Question 1

Recent research indicates that the timing of ________ might affect future sales because frequent promotions increase consumers' ability to remember regular prices.

Accepted Answer

A)  seasonal markdowns
B)  original markups
C)  future markups
D)  maintained markups
E)  markdownsF) A) and B)
G) B) and E)

Question 2

Consumers benefit in dealing with retail corporate chains because

Accepted Answer

A)  corporate chains have more experience than other forms of retailers.
B)  consumers can own stock in the same company where they shop since corporate chain stock must be publicly traded.
C)  chains can bargain with a manufacturer to obtain product volume discounts on orders,which can be passed on to consumers in terms of lower prices.
D)  there are multiple outlets,each with its own varied merchandise and different management policies.
E)  merchandise is arranged and displayed by professional designers making their shopping experience less stressful.F) A) and B)
G) C) and D)

Question 3

Retailing includes all activities involved in the

Accepted Answer

A)  selling,renting,and providing of products and services to ultimate consumers for personal,family,or household use.
B)  selling of tangible products to ultimate consumers for personal,family,or household use.
C)  selling of tangible products to ultimate consumers for personal,household,or industrial use.
D)  selling,renting,leasing,or reselling of products and services to ultimate consumers or small industrial users.
E)  selling,renting,and providing of products and services without retaining the title to these offerings.F) A) and B)
G) B) and D)

Question 4

All of the following retailers provide self-service to their customers except which?

Accepted Answer

A)  Zipcar
B)  Southwest Airlines
C)  Target
D)  Redbox
E)  CostcoF) None of the above
G) A) and B)

Question 5

Some experts suggest that television shopping programs are becoming a modern version of ________ by combining elements of reality TV programs,talk shows,and infomercials.

Accepted Answer

A)  augmented reality
B)  door-to-door retailing
C)  telemarketing
D)  direct-response wholesaling
E)  indirect sellingF) B) and D)
G) B) and E)

Question 6

To continue to be successful,Mall of America must

Accepted Answer

A)  focus mostly on attracting suitable employees.
B)  keep a huge and diverse portfolio of retailers and attractions in the mall.
C)  refine and focus the retail mix to create a more consistent purchasing experience.
D)  promote its location as a key feature.
E)  reduce the variety of retailers to contain the costs of appealing to a wide range of customers.F) B) and C)
G) C) and D)

Question 7

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 D)
G) A) and C)

Question 8

Explain the difference between breadth of line and depth of line.Be sure to include the definition of scrambled merchandising in your explanation.

Accepted Answer

Breadth of line means the store carries ...

Question 9

Independently owned firms that take title to the merchandise they handle are referred to as

Accepted Answer

A)  brokers.
B)  agencies.
C)  virtual retailers.
D)  merchant wholesalers.
E)  merchant retailers.F) A) and E)
G) B) and E)

Question 10

One of the most common forms of retail ownership is the ________ owned by an individual.

Accepted Answer

A)  corporate chain
B)  consumer cooperative.
C)  contractual system
D)  independent retailer
E)  administered systemsF) B) and C)
G) A) and B)

Question 11

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

Accepted Answer

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

Question 12

Off-price stores that attract customers who want value and appeal to customers who like a "corner store" environment rather than a large supercenter experience are referred to as

Accepted Answer

A)  extreme-value retailers.
B)  hypermarkets.
C)  warehouse clubs.
D)  outlet stores.
E)  everyday value retailers.F) A) and E)
G) A) and D)

Question 13

A limited-service wholesaler that furnishes shelves that display merchandise in stores,performs all channel functions,and sells on consignment to retailers is referred to as a

Accepted Answer

A)  stack loader.
B)  rack jobber.
C)  drop shipper.
D)  desk jobber.
E)  truck jobber.F) A) and B)
G) D) and E)

Question 14

Figure 16-9
 
-Figure 16-9 above shows the wheel of retailing,which indicates that retail outlets typically go through changes with the passage of time,starting at Box A.What characteristics in the wheel of retailing does B represent?

Accepted Answer

A)  low breadth of product,high depth of product,and high status.
B)  higher prices,higher margins,and higher status.
C)  low breadth of product,low depth of product,and low status.
D)  moderate prices,low margins,and high status.
E)  high depth of product,low margins,and mixed status.F) D) and E)
G) B) and C)

Question 15

A hypermarket is

Accepted Answer

A)  a category killer that specializes in electronics.
B)  a form of intertype competition consisting of general merchandise stores.
C)  a shopping mall anchored by four or more department stores such as Sears or Nordstrom.
D)  a form of limited-service outlets focusing on general merchandise like that offered in department stores.
E)  a form of scrambled merchandising,consisting of large stores offering everything in a single outlet,eliminating the need to shop at more than one location.F) C) and E)
G) A) and B)

Question 16

Staples is a specialty discount retailer that focuses on one type of product-office supplies.Staples is an example of a

Accepted Answer

A)  hypermarket.
B)  superstore.
C)  category killer.
D)  department store.
E)  focused merchandise stores.F) A) and E)
G) C) and D)

Question 17

McDonald's,7-Eleven,and Anytime Fitness are examples of

Accepted Answer

A)  product-distribution franchises.
B)  nonprofit franchise.
C)  business-format franchises.
D)  manufacturing franchises.
E)  general service franchise.F) A) and C)
G) B) and D)

Question 18

Timing is an important element of markdowns.Those retailers who take a markdown as soon as sales fall off most likely are doing so to

Accepted Answer

A)  placate dissatisfied customers.
B)  enhance customer perceptions of product quality.
C)  free up valuable selling space and cash.
D)  create an image as a cutting-edge retailer.
E)  react to the entry of a new competitor.F) B) and E)
G) A) and E)

Question 19

Figure 16-10
 
-According to Figure 16-10 above,B represents which stage of the retail life cycle?

Accepted Answer

A)  growth
B)  introduction
C)  expansion
D)  maturity
E)  accelerated developmentF) A) and B)
G) C) and E)

Question 20

Mike's Camera is a retailer that carries a full line of professional and amateur cameras,develops and/or prints all types of film and digital photos,and even sells darkroom equipment.Mike's Camera is an example of a(n)

Accepted Answer

A)   hypermarket.
B)   general merchandise store.
C)   scrambled merchandise store.
D)   intertype outlet.
E)   specialty outlet.F) A) and B)
G) A) and C)

Exam 16: Retailing and Wholesaling

A limited-service wholesaler that furnishes shelves that display merchandise in stores,performs all channel functions,and sells on consignment to retailers is referred to as a

Correct AnswerverifiedShow Answer

A hypermarket is

Correct AnswerverifiedShow Answer

One of the most common forms of retail ownership is the ________ owned by an individual.

Correct AnswerverifiedShow Answer

Selling agents are agents that

Correct AnswerverifiedShow Answer

Figure 16-10 -According to Figure 16-10 above,B represents which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

Figure 16-9 -Figure 16-9 above shows the wheel of retailing,which indicates that retail outlets typically go through changes with the passage of time,starting at Box A.What characteristics in the wheel of retailing does B represent?

Correct AnswerverifiedShow Answer

Off-price stores that attract customers who want value and appeal to customers who like a "corner store" environment rather than a large supercenter experience are referred to as

Correct AnswerverifiedShow Answer

Timing is an important element of markdowns.Those retailers who take a markdown as soon as sales fall off most likely are doing so to

Correct AnswerverifiedShow Answer

Consumers benefit in dealing with retail corporate chains because

Correct AnswerverifiedShow Answer

McDonald's,7-Eleven,and Anytime Fitness are examples of

Correct AnswerverifiedShow Answer

Staples is a specialty discount retailer that focuses on one type of product-office supplies.Staples is an example of a

Correct AnswerverifiedShow Answer

All of the following retailers provide self-service to their customers except which?

Correct AnswerverifiedShow Answer

Explain the difference between breadth of line and depth of line.Be sure to include the definition of scrambled merchandising in your explanation.

Correct AnswerverifiedBreadth of line means the store carries ...View AnswerShow Answer

To continue to be successful,Mall of America must

Correct AnswerverifiedShow Answer

Some experts suggest that television shopping programs are becoming a modern version of ________ by combining elements of reality TV programs,talk shows,and infomercials.

Correct AnswerverifiedShow Answer

Recent research indicates that the timing of ________ might affect future sales because frequent promotions increase consumers' ability to remember regular prices.

Correct AnswerverifiedShow Answer

Retailing includes all activities involved in the

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Mike's Camera is a retailer that carries a full line of professional and amateur cameras,develops and/or prints all types of film and digital photos,and even sells darkroom equipment.Mike's Camera is an example of a(n)

Correct AnswerverifiedShow Answer

Independently owned firms that take title to the merchandise they handle are referred to as

Correct AnswerverifiedShow Answer

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Breadth of line means the store carries ...
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