is imprinted with one of Mr. Prosek's drawing of a trout. For each trout t-shirt sold, Patagonia donates $5 to a grassroots organization that works to protect trout species and their natural habitat - This action by Patagonia would be categorized by the authors of your textbook as _______________________ A. cause-related marketing B. philanthropy C. culture jamming D. content marketing E. social marketing
- 42. Fill in the BlankAbercrombie & Fitch operates three well-known chains of stores, each designed to serve a different target market. The company's namesake Abercrombie & Fitch stores target young adults age 21 and older, while its Hollister stores are geared to teens 14 and older and its Abercrombie Kids stores sell clothing for Children from 7 to 14 - From this information, we can conclude that A&F has taken a _____________________ approach to market segmentation A. geographic B. benefit C. geodemographic D. psychographic E. demographic
- 43. Open Endeddemographic
- 44. Open Endedpsychographic
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