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Merchandise, Buying, & Managment Exam Flashcards | StudBud
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Merchandise, Buying, & Managment Exam
Merchandise, Buying, & Managment Exam
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#management #business #adult_education #higher_education
Flashcards
37 cards
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Questions
37
Answers
1
What does an organizational chart diagram consist of
The supply chain
The number of stores within an organization
The company’s within a conglomerate
The depiction of of a company’s corporate structure
2
Specialty stores carry multiple varieties of breadth
False
True
3
What are the 4 parts of the Supply chain(in order)?
Retailer, store, consumer, marketer
Producer, consumer, buyer, manufacturer
Consumer, wholesaler, sales, marketer
Producer, wholesaler, retailer, consumer
4
Types of discounters include category killers, warehouse clubs, closeout stores, supercenters, etc.
False
True
5
What is vertical intergration?
Performing none of the chain functions
Performing one function in the supply chain
Performing more than one channel function
Performing all parts of the supply chain
6
Diversification involves
Having business that are too related
Keeping a consistent bulk of breadth
Entering a line of business that differs from present businesses
7
A merger occurs when two or more companies are combined to form a new organization
True
False
8
A franchise is…
A line of clothing
A contractural agreement between a franchisor & franchisee
A contractural agreement between customers and producers
A contractural agreement between a producer and wholesaler
9
A chain of retail store is…
Multiple corporate locations
Conglomerate
Two or more stores
Just one store with multiple corporate locations
10
organizational strategy used by companies to enhance fiscal & operational
Vertical Intergratiom
Centralization
Retail ownership
11
What is Demographic Segmentation ?
Based on characteristics such as age, income, gender, ethnicity, etc
Based on customer values, attitudes, & lifestyles
Based on race
12
Micro merchandising is tailoring a store’s product to a specific local market
False
True
13
Department stores carry…
Only soft line products
Considerable breadth; multiple categories of merchandise
Only hard line products
One type of merchandise
14
Bankruptcy consists of…
Keeping unprofitable units
Implementing expense-spending measures
Closing profitable stores
Terminating the organization’s leadership
15
Loyalty programs are a way to advertise
True
False
16
Acquisitions include…
Friendly, Hostile, bidding war, leverage buyout, divestiture
Just friendly & hostile
17
What’s the difference between corporate- level functions & store lev functions
Corporate works with store level operations
Corporate is face to face customer service
Corporate is performed independently from store
Store level perform independently away from store
18
Types of chain stores include…
National & Regional only
Regional & Financial
Global & Local only
Local, Regional, & National
19
A joint venture is companies granting a franchisee to another individual to sell their goods
True
False
20
US trade agreements support international trade (NAFTA, GATT)
False
True
21
Advantages of centralization
Consistency Is demolished
Reduced Redundancies
Inflated expenses
Constricts expansion
22
Foreign expansion is not easy due to…
Needing to adapts to local customer culture
Trick question: It is easy to integrate on the national level
Everyone speaks the same language
23
Centralization is fundamental to a conglomerate’s operation
True
False
24
What is Market segmentation?
Process of identifying niche products
Process of identifying niche markets
Process of identifying niche corporate locations
25
Independent stores CANNOT exist with large retailers
True
False
26
Cannibalization is the having businesses that are too related
True
False
27
Stores are classified based on their assortments
False
True
28
Merchandising, publicity, control, & store management are the four major functions of the organizational chart
True
False
29
Sales promotion is
The way a store’s perceived by its customers
Profiling customers based on geographic regions of a country
Organizational function to induce customer foot traffic
30
A market is group of customers with potential to buy
True
False
31
An organization that unites the ownership of independently operated subsidiaries
Conglomerate
Store chain
Corporate store
32
Time & costs are some of the reasons a channel member might be bypassed in the distribution process
False
True
33
What do discounters do?
Sells goods that cater to a narrow group of customers
Sells goods that are lower than conventional prices of other retailers
Buy goods at high wholesale price
Sell goods that are the center of fashion
34
By going Public, original owners relinquish some of their control over the company
True
False
35
What does the Marketing Channel represent
The flow of marketing styles and concepts
The flow of goods from point of production to point of consumption
The flow the cost of amenities to final sale
The flow time within marketing
36
A retail ownership that only has a few owners, sometimes family members or group of investors
Private
Initial Public Offering
Public
Conglomerate
37
As organizations grow, organizational functions w/ a broad range of responsibilities are often split into…
Multiple departments of sales
More specialized functions
More parts of the department system
A range of different companies
