Question 1

Mark's Work Wearhouse (clothing retailer)carries sizes for small,average,and big men,but all sizes are not available in all their stores.What should Mark's do to communicate this message to their customers?

Accepted Answer

Developing a database of customers who purchase big men's merchandise allows Mark's to target their marketing efforts specifically to those interested, ensuring effective communication about product availability.

Question 2

Because the only merchandise category at the Futon Shop is double-sized futons,the Futon Shop can be said to have no:

Accepted Answer

Since the only merchandise category at the Futon Shop is double-sized futons, there is no variety in their products. The store does not offer different sizes, styles, or colors of futons, which makes their product offering very limited.

Question 3

An example of brand image would be:

Accepted Answer

Talbots' brand image is communicated through their iconic red doors, which symbolize the brand's emphasis on classic, timeless fashion that is always available to customers. This consistent messaging helps create a strong brand image and customer loyalty.

Question 4

Each different item of merchandise in a retail store is called a/an:

Accepted Answer

Stock keeping unit (SKU) is the term used to refer to each different item of merchandise in a retail store. It is a unique identifier that helps retailers manage inventory and track sales data. Therefore, option D is the best choice. The other options do not accurately define the term used for different items of merchandise in a retail store.

Question 5

NAICS:

Accepted Answer

NAICS stands for North American Industry Classification System, which is a classification scheme where every North American business is assigned a 6-digit code.

Question 6

Isaac's Men's Store stocks 322 different styles and colours of ties.This assortment of ties can be referred to as Isaac's:

Accepted Answer

The answer of Isaac's Men's Store stocks 322 different styles...

Question 7

The dominant department stores in Canada are:

Accepted Answer

Hudson's Bay and Holt Renfrew are major department stores in Canada. Sears was historically significant but has since closed its Canadian operations.

Question 8

Retailers compete with each other on:

Accepted Answer

Retailers compete with each other on various fronts, including their format or store layout, variety of products offered, assortment or range of products available, and level of customer service provided. Therefore, all of the given answer options are correct.

Question 9

Which of the following trends are changing the retail industry?

Accepted Answer

All the listed trends are impacting the retail industry, including increased retailer concentration, blurred channel boundaries, growth in consumer data, and more discerning consumers.

Question 10

Frank was shopping for electric fuses for his fuse box.Flash Hardware sold them for $3.99 for a box of six,but when he went to the same retailer's website,he found the same set for $2.99.Flash Hardware has a problem with:

Accepted Answer

The fact that Flash Hardware is selling the same product at two different prices in their physical stores and on their website indicates a lack of consistency in pricing across channels. This can confuse and frustrate customers and harm the retailer's reputation.

Question 11

The Canadian retail marketplace is dominated by a small number of large retailers-which term does this describe?

Accepted Answer

The term "concentration" describes a situation in which a small number of large retailers dominate a marketplace.

Question 12

The spawning of new categories and retailers from supercentres to the Internet best demonstrates the:

Accepted Answer

The spawning of new categories and retailers from supercentres to the Internet shows a growing diversity of retail formats. This means that there are more and more different types of retail stores that are emerging in the market, offering consumers a greater choice of where to shop and what to buy.

Question 13

Variety is often referred to as the:

Accepted Answer

Variety refers to the different types or categories of merchandise offered by a retailer, which is also known as the breadth of merchandise. It is not the entire retail offering (B), supply standard (A), retail mix (D), or depth of merchandise (E), which refers to the assortment of products within a particular category.

Question 14

The greater the diversity of retail formats,the greater the:

Accepted Answer

When there is a greater diversity of retail formats, there is more competition in the industry. This is because there are more ways that customers can shop and more options for them to choose from. As a result, retailers must work harder to differentiate themselves and provide better value to customers. This can lead to lower prices, better service, and more innovation in the industry.

Question 15

Pinch-A-Penny sells a variety of pool maintenance supplies including filters,chemicals,lights,skimmers,and pool toys.Pinch-A-Penny can be said to have:

Accepted Answer

Variety is often referred to as breadth of merchandise.

Question 16

My Favourite Quilt Shop carries quilting thread of every brand,colour and strength in cotton and poly-cotton blends.With reference to quilting threads,My Favourite Quilt Shop has:

Accepted Answer

Assortment is the number of different items in a category.

Question 17

A fundamental way to describe and distinguish between retailers is their retail mix.Which of the following is an element of that retail mix?

Accepted Answer

All of the choices listed are elements of the retail mix. The type of merchandise sold, the price of the merchandise, the level of service provided to customers, and the assortment of merchandise sold are all important factors that retailers consider when developing their retail strategy.

Question 18

Compared to other food retailers,convenience stores

Accepted Answer

Convenience stores typically have higher food prices due to their focus on convenience and smaller scale operations compared to larger food retailers.

Question 19

To compete against intrusions by other food retailing formats,conventional supermarkets are:

Accepted Answer

Conventional supermarkets are competing against intrusions by other food retailing formats by targeting health-conscious consumers, offering more private-label products, emphasizing fresh perishables, and providing a better in-store experience. All of these strategies are correct and necessary in today's retail environment to stay competitive.

Question 20

Depth of merchandise is often referred to as the:

Accepted Answer

Depth of merchandise refers to the number of items within each product line, indicating how many variations of a particular product are available.

Quiz 2: Types of Retailers

Mark's Work Wearhouse (clothing retailer) carries sizes for small,average,and big men,but all sizes are not available in all their stores.What should Mark's do to communicate this message to their customers?