Retail Management Proctored Final ExaminationPart A: Answer two of the following three essays in one or two paragraphs. Each answer is worth 15 points.
1.Discuss the reasons that department stores are losing their market share to discountstores and discuss what department stores are doing to try to gain back customers?
2.Why can two retailers who pursue very different strategies have the same returnon investment?
3.What are the approaches a retailer can consider when working to reduceemployee theft?
Part B: Answer each of the following questions in two to four sentences. Each answer is worth 4 points.
1.Describe the ways supermarkets in the United States have shifted their productofferings and shopping experience in their stores to the growing ethnic populationof Hispanic people.2.List four possible retail market segments for athletic shoes.3. Using the information below, calculate each retailer’s asset turnover ratio and compare the results. Discuss what the results indicate about each retailer.
Retailer A Retailer B Net Sales $200,000 $340,000 Total Assets $355,000 $580,000 4.Why are grocery stores opening locations in urban neighborhoods that were onceviewed as undesirable locations?
5.Compare and contrast the push and pull supply chain methods.6.In terms of merchandise, what is the difference between a classification and a category?7.What are the benefits to price lining?8.What is the difference between structured program training and on-the-job training?9.What is empowerment and why is empowerment an important factor in setting up theprocedures for handling customer complaints?10. How do human resource professionals, store managers, and employees play a part in human resource management?Part C: Circle the letter of the correct answer to each question or statement. Each answer is worth 3 points.
1. CVS, Walgreen’s, and Rite Aid are………COMPETITORS.a. indirectb. intratypec. intertyped. verticale. horizontal
2. Disintermediation occurs whena. a manufacturer sells directly to a wholesaler who then sells to a retailer.b. a retailer purchases from a few wholesalers resulting in increased competitionand price.c. a manufacturer sells directly to other manufacturers who distributes to an arrayof wholesalers.d. a manufacturer sells directly to consumers, bypassing retailers.e. wholesalers disagree about the agreements between the manufacturer and theretailer.3. _ is the design and implementation of a retail mix to create an image of theretailer within the customer’s mind relative to its competitors.a. Retail perceptionb. Positioningc. Imagingd. Detailinge. Competitive feedback4. Bea is a young professional living in the suburbs. She and a friend decide to meeton a Saturday for a day of shopping, dining and movie. With it being a beautiful dayoutside, they wish to enjoy the weather but also find a place that features upscaleapparel shops and boutiques. They most likely will choose to patronize a/ana. lifestyle center.b. central mall.c. outlet mall.d. power center.e. mixed-use development.
5. Build-A-Bear Workshops is a unique specialty store that teaches its customers howto build a cuddly stuffed animal by moving through a series of stations located inthe store. Each “bear” is unique. The core of the business is light-hearted and kid-oriented. Even the CEO calls herself Chief Executive Bear. The focus on fun, creativity,and humor can be considered a part of thea. corporate procedures.b. corporate structure.c. organizational culture.d. decentralization.e. human resource planning.
6.Before Emily started her transaction at a retailer, she was asked by the cashier for herphone number. This practice is gatheringa. share of wallet.b. identifying information.c. biometrics.d. loyalty likelihood.e. cookies.
7. Linda is a small scale fashion designer who sourced out to a manufacturer in Indiato assemble her fall line. She assumed the patterns for the clothes were simple andobvious, so she believed it unnecessary to personally visit the factory and supervisethe workers sewing her clothes. Months later, the shipment arrived in New York andmuch to her surprise; the seams on all of the blouses were sewn incorrectly. Thismishap is an issue ofa. quality control.b. tariff ramifications.c. poor strategy.d. global market satiation.e. global trends.
8. To build the brand equity of their private label merchandise, a retailer needs toa. lower the prices to give the new merchandise a chance against the competition.b. create a high level of brand awareness.c. limit the amount of private label merchandise to make it more collectable.d. partner with manufacturers to reduce distribution costs.e. develop unfavorable associations for a competitor’s private labels.
