Domestic Market and Globalization questions

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PART I Activity 1 – TRUE OR FALSE (10%) Encircle T if you believe the statement is TRUE and F if FALSE. If you decide to change your answer cross out your first answer and encircle your new answer. 1. Centralized buying occurs when all buying activities are performed from the store’s central headquarters. 2. Retailing involves identifying and communicating with individuals who can be helpful in your job search. 3. The manager of the buying function in most retail organizations is the merchandise manager – the buyer’s direct superior. 4. Globalization refers to the globalization of markets and globalization of human resource development. 5. The consumer market has splintered into hundreds of different geographic, ethnic, economic, and age segments, as well as thousands of specialized niches within and across these segments. 6. One of the job functions of the buyer is to coordinate with the sales associates and inquire about customer feedback. 7. Primary data is an organized collection of comprehensive data bout individual customers or prospects – including demographic, geographic, behavioristic, and psychographic data. 8. Buyers must make purchases within financial guidelines developed by merchandise managers, and they must also have merchandising plans approved by them. T F T F T F T F T F T F T F T F T F 9. A chain store is two or more stores under single ownership. !2 10. In the warehouse requisition plan, centralized buyers sill select merchandise assortment, and they also select the vendors from which each store will make purchases. T F ACTIVITY II – Multiple Choice Questions - (20%) Encircle your answer after each question. If you decide to change your answer cross out your first answer and encircle your new choice. Questions: 1. _____ are typically the apparel and accessory product categories and fashions for the home such as linens, curtains and bathroom items. a. b. c. d. Consumer goods Soft lines Hard lines None of the above 2. Most large companies research _____ buying decisions to find out what they buy, where they buy, how and how much they buy, when they buy, and why they buy. a. market b. permanent c. consumer d. social e. none of the above 3. _____________ would include such product categories as hardware, sporting goods, appliances, furniture, toys, and lawn and garden products. a. Soft lines b. Hard lines c. Consumer goods d. None of the above 4. Marketing stimuli consist of the four Ps. Which is not one of the Ps? a. Product b. Political c. Price d. Promotion e. Place 5. Which is NOT a part of the four C’s? a. Customer Solution !3 b. c. d. e. Competition Communication Convenience None of the above 6. Under the _________ a central office representing a group of stores has complete responsibility for the selection and purchase of merchandise for all the stores. a. Price agreement plan b. Warehouse requisition plan c. Central merchandising plan d. None of the above 7. _____ is typically used only by stores carrying basic merchandise. Regional distribution centers are established to serve a number of stores in the area. a. Price agreement plan b. Warehouse requisition plan c. Central merchandising plan d. None of the above 8. In the ______________, centralized buyers still select the merchandise assortment, and they also select the vendors from which each store will make purchases. a. Price agreement plan b. Warehouse requisition plan c. Central merchandising plan d. None of the above 9. _________ are businesses that sell all kinds of merchandise for the individual and the home. a. Supermarkets b. Department Stores c. Discount Department Stores d. Specialty Stores e. None of the above 10. _____ emphasize one-stop shopping to meet the needs of all family members and appeal to consumers who value savings over service. a. Supermarkets b. Outlet Stores c. Discount Department Stores d. Specialty Stores !4 e. None of the above 11. Many traditional retail stores have established ___________ across the country where they sell slow movers and out-of-date merchandise. a. Supermarkets b. Outlet Stores c. Discount Department Stores d. Specialty Stores e. None of the above 12. _____ primarily see one specific product line and are based on the concept of meeting the needs of a particular market segment. a. Supermarkets b. Outlet Stores c. Discount Department Stores d. Specialty Stores e. None of the above 13. The _____ is also a departmentalized store, which sells groceries, dairy products, meats, produce along with some nonfood items. a. Supermarket b. Outlet Store c. Specialty Store d. Warehouse Club e. None of the above 14. This department would be responsible for safeguarding the firm’s assets and is usually divided into accounting, credit, and financial control. a. Merchandising b. Operations c. Control d. Promotion e. None of the above 15. Responsibilities of this department would usually include advertising, visual merchandising, public relations, special events, and fashion coordination. a. Merchandising b. Operations c. Control d. Promotion e. None of the above 16. This department would typically be responsible for the stockroom maintenance, delivery, receiving, and customer service. a. Merchandising !5 b. c. d. e. Operations Control Promotion None of the above 17. Duties of this department would be to forecast the type, quality, and price of merchandise that will be wanted by the store’s customers, and then to purchase these goods as economically as possible. a. Merchandising b. Operations c. Control d. Promotion e. None of the above 18. ___________ are mega supermarkets and general merchandise stores that stock everything from food to appliances under one roof. a. Warehouse Clubs b. Supercenters c. Supermarkets d. Discount Clubs e. None of the above 19. ___________ consists of direct connection with carefully targeted individual customers to both obtain immediate response and cultivate lasting customer relationships. a. Direct Marketing b. Online Marketing c. Print Advertising d. Public Relations e. None of the above 20. ________ consists of al the business activities involved in selling of goods and services to ultimate consumers. a. Buying b. Merchandising c. Marketing d. Retailing e. None of the above Activity 3 – Short Essay Questions (20% or 5% each) Use this test paper for your answers. You can write at the back of the paper if you wish. !6 1. In your own words what is globalization? What is the impact of globalization to the job of the buyer? Is it good or bad for the retailer? Generally speaking, globalization refers to the division of labor, trade and investment through the division of labor, trade and investment. Globalization based on the market economy, with advanced science and technology and productive forces as the means, developed countries as the leading role, and maximum profits and economic benefits as the objective. Multinational companies and factors flow, etc., to achieve the division of labor and cooperation in the markets of various countries, and the process of mutual integration. !7 2. Is buying an art or science? Briefly explain your answer. !8 3. Give 5 responsibilities of the buyer that involves planning and another 5 that involves coordinating !9 4. In the article of the Harvard Business Review “The Future of Shopping” also reviewed on sanfrango.com, briefly discuss how the modern consumer shops using different tools in the 21st century. Are you one of them? - END OF PART I - !10 NAME: ___________________________ STUDENT NUMBER : __________ Answer Sheet for Part 1 – True or False 1. T F 2. T F 3. T F 4. T F 5. T F 6. T F 7. T F 8. T F 9. T F 10. T F Answer Sheet for Part II – Multiple Choice 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. A A A A A A A A A A A A A A A A A A A B B B B B B B B B B B B B B B B B B B C C C C C C C C C C C C C C C C C C C D D D D D D D D D D D D D D D D D D D E E E E E E E E E E E E E E E E E E E !11 20. A B C D E !12 !13
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Explanation & Answer

