Retail Industry Final Exam Quiz with Verified Solutions.
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Course
Retail Industry
Institution
Retail Industry
RetailIndustryFinalExamQuizwithVerified
Solutions.
The process by which a retailer attempts to offer the right quantity of the right merchandise
in the right place at the right time and meet the company's financial goals is called:
a. category management.
b. quick response inventory management...
Retail Industry Final Exam Quiz with Verified
Solutions.
The process by which a retailer attempts to offer the right quantity of the right merchandise
in the right place at the right time and meet the company's financial goals is called:
a. category management.
b. quick response inventory management.
c. merchandise management.
d. inventory control.
e. materials procurement and handling. - Correct Answer c. merchandise management.
The highest classification level in the buying organization is called the:
a. category group.
b. classification group.
c. department group.
d. merchandise group.
e. division group. - Correct Answer d. merchandise group.
A(n) __________ is an assortment of items that customers see as substitutes for one
another.
a. SKU
b. merchandise category
c. merchandise classification
d. inventory unit
e. assortment plan - Correct Answer b. merchandise category
Which of the following is a vendor who works with the retailer to develop a better
understanding of shopping behavior, create assortments that satisfy consumer needs, and
improve the profitability of the merchandise category?
a. Assortment Manager.
b. Category Captain.
, c. Category Manager.
d. Category Specialist.
e. Consumer Advocate. - Correct Answer b. Category Captain.
National brands are also known as __________ brands.
a. generic
b. private-label
c. exclusive
d. manufacturer
e. distributor - Correct Answer d. manufacturer
What is an advantage to a national retailer for selling private labels?
a. There is less steps and supply chain resources needed to develop private label product.
b. The retailer saves costs as it does not need to market private label products.
c. There is less risk involved with selling private label brands.
d. Private label brands have more clout than national brands.
e. Private label brands can fill assortment voids that are not being met by national brands. -
Correct Answer e. Private label brands can fill assortment voids that are not being met by
national brands.
Retail buyers often say they are "going to market." What does "market" mean in this
context?
a. A shopping center in which the firm plans to open a new store.
b. A concentrated area where vendors are permanently located and show new
merchandise during certain times of the year.
c. A geographic location where the retailer anticipates remarkably good prospects for
above average levels of sales.
d. The target consumers at whom a line of merchandise will be aimed.
e. The intention to price merchandise at whatever the "going rate" happens to be in a
particular location. - Correct Answer b. A concentrated area where vendors are
permanently located and show new merchandise during certain times of the year.
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