14 Aug Exam: 080620RR – RETAILING STRATEGY 1. Which of the following does not indicat

Exam: 080620RR – RETAILING STRATEGY

1. Which of the following does not indicate conditions that
lead to intense rivalry that adversely affect a
retailer who wants to enter the market?
A. High fixed costs
B. A large number of retailers with different sizes
C. A lack of perceived differences between competing
retailers
D. Slow growth

2. What type of product will a consumer look for without
regard to time, money, or effort?
A. Impulse product
B. Comparison product
C. Time-crunch product
D. Specialty product

3. Ian’s job at the Nordstrom distribution center is to
place some of the incoming apparel on hangers in size
order before rolling them down to be ticketed. Ian is
preparing the merchandise to be
A. sorted and repacked for the conveyor.
B. cross-docked.
C. floor-ready.
D. ready for logistics.

4. The primary strategic objective of human resource
management is to
A. introduce new services in order to obtain customer
loyalty.
B. make sure the retailer abides by all state and federal
laws.
C. align the capabilities and behaviors of employees with
the goals of the retail firm.
D. decrease turnover.

5. Which benefits does efficient supply chain management
provide retailers concerning product availability?
A. Reduced stockouts and employee productivity
B. Increased backup stock level and reduced stockouts
C. Increased stock level and tailored assortments
D. Reduced stockouts and tailored assortments
6. A retailer can
work to retain employees and build a mutual commitment best by
A. treating employees all the same.
B. reducing its fixed costs.
C. empowering employees.
D. promoting the company.

7. Although retailers gain economies of scale from opening
multiple locations in an area, they also suffer
diminishing returns associated with locating too many
additional stores in an area. This is called
A. economies of scope.
B. channel integration.
C. channel competition.
D. sales cannibalization.

8. Which of the following describes the market expansion
growth strategy?
A. Opening stores of the same retail format in new market
segments.
B. Realizing growth by directing efforts toward existing
customers using the retailer’s present retailing format.
C. Keeping existing stores open for longer hours.
D. Displaying merchandise to increase impulse purchases and
training salespeople to cross-sell.

9. Demarkus finally received financial backing from his
wealthy aunt in order to open a pawn shop. He
contacted the landlord of a nearby shopping center since he
had his eye on a vacant storefront. To his
surprise, his request for a lease was denied. What most
likely prevented the landlord from leasing to
Demarkus?
A. A licensing clause
B. A fixed-rate clause
C. A prohibited use clause
D. An escape clause

10. For fashion merchandise where there is only one shipment
of the product or collection, the best supply
chain method to use is the _______ strategy.
A. pull supply chain
B. push supply chain
C. cross check logistic
D. cost efficient logistic

11. What type of retailer would most likely benefit from the
use of direct store delivery?
A. A big box electronics retailer
B. A big box discount store
C. A large department store
D. A supermarket

12. Which of the following ratios is included as an integral
part of the strategic profit model?
A. Net profit marginB. Current liabilities
C. Inventory turnover
D. Retained earnings

13. The information used to analyze a retailer’s asset
management path primarily comes from the
A. financial leverage statement
B. income statement
C. strategic profit model
D. balance sheet

14. Which of the following statements regarding the customer
pyramid is true?
A. Customers in the Iron segment in the customer pyramid
need special attention from the retailer to grow their potential to be
better customers.
B. Customers in the Gold segment are the most profitable and
loyal customers.
C. Customers in the Lead segment may actually cost the
retailer money to serve them.
D. All customers regardless of their segment must receive
equitable promotional benefits.

15. How do retailers and vendors ensure that information
that passes back and forth between retailers and
vendors is secure?
A. With a high level of planning, implementation and control
of the flow of information, then the information will be secure.
B. The system ensures that the information received has not
been tampered with by ensuring that the communication is both
authentic and authorized.
C. Paper hard copies are sent to one another for comparison
to be certain that the information is accurate.
D. Suppliers, customers and new clients all have a form of
access to information.

16. If Mohammed wanted to examine the assets and liabilities
of the Silver Exchange Coin Shop for the
end of the year, he should look at its
A. profitability statement.
B. balance sheet.
C. financial leverage statements.
D. income statement.

17. Craig works for a retailer planning what merchandise
will be in the assortments, setting prices,
negotiating with vendors and planning advertising and
marketing for intimate apparel. He attends fashion
trade shows and travels to market in New York City nearly
every month. What position in the
organizational structure of a retailing firm does Craig
have?
A. Buyer
B. Merchandise planner
C. Store manager
D. Divisional merchandise manager

18. Why have some vendors and retailers chosen not to adopt
RFID tagging?
A. They believe the additional costs do not benefit the
return on investment.
B. They’re concerned about the potential health risk of
radio frequency.End of exam
C. They’re concerned about the data storage falling into the
wrong hands.
D. They don’t want to replace people with the devices.

