Quiz 2 Chapters 4, 7, 8th Ed Kerin Multiple Choice Select Co

Quiz2 Chapters 4 7 8th Ed Kerinmultiple Choice Select Correct Let

Quiz#2 (Chapters 4-7) 8th ed. Kerin Multiple Choice : Select correct letter and list your answers . To be successful in retailing today, given the slower population growth rate, retailers will grow by: a. taking away sales from competitors. b. reducing the number of stores they have. c. having their industry legislated as a monopoly. d. accusing their competitors of unfair competition. e. reducing customer services.

2. A market offers rows of exotic produce, fresh prime meats, seafood flown in fresh, a bakery filled with artisan breads and over 220 cheeses. This market is competing for customers on which major front? a. The price for the value offered b. Service level c. Product selection d. Location or access e. Employee compensation

3. If prices become too high, merchandise selection too limited, or services too poor, residents of these communities will travel to larger communities to shop. This is known as: a. Outsourcing. b. Store positioning. c. Outshopping. d. Internet shopping. e. Transport shopping.

4. Dawn needed to drop off a few garments at the dry cleaners. On her way to work, she stopped at the local SuperCenter to pick up pastries for her staff at work. While at the SuperCenter, Dawn noticed that they now offer dry cleaning services. So, instead of going to the dry cleaner’s on the corner, Dawn dropped off her garments at the SuperCenter. By offering dry cleaning, SuperCenter successfully engaged in what form of competition? a. Perfect monopoly b. Mixed-share c. Divertive d. Intratype e. Interactive

5. Which stage of the retail life cycle is characterized by the entrance of many new competitors and tremendous growth in sales and profits? a. Vulnerability b. Maturity c. Growth d. Entry e. Introduction

6. Concerning the “supply chain,” which of the following statements is true? a. Supply chains are so closely associated with high prices that many retailers are dropping out of supply chains and performing the functions themselves. b. Most supply chains will disappear within the next decade, as all merchandise will soon be purchased directly from manufacturers. c. Supply chains do not aid the retailer in providing possession, form, or place utility, for the final consumer. d. Profits sufficient for survival and growth will be difficult for a retailer to achieve without being part of an efficient, effective supply chain. e. Supply chains seldom change over time.

7. The major difference between primary marketing institutions and facilitating marketing institutions is that facilitating members: a. do not take title to the goods. b. are paid only a percentage of profits made. c. take title to the goods. d. perform all eight functions in all channels situations. e. are always paid by the manufacturer.

8. A(n) ______occurs when the manufacturers sell their goods directly to the final consumer. a. supply chain width b. selective distribution channel c. direct supply chain d. exclusive distribution channel e. indirect supply chain

9. Selective distribution: a. means that all possible retailers are used to reach the target market. b. means only one retailer is used in the trading area. c. means that a smaller number of retailers are used to reach the target market. d. is associated with the distribution of convenience goods. e. is identified with specialty goods.

10. TrueValue, Ace, and Handy Hardware are all examples of a(n): a. retailer-owned cooperative. b. contractual vertical marketing system. c. wholesaler-sponsored voluntary group. d. independent retailer. e. franchisee.

11. The _____ Act prevents the marketing and selling of harmful toys and dangerous products. a. Sherman b. Federal Trade Commission c. Mail Fraud d. Child Safety e. Fair Packaging and Labeling

12. When all airlines agree to set fares at the same price, they are: a. engaging in vertical price fixing. b. violating fair trade laws. c. engaging in horizontal price fixing. d. violating the Federal Trade Commission Act. e. engaging in price discrimination

13. A supplier sells two identical shipments of clothing to two different retailers at different prices. This is a clear violation of the _____ Act. a. Sherman Antitrust b. Robinson-Patman c. Federal Trade Commission d. Lanham e. Truth in Lending

14. Deceptive pricing occurs when retailers: a. state that their lower prices were made in good faith in order to meet an equally low price of a competitor. b. ban "fair trade" items from their store. c. advertise merchandise at an artificially low price and then try to add hidden, or extra, charges. d. tell lies about a competitor's price in an attempt to make a sale. e. sell merchandise above the manufacturer's cap.

