Question 1

____________ offers the consumer a private label that is comparable to,or even superior to,a manufacturer's brand quality,sometimes with modest price savings.

Accepted Answer

A)  Premium branding
B)  Exclusive branding
C)  Copycat branding
D)  Exclusive co-branding
E)  Licensed brandingF) B) and C)
G) A) and E)

Question 2

A buyer asks or receives something of value that influences their purchasing decisions.This occurs in the Black Market.

Accepted Answer

A) True 
 B)False

Question 3

Copycat brands imitate the manufacturer's brand in appearance and packing,generally are perceived as lower quality,and are offered at lower prices.

Accepted Answer

A) True 
 B)False

Question 4

Credible commitments are tangible investments in the strategic relationship and involve spending money to improve the supplier's products or services provided to the customer.

Accepted Answer

A) True 
 B)False

Question 5

How will selling a national brand lower a retailer's promotional expenses for that product?

Accepted Answer

A)  Manufacturers pay to promote their own brand.
B)  The products are of better quality than private labels attracting consumers.
C)  Manufacturers will budget less for promotions because the products are already branded.
D)  Manufacturer will pay the retailer to carry the brands.E) A) and D)
F) All of the above

Question 6

When Whitney took over her father's sporting goods store,she evaluated some of her father's vendor relationships.She found that Rodney's Exercise Wear wasn't particularly profitable for the store.Although committed,his products were expensive and he seemed inflexible.Whitney tried to work out a more amicable relationship with him by discussing her sales goals and new ideas for the coming year,but Rodney seemed uninterested.Which of the following is most likely lacking from the development of this relationship?

Accepted Answer

A)  long-term gains
B)  poor leadership
C)  fulfilled obligations
D)  open communication
E)  credible commitmentsF) A) and E)
G) D) and E) D

Question 7

________________ are private label products produced by the retailer that imitate the national brand in both appearance and packaging,but are often offered at a lower price.

Accepted Answer

A)  Premium brands
B)  Generic brands
C)  Copycat brands
D)  Exclusive brands
E)  Licensed brandsF) D) and E)
G) A) and B)

Question 8

Why do department stores organize some of their private label products near national brands?

Accepted Answer

A)  Vendors require department stores to merchandise their products this way.
B)  It is only ethical for retailers to balance their assortment with both national and private label merchandise.
C)  National brands are much more profitable for the retailer than the private brands.
D)  The known national brands attract customers into the department.
E)  Sales are unpredictable and retailers prefer a sure thing with national brands.F) A) and B)
G) A) and C)

Question 9

Isabel worked as a senior buyer for jewelry for a department store chain.On a recent visit to a trade show,she noticed a new vendor selling unique earrings,necklaces,and bracelets made of glass.She had seen such pieces in trade magazines before,but initially ignored them because of the exorbitant price.She thought her affluent customers would appreciate the look,so she decided to talk with the sales rep to learn more about the possibility of trying the jewelry out in only a few of her top stores.Which phase BEST describes Isabel's level of commitment?

Accepted Answer

A)  expansion
B)  consideration
C)  commitment
D)  exploration
E)  awarenessF) C) and D)
G) None of the above D

Question 10

One way for a buyer to become familiar with products and styles is to _____.

Accepted Answer

A)  interact with retail exchanges
B)  attend trade shows
C)  become more familiar with diverted merchandise
D)  insist on objective information
E)  have and maintain a common goal with vendorsF) A) and D)
G) A) and C)

Question 11

A socially responsible movement that ensures that producers receive adequate prices for their products is ___________.

Accepted Answer

A)  green sheen
B)  whitewashing
C)  black marketing
D)  fair trade
E)  unlicensed brandingF) D) and E)
G) B) and E)

Question 12

Which of the following is a drawback for a retailer when offering national brands?

