CTE3806 Exam 1 Chapter 2

1. 1Which of the follow is NOT a trend in today's retailing?

   1. ANew types of retailers
   2. BGlobalization
   3. CGrowth in services retailing
   4. DGrowth in omni shopping by traditional retailers
   5. EIncrease use of technology
   6. FIncrease value delivered
   7. GDecrease in service retailing
2. 2Which of the following is NOT one of the four elements of the retail mix?

   1. AType of merchandise sold
   2. BVariety and assortment of merchandise and/or services sold
   3. CLevel of customer service
   4. DPrice of merchandise
   5. EEmployee salary
3. 3Variety/breadth is described in terms of

   1. Awide vs. narrow
   2. Bdeep vs. shallow
4. 4Variety/breadth is the number of merchandise categories in a store

   1. ATrue
   2. BFalse
5. 5Assortment/depth is the number of items in a category (deep vs. shallow)

   1. ATrue
   2. BFalse
6. 6The smallest unit available for keeping inventory control. In soft goods, this usually means a size, color & style. This unit is known as

   1. ASKU
   2. BSKA
   3. CSCU
   4. DSKI
7. 7SKU stands for

   1. AStock keeping unit
   2. BStore keeping unit
   3. CSoft knitted unit
   4. DSoft keeping unit
8. 8Stocking a deep and broad assortment is relatively inexpensive for retailers

   1. ATrue
   2. BFalse
9. 9Which of the following is NOT a characteristic of a convenience store?

   1. ATailors assortment to local market
   2. BOffers fresh, healthy foods
   3. CFinancial services are available
   4. DOpening smaller stores closer to people (in airports)
   5. EThe fastest growing retail category
10. 10In a conventional supermarket, perishables (meat, dairy, produce and baked goods) account for ____% of supermarket sales

    1. A20
    2. B25
    3. C30
    4. D35

11. 11Which of the following is NOT a characteristic of a limited assortment supermarket?

    1. A2000 SKU
    2. BOffer one or two brands and sizes
    3. CDesigned to maximize efficiency and reduce costs
    4. D40-60% lower prices than conventional supermarkets
    5. EAll of the following are characteristics
12. 12Which of the following is not a competitor for supermarket retailers?

    1. ASupercenters
    2. BWarehouse clubs
    3. CConvenience stores
    4. DExtreme price retailers
    5. EDrug Stores
    6. FDepartment stores
13. 13Which of the following is the fastest growing retail category?

    1. ASupercenters (hypermarkets)
    2. BWarehouse clubs
    3. CDepartment stores
14. 14Supercenters (hypermarkets) combine a supermarket with a full-line discount store for a one stop shopping experience

    1. ATrue
    2. BFalse
15. 15Department stores have a narrow variety and shallow assortment

    1. ATrue
    2. BFalse
16. 16Department store competitors are?

    1. ADiscount stores (price)
    2. BSpecialty stores (services & depth)
    3. CAll the above
17. 17Which of the following is not something department stores are currently doing?

    1. AAttempting to increase the amount of exclusive merchandise they sell
    2. BIncrease private label merchandise
    3. CExpand multichannel and social media presence
    4. DMerge with other department stores
18. 18A store that concentrates on a limited number of complementary merchandise categories (narrow & deep) with sales associate expertise and is among the most profitable and fastest growing firms in the world, is known as..

    1. ADepartment store
    2. BSpecialty store
    3. COff-Price Retailers
19. 19A drug store is a type of

    1. ADepartment store
    2. BDiscount store
    3. CSpecialty store
20. 20Which of the following is NOT an issue of discount stores?

    1. ALimited services
    2. BOnly the big left (Wal-Marts dominance)
    3. CCompetition from category specialists
    4. DHigher prices drive away customers
21. 21Which of the following is NOT a characteristic of category specialists

    1. Adeep and narrow assortments
    2. BDestination stores
    3. Ccategory killers
    4. Dhigh prices
    5. Eintense competition
    6. Fwholesaling to business customers and retailing to consumers
22. 22Close-out retailers that offer an inconsistent assortment of brand names at low prices (20-60% lower MSRP) are known as

    1. ADiscount stores
    2. BOff-Price Retailers
    3. CWarehouse clubs
23. 23In Extremel Value Retailing the name mostly implies $1 price point

    1. ATrue
    2. BFalse
24. 24Which of the following is NOT a characteristic of a warehouse club?

    1. AOffer limited and irregular assortment of food and general merchandise with little service at low prices
    2. BUse low cost locations, inexpensive store design and offer limited customer service
    3. CLow inventory holding costs by carrying a limited assortment of fast selling items
    4. DAll of the following are characteristics
25. 25Aging population will increase demand for health care services, young people are spending more time on health and fitness and busy parents are using services like home cleaning, lawn services and meal prep to balance lifestyles

    1. ATrue
    2. BFalse
26. 26Which of the following is NOT a characteristic of franchising?

    1. A30-40% of US retail sales
    2. BFranchisee pays fixed fee plus % of sales
    3. CFranchisee implements program
    4. D90% of US retail sales
27. 27Which of the following is NOT a reason for franchising growth?

    1. ATechnological advances
    2. BProfitable utilization of capital resources
    3. CAttainment of the "American Dream"
    4. DDemographic expansion
    5. EProduct/service inconsistency
28. 28Which of the following is NOT a reason why franchises fail?

    1. AInept management
    2. BFraudulent activities
    3. CMarket saturation
    4. DConsistent services

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Quiz on CTE3806 Exam 1 Chapter 2, created by Natalie de Gracia on 30/01/2017.

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Natalie de Gracia

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