Question 1

Diaz
John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper-middle-class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $8 per pound Brazilian Cerrado to $300 per pound Kopi Luwak from Sumatra.
-Refer to Diaz.The smell of fresh coffee,the fact it is made where drinkers can watch the process,and the comfortable chairs all are used to create the store's:

Accepted Answer

The main element of a store's presentation is its atmosphere--how the store's physical layout,decor,and surroundings convey an overall impression.

Question 2

One of the new developments in retailing is m-commerce.The "m" in m-commerce stands for:

Accepted Answer

M-commerce,or "mobile" e-commerce enables consumers using wireless mobile devices to connect to the Internet and shop.

Question 3

Diaz
John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper-middle-class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $8 per pound Brazilian Cerrado to $300 per pound Kopi Luwak from Sumatra.
-Refer to Diaz.The type of merchandise carried by Diaz is deep but with a narrow assortment.The store would most likely be classified as a:

Accepted Answer

A specialty store specializes in a given type of merchandise with a deep but narrow assortment.

Question 4

One of the new developments in retailing is m-commerce.M-commerce refers to the ability to:

Accepted Answer

M-commerce goes beyond text message advertisements to allow consumers to purchase goods and services by using wireless mobile devices.

Question 5

Whenever a customer opens an account at First Southern National Bank,a teller or account representative asks the customer whether he or she needs a CD,online banking,or other services.In other words,the account representative engages in:

Accepted Answer

Suggestion selling seeks to broaden customers' original purchase with related items.

Question 6

A common practice among most retailers that seeks to broaden customers' original purchases with related items is called:

Accepted Answer

Suggestion selling is common in helping customers recognize true needs.

Question 7

Diaz
John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper-middle-class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $8 per pound Brazilian Cerrado to $300 per pound Kopi Luwak from Sumatra.
-Refer to Diaz.Customers of Diaz's coffee shop can purchase coffee,coffee makers,mugs,chocolate,music CDs,and all sorts of unique gift items.Diaz is practicing:

Accepted Answer

Scrambled merchandising is the tendency to offer a wide variety of nontraditional goods and services under one roof.

Question 8

Walmart
Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold.
-Refer to Walmart.Many Walmart stores have a full line of groceries and general merchandise with a wide range of services,such as a pharmacy,portrait studio,optical shop,and bank.Walmart is an example of which type of discount store?

Accepted Answer

Supercenters combine a full line of groceries and general merchandise with a wide range of services--all in one location.Walmart operates over 7,200 supercenters worldwide.

Question 9

M-commerce refers to the ability to:

Accepted Answer

M-commerce goes beyond text message advertisements to allow consumers to purchase goods and services by using wireless mobile devices.

Question 10

Walmart
Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold.
-Refer to Walmart.Walmart's gross margin is the:

Accepted Answer

Gross margin is the money the retailer makes as a percentage of sales after the costs of goods sold is subtracted.

Question 11

Diaz
John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper-middle-class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $8 per pound Brazilian Cerrado to $300 per pound Kopi Luwak from Sumatra.
-Refer to Diaz.In terms of ownership,Diaz's coffee shop would be classified as a(n):

Accepted Answer

It is owned by a single person.

Question 12

Stores such as Whole Foods are using Twitter and Facebook to keep customers updated on recently added items,shipments of goods that come in,and changing product details.Because social media is accessible to most consumers via _____ it has become a rapidly growing aspect to the e-retail buying experience.

Accepted Answer

The inclusion of social media within the retail buying experience is an additional element of rapidly developing M-commerce.

Question 13

Walmart
Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold.
-Refer to Walmart.Which type of pricing strategy describes Walmart's commitment to offer consistently lower prices?

Accepted Answer

Everyday low pricing offers consumers a low price all the time rather than holding periodic sales on merchandise.

Question 14

At the American Girl store in Chicago,dolls can be purchased and girls can then go to the American Girl Cafe or American Girl Theatre and even have birthday parties.This is an example of using:

Accepted Answer

Interactivity is used to differentiate one store from another.Interactivity gets customers involved in the retailing experience.

Question 15

Diaz
John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper-middle-class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $8 per pound Brazilian Cerrado to $300 per pound Kopi Luwak from Sumatra.
-Refer to Diaz.If Diaz wanted to grow his business and granted another owner the rights to use his format and approach to doing business,he would be involved in:

Accepted Answer

Business format franchising is a business relationship in which the franchisor (Diaz)"sells" a franchisee the rights to use the franchisor's format or approach to doing business.

Question 16

Walmart
Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold.
-Refer to Walmart.In terms of ownership,Walmart would be classified as a(n):

Accepted Answer

Chain stores are owned and operated as a group by a single organization.While Walmart is a discount store,in terms of ownership,it is a chain store.

Question 17

Walmart
Walmart,the world's largest retailer by revenue,announced that it will get back to its founder's roots by initiating more price cuts.Critics claimed that the giant was getting away from its original focus because it posted relatively high gross profit margins.CEO Mike Duke assuaged critics by saying Walmart's $400 billion in sales will become even larger because the price cuts will attract more customers and it will lower its costs of goods sold.
-Refer to Walmart.Most Walmart stores are not located in shopping centers but rather are buildings all by themselves.This type of location is referred to as a:

Accepted Answer

An isolated,freestanding location can be used by large retailers like Walmart.

Question 18

Build-a-Bear is a retailer where children can design and assemble a stuffed animal from shelves full of parts.Each child starts by choosing an animal.Then,the child moves to a place where the stuffing is added.Finally,the child moves to the area where the last accessories are added.Build-a-Bear is part of a recent trend in retailing referred to as:

Accepted Answer

Retailers use interactivity in stores to differentiate themselves from the competition.Interactivity gets customers involved in the retailing experience.

Question 19

Interactivity is one of the new developments in retailing.In retailing,interactivity refers to:

Accepted Answer

Interactivity is more than just entertaining customers,it is an attempt to get them involved.

Question 20

One of the new developments in retailing is m-commerce.The "m" in m-commerce stands for:

Accepted Answer

M-commerce (mobile e-commerce)enables consumers using wireless mobile devices to connect to the Internet and shop.

Quiz 15: Retailing

One of the new developments in retailing is m-commerce.The "m" in m-commerce stands for:

One of the new developments in retailing is m-commerce.M-commerce refers to the ability to:

Whenever a customer opens an account at First Southern National Bank,a teller or account representative asks the customer whether he or she needs a CD,online banking,or other services.In other words,the account representative engages in:

A common practice among most retailers that seeks to broaden customers' original purchases with related items is called:

M-commerce refers to the ability to:

At the American Girl store in Chicago,dolls can be purchased and girls can then go to the American Girl Cafe or American Girl Theatre and even have birthday parties.This is an example of using:

Interactivity is one of the new developments in retailing.In retailing,interactivity refers to:

One of the new developments in retailing is m-commerce.The "m" in m-commerce stands for: