MKT 315 TOPIC 5 QUIZ LATEST ACCURATE
SUMMERWINTER SESSION GRADED A
What is Retailing? - ANSWER: A set of business activities that adds value to the
products and services sold to consumers for their personal or family use. It is the last
stage in the distribution process; includes every sale to the final customer
Pure Retailers - ANSWER: Sears, Holiday Inn, McDonalds
Retailers that are also wholesalers - ANSWER: Office Depot, Home Depot
Four Ways Retailers Add Value - ANSWER: 1. Breaking Bulk
2. Holding Inventory
3. Providing Assortment
4. Offering Services
Breaking Bulk - ANSWER: Sell it in quantities customers want.
Manufacturers/wholesalers reduce transportation costs by selling in large quantities
Holding Inventory - ANSWER: Buy it at a convenient place when you want it.
Consumers may make unplanned or impulse purchases and have limited storage
Providing Assortment - ANSWER: Buy other products at same time
Offering Services - ANSWER: See it before you buy it, get credit, privacy at home
General Trends in Retailing - ANSWER: Selling merchandise over the internet and
growth in use of multi-channel retailing by traditional retailers. Using IT to manage
supply chains, analyze POS data to tailor assortments to stores, computer systems
for merchandising planning.
Most common Trends in retailing - ANSWER: 1. Increasing industry concentration:
Few nationals dominate most formats
2. Growing diversity of formats
3. Globalization: Source merchandise from around the world. There are factors
stimulating globalization like transferability of skills/relaxation of trade barriers.
Retail Mix - ANSWER: Elements used by a retailer to satisfy customers needs
1. Pricing
2. Type of merchandise
3. Merchandise and services offered
4. Services offered
Pricing - ANSWER: Price - Cost trade off: The more sales associates who provide
detailed information on the products, the higher the cost.
, Types of Merchandise - ANSWER: Goods/Services offered
Merchandise/Services Offered - ANSWER: Variety/Assortment
Variety: Breadth of merchandise, wide vs. narrow. Number of categories offered.
Assortment: Depth of merchandise, deep vs. shallow: Number of different
stockkeeping unites in a merchandise category
SKU - ANSWER: The smallest unit for keeping inventory
Services Offered - ANSWER: Retailers differ in the services they offer customers.
There is a general trend toward services.
Types of Retailers - ANSWER: Merchandise Retailers
Non-store retailers
Service Retailers
Merchandise Retailers - ANSWER: Food Retailers
General Merchandise retailers
Food Retailers - ANSWER: 1. Mom and Pops: Conventional supermarkets
2. Convenience Stores
3. Big Box Retailers
Mom and Pops: Conventional supermarkets - - ANSWER: Self service food stores
with groceries/meat/produce with limited variety, are in decline
Convenience Stores - ANSWER: Limited variety and assortment, tailors assortments
to local market, makes it convenient to shop, offer fresh/healthy food, opening
smaller stores closer to consumers, financial services available
Big Box Retailers - ANSWER: Warehouse clubs, supercenters
Changing consumption patterns in food retailing - ANSWER: Time pressure
Eating out more
Meal solutions
General Merchandise Retailers - ANSWER: Full line discount stores
Specialty stores
Category Specialists
Department stores
Drugstores
Off-price retailers
Extreme value retailers
SUMMERWINTER SESSION GRADED A
What is Retailing? - ANSWER: A set of business activities that adds value to the
products and services sold to consumers for their personal or family use. It is the last
stage in the distribution process; includes every sale to the final customer
Pure Retailers - ANSWER: Sears, Holiday Inn, McDonalds
Retailers that are also wholesalers - ANSWER: Office Depot, Home Depot
Four Ways Retailers Add Value - ANSWER: 1. Breaking Bulk
2. Holding Inventory
3. Providing Assortment
4. Offering Services
Breaking Bulk - ANSWER: Sell it in quantities customers want.
Manufacturers/wholesalers reduce transportation costs by selling in large quantities
Holding Inventory - ANSWER: Buy it at a convenient place when you want it.
Consumers may make unplanned or impulse purchases and have limited storage
Providing Assortment - ANSWER: Buy other products at same time
Offering Services - ANSWER: See it before you buy it, get credit, privacy at home
General Trends in Retailing - ANSWER: Selling merchandise over the internet and
growth in use of multi-channel retailing by traditional retailers. Using IT to manage
supply chains, analyze POS data to tailor assortments to stores, computer systems
for merchandising planning.
Most common Trends in retailing - ANSWER: 1. Increasing industry concentration:
Few nationals dominate most formats
2. Growing diversity of formats
3. Globalization: Source merchandise from around the world. There are factors
stimulating globalization like transferability of skills/relaxation of trade barriers.
Retail Mix - ANSWER: Elements used by a retailer to satisfy customers needs
1. Pricing
2. Type of merchandise
3. Merchandise and services offered
4. Services offered
Pricing - ANSWER: Price - Cost trade off: The more sales associates who provide
detailed information on the products, the higher the cost.
, Types of Merchandise - ANSWER: Goods/Services offered
Merchandise/Services Offered - ANSWER: Variety/Assortment
Variety: Breadth of merchandise, wide vs. narrow. Number of categories offered.
Assortment: Depth of merchandise, deep vs. shallow: Number of different
stockkeeping unites in a merchandise category
SKU - ANSWER: The smallest unit for keeping inventory
Services Offered - ANSWER: Retailers differ in the services they offer customers.
There is a general trend toward services.
Types of Retailers - ANSWER: Merchandise Retailers
Non-store retailers
Service Retailers
Merchandise Retailers - ANSWER: Food Retailers
General Merchandise retailers
Food Retailers - ANSWER: 1. Mom and Pops: Conventional supermarkets
2. Convenience Stores
3. Big Box Retailers
Mom and Pops: Conventional supermarkets - - ANSWER: Self service food stores
with groceries/meat/produce with limited variety, are in decline
Convenience Stores - ANSWER: Limited variety and assortment, tailors assortments
to local market, makes it convenient to shop, offer fresh/healthy food, opening
smaller stores closer to consumers, financial services available
Big Box Retailers - ANSWER: Warehouse clubs, supercenters
Changing consumption patterns in food retailing - ANSWER: Time pressure
Eating out more
Meal solutions
General Merchandise Retailers - ANSWER: Full line discount stores
Specialty stores
Category Specialists
Department stores
Drugstores
Off-price retailers
Extreme value retailers
