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The Development of the Shoe IndustryFrom 1900 until 1940s, approximately 400 shoe manufacturers were operating in New England by 1985, only 10 percent remained. Despite the market pressures, Murrayhill remained profitable and had even diversified its distribution channels by establishing direct mail cataloging in the late 1970s. Murrayhill survived by producing a premium-quality product that was difficult to duplicate and that appealed to a narrow market segment willing to pay high prices for Murrayhill quality. As fashion became a more important component of men’s shoe purchasing behavior and casual styles became more popular; the company broadened its product line to include several fashionable and light-weight styles that retained the famous Murrayhill quality . (9) In 1985, the men’s premium shoe market was considered to include brands with a price range of $75 or higher. Murrayhill, Inc. Johnston ＆ Murphy, E. T. Wright ＆ Company, Alien Edmonds, and Florsheim were the major domestic manufacturers producing premium shoes.Measuring market share within the industry was difficult because so many of the manufacturers were private companies, like Murrayhill. (10) Alien Edmonds, headquartered in Wisconsin, relied primarily on nonproprietary retail outlets for its distribution. Its advertising was sizable, with expenditures in $1 million to $ 2 million range. (11) Alien Edmonds also operated a small direct mail catalog business, the majority of whose costs were handled by Edmonds’s retail accounts. E. T. Wright ＆ Company, headquartered in Massachusetts, operated an extensive direct mail business and, like Murrayhill, relied on non-proprietary distribution. (12) Florsheim’s product line covered several price points, including those in the premium market. Florsheim was, by far, the strongest competitor, with an estimated market share of 18 percent and both non-proprietary retail distribution channels. Hanover, a medium-priced shoe manufacturer, also was noted for its direct distribution system. (13) Imports accounted for a 50 percent share of the total men’s shoe market. Bally, the strongest competitor, was the leading imported brand in this market before 1975 and maintained a market share of close to 25 percent at that time. By 1985, other imported brands included Baker Benjes, Cole Ham, Ferragamo, Bruno Magli, and Church’s. (14) Most of the imported brands were lighter in weight and designed to appeal to more fashion-conscious consumers.A. The continued labor intensity of shoe manufacturing made the industry vulnerable to lower priced imports.B. In addition, these companies were not always in direct competition because distribution channels differed.C. Despite the market pressures, Murrayhill remained profitable and had even diversified its distribution channels by establishing direct mail cataloging in the late 1970s.D. Johnston ＆ Murrayhill, on the other hand, operated proprietary retail outlets and experimented in the mail order business for both men’s and ladies’ premium shoes.E. Most of this was spent promoting brand name awareness to consumers.F. The company owned over 100 proprietary retail stores, operated a successful mail order business, and produced private label footwear forJ.C. Penney ＆ Sears, Roebuck department stores.G. The imported products differed from the domestic premium brands, however.H. Nonetheless, Murrayhill faced several strong domestic competitors and unrelenting price competition from imports. 10（）
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Monopoly is one off the peculiar (21) which can affect the sale and purchase of certain commodities. In some markets, there may be only one seller or a (22) of sellers working very closely together to control prices. The result of such monopolistic activity is to fix prices at a level (23) to the seller, a level which may bring him artificially high profits. Many governments dislike this procedure and have taken legal actions to (24) or halt such business activities. In the U. S. anti-trust laws operate to limit cartels and mergers, (25) in Britain the Monopolies Commission examines all special arrangements and mergers referred to them by the Board of Trade.This type of monopoly is not the only (26) however. There are three other forms, state, legal and natural. State monopolies are quite common nowadays, where the (27) in a particular country control industries like steel and transport or important and prestigious revises like national airlines. Legal monopolies are rather different, because the law permits certain individuals to (28) solely from their special inventions, discoveries or processes. No other person may infringe their rights in respect to (29) monopolies.Finally, natural monopoly (30) where a nation or individual possesses most of a particular mineral for reasons of geography and geology. 26（）
Murrayhill’s principal distribution channel until 1979 was a network of approximately 450 nonproprietary retail outlets throughout the United States, many of which also sold other brands of men’s premium shoes. Murrayhill’s shoes were sold wholesale to retailers at approximately 50 percent of the suggested retail price. Price increases usually were announced in February or August. The company did not offer its retail accounts quantity discounts.Because producing high-quality men’s shoes demanded highly skilled labor and specialized facilities, Murrayhill’s entire product life had been manufactured at the company’s facility in Lynn, Massachusetts, throughout most of the company’s history. As consumer preferences changed and fashion became more important in men’s shoes during the 1970s, Murrayhill began contracting with outside manufacturers to produce casual shoes that matched Murrayhill’s quality and feature specifications yet could extend the brand’s franchise to a younger age group. Murrayhill’s executives labeled these styles "outside" shoes, while those manufactured at the Lynn plant were called "inside" shoes. In 1985, the average prices the retailer paid Murrayhill for a pair of inside shoes was $ 52 and, for a pair of outside shoes, $ 34. Variable manufacturing costs per pair of inside shoes