Question 1

In order to maintain high inventory turnover, discount stores choose

Accepted Answer

The answer of In order to maintain high inventory turnover,...

Question 2

"Fast fashion" is a term unique to which type of retailer?

Accepted Answer

"Fast fashion" is a term unique to off-price retailers because they offer trendy clothing at a lower price than department stores or specialty stores.

Question 3

Online retailing is also known as

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The answer of Online retailing is also known as
...

Question 4

Nordstrom and Macy's are examples of

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The answer of Nordstrom and Macy's are examples of
...

Question 5

Retail outlets such as Best Buy or Home Depot that are able to gain high market share within their chosen category, making it difficult for other types of retailers to profitably compete within that category. These types of stores are sometimes referred to as

Accepted Answer

The answer of Retail outlets such as Best Buy or...

Question 6

Carla owns a candy store called "Carla's confections." She just finalized an arrangement where she will operate one of her stores next to the floral department of a local grocery store. She will pay rent for the space and will be responsible for all aspects of her business. What is this type of arrangement called?

Accepted Answer

The answer of Carla owns a candy store called "Carla's...

Question 7

Julienne works as an independent representative for a specialty food company. She holds "parties" in peoples' homes where she can offer food samples and talk about the food items she sells. What form of retailing does this represent?

Accepted Answer

Julienne is selling products directly to consumers in their homes, which is a characteristic of shop-at-home retailing.

Question 8

A type of purchasing behavior in which off-price retail stores negotiate especially low prices for certain categories of merchandise, such as end-of-season goods and closeouts is called

Accepted Answer

Opportunistic buying refers to the practice where off-price retailers negotiate especially low prices for specific categories of merchandise, such as end-of-season goods and closeouts, taking advantage of opportunities to purchase inventory at significantly reduced costs.

Question 9

________ stores are small, self-service retailers that aim to capture sales from people who are willing to pay higher prices in exchange for the ease of purchase these retailers offer.

Accepted Answer

The answer of ________ stores are small, self-service retailers that...

Question 10

The two types of extreme value retailers are

Accepted Answer

Off-price retailers and discount stores are the two types of extreme value retailers. Off-price retailers sell high-quality goods at lower prices by taking advantage of overstocks or last season's goods, while discount stores offer a wide range of products at lower prices by maintaining low overhead costs and purchasing in large volumes.

Question 11

Grouping many items together in a printed piece or an online store is referred to as

Accepted Answer

Category management involves grouping similar items together to optimize sales and inventory management in both physical and online retail environments.

Question 12

Perhaps the most famous online retailer in the world today, Amazon.com is guided by two principles: always putting the customer first and

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The answer of Perhaps the most famous online retailer in...

Question 13

How is the distribution of retailers along a price continuum shown?

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The answer of How is the distribution of retailers along...

Question 14

The cost to start a direct retailing business is typically very low which has led to

Accepted Answer

The low startup cost of direct retailing businesses often leads to high turnover rates because it's easy for individuals to enter and exit the business with minimal financial risk. This accessibility can result in a high number of people trying out the business model, but also leaving it quickly if it doesn't meet their expectations or financial needs.

Question 15

________ retailers primarily offer mechanical or human efforts, rather than merchandise to consumers.

Accepted Answer

The answer of ________ retailers primarily offer mechanical or human...

Question 16

The most frequently visited retail category is

Accepted Answer

Supermarkets are the most frequently visited retail category because they sell essential food and household items that consumers need regularly, leading to more frequent visits compared to other types of retail stores.

Question 17

The most impersonal form of retailing is

Accepted Answer

The answer of The most impersonal form of retailing is
...

Question 18

A retailer that offers ultra-low prices, but requires customers to pay an annual fee for the privilege of shopping in the store is referred to as

Accepted Answer

The answer of A retailer that offers ultra-low prices, but...

Question 19

Which outlet is a type of nonstore retailing?

Accepted Answer

Online retailing is a type of nonstore retailing because it does not involve a physical store. Instead, customers purchase products online through a website or mobile app.

Question 20

Which statement is true regarding nonstore retailing?

Accepted Answer

Online shopping lacks the tactile and sensory experiences that physical stores provide, such as touching, smelling, or trying on products before purchasing. This is a significant difference between online and in-store shopping experiences.

Quiz 12: Retailing