Competition Prep - Retail And Merchandising
10 Questions to prepare you for competition.
- 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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