were $ 40. The average cost of a pair of outside shoes to Murrayhill was $ 28.Murrayhill sold approximately 160 inside shoe styles and 56 styles made by outside manufacturers. Since there were 80 sizes to each style, Murrayhill’s total SKUs numbered around 17,280, and it carried an inventory in stock of over 64,000 pairs. Both internal and external production schedules (styles not included in its regular product line, manufactured to the specification of a retailer) for a particular retail account.Each of Murrayhill’s 16 salespeople was assigned a geographic territory and was responsible for retailer sales and service with the area. Salespeople also were expected to perform "previews" at the beginning of fall and spring seasons as a method of increasing both consumer and trade sales. Previews consisted of a sales presentation at retail store, where the Murrayhill salesperson would display and explain the company’s entire line, to store customers. During the preview, the customer was offered a price promotion of $10 off any pair of Murrayhill shoes. The retailer was responsible for absorbing the cost of the promotion, while the cost of advertising placed to stimulate retail traffic during the preview was shared between Murrayhill and the retailer. The Murrayhill salesperson would spend time with the retailer’s salespeople and customers describing the quality and comfort of Murrayhill shoes.Company management believed that consumers were likely to "trade up" to a higher-priced brand if they understood the features and benefits of premium shoes. The managers believed that retail salespeople often missed sales opportunities by assuming that casually dressed customers would not buy expensive high-quality shoes, and one of Murrayhill’s goals was to have retail salespeople try a pair of Murrayhill shoes on every customer. For some Murrayhill retail accounts, dose to 30 percent of annual sales were made during the fall and spring previews.Murrayhill management tracked the sales of every shoe style. If sales of a particular style slowed, management might elect to replace only the middle sizes, ensuring that Murrayhill would end up with the most popular sizes of a style before the style was terminated or "closed out".Established retail accounts had the option of purchasing close-outs at a 30 percent discount from the regular wholesale price.A list of close-outs was sent to retail accounts twice each year. Retailers would often try to sell these styles at full retail price to increase their unit margins, then mark them down, as necessary. Close-outs accounted for unit sales of 5,500 to 6,500 oairs of Murravhill shoes oer vear. Which of the following is NOT true（）
The Development of the Shoe IndustryFrom 1900 until 1940s, approximately 400 shoe manufacturers were operating in New England by 1985, only 10 percent remained. Despite the market pressures, Murrayhill remained profitable and had even diversified its distribution channels by establishing direct mail cataloging in the late 1970s. Murrayhill survived by producing a premium-quality product that was difficult to duplicate and that appealed to a narrow market segment willing to pay high prices for Murrayhill quality. As fashion became a more important component of men’s shoe purchasing behavior and casual styles became more popular; the company broadened its product line to include several fashionable and light-weight styles that retained the famous Murrayhill quality . (9) In 1985, the men’s premium shoe market was considered to include brands with a price range of $75 or higher. Murrayhill, Inc. Johnston ＆ Murphy, E. T. Wright ＆ Company, Alien Edmonds, and Florsheim were the major domestic manufacturers producing premium shoes.Measuring market share within the industry was difficult because so many of the manufacturers were private companies, like Murrayhill. (10) Alien Edmonds, headquartered in Wisconsin, relied primarily on nonproprietary retail outlets for its distribution. Its advertising was sizable, with expenditures in $1 million to $ 2 million range. (11) Alien Edmonds also operated a small direct mail catalog business, the majority of whose costs were handled by Edmonds’s retail accounts. E. T. Wright ＆ Company, headquartered in Massachusetts, operated an extensive direct mail business and, like Murrayhill, relied on non-proprietary distribution. (12) Florsheim’s product line covered several price points, including those in the premium market. Florsheim was, by far, the strongest competitor, with an estimated market share of 18 percent and both non-proprietary retail distribution channels. Hanover, a medium-priced shoe manufacturer, also was noted for its direct distribution system. (13) Imports accounted for a 50 percent share of the total men’s shoe market. Bally, the strongest competitor, was the leading imported brand in this market before 1975 and maintained a market share of close to 25 percent at that time. By 1985, other imported brands included Baker Benjes, Cole Ham, Ferragamo, Bruno Magli, and Church’s. (14) Most of the imported brands were lighter in weight and designed to appeal to more fashion-conscious consumers.A. The continued labor intensity of shoe manufacturing made the industry vulnerable to lower priced imports.B. In addition, these companies were not always in direct competition because distribution channels differed.C. Despite the market pressures, Murrayhill remained profitable and had even diversified its distribution channels by establishing direct mail cataloging in the late 1970s.D. Johnston ＆ Murrayhill, on the other hand, operated proprietary retail outlets and experimented in the mail order business for both men’s and ladies’ premium shoes.E. Most of this was spent promoting brand name awareness to consumers.F. The company owned over 100 proprietary retail stores, operated a successful mail order business, and produced private label footwear forJ.C. Penney ＆ Sears, Roebuck department stores.G. The imported products differed from the domestic premium brands, however.H. Nonetheless, Murrayhill faced several strong domestic competitors and unrelenting price competition from imports. 9（）
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