Question 1

FIGURE 14-6 
-T.J.Maxx (see Figure 14-6 above)  uses a(n)  __________ pricing practice.

Accepted Answer

A)  markdown
B)  maintained markup
C)  gross margin
D)  manufactured suggested retail
E)  off-price retailF) D) and E)
G) A) and E)

Question 2

General merchandise stores such as Walmart, Kmart, and Target are usually considered as _________ outlets.

Accepted Answer

A)  exclusive service
B)  minimal service
C)  self-service
D)  limited service
E)  full-serviceF) A) and B)
G) A) and C)

Question 3

Freightfinder.com and loads.truck.net are both Internet companies that are called "go-betweens." If a trucker needs to find a load for a particular trade lane, he or she can visit one of these sites, list their price and available truck space, and find a company that needs a shipment moved.Since the purpose of these Web sites is to put buyer and sellers together so that a sale can be made, these two Web sites can be categorized as _________.

Accepted Answer

A)  brokers
B)  selling agents
C)  manufacturer's representatives
D)  manufacturer's agents
E)  administratorsF) B) and D)
G) A) and E)

Question 4

The ability to shop over the Internet 24/7 provides consumers with __________ utility.

Accepted Answer

A)  form
B)  time
C)  convenience
D)  possession
E)  performanceF) A) and E)
G) None of the above

Question 5

Consumers often use the prices of __________ or signpost items, such as a can of beans, to form an overall impression of the store's prices.

Accepted Answer

A)  target
B)  scale
C)  yardstick
D)  standard
E)  benchmarkF) B) and C)
G) A) and E)

Question 6

Figure 14-9 
-Figure 14-9 above, shows the wheel of retailing, which indicates that retail outlets typically go through 4 changes ("1" through "4") .What change is expected by box #2?

Accepted Answer

A)  low prices, low margins, low status.
B)  low prices, high margins, and high status.
C)  high prices, high margins, and high status.
D)  mixed prices, mixed margins, and mixed status.
E)  moderate prices, high margins, and high status.F) A) and B)
G) None of the above

Question 7

The three basic types of contractual system are:

Accepted Answer

A)  retailer-sponsored cooperatives, wholesaler-sponsored voluntary chains, and franchises.
B)  dual ownership agreements, industry consortiums, and non-binding cooperatives.
C)  wholesaler-sponsored voluntary chains, non-binding cooperatives, and franchises.
D)  dual ownership agreements, industry consortiums, and multi-national cartels.
E)  non-binding, binding, and in perpetuity.F) B) and E)
G) C) and D)

Question 8

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

Accepted Answer

A)  placate dissatisfied customers; increase demand for complementary products.
B)  enhance customer perceptions of product quality; create a sense of urgency amongst repeat buyers.
C)  create an image as a "cutting edge" retailer; wait for a more active buying cycle.
D)  free up valuable selling space and cash; discourage bargain hunters and maintain an image of quality.
E)  react to the entry of a new competitor; avoid displeasing customers who bought the same items at full price.F) B) and E)
G) B) and C)

Question 9

Name each of the four utilities offered by retailing and with each, identify a retailer that does a good job of providing that utility.

Accepted Answer

The utilities provided by retailers crea...

Question 10

Off-price retailing refers to

Accepted Answer

A)  differences between the final selling price and the retailer's cost.
B)  sale of brand name merchandise at lower than regular prices.
C)  sales of merchandise at maintained markups.
D)  the amount added by the manufacturer to achieve the desired retail price.
E)  reduction in retail price and is usually expressed as gross margin retailing.F) B) and E)
G) A) and E)

Question 11

Bon Marche, Lazurus, Burdines, Famous Barr, Filenes, Foleys, and now 40 Bloomingdale's are all part of __________ corporate chain.

Accepted Answer

A)  Dillard's
B)  Macy's
C)  Target's
D)  Walmart's
E)  Saks Fifth AvenueF) B) and C)
G) A) and E)

Question 12

FIGURE 14.10 
-Outlets such as the Checkers Drive-In Restaurant depicted in Figure 14-10 above, typically enter the wheel of retailing as

Accepted Answer

A)  low status, low-margin
B)  high status, high-margin
C)  moderate status, low margin
D)  high price, high margin
E)  mixed price, mixed statusF) A) and E)
G) C) and E)

Question 13

Best Buy has approximately what amount of sales per square foot according to the Marketing Dashboard shown in Figure 14-8 above? `

Accepted Answer

A)  $500
B)  $1,000
C)  $2,000
D)  $2,500
E)  $4,000F) None of the above
G) A) and D)

Question 14

In a(n)  __________ system an individual or firm contracts with a parent company to set up a business or retail outlet.

Accepted Answer

A)  administered system
B)  franchise system
C)  vertically integrated chain
D)  retail-sponsored cooperative
E)  corporate systemF) None of the above
G) A) and E)

Question 15

A variation of off-price retailing includes __________ stores.

Accepted Answer

A)  discount wholesalers
B)  discount retailers
C)  outlet stores
D)  supermarkets
E)  hypermarketsF) A) and D)
G) B) and D)

Question 16

A method of classification that describes the degree of service provided to the customer is referred to as _________.

Accepted Answer

A)  product involvement
B)  product assortment
C)  merchandise line
D)  form of ownership
E)  service levelF) B) and C)
G) B) and D)

Question 17

Recently, office vacancy rates from Kansas City to San Jose hovered at or near a 10-year low.Like skilled labor at the time, choice office space was a scarce commodity.A business in Kansas City, Missouri, looking to rent office space should use a __________ to help it locate the most suitable space at the best possible rate.

