QUESTION 1 Complete the sentence, in regards to a retail strategy: The store is

Question

QUESTION 1

Complete the sentence, in regards to a retail strategy: The store is the _______________________________.

QUESTION 2

What is the most important benefit a franchisor provides to its franchisees?

QUESTION 5

Approximately how large is the total US retail marketplace? ($_________ dollars)

QUESTION 11

The two basic shopping goals of consumers are customer satisfaction and customer service.

(T/F)

QUESTION 12

Walmart is classified as an off-price retailer.   T / F

QUESTION 14

Automated retailing occurs when a consumer goes into a store to learn about different brands and products and then searches the Internet for the same product sold at a lower price.

(T/F)

Why would a retailer desire to have private-label or store brands?

QUESTION 21

For a retailer, what are the first two expense categories where spending will be reduced if business is bad?

QUESTION 22

What percent of US retail businesses are franchises?

QUESTION 23

Why is choosing a good location such an important decision for a retailer?

QUESTION 26

Why haven’t Home Depot and Lowe’s forced many more independent hardware stores to close as other category killer type retailers have done to the small local stores? (For instance Barnes & Noble Superstores and small local or small mall based bookstores) Explain.

QUESTION 30

There are three parts to this question. Item two is only a list of 3 things. Under item 3 you will describe each, separately, do not merge the explanations.

Define customer loyalty and why it is important to a retailer to build it.

List 3 methods, actions or programs retailers can undertake to build loyalty.

For each item on the list, in a few sentences describe the method/activity and explain why the activity/program/method builds loyalty.

QUESTION 33

Often a category killer such as Barnes & Noble or Staples may also be classified as a destination store.

T/F

QUESTION 38

For the upcoming Fall period, your department was estimated to produce a gross margin of $618,750 because the expenses were estimated at $562,500. The projected operating profit for the period was set at 4.0%.

What gross margin percentage was required to achieve the desired profit?

QUESTION 45

Planograms are maps used to inform Drugstore managers how to arrange the merchandise in their locations. (T/F)

QUESTION 49

What percent of retail companies have annual sales of less than $2.5 million?

QUESTION 50

What are the characteristics of 7-11 stores for these descriptors:

Variety: _____ ____; Price: _________; Typical Locations ________and ________ ;

Assortment:(1) _____ ____________ and Assortment (2) ___________

Why haven’t Home Depot and Lowe’s forced many more independent hardware stores to close as other category killer type retailers have done to the small local stores? (For instance Barnes & Noble Superstores and small local or small mall based bookstores) Explain.

Explanation / Answer

Answer 1 the final point / Means for the product to reach out to customers

Answer 2 The franchisor provides assistance in locating and building the store, developing the products and/or services that will be sold, management training, and advertising.

Answer 5 Approximately 5 Trillion US $

Answer 11 True

Answer 12 False

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