MKT 461/ MKT461 Exam 1 Updated With
Correct Answers [Already Graded] | 2025
LATEST UPDATED.
North American Industry Classification System
US and Mexico classification scheme to collect data on business activity in each country; 6 digit code -
first 2 business sector, last 4 subsectors
variety
number of merchandise categories a retailer offers
assortment
number of different items offered in a merchandise category
breadth of merchandise
variety
depth of merchandise
assortment
stock keeping unit
each different item of merchandise
conventional supermarket
large, self-service retail food store offering groceries, meat, produce, as well as nonfood items such as
health and beauty aids and general merchandise
limited assortment supermarkets (extreme value food retailers)
only stock about 1500 SKUs (Aldi)
power perimeter
fresh merchandise categories are located in the areas around the outer walls of a supermarket and
includes the dairy, bakery, meat, florist, produce, deli and coffee bar
fair trade
practice of purchasing from factories that pay workers a living wage, considerably more than the
prevailing minimum wage, and offer other benefits such as onsite medical treatment
locavore movement
, reducing the carbon footprint caused by the transportation of food throughout the world
supercenters
large stores (200,000 square feet) that combine a super market with a full time discount store (Walmart,
Meijer, Super Target)
hypermarkets
large combination food and general merchandise stores (Carrefour), stock fewer SKUs than supercenters
big box stores
large, limited service
warehouse clubs
retailers that offer limited and irregular assortment of food and general merchandise with little service
at low prices for ultimate consumers and small businesses (Sam's Club, Costco)
convenience stores
limited variety and assortment of merchandise at a convenient location in 3000-5000 sq feet with
speedy checkout
department stores
retailers that carry a broad variety and deep assortment, offer customer services, and organize their
stores into distinct departments for displaying merchandise
soft goods
nondurable or consumable goods - cosmetics, clothing, and bedding
hard goods
durable goods - appliances, furniture, electronics
full discount line stores
retailers that offer a broad variety of merchandise, limited service, and low prices (Target, Kmart,
Walmart, Staples, Lowe's)
category specialists
big box stores that offer a narrow but deep assortment of merchandise
category killers
by offering a complete assortment in a category, category specialists can kill a category of merchandise
for other retailers
specialty stores
Correct Answers [Already Graded] | 2025
LATEST UPDATED.
North American Industry Classification System
US and Mexico classification scheme to collect data on business activity in each country; 6 digit code -
first 2 business sector, last 4 subsectors
variety
number of merchandise categories a retailer offers
assortment
number of different items offered in a merchandise category
breadth of merchandise
variety
depth of merchandise
assortment
stock keeping unit
each different item of merchandise
conventional supermarket
large, self-service retail food store offering groceries, meat, produce, as well as nonfood items such as
health and beauty aids and general merchandise
limited assortment supermarkets (extreme value food retailers)
only stock about 1500 SKUs (Aldi)
power perimeter
fresh merchandise categories are located in the areas around the outer walls of a supermarket and
includes the dairy, bakery, meat, florist, produce, deli and coffee bar
fair trade
practice of purchasing from factories that pay workers a living wage, considerably more than the
prevailing minimum wage, and offer other benefits such as onsite medical treatment
locavore movement
, reducing the carbon footprint caused by the transportation of food throughout the world
supercenters
large stores (200,000 square feet) that combine a super market with a full time discount store (Walmart,
Meijer, Super Target)
hypermarkets
large combination food and general merchandise stores (Carrefour), stock fewer SKUs than supercenters
big box stores
large, limited service
warehouse clubs
retailers that offer limited and irregular assortment of food and general merchandise with little service
at low prices for ultimate consumers and small businesses (Sam's Club, Costco)
convenience stores
limited variety and assortment of merchandise at a convenient location in 3000-5000 sq feet with
speedy checkout
department stores
retailers that carry a broad variety and deep assortment, offer customer services, and organize their
stores into distinct departments for displaying merchandise
soft goods
nondurable or consumable goods - cosmetics, clothing, and bedding
hard goods
durable goods - appliances, furniture, electronics
full discount line stores
retailers that offer a broad variety of merchandise, limited service, and low prices (Target, Kmart,
Walmart, Staples, Lowe's)
category specialists
big box stores that offer a narrow but deep assortment of merchandise
category killers
by offering a complete assortment in a category, category specialists can kill a category of merchandise
for other retailers
specialty stores
