Question 1

Walmart has a significant negative effect on the mom-and-pop business sector.

Accepted Answer

The answer of Walmart has a significant negative effect on...

Question 2

Buying is defined as:

Accepted Answer

Buying involves using quantitative tools and analysis to develop appropriate plans for merchandise lines in the store. This includes managing inventory levels, pricing strategies, and selecting the right products to meet customer demand. Option A refers to human resource management, option B refers to e-commerce, option D implies lack of supervision and guidance, and option E is too specific and does not necessarily apply to everyone in the buying career path.

Question 3

An environmental orientation will allow retailers to:

Accepted Answer

An environmental orientation allows retailers to anticipate and adapt continuously to external forces, such as changes in consumer preferences, economic conditions, and technological advancements.

Question 4

Retailing does not include telephone sales,catalog sales,and sales over the Internet.

Accepted Answer

Retailing can include telephone, catalog and online sales. These are referred to as non-store retailing or remote retailing.

Question 5

Retailing is responsible for matching the individual demands of the consumer with vast quantities of supplies produced by manufacturers and service providers.

Accepted Answer

Retailing involves the process of providing products and services to consumers who demand them. Retailers act as intermediaries between manufacturers and consumers, ensuring that the right products are delivered to the right consumers at the right time and place. Therefore, retailing is responsible for matching the individual demands of the consumer with vast quantities of supplies produced by manufacturers and service providers.

Question 6

In attempting to determine whether a new fast-food restaurant should be opened in a small town,a retailer gathered information on demographics,competitors' sales,and real estate available in that area.The retailer was employing the _____ method of retail decision-making.

Accepted Answer

The retailer is using analytical method as they are gathering information and data to make an informed decision about opening a new fast-food restaurant.

Question 7

_____ is the ability to make rapid decisions,to render judgements,take action and commit oneself to a course of action until completion.

Accepted Answer

Decisiveness is the ability to make quick and effective decisions, act upon them, and see them through to completion. This is a crucial trait in leaders, as it helps to move projects forward and achieve goals in a timely manner. Flexibility, leadership, enthusiasm, and initiative are all important traits as well, but they do not necessarily address the ability to make rapid decisions and take action.

Question 8

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?

Accepted Answer

The manager is demonstrating leadership by delegating responsibilities to the assistant manager and providing support and guidance through weekly meetings.

Question 9

Given the ever-changing needs of the retail environment,retail managers who possess _____ are highly sought after as these managers have the ability to quickly alter plans to accommodate changes in trends,styles and attitudes.

Accepted Answer

Retail managers who possess flexibility are able to quickly adapt and make changes in response to the ever-changing needs of the retail environment. This skill set makes them highly sought after as they can help a business stay competitive and relevant in the market by accommodating changes in trends, styles, and attitudes. Leadership, initiative, enthusiasm, and creativity are also important skills for retail managers, but flexibility is the most crucial in this context.

Question 10

Due to the ever-changing retail marketplace,the store manager has initiated many novel ideas and solutions to increase overall store sales.The manager is demonstrating which desirable retailing attribute?

Accepted Answer

The store manager's ability to come up with unique and innovative ideas to increase sales shows creativity, which is a desirable attribute in retailing.

Question 11

Change is truly the driving force behind retailing.

Accepted Answer

Retailing has always been a dynamic industry where change is inevitable. Changes in consumer behavior, technology advancements, and market trends push retailers to adapt and evolve to stay competitive. Thus, change is undoubtedly the driving force behind retailing.

Question 12

Which of the following characteristics is NOT desirable for a retail manager to possess?

Accepted Answer

Indecisiveness is not a desirable characteristic for a retail manager as they need to make quick and effective decisions in a fast-paced environment. The other options (enthusiasm, creativity, analytical skills, and initiative) are all desirable characteristics for a successful retail manager.

Question 13

Retailers that practice both analytical and creative management should be consistently more:

Accepted Answer

Retailers that practice both analytical and creative management are able to make data-driven decisions while also being innovative in their approach. This typically leads to better customer experiences, more targeted marketing efforts, and improved inventory management - all of which can contribute to greater profitability.

Question 14

A successful retail manager will use the:

Accepted Answer

A successful retail manager needs both analytical and creative methods to make data-driven decisions but also come up with new ideas to keep the business innovative and competitive. While strategic planning is important, it alone cannot drive success without the use of analytical and creative methods. Therefore, the best choice is D, analytical and creative methods.

Question 15

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?

Accepted Answer

To successfully deal with multiple issues and projects simultaneously, organization is key. It involves setting priorities, creating plans, and following through to achieve results. Initiative, leadership, risk taking, and stress tolerance are also important qualities for success, but they are not as directly related to managing multiple tasks at once as organization.

Question 16

Internet sales are considered to be retail sales only if a customer purchases a physical product from the web site.

Accepted Answer

Internet sales can include both physical products and digital services or products, such as software, digital books, or streaming services, not just physical items.

Question 17

A (an)_____________ perspective can result in a standardized set of procedures,success formulas and guidelines.

Accepted Answer

The answer of A (an)_____________ perspective can result in a...

Question 18

The nations that have benefited from the greatest economic and social progress have been those with a strong retail sector.

Accepted Answer

A strong retail sector not only provides job opportunities but also attracts investments and boosts consumer spending, leading to a thriving economy and improved living standards. Thus, countries with a strong retail sector have seen significant economic and social progress.

Question 19

Retailing is defined as the final activities and steps involved in the sale of merchandise (but not services)to the final consumer.

Accepted Answer

Retailing involves the sale of goods or merchandise from a fixed location, such as a department store or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser and can include both products and services.

Question 20

Rapidly growing chain stores usually find it necessary to transfer store managers for the following reason:

Accepted Answer

Rapidly growing chain stores often need to open new stores in new geographic locations to continue their growth. Transferring store managers to these new locations allows them to bring their experience and knowledge of the company with them, while also ensuring that the new location is staffed with a manager who is familiar with the company's methods and culture.

Quiz 1: Perspectives on Retailing