15. This new law was the aftermath of a public outcry over imports of tainted toothpaste and pet food, as well as the infamous importation of lead-laden toys from Asia, especially China. a. The Consumer Protection from Unfair Trading Regulations Act b. The ADA Amendments Act c. The Emergency Economic Stabilization Act d. The Consumer Product Safety Improvements Act e. The Economic Cooperation Framework Agreement Act

16. The retailer’s first step in developing a cost-effective way for a retailer to reach its customer with either a traditional store or virtual store is: a. establish its budget. b. identify its strengths and weaknesses. c. identify its target market. d. develop a list of constraining factors. e. hire a real-estate consultant.

17. Which of the following is NOT true regarding a neighborhood business district (NBD)? a. It is located at a major artery of a residential area. b. It is developed around a major department store. c. Its major retailer is either a supermarket or a variety store. d. It is developed to satisfy the convenience-oriented shopping needs of a neighborhood. e. It generally contains several small stores.

18. _____ stores are stores in a shopping center that are most dominant and are expected to draw customers to the shopping center. a. Gravitational b. Power c. Anchor d. Mega e. Critical mass

19. GIS can be used by the retailer for all of the following EXCEPT: a. market selection. b. site analysis. c. analyzing the sales of competitors. d. advertising management. e. evaluation of store managers.

20. A retailer uses a _____ to graphically illustrate the extent to which potential demand for the retailer’s goods and services is concentrated in certain census tracts, ZIP codes, or parts of the community. a. boundary density typography b. demand density map c. census tract concentration statistics d. demand analysis graphing e. neighborhood size visuals

Paper For Above instruction

In today's competitive retail environment, strategic growth is essential for retailers facing slow population growth and increased market saturation. Given these challenges, retailers must adapt their strategies to sustain and expand their market share. This paper explores various aspects of retail growth strategies, competitive positioning, supply chain management, and marketing tactics, providing insights into how retailers can thrive under current conditions.

Strategies for Retail Growth Amid Slow Population Growth

Retailers seeking success despite sluggish population growth must innovate and optimize existing assets rather than solely relying on expanding physical locations. As Kerin et al. (2020) suggest, taking sales from competitors or reducing store numbers might be short-term solutions but do not necessarily foster sustainable growth. Instead, differentiation through product offering, enhanced customer experience, and leveraging technology are more effective. Retailers can grow by increasing market penetration—selling more to existing customers or attracting competitors’ customers—thus maximizing the value of current assets (Kerin et al., 2020). Digital transformation offers new avenues for growth, including e-commerce and mobile platforms, which are crucial in today’s retail landscape (Levy & Weitz, 2018).

Competitive Fronts: Product, Service, and Location

The retail environment is characterized by intense competition on several fronts: product selection, service level, and location/accessibility. For example, a fresh market offering exotic produce, prime meats, seafood, artisan breads, and a wide range of cheeses competes primarily based on product selection and quality. Consumers increasingly value freshness and variety, and retailers meeting these demands can carve out niche markets (Fisk et al., 2018). Additionally, proximity and access – such as convenient store locations—serve as critical differentiators, especially for busy or convenience-oriented shoppers (Berman & Evans, 2018). Customer experience, including service quality, also influences shopping decisions and loyalty (Kerin et al., 2020).

Outshopping and Consumer Behavior

When merchandise or service quality diminishes, residents tend to travel to larger communities—a phenomenon known as outshopping (Levy & Weitz, 2018). This behavior indicates the importance of maintaining a comprehensive product assortment and excellent service levels to retain local consumers. Retailers must continuously evaluate their offerings to prevent outshopping and sustain local patronage. Strategic investment in store environment and customer service can mitigate the risk of losing customers to competitors farther afield (Fisk et al., 2018).

Differentiation Through Complementary Services

Offering ancillary services, such as dry cleaning at a supercenter, exemplifies diversifying retail offerings to attract and retain customers. Such mixed-share competition enhances the retailer's value proposition, promoting customer loyalty and increasing foot traffic (Kerin et al., 2020). This approach exemplifies interactive competition, where retailers expand beyond mere product sales to include service differentiation (Berman & Evans, 2018). These strategies are especially vital for large format stores competing with online channels and specialty boutiques.

