CTE 3806 EXAM 1 VERIFIED STUDY GUIDE
1789-1890 - Answers - spinning machine, power loom, cotton gin,sewing machine
1890-1950 - Answers - growth of ready to wear, fashion mags such as vogue, first
shopping malls***
1950-1980 - Answers - fitness, mass fashion, we became more casual, growth of
suburbia and shopping malls
1980-1995 - Answers - pull system instead of push system and vertical intergration
1995-2005 - Answers - world trade organization was established
2005- present - Answers - our industry is one of the number 1 polluters because of fast
fashion
ecommerce - Answers - start of online presence
Corporate Social Responsibility - Answers - refers to business practices
business practice that contribute positively to society
conscious marketing - Answers - understanding that decisions are ethically based
evolution of the retail industry - Answers - eCommerce went from 13% to 49%
more than 90% of retail sales are made in store
Artificial Intelligence and big data - Answers - access to consumer data
4 elements that define retailers - Answers - Type of Merchandise
Variety and Assortment
Services Offered
Prices and Cost
Type of Merchandise
North American Industry Classification System (NAICS) - Answers - Six-digit code
assigned to every business**
Variety and Assortment - Answers - Variety (breadth)
Assortment (depth of merchandise)
Variety and assortment also apply to a specific merchandise category rather than entire
store
, Stock-keeping unit (SKU)***
Services Offered - Answers - Certain services expected
Displaying merchandise
Accepting credit cards
Providing parking**
Prices and Cost of Offering Breadth and Depth of Merchandise and Services - Answers
- Stocking a deep and broad assortment is costly for retailers.
Many SKUs
Retailer must have backup stock for each SKU
This leads to a rise in inventory investment cost
Broader variety, deeper assortment requires retailer to charge higher prices to make a
profit.
65% of food sales - Answers - Conventional supermarkets account for less than
Fresh Merchandise
Power perimeter - Answers - the outside of the store
Green Merchandise - Answers - Fair trade(the living wage for work)
Locavore movement
supercenters - Answers - Combine supermarket with full-line discount store
One-stop shopping experience
Hypermarkets emphasize perishables
Big-box stores
full line discount stores - Answers - broad variety low prices
walmart- converted many discount stores into supercenter
ex walmart target
1789-1890 - Answers - spinning machine, power loom, cotton gin,sewing machine
1890-1950 - Answers - growth of ready to wear, fashion mags such as vogue, first
shopping malls***
1950-1980 - Answers - fitness, mass fashion, we became more casual, growth of
suburbia and shopping malls
1980-1995 - Answers - pull system instead of push system and vertical intergration
1995-2005 - Answers - world trade organization was established
2005- present - Answers - our industry is one of the number 1 polluters because of fast
fashion
ecommerce - Answers - start of online presence
Corporate Social Responsibility - Answers - refers to business practices
business practice that contribute positively to society
conscious marketing - Answers - understanding that decisions are ethically based
evolution of the retail industry - Answers - eCommerce went from 13% to 49%
more than 90% of retail sales are made in store
Artificial Intelligence and big data - Answers - access to consumer data
4 elements that define retailers - Answers - Type of Merchandise
Variety and Assortment
Services Offered
Prices and Cost
Type of Merchandise
North American Industry Classification System (NAICS) - Answers - Six-digit code
assigned to every business**
Variety and Assortment - Answers - Variety (breadth)
Assortment (depth of merchandise)
Variety and assortment also apply to a specific merchandise category rather than entire
store
, Stock-keeping unit (SKU)***
Services Offered - Answers - Certain services expected
Displaying merchandise
Accepting credit cards
Providing parking**
Prices and Cost of Offering Breadth and Depth of Merchandise and Services - Answers
- Stocking a deep and broad assortment is costly for retailers.
Many SKUs
Retailer must have backup stock for each SKU
This leads to a rise in inventory investment cost
Broader variety, deeper assortment requires retailer to charge higher prices to make a
profit.
65% of food sales - Answers - Conventional supermarkets account for less than
Fresh Merchandise
Power perimeter - Answers - the outside of the store
Green Merchandise - Answers - Fair trade(the living wage for work)
Locavore movement
supercenters - Answers - Combine supermarket with full-line discount store
One-stop shopping experience
Hypermarkets emphasize perishables
Big-box stores
full line discount stores - Answers - broad variety low prices
walmart- converted many discount stores into supercenter
ex walmart target
