Mkt 310 Wk 9 Quiz 7 Chapter 15,16 & All Possible Questions

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MKT 310 WK 9 Quiz 7 Chapter 15,16 & All Possible Questions

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<div><div><div>MKT 310 WK 9 Quiz 7 Chapter 15,16 - All Possible Questions 1) A retailer can most effectively track consumer purchases through ________.A) a consumer loyalty programB) panel dataC) want slipsD) want books 2) A want book or want slip is used to record ________.A) budget requests by store operations personnelB) vendors that are preferred by retail personnelC) budget requests for capital equipmentD) customer requests for merchandise that is either out of stock or unstocked 3) Customer requests for unstocked or out-of-stock merchandise are recorded in a(n) ________.A) generic product fileB) OCR-A systemC) UPC systemD) want book or want slip 4) Which of the following is not a merchandise source?A) resident buying officeB) company-ownedC) outside, regularly used supplierD) outside, new supplier 5) A deduction from a bill made by a retailer due to such infractions as late shipping or improper labeling is called a ________.A) penaltyB) liquidated damageC) chargebackD) holdback 6) A purchaser of fine antiques is most likely to evaluate merchandise through ________.A) descriptionB) samplingC) inspectionD) testing by an independent agency 7) An example of items which should be evaluated by a retailer by inspection are ________.A) college textbooksB) antique furnitureC) color televisionsD) file cabinets 8) Description buying is most appropriate for ________.A) breakable, perishable, or expensive itemsB) standardized, nonbreakable, and nonperishable merchandiseC) jewelry and art worksD) nonstandardized, breakable, and perishable merchandise 9) A new or special order usually results in a ________.A) negotiated contractB) uniform contractC) new task purchaseD) consignment sale 10) A regular order is characterized by ________.A) a high degree of negotiation on an ongoing basisB) a high level of opportunistic buyingC) a uniform contract with standardized termsD) the use of opportunistic buying by a discounter 11) Opportunistic buying is most commonly utilized by ________.A) full-line discount housesB) off-price retailersC) supermarketsD) specialty stores 12) An advantage to a retailer's placing large orders for merchandise is ________.A) quantity discounts obtained through volume purchasesB) lower chance of fashion or functional obsolescenceC) lower inventory holding costsD) high inventory turnover 13) The retailer does not pay for items until they are sold and can return merchandise ________.A) when title is transferred on purchaseB) when title is transferred when the shipment is receivedC) for all genericsD) in a consignment purchase 14) A retailer can most effectively reduce its inventory risk through ________.A) memorandum purchasesB) consignment purchasesC) floor-ready merchandiseD) private label purchases 15) A logistics system can best be defined as the ________.A) reduction of inventory in a system through more rapid reordering of goods in lower quantitiesB) use of computer-assisted ordering between retailers and their suppliersC) total process of moving goods from a manufacturer to a customer in the most timely and cost-efficient manner possibleD) acquisition and maintenance of a proper merchandise assortment while ordering, shipping, handling, and other related costs are kept in check 16) Unlike other methods of inventory management, logistics ________.A) is concerned with the flow of information via paperless meansB) regards order processing and fulfillment, transportation, warehousing, customer service, and inventory management as interdependentC) seeks to minimize inventory accumulations in the whole channel systemD) seeks to trade off the lower inventory levels with lower levels of customer service 17) The logistics aspect of a value delivery chain is ________.A) third-party logistics managementB) electronic data interchange (EDI)C) quick response (QR) inventory managementD) supply chain management 18) A broad-based approach to supply chain management among a network of trading partners is ________.A) third-party logisticsB) collaborative planning, forecasting, and replenishment (CPFR)C) supply chain managementD) electronic data interchange (EDI) 19) A retailer reduces the amount of inventory it keeps on hand by ordering more frequently and in lower quantity through ________.A) quick response (QR) inventory planningB) top-down inventory planningC) bottom-up inventory planningD) UPC-based computerized ordering systems 20) A disadvantage to the use of frequent ordering in small quantities is the ________.A) loss of quantity discountsB) high investment costsC) high insurance costsD) high storage costs 21) A quick response (QR) inventory planning system is most effective when used in conjunction with ________.A) scrambled merchandisingB) floor-ready merchandiseC) efficient consumer response (ECR)D) electronic article surveillance 22) The use of such strategies as quick response inventory planning, electronic data interchange, and logistics planning in an integrated manner by supermarkets is referred to as ________.A) efficient consumer response (ECR)B) efficient inventory managementC) effective inventory managementD) supermarket logistics 23) Which one of the following activities by suppliers is not associated with a floor-ready merchandise strategy?A) requiring large minimum order sizesB) placing of special tags on merchandiseC) placing merchandise on hangersD) pre-ticketing of merchandise 24) A paperless, computer-to-computer relationship between retailers and vendors is ________.A) electronic data interchange (EDI)B) quick response inventory planning (QR)C) floor-ready merchandiseD) a basic automatic replenishment system 25) A retailer can eliminate use of its own warehouses through ________.A) ordering goods in large quantitiesB) use of direct store distribution (DSD)C) use of electronic data interchange (EDI) with key vendorsD) taking advantage of opportunities for quantity discounts 26) Direct store distribution works best with ________.A) perishablesB) seasonal merchandiseC) fadsD) fashion merchandise 27) Which of the following is an advantage of central warehousing