Mktg 124

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1) All of the activities involved in acquiring particular goods and/or services and making them available at the places, times, prices, and quantities that will enable the firm to reach its goals comprise ________.

A) merchandising
B) financial merchandise management
C) retail pricing
D) a centralized buying organization
Answer: A
Diff: 1Page Ref: 384
Skill: Terminology/Concept

2) A major characteristic of micromerchandising is the ________.
A) lower costs through quantity discounts
B) use of rationalized retailing
C) appeal to local tastes
D) use of the top-down approach to space management
Answer: C
Diff: 2Page Ref: 386
Skill: Terminology/Concept

3) Which retail merchandising strategy reflects the need to appeal to specific target markets through different product offerings?
A) rationalized retailing
B) micromerchandising
C) battle of the brands
D) cross selling
Answer: B
Diff: 2Page Ref: 386
Skill: Terminology/Concept

4) Which merchandising strategy is similar to scrambled merchandising?
A) cross-merchandising
B) micromerchandising
C) cross selling
D) rationalized retailing
Answer: A
Diff: 2Page Ref: 387
Skill: Terminology/Concept
5) A formal buying organization is characterized by ________.
A) the same personnel handling merchandising and other retail functions
B) low organizational costs
C) the merchandising function being a separate department
D) flexibility in organizational design
Answer: C
Diff: 1Page Ref: 387
Skill: Terminology/Concept

6) Informal buying organizations are most likely to be found in ________.
A) major retail chains
B) franchisors
C) small independents
D) specialty chains
Answer: C
Diff: 1Page Ref: 387
Skill: Terminology/Concept

7) In a centralized buying organization, ________.
A) all purchases emanate from one office
B) purchase decisions are made at local store units
C) local units have freedom in buying, but must use approved vendors
D) purchase decisions are made at the regional level
Answer: A
Diff: 2Page Ref: 388
Skill: Terminology/Concept

8) A major advantage of centralized buying for a retailer is ________.
A) the increased role of branch stores
B) greater fit with regional trends
C) faster delivery times
D) greater bargaining power
Answer: D
Diff: 2Page Ref: 388
Skill: Terminology/Concept

9) A major disadvantage of decentralized buying is ________.
A) excessive uniformity
B) poor morale at local stores
C) inflexibility in decision making
D) an inconsistent image
Answer: D
Diff: 2Page Ref: 388
Skill: Terminology/Concept
10) Which is an example of a specialized buying organization for a national supermarket chain?
A) a buyer being responsible for purchasing for all stores in the Southwest
B) a buyer having an assistant buyer and an assistant to the buyer report to him or her
C) a buyer purchasing seafood directly from major fishing fleets
D) a buyer having a $2,000,000 budget each month
Answer: C
Diff: 2Page Ref: 388
Skill: Terminology/Concept

11) Which type of buying organization generally services small noncompeting retailers?
A) specialized buying organization
B) general buying organization
C) inside buying organization
D) outside buying organization
Answer: D
Diff: 1Page Ref: 389
Skill: Terminology/Concept

12) Which buying organization operates close to the sources of supply?
A) inside buying office
B) outside buying office
C) general buying office
D) resident buying office
Answer: D
Diff: 2Page Ref: 390
Skill: Terminology/Concept

13) Which buying organization seeks to receive quantity discounts and bargaining power discounts for its members so that they will be better able to compete against larger chain organizations?
A) cooperative buying
B) inside buying...
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