Write true or false from the following statements in the answer script. (1). Perceived risk levels vary only slightly among consumers. False (ii). Store location decisions are usually short- term decisions. False (iii). For an organization to be considered successful, it must meet the needs of its target market, employees, and management. True (iv). Top-down budgeting is a more participatory procedure than bottom-up budgeting.False (v). The social-class classification system is based on factors such as income, occupation, education, and dwelling type. True (vi). Micromarketing is an application of data mining. True (vii). In general, coordination and control are greater in a flat organization than in a tall organization. False (viii). The last stage of the consumer decision process is the purchaseFalse (ix). A retailer's asset turnover is 3 times, its profit margin equals 3 percent. Its return on assets is 3 percent. True (x). Class-conscious shoppers are concerned with both brand and store image True 02. Write the appropriate answer in the answer scripts for the following multiple- choice questions given below. (i.). Which of these is not a characteristic that distinguishes retailing from other types of business? A. Store location is more important forretailers than for wholesalers. B. The average size of a sales transaction for retailers is less than for manufacturers C. Retail sales are more cyclical than organizational sales. D. While final consumers make many impulse purchases, organizational consumers are more systematic in their purchasing activity. (ii). The sorting process refers to A. physical distribution assortment by perishability B. a retailer's pricing goods by quality and size C. government grading standards for produce D. a retailer's collecting an assortment ofgoods and services from many vendors (iii). Retail price competition is generally highesti) distribution A. dual B. exclusive C. intensive D. selective (iv) Which retail theory predicts that innovators will start with a low-cost structure and low profit margin requirements? A. scrambled merchandising B. retail life cycle C. rationalized retailingD. wheel of retailing (V) A computer dealer determines customer satisfaction of recent computer buyers on the basis of questionnaires mailed to recent customers. These questionnaires cover all aspects of the transaction from the first encounter with a salesperson te initial quality of the computer to satisfaction with any servicing the computer might require. The survey involves A. coordinated effort B. the total retail experiences C. long-run planning D. relationship retailing (vi ). Variability in service quality can bereduced through A. standardizing services B. development of branches C. market research D. warranties (vil). The major difference between consumerism and social responsibility is that consumerism is A. based en legal issues, whereas social responsibility is based on moral issues B. based on moral issues, whereas social responsibility is based en legal issues C. concerned with an obligation to all parties, whereas social responsibility reflects anobligation to final consumers D. concerned with an obligation only to consumers, whereas social respomibility reflects an obligation to all parties (viii). An advantage of buying an existing basiness versus starting a new business is A. the ability to generate new supplier relationships B. the ability to generate immediate sales C. no cost for goodwill D. flexibility in developing and changing retail strategy (ix). A high degree of information search generally occurs whenA. perceived risk is high B. a purchase is viewed as unimportant C. cognitive dissonance is low D. a consumer is brand loyal (x). The information needs of retail managers are collected, organized, and stored ona continuous basis in A. observation B. retail research C. an experiment D. a retail information system