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Prescription pharmaceuticals account for over half or more of drugstores annual sales. True False Walmart is classified as an off-price retailer. True False Supermarkets gain higher profit margins from private-label merchandise than national brands. True False Hispanics have significantly different shopping and eating patterns from those of the general population in the United States. True False Subway is a franchise. True False The biggest difference between services and merchandise retailers is their profits. True False Discount stores offer both hard and soft goods for sale. True False Extreme-value retailers have a broad variety but shallow assortment of products offered at very low prices. True False An advantage of a large retail chain is that it can respond quickly to market changes and customer needs. True False
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10. To be competitive in today's marketplace, Supermarkets are focusing on offering perishable products and meal solutions. True False 11. New retail formats are created and evolve because ______________. A. consumers lose interest B. large retailers have undertaken stronger marketing campaigns C. consumers needs and competition change D. private branding dictates new fashion E. retailers have built better relationships with key customers 12. The North American Industry Classification System (NAICS): A. was developed by the Federal Trade Commission (FTC) B. uses an 8-digit classification system C. was created to collect data on North America's business activity D. is limited in its use to only retail institutions E. is used only by the United States 13. Which of the following statements about NAICS codes is TRUE? A. The letters in NAICS stand for National Assortments in Commercial Stores. B. Retailers with the same NAICS codes are likely to compete against each other. C. A retailer's principal competitor is seldom, if ever, in the same NAICS category. D. The NAICS code categorizes businesses according to an 8-digit classification system. E. The classifications for retail firms are based upon the location of the store fronts.
14. _________ refers to the number of different merchandise categories a retailer offers. A. Inventory mixture B. Product measurement C. Product depth D. Variety E. Assortment 15. Because the only merchandise categories at the University Futon Shop are double-sized futons, the Futon Shop can be said to have no ______________. A. inventory control B. need for customer service C. variety D. shrinkage E. product depth 16. Each different item of merchandise in a retail store is called a(n) _____________. A. consumer offering B. store counted item (SCI) C. stored and keyed unit (SKU) D. stock keeping unit (SKU) E. economic unit 17. What does the acronym SKU stand for? A. Style Kept Utility B. Stock Keeping Unit C. Selling Keyboard Utility D. Stored and keyed Unit E. None of the above 18. What is the word used to describe a retailer's merchandise "breadth"? A. Apparition B. Assortment C. Modicum D. Variety E. Product 19. What is the word used to describe a retailer's merchandise "depth"? A. Apparition B. Assortment C. Modicum D. Variety E. Product 20. Variety is often referred to as the _____________. A. store's supply standard B. complete retail offering C. retail mix D. breadth of merchandise E. depth of merchandise 21. Assortment is often referred to as the ____________. A. breadth of merchandise B. complete retail offering C. depth of merchandise D. object of the buy E. retail mix
22. The Men's Wearhouse stocks over 350 different styles and colors of ties. This assortment of ties can be referred to as the store's _________. A. supply standard B. complete retail offering C. breadth of merchandise D. retailer mix E. depth of merchandise 23. Office Depot offers customers a huge selection of office supply merchandise. As a result, inventory investment...