Accepted Answer

A)  Retailers view national brands as a threat to private labels.
B)  Retailers have to discount some national brands in order to attract customers to their stores because customers compare prices for these brands across stores.
C)  Significant investment is needed to develop relationships with national brands' vendors.
D)  Retailer has to work to market national brands to make them more well known and desired by customers.E) C) and D)
F) B) and D)

Question 13

When identifying national brands,the family brand is the same as a(n) _________.

Accepted Answer

A)  premium brand
B)  copycat brand
C)  umbrella brand
D)  exclusive brand
E)  subbrandF) A) and E)
G) A) and B)

Question 14

A DKNY vendor has offered to a Dillard's buyer an attractive discount on merchandise that had been returned to DKNY by a different retailer.The Dillard's buyer realizes the high gross margin opportunity,but refuses the offer nevertheless.Why?

Accepted Answer

A)  The buyer wants to preserve Dillard's image as a fashion leader by not selling returned merchandise that could be out of season.
B)  By accepting additional merchandise,Dillard's would be paying the additional costs of carrying the merchandise.
C)  Dillard's would be accepting unknown merchandise and could risk the purchase as becoming more problems than it is worth.
D)  Accepting the excess merchandise could alter the terms of the purchase as well as delivery dates.
E)  Transportation costs would increase.F) B) and D)
G) B) and E)

Question 15

The only retailer that Tommy Hilfiger apparel is available at other than the manufacturer's own outlet stores is Macy's.This is an example of a/an:

Accepted Answer

A)  generic brand.
B)  private-label brand.
C)  exclusive brand.
D)  premium private label.
E)  copycat brand.F) None of the above
G) C) and E)

Question 16

What are some of the benefits of offering private labels?

Accepted Answer

Offering private labels can (1)boost sto...

Question 17

At FN Platform,vendors display their fashion footwear in designated areas at the Las Vegas convention center and have sales representatives available to talk with buyers as they walk through the exhibit area.This is an example of _______.

Accepted Answer

A)  a retail exchange
B)  a trade show
C)  diverted merchandise
D)  a market
E)  a reverse exhibitionF) A) and B)
G) B) and D)

Question 18

Identify and describe the different options that retail buyers of national brands have to see new product and meet with vendors.

Accepted Answer

Buyers may meet with vendors and see new...

Question 19

Which of the following is NOT descriptive of a trade show?

Accepted Answer

A)  Buyers meet with manufacturer executives to discuss strategies to grow their business.
B)  Buyers review performance of the vendor during the previous season.
C)  Vendors have celebrities at their booth to promote their merchandise and attract buyers.
D)  The public is encouraged to attend and check out the new products that will soon be offered at retail.
E)  Buyers see the latest products and styles being offered by vendors.F) A) and D)
G) C) and D)

Question 20

By sharing common goals,buyers and vendors _______.

Accepted Answer

A)  can avoid sharing each firm's most strategic information
B)  can pool their strengths and abilities to exploit potential opportunities
C)  can conclude that the long-term results of the relationship are insignificant
D)  do not have to coordinate systems for the partnership to succeed
E)  commonly miscalculate the cost of merchandiseF) A) and D)
G) A) and E) B

Exam 13: Buying Merchandise

____________ offers the consumer a private label that is comparable to,or even superior to,a manufacturer's brand quality,sometimes with modest price savings.

Correct Answer
verified

A buyer asks or receives something of value that influences their purchasing decisions.This occurs in the Black Market.

Correct Answer
verified

Copycat brands imitate the manufacturer's brand in appearance and packing,generally are perceived as lower quality,and are offered at lower prices.

Correct Answer
verified

Credible commitments are tangible investments in the strategic relationship and involve spending money to improve the supplier's products or services provided to the customer.

Correct Answer
verified

How will selling a national brand lower a retailer's promotional expenses for that product?

Correct Answer
verified

Correct Answer
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D

________________ are private label products produced by the retailer that imitate the national brand in both appearance and packaging,but are often offered at a lower price.

Correct Answer
verified

Why do department stores organize some of their private label products near national brands?

Correct Answer
verified

Correct Answer
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D

One way for a buyer to become familiar with products and styles is to _____.

