Which of the following is a key characteristic of monopolistic competition?
a. Few sellers
b. Substitutable products
c. Horizontal demand curve
d. One seller
e. Lack of government regulation
Answer: B
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Retailing Chapter 4
- Technological innovations in retailing can best be viewed under three main areas:
- ____ is a term used to refer to brands that are owned by the retailer.
- Today, retailers typically view private label brands as:
- Target has recently introduced Archer Farms Market as a separate department in its stores. This is an example of:
- What do the formats of stores such as those that recycle usable merchandise in good condition, liquidators, and rental operations have in common?
- Which of the following statements about liquidators is false?
- The rate of change in retailing around the world appears to be directly related to:
- The late Michael O'Connor, former president of the Super Market Institute, suggested that the failure of many U.S. retailers to succeed in international markets was due to:
- Which of the following is an off-price retailer that is owned and operated by the manufacturer, and stocks the manufacturers' surplus, discontinued, or irregular products?
- Identify the incorrect statement about warehouse clubs.
- This retail format combines a discount store and grocery store to carry 80,000 to 100,000 products in order to offer one-stop shopping.
- Most retail experts agree that _____ will NOT be one of the four new retail formats to be successful in the near future.
- According to most retail analysts, as a result of several key forces at work today, which of the following forms of nonstore retailing will experience significant growth over the next decade while the other forms will remain steady or decline?
- The growth of nonstore retailing growth can be attributed to:
- _____ sell products at a discount but do not carry certain brands on a continuous basis and carry those brands they can buy from manufacturers at closeout or deep one-time discount prices.
- According to the text, what is the one important difference between off-price retailers and discounters?
- Which stage of the retail life cycle is characterized by the entrance of many new competitors and tremendous growth in sales and profits?
- As a warehouse club manager, you have noticed that this format's market share has stabilized. As such, you fear severe profit declines as warehouse clubs are now in the _____ stage of the retail life cycle.
- The _____ theory suggests that all firms seek superior financial performance in an ever-changing environment, and as a result, firms are forced to change the elements of their retail mix to match changing consumer preferences.
- Which of the following is NOT a trend shaping the retail landscape today?
- The _____ theory of retail evolution describes retail institutions as evolving from outlets that offer wide assortments to specialized stores that offer narrow assortments, and then return to the wide assortment stores, continuing this pattern again and again.
- Retail historians have observed that, in the United States, retail trade was dominated by _____ until 1860; this type of store carried a broad assortment of merchandise ranging from farm implements to textiles to food.
- The first stage of the retail life cycle is:
- The retail life cycle suggests that firms move from the _____ stage to the _____ stage to the _____ to _____ stage.
- According to the wheel of retailing theory, _____ currently appear to be in the vulnerability phase of their evolution.