Question 1

Cash and carry wholesalers

Accepted Answer

A)   furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers.
B)   take title to merchandise but sell only to buyers that call on them, pay cash for merchandise, and furnish their own transportation for merchandise.
C)   own the merchandise they sell but do not physically handle, stock, or deliver it.
D)   have a small warehouse from which they stock their trucks for distribution to retailers.
E)   work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory.F) C) and E)
G) C) and D)

Question 2

Which of the following stores are most likely to be anchor stores at a regional shopping center?

Accepted Answer

A)   Old Navy, Abercrombie & Fitch, and Kay-Bee toy store
B)   Hickory Farms, a locally owned jewelry store, and McDonald's
C)   an antique store, Dollar General, and a bakery
D)   Dick's Sporting Goods, Macy's, and JC Penney
E)   a Hallmark shop, a sporting goods consignment store, and a Barnes & Noble bookstoreF) A) and E)
G) A) and D)

Question 3

Retail outlets, like products, experience a process of growth and decline, which is referred to as the

Accepted Answer

A)   retail life cycle.
B)   wheel of retailing.
C)   product life cycle.
D)   retail continuum.
E)   retail life matrix.F) B) and E)
G) A) and D)

Question 4

________ can benefit retailers by helping them to predict shopping behavior, provide personalized, real-time messaging and promotions, and track customer needs.

Accepted Answer

A)   Data analytics
B)   Brokers
C)   Telemarketing
D)   Multichannel retailing
E)   Shopper marketingF) A) and B)
G) A) and D)

Question 5

General merchandise wholesalers

Accepted Answer

A)   carry a broad assortment of merchandise and perform all channel functions.
B)   own the merchandise they sell but do not physically handle, stock, or deliver it.
C)   have a small warehouse from which they stock their trucks for distribution to retailers.
D)   work for several producers, carry noncompetitive, complementary merchandise in an exclusive territory, and use over-the-road transportation for all product deliveries.
E)   deal exclusively with small low-cost consumer products that are distributed to a select number of large retail chains.F) None of the above
G) C) and D)

Question 6

The amount added to the cost the retailer paid for a product to reach the final selling price is referred to as

Accepted Answer

A)   a markup.
B)   a markdown.
C)   an original markup.
D)   a maintained margin.
E)   a cost-plus markup.F) None of the above
G) A) and B)

Question 7

Growth in the direct-selling industry is the result of two trends: direct-selling retailers are expanding into markets outside the United States, and

Accepted Answer

A)   increased gas prices and traffic congestion are causing people to want the store to deliver the products to them.
B)   the pendulum is beginning to swing back to more mothers (and fathers)  staying home during the day with children, making direct selling more convenient.
C)   the cost of purchasing or leasing real estate to build an actual "brick" retail store is becoming prohibitive.
D)   graduating business students are finding it more difficult to find a traditional sales position and like the idea of being their own bosses.
E)   some consumers prefer one-on-one customer service and a social shopping experience rather than shopping online or in big discount stores.F) B) and C)
G) C) and E)

Question 8

"Bricks and clicks" refers to ________ and ________, respectively.

Accepted Answer

A)   catalogs; websites
B)   search engines; websites
C)   traditional retailers; online retailers
D)   buildings; shoppers
E)   computer savvy buyers; computer novice buyersF) A) and B)
G) A) and C)

Question 9

Merchant wholesalers are independently owned firms that ________ the merchandise they handle.

Accepted Answer

A)   take title to
B)   broker
C)   act as agents for
D)   break bulk and repackage
E)   do not deliverF) C) and E)
G) A) and B)

Question 10

Redbox has 41,000 kiosks throughout the United States for movie and video game rental and it operates without a single clerk. What level of service does this retailer offer?

Accepted Answer

A)   limited-service
B)   non-service
C)   reduced-service
D)   self-service
E)   restricted-serviceF) B) and E)
G) A) and D)

Question 11

Selling agents are agents that

Accepted Answer

A)   furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers.
B)   represent a single producer and are responsible for the entire marketing function of that producer.
C)   work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory.
D)   take title to merchandise but sell only to buyers that call on them, pay cash for merchandise, and furnish their own transportation for the merchandise.
E)   sell primarily large bulky products.F) B) and C)
G) B) and D)

Question 12

Leveraging its physical stores to enhance value for customers, Walmart offers online shoppers a service

Accepted Answer

A)   using a virtual reality shopping experience from their home computers.
B)   to order online and receive free same-day pickup at a local store.
C)   providing free shipping to customers if they order $100 or more of selected items.
D)   to shop in-store using virtual personal shoppers.
E)   to attend online auctions for Walmart overstock or seasonal items that are being discontinued to make room for new inventory.F) B) and E)
G) C) and D)

Question 13

The key goal for retailers in the accelerated development phase of the retail life cycle is to

Accepted Answer

A)   recover start-up costs.
B)   establish a dominant position in the fight for market share.
C)   delay entering the decline stage of the retail life cycle.
D)   find ways of discouraging customers from moving to low-margin, mass-volume outlets.
E)   establish a retail concept that is a sharp departure from existing competition.F) C) and D)
G) B) and E)

Question 14

The description of how new forms of retail outlets enter the market is referred to as the

Accepted Answer

A)   retail life cycle.
B)   product life cycle.
C)   wheel of retailing.
D)   retail life matrix.
E)   retail continuum.F) A) and C)
G) A) and D)

Question 15

Online retailing has evolved to include social shopping options like intermediaries (Groupon) , marketplaces (Google Offer) , and ________ (Yipit) .