9. Apparel retailers that display most of their merchandise on freestanding fixturestypically measure space productivity asa. sales per linear foot.b. sales per square foot.c. inventory turnover.d. retained earnings.e. asset turnover.10. The _ _ of a site is the ease with which customers can get into and out of thesite.a. traffic flowb. traffic restrictionc. accessibilityd. vehicular traffic bypasse. macro analysisRetail Management Proctored Final ExaminationPart A: Answer two of the following three essays in one or two paragraphs. Each answer is worth 15 points.1.Discuss the reasons that department stores are losing their market share to discountstores and discuss what department stores are doing to try to gain back customers?2.Why can two retailers who pursue very different strategies have the same returnon investment?3.What are the approaches a retailer can consider when working to reduceemployee theft?Part B: Answer each of the following questions in two to four sentences. Each answer is worth 4 points.1.Describe the ways supermarkets in the United States have shifted their productofferings and shopping experience in their stores to the growing ethnic populationof Hispanic people.2.List four possible retail market segments for athletic shoes.3. Using the information below, calculate each retailer’s asset turnover ratio and compare the results. Discuss what the results indicate about each retailer.Retailer A Retailer B Net Sales $200,000 $340,000 Total Assets $355,000 $580,000 4.Why are grocery stores opening locations in urban neighborhoods that were onceviewed as undesirable locations?5.Compare and contrast the push and pull supply chain methods.6.In terms of merchandise, what is the difference between a classification and a category?7.What are the benefits to price lining?8.What is the difference between structured program training and on-the-job training?9.What is empowerment and why is empowerment an important factor in setting up theprocedures for handling customer complaints?10. How do human resource professionals, store managers, and employees play a part in human resource management?Part C: Circle the letter of the correct answer to each question or statement. Each answer is worth 3 points.1. CVS, Walgreen’s, and Rite Aid are………COMPETITORS.a. indirectb. intratypec. intertyped. verticale. horizontal2. Disintermediation occurs whena. a manufacturer sells directly to a wholesaler who then sells to a retailer.b. a retailer purchases from a few wholesalers resulting in increased competitionand price.c. a manufacturer sells directly to other manufacturers who distributes to an arrayof wholesalers.d. a manufacturer sells directly to consumers, bypassing retailers.e. wholesalers disagree about the agreements between the manufacturer and theretailer.3. _ is the design and implementation of a retail mix to create an image of theretailer within the customer’s mind relative to its competitors.a. Retail perceptionb. Positioningc. Imagingd. Detailinge. Competitive feedback4. Bea is a young professional living in the suburbs. She and a friend decide to meeton a Saturday for a day of shopping, dining and movie. With it being a beautiful dayoutside, they wish to enjoy the weather but also find a place that features upscaleapparel shops and boutiques. They most likely will choose to patronize a/ana. lifestyle center.b. central mall.c. outlet mall.d. power center.e. mixed-use development.5. Build-A-Bear Workshops is a unique specialty store that teaches its customers howto build a cuddly stuffed animal by moving through a series of stations located inthe store. Each “bear” is unique. The core of the business is light-hearted and kid-oriented. Even the CEO calls herself Chief Executive Bear. The focus on fun, creativity,and humor can be considered a part of thea. corporate procedures.b. corporate structure.c. organizational culture.d. decentralization.e. human resource planning.6.Before Emily started her transaction at a retailer, she was asked by the cashier for herphone number. This practice is gatheringa. share of wallet.b. identifying information.c. biometrics.d. loyalty likelihood.e. cookies.7. Linda is a small scale fashion designer who sourced out to a manufacturer in Indiato assemble her fall line. She assumed the patterns for the clothes were simple andobvious, so she believed it unnecessary to personally visit the factory and supervisethe workers sewing her clothes. Months later, the shipment arrived in New York andmuch to her surprise; the seams on all of the blouses were sewn incorrectly. Thismishap is an issue ofa. quality control.b. tariff ramifications.c. poor strategy.d. global market satiation.e. global trends.8. To build the brand equity of their private label merchandise, a retailer needs toa. lower the prices to give the new merchandise a chance against the competition.b. create a high level of brand awareness.c. limit the amount of private label merchandise to make it more collectable.d. partner with manufacturers to reduce distribution costs.e. develop unfavorable associations for a competitor’s private labels.9. Apparel retailers that display most of their merchandise on freestanding fixturestypically measure space productivity asa. sales per linear foot.b. sales per square foot.c. inventory turnover.d. retained earnings.e. asset turnover.10. The _ _ of a site is the ease with which customers can get into and out of thesite.a. traffic flowb. traffic restrictionc. accessibilityd. vehicular traffic bypasse. macro analysis