Accepted Answer

A)  selling agent
B)  broker
C)  manufacturer's representative
D)  manufacturer's agent
E)  administratorF) A) and E)
G) A) and C)

Question 18

What is the retailing mix?

Accepted Answer

In developing retailing strategy, manage...

Question 19

The activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise are referred to as _________.

Accepted Answer

A)  wheel of retailing
B)  distribution mix
C)  consumer-retailer matrix
D)  retailing mix
E)  retailing triadF) A) and E)
G) B) and D)

Question 20

Explain the relationship between a franchisee and a franchisor.

Accepted Answer

In a franchise system, an individual or ...

Exam 14: Retailing and Wholesaling

The three basic types of contractual system are:

Correct Answer
verified

Figure 14-9 -Figure 14-9 above, shows the wheel of retailing, which indicates that retail outlets typically go through 4 changes ("1" through "4") .What change is expected by box #2?

Correct Answer
verified

Explain the relationship between a franchisee and a franchisor.

Correct Answer
verified
In a franchise system, an individual or ...
View Answer

Correct Answer
verified

The activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise are referred to as _________.

Correct Answer
verified

In a(n) __________ system an individual or firm contracts with a parent company to set up a business or retail outlet.

Correct Answer
verified

Correct Answer
verified

FIGURE 14-6 -T.J.Maxx (see Figure 14-6 above) uses a(n) __________ pricing practice.

Correct Answer
verified

What is the retailing mix?

Correct Answer
verified
In developing retailing strategy, manage...
View Answer

Bon Marche, Lazurus, Burdines, Famous Barr, Filenes, Foleys, and now 40 Bloomingdale's are all part of __________ corporate chain.

Correct Answer
verified

Consumers often use the prices of __________ or signpost items, such as a can of beans, to form an overall impression of the store's prices.

Correct Answer
verified

The ability to shop over the Internet 24/7 provides consumers with __________ utility.

Correct Answer
verified

A method of classification that describes the degree of service provided to the customer is referred to as _________.

Correct Answer
verified

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

Correct Answer
verified

FIGURE 14.10 -Outlets such as the Checkers Drive-In Restaurant depicted in Figure 14-10 above, typically enter the wheel of retailing as

Correct Answer
verified

Off-price retailing refers to

Correct Answer
verified

General merchandise stores such as Walmart, Kmart, and Target are usually considered as _________ outlets.

Correct Answer
verified

A variation of off-price retailing includes __________ stores.

Correct Answer
verified

Name each of the four utilities offered by retailing and with each, identify a retailer that does a good job of providing that utility.

Correct Answer
verified
The utilities provided by retailers crea...
View Answer

Best Buy has approximately what amount of sales per square foot according to the Marketing Dashboard shown in Figure 14-8 above? `

Correct Answer
verified

Exam 14: Retailing and Wholesaling

The three basic types of contractual system are:

Correct AnswerverifiedShow Answer

Figure 14-9 -Figure 14-9 above, shows the wheel of retailing, which indicates that retail outlets typically go through 4 changes ("1" through "4") .What change is expected by box #2?

Correct AnswerverifiedShow Answer

Explain the relationship between a franchisee and a franchisor.

Correct AnswerverifiedIn a franchise system, an individual or ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

The activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise are referred to as _________.

Correct AnswerverifiedShow Answer

In a(n) __________ system an individual or firm contracts with a parent company to set up a business or retail outlet.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

FIGURE 14-6 -T.J.Maxx (see Figure 14-6 above) uses a(n) __________ pricing practice.

Correct AnswerverifiedShow Answer

What is the retailing mix?

Correct AnswerverifiedIn developing retailing strategy, manage...View AnswerShow Answer

Bon Marche, Lazurus, Burdines, Famous Barr, Filenes, Foleys, and now 40 Bloomingdale's are all part of __________ corporate chain.

Correct AnswerverifiedShow Answer

Consumers often use the prices of __________ or signpost items, such as a can of beans, to form an overall impression of the store's prices.

Correct AnswerverifiedShow Answer

The ability to shop over the Internet 24/7 provides consumers with __________ utility.

Correct AnswerverifiedShow Answer

A method of classification that describes the degree of service provided to the customer is 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 are most likely doing so to _________.Those who delay markdowns are most likely doing so to _________.

Correct AnswerverifiedShow Answer

FIGURE 14.10 -Outlets such as the Checkers Drive-In Restaurant depicted in Figure 14-10 above, typically enter the wheel of retailing as

Correct AnswerverifiedShow Answer

Off-price retailing refers to

Correct AnswerverifiedShow Answer

General merchandise stores such as Walmart, Kmart, and Target are usually considered as _________ outlets.

Correct AnswerverifiedShow Answer

A variation of off-price retailing includes __________ stores.

Correct AnswerverifiedShow Answer

Name each of the four utilities offered by retailing and with each, identify a retailer that does a good job of providing that utility.

Correct AnswerverifiedThe utilities provided by retailers crea...View AnswerShow Answer

Best Buy has approximately what amount of sales per square foot according to the Marketing Dashboard shown in Figure 14-8 above? `

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
In a franchise system, an individual or ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
In developing retailing strategy, manage...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The utilities provided by retailers crea...
View Answer

Correct Answer
verified