Question

20. A weakness of many struggling retailers this year may be due to the cost of operating too many branch stores with their high overhead - on top of the pandemic.

True or False

21. Warby Parker is a socially conscious accessories and apparel company that has built a global movement connecting customers to social change.

True or False

22. Demographics include population or consumer statistics regarding socioeconomic factors such as age, income, gender, occupation, education, family size, etc.

True or False

23. The three basic service levels in brick-n-mortar retailers are self-service, self selection and phone service.

True or  False

25. Product depth is the variety within each assortment category, with a  deep assortment having  many sizes or color offerings while a shallow assortment  has few size or color offerings.

True or false

26. A commissary store is a retailer that serves the environment in which it is housed, such as a hair/nail salon  or gift shop in a hotel lobby.

True or false

27. A big box retail location is a mixed-use property where one building can house retail/ restaurants/gyms/offices/ services on lower levels, and apartments/condos above on upper floors.

True or false

30. Shop! Retail Environments is an example of a trade periodical while  Inc. Magazine is an example of a consumer periodical.

True or false

31. A broad assortment contains  many styles of a product category , while a narrow assortment contains few styles.

True or false

32. A liquid asset is a reference to cash on hand or an asset that can be readily converted to cash; a non-liquid asset is not readily converted to cash – i.e., property, as there is no guarantee it will sell within a certain time period.

True or false

33. The three major levels of retail competition are Product Field, Subfield and Assets/Liabilities.

True or false

34. Referring to Ilse Metchek's guest presentation, The California Fashion Association (CFA) is the Business-to-Business (B2B) forum for California's Apparel and Textile Industries.

True or false

35. Consumers being shown the breakdown of the retail price of the products they buy - what the labor, materials, duties and transport as well as the store's profit - is known as retail vision.

True or false

Answer 1

Answers :

Question 20 : True.

Reason : As during this pandemic, demand for most goods except necessities has decreased. Therefore, many retailers are not able to earn decent revenue. As overhead costs of multiple branches are high, many retailers have to shut down branches to save on the excess overhead costs due to immense fall in demand and revenue.

Question 21 : False.

Warby Parker, although a company which takes social responsibility seriously, is not an apparel company. It sells prescription glasses and sunglasses. It does a lot of charity and social work through connecting their customers.

Question 22 : True.

Demographics is the study of population based on socio-economic factors shown statistically such as age, gender, sex, education, income, etc.

Question 23 : False.

"Brick-and-Mortar" means following the old, traditional style of business which offers goods and services to the customers face to face, and not online.

NOTE : As per our guideline, in case of multiple subparts, only first four can be done, except when asked otherwise.