Attached.

PART I
Activity 1 – TRUE OR FALSE (10%)
Encircle T if you believe the statement is TRUE and F if FALSE. If you
decide to change your answer cross out your first answer and encircle
your new answer.
1. Centralized buying occurs when all buying activities are
performed from the store’s central headquarters.

T

F

T

F

3. The manager of the buying function in most retail organizations
is the merchandise manager – the buyer’s direct superior.

T

F

4. Globalization refers to the globalization of markets and
globalization of human resource development.

T

F

T

F

T

F

2. Retailing involves identifying and communicating with
individuals who can be helpful in your job search.

5. The consumer market has splintered into hundreds of different
geographic, ethnic, economic, and age segments, as well as
thousands of specialized niches within and across these
segments.
6. One of the job functions of the buyer is to coordinate with the
sales associates and inquire about customer feedback.
7. Primary data is an organized collection of comprehensive data
bout individual customers or prospects – including demographic,
geographic, behavioristic, and psychographic data.
8. Buyers must make purchases within financial guidelines
developed by merchandise managers, and they must also have
merchandising plans approved by them.

T

F

T

F

T

F

9. A chain store is two or more stores under single ownership.

2
10. In the warehouse requisition plan, centralized buyers sill
select merchandise assortment, and they also select the vendors
from which each store will make purchases.

T

F

ACTIVITY II – Multiple Choice Questions - (20%)
Encircle your answer after each question. If you decide to change your
answer cross out your first answer and encircle your new choice.
Questions:
1. _____ are typically the apparel and accessory product categories and
fashions for the home such as linens, curtains and bathroom items.
a.
b.
c.
d.

Consumer goods
Soft lines
Hard lines
None of the above

2. Most large companies research _____ buying decisions to find out what
they buy, where they buy, how and how much they buy, when they buy,
and why they buy.
a. market
b. permanent
c. consum...


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