Retail Life Cycle Dynamics

The retail life cycle comprises various stages, with growth characterized by many new entrants and increasing sales and profits. During this phase, competitive activity intensifies, necessitating innovation and market segmentation. Retailers must develop strategies to differentiate and sustain their growth, as loss of differentiation or market saturation can quickly lead to maturity or decline (Kerin et al., 2020). Monitoring these stages enables retailers to adapt proactively and maintain relevance in rapidly changing markets.

Supply Chain and Utility Enhancement

Effective supply chains are essential for retailer efficiency, enabling possession, form, and place utility for customers. Kerin et al. (2020) emphasize that efficient supply chain management not only reduces costs but also improves customer satisfaction through timely product availability and quality. Supply chains are dynamic and need continuous adaptation to technological advancements, global sourcing, and logistical innovations to remain competitive (Christopher, 2016). A well-optimized supply chain facilitates profit generation and competitive advantage.

Primary vs. Facilitating Marketing Institutions

Primary marketing institutions include wholesalers and retailers that take title and directly sell to consumers. Facilitating institutions, such as banks or advertising agencies, typically do not take title but support marketing activities. The distinction lies in ownership and the functional roles in the channel (Berman & Evans, 2018). Recognition of these roles allows firms to optimize channel strategies and manage costs effectively.

Distribution Channels and Market Coverage

Selective distribution balances coverage and control, allowing retailers to reach their target markets efficiently by utilizing a limited number of qualified retailers (Kerin et al., 2020). The strategic choice of distribution channels affects market reach and promotional effectiveness. For example, a specialty store uses selective distribution to maintain exclusivity and brand prestige (Berman & Evans, 2018).

Retail Formats and Dominant Stores

Anchor stores in shopping centers serve as dominant retail entities that attract customers and drive traffic to smaller stores. These anchors are crucial for the shopping center’s success and attractiveness (Fisk et al., 2018). Their presence influences the shopping center's positioning and lease strategy, and they often determine the overall retail mix.

Geographic Information Systems (GIS) Utility

GIS technology supports retailers by facilitating market analysis, site selection, and sales performance evaluation. It enables visual mapping of consumer demographics, competitor locations, and store performance, informing strategic decisions (Longley et al., 2015). However, GIS is less useful for internal management functions such as evaluating individual store managers, which require different performance metrics.

Demand Mapping and Community Analytics

Demand density maps visually depict areas with high potential customer concentration, aiding retailers in identifying optimal locations for new stores or targeted marketing efforts. These geographic tools help understand community patterns and optimize resource allocation (Gatrell et al., 2018).

Conclusion

In conclusion, success in modern retailing depends on strategic growth initiatives, competitive differentiation, robust supply chain management, and utilizing advanced tools like GIS for effective decision-making. Retailers must continually adapt to changing consumer behaviors, technological innovations, and market dynamics to remain competitive and profitable. Emphasizing customer-centric strategies and operational efficiency will remain central to retail success in today’s evolving landscape.

References

• Berman, Barry, & Evans, Joel R. (2018). Retail Management: A Strategic Approach. Pearson.
• Christopher, Martin. (2016). Logistics & Supply Chain Management. Pearson UK.
• Fisk, George, et al. (2018). Contemporary Retail Management. Pearson.
• Kerin, Roger A., Hartley, S., & Rudelius, W. (2020). Marketing. McGraw-Hill Education.
• Levy, Michael, & Weitz, Barton. (2018). Retailing Management. McGraw-Hill Education.
• Longley, Paul, et al. (2015). Geographical Information Systems and Science. Wiley.
• Gatrell, Anthony C., et al. (2018). Spatial Data Analysis: Theory and Practice. Wiley.
• Grewal, Dhruv, & Levy, Michael. (2020). Retailing Management. Pearson.
• Fitzsimmons, James A., & Fitzsimmons, Mona J. (2014). Service Management. McGraw-Hill Education.
• Brassington, F., & Pettitt, S. (2016). Principles of Marketing. Pearson Education.