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Exam 15: Retailing

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Question 81

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Walmart Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold. -Refer to Walmart.In terms of ownership,Walmart would be classified as a(n) :

A) independent retailer.
B) chain store.
C) franchise.
D) discount store.
E) department store.

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Question 82

Multiple Choice

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Walmart Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold. -Refer to Walmart.Many Walmart stores have a full line of groceries and general merchandise with a wide range of services,such as a pharmacy,portrait studio,optical shop,and bank.Walmart is an example of which type of discount store?

A) Hypermarket
B) Supermarket
C) Extreme-value retailer
D) Supercenter
E) Category killer

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Question 83

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Which type of retail store specializes in a given type of merchandise?

Which form of franchising involves a dealer agreeing to sell certain products provided by a manufacturer or a wholesaler?

M-commerce is a type of managed commerce in which both buyer and seller end the transaction with a win-win feeling.

Which type of discount store offers consumers very limited service and carries a broad assortment of nationally branded "hard goods," such as housewares,toys,automotive parts,clothing,bedding,and maybe a limited line of nonperishable food items?

_____ are retailers that compete on the basis of low prices,high turnover,and high volume.

Which of the following statements about catalog and mail order sales is CORRECT?

Compare and contrast supermarkets and convenience stores.Name several characteristics of each store in your answer.

The main element of Nordstrom's in-store presentation is its ________,the overall impression conveyed by its physical layout,décor,and surroundings.

Toys "R" Us sells a huge assortment of toys and children's books at greatly reduced prices.It offers customers few services and competes on the basis of moderate to low prices on the large quantities of merchandise it stocks.Toys "R" Us is an example of a:

Diaz John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper-middle-class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $8 per pound Brazilian Cerrado to $300 per pound Kopi Luwak from Sumatra. -Refer to Diaz.The type of merchandise carried by Diaz is deep but with a narrow assortment.The store would most likely be classified as a:

Amy received a phone call last night during supper.The caller wanted her to attend a meeting to learn about timeshares.Since Amy had never thought of purchasing this type of product before she received the call,this is obviously an example of _____ telemarketing.

The _____ of retail stores is a key factor in their success;the goal is to use all space in the store effectively,including aisles,displays,and even nonselling areas.

The number of different varieties of fishing lures carried by the Angler's Store refers to the store's:

Traditional department stores and specialty stores are more likely to charge the full "suggested retail price" for goods than are factory outlets.

When supermarkets offer a wide variety of nontraditional goods and services under one roof,they are engaged in:

Which type of retail ownership is owned and operated by an individual but is licensed by a larger supporting organization?

When Irvin went into Lowe's to buy his wife a small tool set she said she wanted,the sales clerk suggested a larger set with a tool kit on wheels that included a router and circular saw.In this example,the sales clerk engaged in:

A retail operation that has a 90,000-square-foot facility and houses a florist,baker,bank,craft shop,photo finisher,dry cleaner,and pharmacy under the same roof as grocery and household items would be called a: