Question 1

Figure 15-7
 
-According to Figure 15-7, segment "A" represents which stage in the retail life cycle?
A)Maturity
B)Early growth
C)Accelerated development
D)Introduction

Accepted Answer

Segment "A" shows a steady increase in sales, indicating the early growth stage of the retail life cycle.

Question 2

Figure 15-6
 
-According to Figure 15-6, outlets would add additional services between cells:
A)3 and 4.
B)1 and 2.
C)4 and 1.
D)Between all cells.

Accepted Answer

The answer of  Figure 15-6
 
-According to Figure 15-6,...

Question 3

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the accelerated development stage?
A)factory outlet stores
B)value-retail centres
C)general stores
D)convenience stores

Accepted Answer

Factory outlet stores are in the accelerated development stage as they are rapidly expanding and gaining popularity among consumers seeking brand-name products at discounted prices.

Question 4

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the early growth stage?
A)online retailers
B)single-price stores
C)factory outlet stores
D)catalogue retailers

Accepted Answer

Online retailers are considered to be in the early growth stage of the retail life cycle as they have seen a significant increase in market share and consumer adoption in recent years. Single-price stores, factory outlet stores, and catalogue retailers are all in the maturity stage of the cycle.

Question 5

Figure 15-6
 
-According to Figure 15-6, in which cell would you find the highest prices, margins, and status?
A)1
B)2
C)3
D)4

Accepted Answer

The answer of  Figure 15-6
 
-According to Figure 15-6,...

Question 6

Figure 15-7
 
-According to Figure 15-7, both market share and profit achieve their greatest growth rates during which stage?
A)"A" early growth
B)"B" accelerated development
C)"C" maturity
D)"D" decline

Accepted Answer

According to Figure 15-7, both market share and profit achieve their greatest growth rates during the "B" accelerated development stage.

Question 7

Experience retailing includes all of the following shopping experiences for consumers except:
A)engagement.
B)entertainment.
C)education.
D)multichannel.

Accepted Answer

Multichannel is not a shopping experience, but rather a method of retailing that allows consumers to shop and purchase through various channels, such as online, in-store, and via mobile devices. The other options (engagement, entertainment, and education) are all shopping experiences that retailers strive to provide to consumers.

Question 8

Jim is waiting in line at the bank for 20 minutes. When he gets in front of the teller, he asks to deposit the business cheques. The bank teller tells him that in future, he can deposit his cheques faster using the deposit feature in the bank's mobile app. This example illustrates which change in the retailing environment?
A)Faster retailing.
B)Travel retailing.
C)Mobile retailing.
D)Innovative retailing.

Accepted Answer

The bank teller suggests using the deposit feature in the bank's mobile app, indicating that the change in the retailing environment is towards mobile retailing.

Question 9

The merging of duties performed by the retailer and the producer along with new technologies describe which type of retailing?
A)Experience retailing.
B)Innovative retailing.
C)Mobile retailing.
D)Fast retailing.

Accepted Answer

The description given in the question refers to innovative retailing, where traditional roles and technologies are being transformed to create new shopping experiences and business models. This includes retailers and producers collaborating more closely and blurring the lines between their roles.

Question 10

Figure 15-6
 
-According to Figure 15-6, cell "1" represents the stage in the wheel of retailing when there are:
A)moderate prices, high margins, and high status.
B)mixed prices, mixed margins, and mixed status.
C)low prices, high margins, and high status.
D)low prices, low margins, and low status.

Accepted Answer

The wheel of retailing theory suggests that retail businesses start with low prices, low margins, and low status to attract customers and gain market share.

Question 11

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the decline stage?
A)general stores
B)fast-food outlets
C)single-price stores
D)value-retail centres

Accepted Answer

General stores, which were common in the early part of the 20th century, are now in decline due to the rise of more specialized and convenient retail outlets. Fast-food outlets and value-retail centers are still in their growth or maturity stages, while single-price stores such as Dollar General are experiencing growth due to their popularity with budget-conscious consumers.

Question 12

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the maturity stage?
A)convenience stores
B)general stores
C)factory outlet stores
D)value-retail centres

Accepted Answer

Convenience stores are considered to be in the maturity stage of the retail life cycle as they have been well-established and widely adopted by consumers, with a stable market presence.

Question 13

Retailers are facing challenges to sustain their growth for the future. Which one of the following would NOT represent a challenge for retailers to sustain their growth?
A)Providing faster delivery service to get products to consumers faster.
B)Use of mobile technology including apps, mobile payments, and wearables.
C)Better understanding of the experience the Canadian shopper desires.
D)Providing a satisfying customer experience to the travelling shopper.

Accepted Answer

The answer of Retailers are facing challenges to sustain their...

Question 14

Accelerated development in the retail life cycle is similar to which stage in the product life cycle?
A)decline
B)maturity
C)growth
D)introduction phase

Accepted Answer

Accelerated development in the retail life cycle is similar to the growth stage in the product life cycle. This is because during this stage, the product or service experiences increased sales and profitability as consumer demand and awareness grows. Similarly, in retail, accelerated development is characterized by the rapid expansion of new stores and markets as the brand gains popularity and consumer loyalty.

Question 15

The key goal for retailers in the accelerated development phase of the retail life cycle is to:
A)establish a retail concept which is a sharp departure from existing competition.
B)find ways of discouraging their customers from moving to low-margin, mass-volume outlets.
C)establish a dominant position in the fight for market share.
D)delay entering the decline stage of the life cycle.

Accepted Answer

In the accelerated development phase of the retail life cycle, competition is high and market share is crucial. Establishing a dominant position in the marketplace is the key goal for retailers in this phase.

Question 16

Figure 15-7
 
-According to Figure 15-7, segment "B" represents which stage in the retail life cycle?
A)Maturity
B)Early growth
C)Accelerated development
D)Introduction

Accepted Answer

Segment "B" in the retail life cycle typically represents the "Accelerated Development" stage, where a retail format experiences rapid growth in both sales and profitability as it starts to be accepted widely by the market.

Question 17

Customers of the Village at Park Royal in West Vancouver don't go there to comparison shop instead they go to visit specialty shops, get a bite to eat, or meet friend for a drink. This would describe what type of store location?
A)eating centre
B)shopping centre
C)power centre
D)lifestyle centre

Accepted Answer

The presence of specialty shops, focus on dining and socializing, and lack of emphasis on comparison shopping suggest that this is a lifestyle centre.

Question 18

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the early growth stage?
A)convenience stores
B)factory outlet stores
C)value-retail centres
D)general stores

Accepted Answer

Value-retail centres, also known as discount department stores, are considered to be in the early growth stage of the retail life cycle. They offer a wide range of products at discounted prices and are popular among price-sensitive consumers. Convenience stores and general stores are in the maturity stage, while factory outlet stores are in the decline stage.

Question 19

The US retailer, Nordstroms, decided to rent a storefront along Yonge Street in Toronto, a major shopping and tourist area, and offer a two-week long early Christmas sale in November. Nordstroms then closed the location after two-weeks. This is an
Example of:
A)extremely short retailing
B)limited retailing
C)surprise retailing
D)flash retailing

Accepted Answer

This is an example of flash retailing, where a retailer sets up a temporary store for a short period of time to create a sense of urgency and generate sales through limited-time offers.

Question 20

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the accelerated development stage?
A)warehouse clubs
B)value-retail centres
C)general stores
D)convenience stores

Accepted Answer

Warehouse clubs are considered to be in the accelerated development stage according to the retail life cycle. This is because they are still expanding and growing rapidly in popularity, with more and more people becoming members and shopping at these types of stores. Meanwhile, value-retail centers, general stores, and convenience stores are all further along in the life cycle and have already reached a level of maturity or decline.

Quiz 15: Retailing

Figure 15-7 -According to Figure 15-7, segment "A" represents which stage in the retail life cycle?

Figure 15-6 -According to Figure 15-6, outlets would add additional services between cells:

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the accelerated development stage?

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the early growth stage?

Figure 15-6 -According to Figure 15-6, in which cell would you find the highest prices, margins, and status?

Figure 15-7 -According to Figure 15-7, both market share and profit achieve their greatest growth rates during which stage?

Experience retailing includes all of the following shopping experiences for consumers except:

The merging of duties performed by the retailer and the producer along with new technologies describe which type of retailing?

Figure 15-6 -According to Figure 15-6, cell "1" represents the stage in the wheel of retailing when there are:

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the decline stage?

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the maturity stage?

Retailers are facing challenges to sustain their growth for the future. Which one of the following would NOT represent a challenge for retailers to sustain their growth?

Accelerated development in the retail life cycle is similar to which stage in the product life cycle?

The key goal for retailers in the accelerated development phase of the retail life cycle is to:

Figure 15-7 -According to Figure 15-7, segment "B" represents which stage in the retail life cycle?

Customers of the Village at Park Royal in West Vancouver don't go there to comparison shop instead they go to visit specialty shops, get a bite to eat, or meet friend for a drink. This would describe what type of store location?

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the early growth stage?

The US retailer, Nordstroms, decided to rent a storefront along Yonge Street in Toronto, a major shopping and tourist area, and offer a two-week long early Christmas sale in November. Nordstroms then closed the location after two-weeks. This is an Example of:

According to the retail life cycle with respect to the positions of various current forms of retail outlets, which of the following can be considered to be in the accelerated development stage?