19. Goodwill Industries frequently hires disabled people as
part of the community thrift store personnel.
Which objective does Goodwill Industries value by this
practice?
A. Personal
B. Societal
C. Financial
D. Administrative

20. Val is concerned that the commissioned salespeople in
her fur shop aren’t keeping the store clean and
merchandise properly displayed. What should she do?
A. Increase the sales commissions for her salespeople.
B. Stock less merchandise.
C. Fire the salespeople and hire new ones.
D. Change the incentives from commissions to bonusesExam: 080620RR – RETAILING STRATEGY 1. Which of the following does not indicate conditions that
lead to intense rivalry that adversely affect a retailer who wants to enter the market?A. High fixed costsB. A large number of retailers with different sizesC. A lack of perceived differences between competing
retailers D. Slow growth 2. What type of product will a consumer look for without
regard to time, money, or effort?A. Impulse productB. Comparison productC. Time-crunch productD. Specialty product 3. Ian’s job at the Nordstrom distribution center is to
place some of the incoming apparel on hangers in size order before rolling them down to be ticketed. Ian is
preparing the merchandise to beA. sorted and repacked for the conveyor. B. cross-docked.C. floor-ready.D. ready for logistics. 4. The primary strategic objective of human resource
management is toA. introduce new services in order to obtain customer
loyalty.B. make sure the retailer abides by all state and federal
laws. C. align the capabilities and behaviors of employees with
the goals of the retail firm.D. decrease turnover. 5. Which benefits does efficient supply chain management
provide retailers concerning product availability?A. Reduced stockouts and employee productivityB. Increased backup stock level and reduced stockouts C. Increased stock level and tailored assortmentsD. Reduced stockouts and tailored assortments 6. A retailer can
work to retain employees and build a mutual commitment best byA. treating employees all the same.B. reducing its fixed costs.C. empowering employees.D. promoting the company. 7. Although retailers gain economies of scale from opening
multiple locations in an area, they also suffer diminishing returns associated with locating too many
additional stores in an area. This is calledA. economies of scope.B. channel integration.C. channel competition.D. sales cannibalization. 8. Which of the following describes the market expansion
growth strategy?A. Opening stores of the same retail format in new market
segments.B. Realizing growth by directing efforts toward existing
customers using the retailer’s present retailing format.C. Keeping existing stores open for longer hours.D. Displaying merchandise to increase impulse purchases and
training salespeople to cross-sell. 9. Demarkus finally received financial backing from his
wealthy aunt in order to open a pawn shop. He contacted the landlord of a nearby shopping center since he
had his eye on a vacant storefront. To his surprise, his request for a lease was denied. What most
likely prevented the landlord from leasing to Demarkus?A. A licensing clause B. A fixed-rate clauseC. A prohibited use clauseD. An escape clause 10. For fashion merchandise where there is only one shipment
of the product or collection, the best supply chain method to use is the _______ strategy.A. pull supply chainB. push supply chainC. cross check logisticD. cost efficient logistic 11. What type of retailer would most likely benefit from the
use of direct store delivery?A. A big box electronics retailerB. A big box discount storeC. A large department store D. A supermarket 12. Which of the following ratios is included as an integral
part of the strategic profit model?A. Net profit marginB. Current liabilitiesC. Inventory turnoverD. Retained earnings 13. The information used to analyze a retailer’s asset
management path primarily comes from theA. financial leverage statementB. income statement C. strategic profit modelD. balance sheet 14. Which of the following statements regarding the customer
pyramid is true?A. Customers in the Iron segment in the customer pyramid
need special attention from the retailer to grow their potential to be better customers.B. Customers in the Gold segment are the most profitable and
loyal customers.C. Customers in the Lead segment may actually cost the
retailer money to serve them.D. All customers regardless of their segment must receive
equitable promotional benefits. 15. How do retailers and vendors ensure that information
that passes back and forth between retailers and vendors is secure?A. With a high level of planning, implementation and control
of the flow of information, then the information will be secure. B. The system ensures that the information received has not
been tampered with by ensuring that the communication is both authentic and authorized.C. Paper hard copies are sent to one another for comparison
to be certain that the information is accurate.D. Suppliers, customers and new clients all have a form of
access to information. 16. If Mohammed wanted to examine the assets and liabilities
of the Silver Exchange Coin Shop for the end of the year, he should look at itsA. profitability statement.B. balance sheet.C. financial leverage statements.D. income statement. 17. Craig works for a retailer planning what merchandise
will be in the assortments, setting prices, negotiating with vendors and planning advertising and
marketing for intimate apparel. He attends fashion trade shows and travels to market in New York City nearly
every month. What position in the organizational structure of a retailing firm does Craig
have?A. BuyerB. Merchandise plannerC. Store manager D. Divisional merchandise manager 18. Why have some vendors and retailers chosen not to adopt
RFID tagging?A. They believe the additional costs do not benefit the
return on investment.B. They’re concerned about the potential health risk of
radio frequency.End of exam C. They’re concerned about the data storage falling into the
wrong hands.D. They don’t want to replace people with the devices. 19. Goodwill Industries frequently hires disabled people as
part of the community thrift store personnel. Which objective does Goodwill Industries value by this
practice?A. PersonalB. SocietalC. FinancialD. Administrative 20. Val is concerned that the commissioned salespeople in
her fur shop aren’t keeping the store clean and merchandise properly displayed. What should she do?A. Increase the sales commissions for her salespeople.B. Stock less merchandise.C. Fire the salespeople and hire new ones. D. Change the incentives from commissions to bonuses

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