Correct Answer
verified

A socially responsible movement that ensures that producers receive adequate prices for their products is ___________.

Correct Answer
verified

Which of the following is a drawback for a retailer when offering national brands?

Correct Answer
verified

When identifying national brands,the family brand is the same as a(n) _________.

Correct Answer
verified

A DKNY vendor has offered to a Dillard's buyer an attractive discount on merchandise that had been returned to DKNY by a different retailer.The Dillard's buyer realizes the high gross margin opportunity,but refuses the offer nevertheless.Why?

Correct Answer
verified

The only retailer that Tommy Hilfiger apparel is available at other than the manufacturer's own outlet stores is Macy's.This is an example of a/an:

Correct Answer
verified

What are some of the benefits of offering private labels?

Correct Answer
verified
Offering private labels can (1)boost sto...
View Answer

At FN Platform,vendors display their fashion footwear in designated areas at the Las Vegas convention center and have sales representatives available to talk with buyers as they walk through the exhibit area.This is an example of _______.

Correct Answer
verified

Identify and describe the different options that retail buyers of national brands have to see new product and meet with vendors.

Correct Answer
verified
Buyers may meet with vendors and see new...
View Answer

Which of the following is NOT descriptive of a trade show?

Correct Answer
verified

By sharing common goals,buyers and vendors _______.

Correct Answer
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B

Exam 13: Buying Merchandise

____________ offers the consumer a private label that is comparable to,or even superior to,a manufacturer's brand quality,sometimes with modest price savings.

Correct AnswerverifiedShow Answer

A buyer asks or receives something of value that influences their purchasing decisions.This occurs in the Black Market.

Correct AnswerverifiedShow Answer

Copycat brands imitate the manufacturer's brand in appearance and packing,generally are perceived as lower quality,and are offered at lower prices.

Correct AnswerverifiedShow Answer

Credible commitments are tangible investments in the strategic relationship and involve spending money to improve the supplier's products or services provided to the customer.

Correct AnswerverifiedShow Answer

How will selling a national brand lower a retailer's promotional expenses for that product?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedD

________________ are private label products produced by the retailer that imitate the national brand in both appearance and packaging,but are often offered at a lower price.

Correct AnswerverifiedShow Answer

Why do department stores organize some of their private label products near national brands?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedD

One way for a buyer to become familiar with products and styles is to _____.

Correct AnswerverifiedShow Answer

A socially responsible movement that ensures that producers receive adequate prices for their products is ___________.

Correct AnswerverifiedShow Answer

Which of the following is a drawback for a retailer when offering national brands?

Correct AnswerverifiedShow Answer

When identifying national brands,the family brand is the same as a(n) _________.

Correct AnswerverifiedShow Answer

A DKNY vendor has offered to a Dillard's buyer an attractive discount on merchandise that had been returned to DKNY by a different retailer.The Dillard's buyer realizes the high gross margin opportunity,but refuses the offer nevertheless.Why?

Correct AnswerverifiedShow Answer

The only retailer that Tommy Hilfiger apparel is available at other than the manufacturer's own outlet stores is Macy's.This is an example of a/an:

Correct AnswerverifiedShow Answer

What are some of the benefits of offering private labels?

Correct AnswerverifiedOffering private labels can (1)boost sto...View AnswerShow Answer

At FN Platform,vendors display their fashion footwear in designated areas at the Las Vegas convention center and have sales representatives available to talk with buyers as they walk through the exhibit area.This is an example of _______.

Correct AnswerverifiedShow Answer

Identify and describe the different options that retail buyers of national brands have to see new product and meet with vendors.

Correct AnswerverifiedBuyers may meet with vendors and see new...View AnswerShow Answer

Which of the following is NOT descriptive of a trade show?

Correct AnswerverifiedShow Answer

By sharing common goals,buyers and vendors _______.

Correct AnswerverifiedB

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D

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D

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Offering private labels can (1)boost sto...
View Answer

Correct Answer
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Buyers may meet with vendors and see new...
View Answer

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B