Question 1 one of the most dramatic changes created by e-tailing is



One of the most dramatic changes created by e-tailing is a shift in power between retailers and consumers. This shift in power is derived from:



The ability of consumers to purchase from retailers in other countries as a result of the Internet.



The inability of Internet retailers to compete with more traditional bricks-and-mortar retailers.



The loss of control of pricing information by retailers due to the information dissemination capabilities of the Internet.



The decreased power of consumers when transacting and negotiating with retailers.


5 points  



Which type of retail establishment is least likely to adopt scrambled merchandising?



A convenience market



A drugstore



A supermarket



A specialty store


5 points  



If a retailer had an average inventory of $80,000 (retail) and annual sales of $480,000, how many times has that retailer turned over its inventory?



Eight times a year



Six times a month



Eight times a month



Six times a year


5 points  



Due to increased corporate responsibilities, the manager of a sporting goods store has asked the assistant manager to take responsibility for screening and hiring new sales associates. The manager is allowing the assistant to make the decisions independently, but has scheduled weekly meetings for the two to discuss any issues of concern and to provide insight, if needed. The manager is demonstrating which desirable retailing attribute?














5 points  



Retail managers are often forced to deal with many issues, functions, and projects at the same time. Establishing priorities, plans, and follow through to achieve results demonstrates which prerequisite for success?









Risk Taking





5 points  



Consider this mission statement: “Dad’s Tasty Dogs will utilize the friendly, proven expertise of its employees and the finest ingredients to provide customers with great tasting hot dogs at a fair price.” What element of a good mission statement is missing?



How the retailer uses or intends to use its resources



A SWOT analysis



How it expects to relate to the ever-changing environment



The kinds of value it intends to provide in order to serve the needs and wants of the customer


5 points  



Sales volume and market share are the most popular measures of:



Financial productivity



Market performance



Merchandise productivity



Human resource allocation


5 points  



A retailer has total assets of $6,000,000 and a net worth of $3,000,000. What is the retailer’s financial leverage ratio?



0.5 times



2.0 times



1.0 times



0.2 times


5 points  



If a retailer is assessing the remodeling needs of its stores, as well as evaluating the effect that the lack of a formal training program is having on the management of its establishments, the retailer is reviewing the firm’s:














5 points  



Identify the correct statement about “echo boomers.”



They were the first to grow up with the Internet in its developed form



They want a family and home but place a higher priority on their professional career



This age group is a declining percentage of the population



This age group is a declining percentage of the population


5 points  



Which of the following statements about Gen Yers is false?



Realizing the Yers’ interests, many banks are allowing their customers to set their own rules for transferring funds into savings accounts



These antifashion and antiestablishment consumers do not want entertainment or events when they shop



Gen Yers seem to be turned off by promotions that do not take them seriously



Some banks have lured Gen Yers with online user friendliness whereby they can drag money from one account to another all on the same screen


5 points  



Which of the following statements applies to members of the college-educated market?



They are especially watchful of price, quality, and advertised claims



Their buying behaviors do not differ from those of other consumers of their same age who are not college educated



They are less sophisticated, discriminating and more dependent than other consumers of their age and income level, when making retail purchases



With the advent of the Internet, they will have no need for in-store salespeople


5 points  



A market offers rows of exotic produce, fresh prime meats, seafood flown in fresh, a bakery filled with artisan breads and over 220 cheeses. This market is competing for customers on which major front?



The price for the value offered



Service level



Product selection



Location or access


5 points  



When two discount department stores such as Sears and JCPenney compete for the same customer, what type of competition is occurring?














5 points  



Which one of the following institutions involved in a supply chain would take title to the goods it is dealing with?



Trucking company



Insurance company



Market researcher





5 points  



An attempt by a wholesaler to preserve a market for its products by strengthening the retailers that it sells to is an example of what type of channel arrangement?



Retailer-owned cooperative



Wholesaler-sponsored voluntary group



Corporate system



Retail-sponsored marketing system


5 points  



An example of coercive power is a manufacturer’s:



Refusal to sell merchandise to any retailer who sells to diverters



Offer to increase the cash discounts if the retailer meets a sales quota



Offer a co-op promotional plan to all retailers in a key city



Act of sending the retailer a Christmas card without a year-end bonus


5 points  



When all airlines agree to set fares at the same price, they are:



Engaging in price discrimination



Violating fair trade laws



Engaging in horizontal price fixing



Violating the Federal Trade Commission Act


5 points  



All of the pub owners in a small college town met and decided to charge $7.99 for a burger and beer during the school year. The pub owners may be in violation of the:



Wheeler-Lea Act



Clayton Act



Federal Trade Commission Act



Sherman Antitrust Act


5 points  



A salesperson tells a customer, “Ninety percent of the people we’ve sold these tires to over the past five years have gotten at least 25,000 miles of use out of them without any problems. Therefore, I can assume that you should get no less than 30,000 miles with them given the way you drive.” The salesperson:



May be creating an expressed warranty



Is engaging in false advertising



Could never be held responsible for the tire’s longevity



May be creating an implied warranty of merchantability

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