Deck 2: Retail Evolution and Strategies

Question 1

Customers often stock up when a retailer using _______________ cuts a price.

Answer 1

high low pricing

Question 2

Typical characteristics of a retailer using the experiential loop are all EXCEPT:

A)Lower prices
B)Personal shoppers
C)Prepared meals
D)Sushi bars

Answer 2

A

Question 3

What are the two retail pricing strategies retailers can use?

A)Low-high pricing & Everyday price cuts
B)High-low pricing & Everyday low pricing
C)Low-high pricing & Everyday low pricing
D)High-low pricing & Everyday price cuts

Answer 3

B

Question 4

Which of the following retailers use the experiential loop:

A)Aldi
B)SuperValu
C)Walmart
D)Whole Foods

Question 5

The number of categories in an assortment is:

A)Breadth
B)Depth
C)Length
D)Width

Question 6

Which of the following is not a characteristic of supply chain management:

A)Effective integration of suppliers and stores
B)Maximizing system wide costs
C)Production of the correct amount of merchandise
D)Satisfying customers

Question 7

What are three major movements within the retail industry that has enabled the development of the retail value chain?

A)ECR,QP,and CRPF
B)ECR,QR,and CPFR
C)ECR,QP,and CPFR
D)ECR,QR,and CRPF

Question 8

The _______________ loop offers lower prices,lower levels of service,and limits the assortment.

Question 9

The number of different items in a merchandise category is called:

A)Allocation
B)Assessment
C)Assortment
D)Collaboration

Question 10

What is a factor that does NOT lead to the development of the retail value chain?

A)Power of global suppliers over retail giants
B)Intensified price competition
C)Competitive and structural changes in the retail industry
D)Growing number of private label products

Question 11

The _______________ loop offers customers a constant and changing variety of products.

Question 12

Retailers use cameras inside of the store to determine all BUT:

A)Shoplifting behavior
B)Traffic patterns inside the store
C)Time spent on an aisle
D)Traffic patterns outside the store

Question 13

_______________ is a corporate strategy used by retailers to support the overall corporate strategy.

Question 14

During the CPFR Cycle,this stage includes a review of performance of all parties of the supply chain:

A)Analysis
B)Demand and supply management
C)Execution
D)Strategy and planning

Question 15

During the CPFR Cycle,this stage includes forecasting sales:

A)Analysis
B)Demand and supply management
C)Execution
D)Strategy and planning

Question 16

During the CPFR Cycle,this stage includes collaboration between the retailer and vendor:

A)Analysis
B)Demand and supply management
C)Execution
D)Strategy and planning

Question 17

The number of products lined up on a shelf in front of a customer is called:

A)Breadth
B)Depth
C)Facings
D)Frontage

Question 18

During the CPFR Cycle,this stage includes ordering and distributing goods:

A)Analysis
B)Demand and supply management
C)Execution
D)Strategy and planning

Question 19

A _______________ pricing strategy often causes large fluctuations in sales.

Question 20

The number of products in each category of an assortment is:

A)Breadth
B)Depth
C)Length
D)Width

Question 21

Explain the differences in the experiential and productivity loops and give examples of retailers who practice each.

Question 22

_______________ is the strategy that focuses on the optimization of space to increase sales.

Question 23

Based upon the characteristics of the American consumers,why are both the productivity and experiential loop effective?

Question 24

_______________ includes audio,visual,and scents which enhance a retail space.

Question 25

How did mom and pop retailers implement customer relationship management?

Question 26

Early space managers used _______________ to prepare planograms.

Question 27

By planning an assortment based on the typical customer on a store retailers are able to_______________ cash flow.

Question 28

European retailers typically call a standard package such as a box,jar,can or bottle a _______________.

Question 29

_______________ often causes retailers to have excessive inventory and higher warehouse costs.

Question 30

The _______________ moved into prominence with the advent of the discount store.

Question 31

Why is the CPFR cycle important in the implementation of ECR?

Question 32

Retailers classify their stores by customer _______________ and _______________ characteristics.

Question 33

When small retailers became larger chains,what were the major challenges they faced?

Question 34

American retailers typically call a standard package such as a box,jar,can or bottle a _______________.

Question 35

What were the two major forces enabling the retail industry to develop category management?