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Exam 15: Retailing

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Question 1

Multiple Choice

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Markup is:

A) the difference between the final selling price and how the customer values the product.
B) selling brand name merchandise at lower than regular prices.
C) the amount added to the cost the retailer paid for a product to reach the final selling price.
D) the difference between the retail cost and initial selling price.

E) A) and B)
F) None of the above

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Question 2

Multiple Choice

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According to the retail life cycle with respect to the positions of various current forms of retail outlets,which of the following can be considered to be in the decline stage?

A) value-retail centres
B) single-price stores
C) fast-food outlets
D) general stores

E) A) and B)
F) A) and C)

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D

Question 3

Multiple Choice

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When Tim Hortons opened in 1964,they offered:

Figure: 15-6 -According to Figure 15-6,outlets would add additional services between cells:

Home Depot began as a simple retailing concept to provide a one-stop shopping for construction materials and tools whether for the professional or the do-it-yourselfer.It has evolved into a home and garden centre.It now has professional home interior decorators employed to help customers make decisions about lights,wallpaper,paint,etc.It also offers installation services on many of the items it sells.From being a relatively simple concept,Home Depot has become an international chain with higher margins and a diverse list of products.This evolution of Home Depot is consistent with the:

According to the retail life cycle with respect to the positions of various current forms of retail outlets,which of the following can be considered to be in the early growth stage?

Your neighbourhood dry cleaner or florist is likely to be categorized according to its form of retail ownership as an independent retailer.This means it is owned by a(n) :

A supercentre:

When Bulk Barn says: "We carry over 4,000 products-everything from soup to nuts." they are describing their:

Which method of classifying retail outlets would be most appropriate for describing McDonald's,Holiday Inn,and Subway-all franchise operations?

A Woman's Place is a retail store,created and staffed by women,that offers products and services relating to maternity needs.It carries in stock 3,000 items for expectant mothers in all dress sizes.This is an example of the ____ A Woman's Place carries.

When traveling in Alberta,Jack Meyers passes a variety of retail outlets,including the world-famous West Edmonton Mall in Edmonton.However,Jack rarely stops to shop until he reaches a group of factory outlet stores located on the outskirts of Edmonton.Here,Meyers can shop at the Levi's Factory Store,the Van Heusen Factory Store,the Bass Shoe Outlet,and other clothing stores offering products at prices 25-30 percent below retail.The factory stores at which Meyers shops are engaged in _____ retailing.

Walmart prefers not to offer 'markdowns,' but rather provide their bottom line price to consumers.This strategy is known as:

Price ranges,store layouts,and breadth and depth of merchandise lines are considered to be _____ of a store's image.

Vending machines are an example of:

A women's clothing store having only one outlet likely falls under what form of ownership?

Loblaws,a Canadian supermarket,features fruits and vegetables piled high on tables which have umbrellas.The idea behind this arrangement was to give Loblaws "a market feel." In terms of the retailing mix,this tactic was concerned with:

The US retailer,Nordstroms,decided to rent a storefront along Yonge Street in Toronto,a major shopping and tourist area,and offer a two-week long early Christmas sale in November.Nordstroms then closed the location after two-weeks.This is an example of:

Johnny is looking to pick-up a new laptop,so he visits Best Buy,Future Shop,and the Apple Store,to test and learn which model he wants to purchase.When Johnny gets home,he logs online,finds the same laptop he tried in the stores and makes the purchase online.This is an example of:

Large department stores,such as Sears or Hudson's Bay,are best classified as: