Competition Prep - Retail And Merchandising

10 Questions | Total Attempts: 222

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Commerce Quizzes & Trivia

10 Questions to prepare you for competition.


Questions and Answers
  • 1. 
    1. The most likely reasons that a vertically integrated apparel company might offshore its manufacturing processes to businesses located in India, Taiwan, and China are to
    • A. 

      . lower its costs and increase its profit margins.

    • B. 

      Eliminate its transportation costs and improve product quality.

    • C. 

      Avoid its tax obligations and meet trade quotas

    • D. 

      . reduce product mix and accommodate demand.

  • 2. 
    How do retailers benefit by using electronic data interchange systems?
    • A. 

      Decreases the need to check merchandise

    • B. 

      Limits electronic communication

    • C. 

      Reduces the order cycle time

    • D. 

      Eliminates the need for intermediaries

  • 3. 
    In relation to channel management, which of the following actions should the manufacturer take to effectively introduce a new product to the marketplace:
    • A. 

      Use appropriate promotional techniques to inform channel members

    • B. 

      Establish ethics policies

    • C. 

      Improve communication with distributors or wholesalers

    • D. 

      Apply for a line of credit

  • 4. 
    What course of action can a lender take if a debtor's account is past due?
    • A. 

      File a judicial lien

    • B. 

      Claim defamation

    • C. 

      Apply for bankruptcy

    • D. 

      Liquidate assets

  • 5. 
    The purpose of asking the participants of a research study to maintain product diaries is to obtain marketing research about consumers'
    • A. 

      Financial skills

    • B. 

      Viewing preferences

    • C. 

      Essential needs

    • D. 

      Purchasing habits

  • 6. 
    What are the characteristics of dissonance-reducing buying behavior?
    • A. 

      Expensive, infrequent purchase with high buyer involvement and few perceived differences

    • B. 

      Inexpensive, frequent purchase with low buyer involvement and few perceived differences

    • C. 

      Expensive, infrequent purchase with high buyer involvement and strong brand recognition

    • D. 

      Inexpensive, frequent purchase with low buyer involvement and strong brand recognition

  • 7. 
    When a situation analysis reveals that a competitor's market share has steadily increased over the past year, the Franklin Electronics Store has identified an
    • A. 

      Internal change

    • B. 

      Internal weakness

    • C. 

      External threat.

    • D. 

      External strength.

  • 8. 
    An effective way for a retailer to reduce the risk of shoplifting for small, expensive items is to place them
    • A. 

      In storage vaults

    • B. 

      On gondolas in the back of the store.

    • C. 

      In locked display cases.

    • D. 

      On wire shelves near the store's entrance

  • 9. 
    Calculate the total owed for the following sales transaction that has a sales-tax rate of 7.25%: 3 picture frames for $22.59 each; 8 boxes of light bulbs for $8.50 box; 4 gallons of paint for $38.79 per gallon; 2 paint brushes for $9.35 each; and 1 light fixture for $167.49.
    • A. 

      $511.72

    • B. 

      $527.12

    • C. 

      $515.27

    • D. 

      $521.71

  • 10. 
    A business might reduce a product's price during the growth phase of the product's life cycle because
    • A. 

      The product tends to attract early adopters during this phase of the life cycle.

    • B. 

      . the business wants to recover its research and development costs.

    • C. 

      It can lower advertising costs since the product has a loyal customer base.

    • D. 

      Competitors have introduced similar products to the marketplace.

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