MKT 310 WK 9 QUIZ 7 CHAPTER 15 & 16

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MKT 310 WK 9 QUIZ 7 CHAPTER 15 & 16

MKT 310 WK 9 Quiz 7 Chapter 15,16

1) A retailer can most effectively track consumer purchases through ________.

A) a consumer loyalty program

B) panel data

C) want slips

D) want books

2) A want book or want slip is used to record ________.

A) budget requests by store operations personnel

B) vendors that are preferred by retail personnel

C) budget requests for capital equipment

D) 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 file

B) OCR-A system

C) UPC system

D) want book or want slip

4) Which of the following is not a merchandise source?

A) resident buying office

B) company-owned

C) outside, regularly used supplier

D) 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) penalty

B) liquidated damage

C) chargeback

D) holdback

6) A purchaser of fine antiques is most likely to evaluate merchandise through ________.

A) description

B) sampling

C) inspection

D) testing by an independent agency

7) An example of items which should be evaluated by a retailer by inspection are ________.

A) college textbooks

B) antique furniture

C) color televisions

D) file cabinets

8) Description buying is most appropriate for ________.

A) breakable, perishable, or expensive items

B) standardized, nonbreakable, and nonperishable merchandise

C) jewelry and art works

D) nonstandardized, breakable, and perishable merchandise

9) A new or special order usually results in a ________.

A) negotiated contract

B) uniform contract

C) new task purchase

D) consignment sale

10) A regular order is characterized by ________.

A) a high degree of negotiation on an ongoing basis

B) a high level of opportunistic buying

C) a uniform contract with standardized terms

D) the use of opportunistic buying by a discounter

11) Opportunistic buying is most commonly utilized by ________.

A) full-line discount houses

B) off-price retailers

C) supermarkets

D) specialty stores

12) An advantage to a retailer's placing large orders for merchandise is ________.

A) quantity discounts obtained through volume purchases

B) lower chance of fashion or functional obsolescence

C) lower inventory holding costs

D) 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 purchase

B) when title is transferred when the shipment is received

C) for all generics

D) in a consignment purchase

14) A retailer can most effectively reduce its inventory risk through ________.

A) memorandum purchases

B) consignment purchases

C) floor-ready merchandise

D) 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 quantities

B) use of computer-assisted ordering between retailers and their suppliers

C) total process of moving goods from a manufacturer to a customer in the most timely and cost-efficient manner possible

D) 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 means

B) regards order processing and fulfillment, transportation, warehousing, customer service, and inventory management as interdependent

C) seeks to minimize inventory accumulations in the whole channel system

D) 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 management

B) electronic data interchange (EDI)

C) quick response (QR) inventory management

D) supply chain management

18) A broad-based approach to supply chain management among a network of trading partners is ________.

A) third-party logistics

B) collaborative planning, forecasting, and replenishment (CPFR)

C) supply chain management

D) 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 planning

B) top-down inventory planning

C) bottom-up inventory planning

D) UPC-based computerized ordering systems

20) A disadvantage to the use of frequent ordering in small quantities is the ________.

A) loss of quantity discounts

B) high investment costs

C) high insurance costs

D) high storage costs

21) A quick response (QR) inventory planning system is most effective when used in conjunction with ________.

A) scrambled merchandising

B) floor-ready merchandise

C) 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 management

C) effective inventory management

D) 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 sizes

B) placing of special tags on merchandise

C) placing merchandise on hangers

D) 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 merchandise

D) a basic automatic replenishment system

25) A retailer can eliminate use of its own warehouses through ________.

A) ordering goods in large quantities

B) use of direct store distribution (DSD)

C) use of electronic data interchange (EDI) with key vendors

D) taking advantage of opportunities for quantity discounts

26) Direct store distribution works best with ________.

A) perishables

B) seasonal merchandise

C) fads

D) fashion merchandise

27) Which of the following is an advantage of central warehousing for a chain retailer?

A) lower transportation costs to individual stores

B) closeness to individual stores

C) increased capability of quick response systems

D) 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 billion

B) $45 billion

C) $50 billion

D) $100 billion

29) According to a major study of inventory shrinkage, ________.

A) vendors' short shipping accounts for the major cause of inventory shrinkage

B) customers steal much more than employees

C) employee theft is much higher than shopper theft

D) 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 activity

B) reducing theft on specific items that have been targeted by management

C) setting up strict rules on the number of goods that can be tried on in dressing rooms at one time

D) 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 guards

B) electronic article surveillance on the affected goods

C) use of employee background checks

D) 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 crime

B) shoplifters must undertake community service as restitution for their crime

C) shoplifters must pay for stolen merchandise or face arrests and criminal trials

D) 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 closed

B) only when the store is open

C) only with customers

D) 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 guards

B) the use of electronic article surveillance

C) the use of in-store cameras

D) 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 logistics

B) inbound logistics

C) third-party logistics

D) 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 customers

B) it does not record vendor preferences

C) it does not record style or color preferences

D) 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 base

B) rely on retail salespeople to enter the relevant information

C) require a computer-based retail information system

D) require electronic data interchange (EDI) capability

38) Which source of merchandise utilizes vertical integration by a retailer?

A) company-owned

B) outside, new supplier

C) outside, regularly used supplier

D) cooperative-buying arrangement

39) A retailer and a supplier both utilize relationship marketing. Which merchandise source do they best illustrate?

A) outside, new supplier

B) outside, regularly used supplier

C) opportunistic buying

D) 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 adjustment

B) slotting fee

C) slotting allowance

D) chargeback

41) Excessive use of chargebacks by a retailer illustrates ________.

A) scrambled merchandising

B) the retail life cycle

C) channel power

D) 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) sampling

B) inspection

C) description

D) statistical evaluation

43) Description buying is most frequently used for ________.

A) standardized, unbreakable merchandise

B) expensive, perishable merchandise

C) items purchased under new or special orders

D) expensive, one-time purchases

44) Opportunistic buying is most frequently used by ________.

A) specialty stores

B) department stores

C) membership clubs and off-price chains

D) category killers

45) The purchase of out-of-season goods, manufacturer overruns, or cancelled orders by a closeout retailer illustrates ________.

A) inspection buying

B) channel power

C) opportunistic buying

D) scrambled merchandising

46) A slotting allowance is a form of ________.

A) channel conflict

B) channel cooperation

C) short-run strategy by a manufacturer

D) 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 contract

B) negotiated contract

C) dated purchase

D) consignment purchase

48) Both consignment purchases and memorandum purchases enable a retailer to ________.

A) lower insurance costs

B) improve cash flow

C) reduce inventory levels

D) 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 buyer

B) when an item is paid for

C) purchase price

D) 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 linkages

B) inventory management system does not consider the impact of lost business due to stockouts

C) inventory management system also includes purchasing and customer service considerations

D) 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 discounts

B) high investment costs

C) high ordering costs

D) high transportation costs

Course Home Work

Wednesday, 29 July 2015