for a chain retailer?A) lower transportation costs to individual storesB) closeness to individual storesC) increased capability of quick response systemsD) increased use of mechanization in the processing of goods 28) About what dollar amount in U.S. retail sales is lost each year due to inventory shrinkage (employee theft, customer shoplifting, vendor theft, and administrative errors)?A) $15 billionB) $45 billionC) $50 billionD) $100 billion 29) According to a major study of inventory shrinkage, ________.A) vendors' short shipping accounts for the major cause of inventory shrinkageB) customers steal much more than employeesC) employee theft is much higher than shopper theftD) electronic article surveillance is not an effective deterrent of inventory shrinkage 30) Electronic article surveillance seeks to directly reduce inventory shrinkage by ________.A) using cameras to monitor dressing room activityB) reducing theft on specific items that have been targeted by managementC) setting up strict rules on the number of goods that can be tried on in dressing rooms at one timeD) chaining expensive clothes together to reduce theft 31) A retailer found that a small percent of goods represented a large proportion of the store's total shrinkage. Which of the following strategies would be most effective?A) use of in-store guardsB) electronic article surveillance on the affected goodsC) use of employee background checksD) use of mystery shoppers to watch for shoplifting 32) In a civil restitution law, ________.A) shoplifters cannot plea bargain the minimum state sentence for their crimeB) shoplifters must undertake community service as restitution for their crimeC) shoplifters must pay for stolen merchandise or face arrests and criminal trialsD) employees convicted of stealing merchandise must be registered with local police departments 33) An effective store security program needs to be operational ________.A) only when the store is closedB) only when the store is openC) only with customersD) with customers and employees when the store is both closed and open 34) Which theft deterrent strategy can have a major negative impact on employee morale?A) the use of security guardsB) the use of electronic article surveillanceC) the use of in-store camerasD) offering rewards for employees that report co-workers involved in theft 35) The merchandise flow from the retailer back through the supply chain is termed ________.A) reverse logisticsB) inbound logisticsC) third-party logisticsD) supply chain management 36) A major disadvantage with a want book system used to gather information about consumer demand is that ________.A) it only records preferences of current customersB) it does not record vendor preferencesC) it does not record style or color preferencesD) its accuracy depends on salesperson input 37) A major problem associated with the use of want books (want slips) is that they ________.A) require a sophisticated data baseB) rely on retail salespeople to enter the relevant informationC) require a computer-based retail information systemD) require electronic data interchange (EDI) capability 38) Which source of merchandise utilizes vertical integration by a retailer?A) company-ownedB) outside, new supplierC) outside, regularly used supplierD) cooperative-buying arrangement 39) A retailer and a supplier both utilize relationship marketing. Which merchandise source do they best illustrate?A) outside, new supplierB) outside, regularly used supplierC) opportunistic buyingD) company-owned 40) A retailer reduces its invoice by 5 percent since a supplier shipped seasonal merchandise 10 days late. The price reduction is designed to compensate the retailer for additional markdowns. This reduction illustrates a ________.A) markdown adjustmentB) slotting feeC) slotting allowanceD) chargeback 41) Excessive use of chargebacks by a retailer illustrates ________.A) scrambled merchandisingB) the retail life cycleC) channel powerD) channel cooperation 42) An unsatisfactory evaluation may cause a retailer to reject an entire shipment. The retailer is using which form of merchandise evaluation?A) samplingB) inspectionC) descriptionD) statistical evaluation 43) Description buying is most frequently used for ________.A) standardized, unbreakable merchandiseB) expensive, perishable merchandiseC) items purchased under new or special ordersD) expensive, one-time purchases 44) Opportunistic buying is most frequently used by ________.A) specialty storesB) department storesC) membership clubs and off-price chainsD) category killers 45) The purchase of out-of-season goods, manufacturer overruns, or cancelled orders by a closeout retailer illustrates ________.A) inspection buyingB) channel powerC) opportunistic buyingD) scrambled merchandising 46) A slotting allowance is a form of ________.A) channel conflictB) channel cooperationC) short-run strategy by a manufacturerD) electronic data interchange (EDI) 47) A manufacturer with low channel power may be able to get retailers to stock his or her goods through a ________.A) uniform contractB) negotiated contractC) dated purchaseD) consignment purchase 48) Both consignment purchases and memorandum purchases enable a retailer to ________.A) lower insurance costsB) improve cash flowC) reduce inventory levelsD) increase information flows 49) The major difference between a consignment purchase and a memorandum purchase is based on ________.A) when title passes from seller to buyerB) when an item is paid forC) purchase priceD) eligibility for cooperative advertising allowances 50) The major difference between an inventory management system and a logistics system is that the ________.A) inventory management system is more concerned with supplier-retailer linkagesB) inventory management system does not consider the impact of lost business due to stockoutsC) inventory management system also includes purchasing and customer service considerationsD) logistics system also includes purchasing and customer service considerations 51) A disadvantage to the use of infrequent ordering in large quantities is ________.A) loss of quantity discountsB) high investment costsC) high ordering costsD) high transportation costs More Questions are Included…</div></div></div>
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