Accepted Answer

A)   swap meets
B)   aggregators
C)   flash mobs
D)   showroomers
E)   arbitratorsF) A) and B)
G) A) and E)

Question 16

The retail life cycle refers to

Accepted Answer

A)   the distinct stages a product goes through before it becomes obsolete.
B)   the process of growth and decline that retail outlets, like products, experience.
C)   the cycle of a customer's buying behavior from awareness of a product to its ultimate purchase.
D)   the relationship between the tangible aspects of a product and the types of services that need to accompany it.
E)   the traditional management changes that take place as a retail outlet grows.F) D) and E)
G) B) and E)

Question 17

Explain how the wheel of retailing works.

Accepted Answer

The wheel of retailing describes how new...

Question 18

When Paulette first saw the dress in the store window, she knew two things. She had to own the dress, and she could not afford it at its current price. Disappointed, she left. Two weeks later, she passed by the store again and saw that the price of the dress had been reduced to one that she could afford. Specifically, the store had reduced the price by 30 percent to "move" it. Paulette was able to purchase the dress because of

Accepted Answer

A)   a negative markup.
B)   a markup elimination.
C)   a markdown.
D)   a liquidity reduction.
E)   an increase in net margin.F) A) and B)
G) B) and E)

Question 19

The difference between the retailer's cost and the initial selling price is referred to as the

Accepted Answer

A)   net margin.
B)   maintained markup.
C)   markdown.
D)   differential markup.
E)   original markup.F) A) and B)
G) C) and E)

Question 20

According to the textbook, ________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Accepted Answer

A)   the Environmental Protection Agency
B)   the U.S. Chamber of Commerce-Environmental Division
C)   Green Cross International
D)   the U.S. Green Retail Association
E)   Leadership in Energy and Environmental Design (LEE
D)  F) C) and D)
G) B) and E)

Exam 13: Retailing and Wholesaling

Selling agents are agents that

Correct Answer
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General merchandise wholesalers

Correct Answer
verified

Growth in the direct-selling industry is the result of two trends: direct-selling retailers are expanding into markets outside the United States, and

Correct Answer
verified

Merchant wholesalers are independently owned firms that ________ the merchandise they handle.

Correct Answer
verified

Explain how the wheel of retailing works.

Correct Answer
verified
The wheel of retailing describes how new...
View Answer

The key goal for retailers in the accelerated development phase of the retail life cycle is to

Correct Answer
verified

The amount added to the cost the retailer paid for a product to reach the final selling price is referred to as

Correct Answer
verified

Cash and carry wholesalers

Correct Answer
verified

The retail life cycle refers to

Correct Answer
verified

According to the textbook, ________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Correct Answer
verified

Online retailing has evolved to include social shopping options like intermediaries (Groupon) , marketplaces (Google Offer) , and ________ (Yipit) .

Correct Answer
verified

The description of how new forms of retail outlets enter the market is referred to as the

Correct Answer
verified

The difference between the retailer's cost and the initial selling price is referred to as the

Correct Answer
verified

Redbox has 41,000 kiosks throughout the United States for movie and video game rental and it operates without a single clerk. What level of service does this retailer offer?

Correct Answer
verified

"Bricks and clicks" refers to and , respectively.

Correct Answer
verified

Which of the following stores are most likely to be anchor stores at a regional shopping center?

Correct Answer
verified

Correct Answer
verified

________ can benefit retailers by helping them to predict shopping behavior, provide personalized, real-time messaging and promotions, and track customer needs.

Correct Answer
verified

Leveraging its physical stores to enhance value for customers, Walmart offers online shoppers a service

Correct Answer
verified

Retail outlets, like products, experience a process of growth and decline, which is referred to as the

Correct Answer
verified

Exam 13: Retailing and Wholesaling

Selling agents are agents that

Correct AnswerverifiedShow Answer

General merchandise wholesalers

Correct AnswerverifiedShow Answer

Growth in the direct-selling industry is the result of two trends: direct-selling retailers are expanding into markets outside the United States, and

Correct AnswerverifiedShow Answer

Merchant wholesalers are independently owned firms that ________ the merchandise they handle.

Correct AnswerverifiedShow Answer

Explain how the wheel of retailing works.

Correct AnswerverifiedThe wheel of retailing describes how new...View AnswerShow Answer

The key goal for retailers in the accelerated development phase of the retail life cycle is to

Correct AnswerverifiedShow Answer

The amount added to the cost the retailer paid for a product to reach the final selling price is referred to as

Correct AnswerverifiedShow Answer

Cash and carry wholesalers

Correct AnswerverifiedShow Answer

The retail life cycle refers to

Correct AnswerverifiedShow Answer

According to the textbook, ________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Correct AnswerverifiedShow Answer

Online retailing has evolved to include social shopping options like intermediaries (Groupon) , marketplaces (Google Offer) , and ________ (Yipit) .

Correct AnswerverifiedShow Answer

The description of how new forms of retail outlets enter the market is referred to as the

Correct AnswerverifiedShow Answer

The difference between the retailer's cost and the initial selling price is referred to as the

Correct AnswerverifiedShow Answer

Redbox has 41,000 kiosks throughout the United States for movie and video game rental and it operates without a single clerk. What level of service does this retailer offer?

Correct AnswerverifiedShow Answer

"Bricks and clicks" refers to ________ and ________, respectively.

Correct AnswerverifiedShow Answer

Which of the following stores are most likely to be anchor stores at a regional shopping center?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

________ can benefit retailers by helping them to predict shopping behavior, provide personalized, real-time messaging and promotions, and track customer needs.

Correct AnswerverifiedShow Answer

Leveraging its physical stores to enhance value for customers, Walmart offers online shoppers a service

Correct AnswerverifiedShow Answer

Retail outlets, like products, experience a process of growth and decline, which is referred to as the

Correct AnswerverifiedShow Answer

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The wheel of retailing describes how new...
View Answer

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"Bricks and clicks" refers to and , respectively.

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