Question 1

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel, fragrances, jewelry, and leather accessories. The retailer relies on superior service to sell its products and to retain its customers. Saks Fifth Avenue would be classified as a(n)  __________.

Accepted Answer

A)  exclusive-service retailer
B)  limited-service retailer
C)  full-service retailer
D)  premium-service retailer
E)  complete-service retailerF) B) and E)
G) C) and E)

Question 2

Retailers may decide to pursue a third-party environmental certification because consumers want to purchase products from those retailers that have similar __________.

Accepted Answer

A)  offerings
B)  ideologies
C)  risk tolerance
D)  locations
E)  pricing strategiesF) A) and E)
G) C) and D)

Question 3

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

Accepted Answer

A)  swap meets
B)  aggregators
C)  flash mobs
D)  showroomers
E)  arbitratorsF) C) and D)
G) None of the above

Question 4

As a business format franchisor, McDonald's provides step-by-step procedures for most aspects of the business and

Accepted Answer

A)  provides an accounting system to pay the franchisee bills promptly.
B)  shops for the best food values.
C)  maintains the property.
D)  guidelines for the most likely decisions a franchisee will face.
E)  disciplines dishonest employees.F) B) and E)
G) A) and D)

Question 5

The acronym RFID stands for

Accepted Answer

A)  retail franchise identification designation.
B)  required financial identification.
C)  radar frequency identification.
D)  radio frequency identification.
E)  retail federation of independent department stores.F) None of the above
G) A) and E)

Question 6

Which of the following statements regarding telemarketing is most accurate?

Accepted Answer

A)  Shopping bots are computers that place automated or "robo" (i.e. robotic)  telemarketing calls.
B)  Direct-mail is typically viewed as more efficient means of targeting consumers than telemarketing.
C)  Telemarketing has risen in popularity as a result of the National Please-Do-Call registry legislation.
D)  Consumer privacy, industry standards, and ethical guidelines have become important issues.
E)  Some firms are considering shifting their direct-mail and door-to-door budgets to telemarketing techniques.F) A) and B)
G) D) and E)

Question 7

-According to Figure 13-5 above, Stage A represents which stage of the retail life cycle?

Accepted Answer

A)  introduction
B)  early growth
C)  accelerated development
D)  maturity
E)  start-upF) A) and B)
G) A) and C)

Question 8

Level of service is used to classify retailers. Three levels of service are: __________-, limited-, and full-service retailers.

Accepted Answer

A)  self
B)  non
C)  minimal
D)  fair
E)  upon requestF) All of the above
G) A) and C)

Question 9

Selling on consignment to retailers, which means they retain the title to the products displayed and bill retailers only for the merchandise sold, is characteristic of which limited-service wholesaler?

Accepted Answer

A)  truck jobbers
B)  transport vendors
C)  rack jobbers
D)  cash and carry wholesalers
E)  drop shippersF) A) and D)
G) A) and C)

Question 10

Which of the following is one of the largest retailers in the United States?

Accepted Answer

A)  Hallmark
B)  Procter and Gamble
C)  Merck
D)  Home Depot
E)  Johnson and JohnsonF) None of the above
G) A) and C)

Question 11

A __________ would most likely most likely use truck jobbers to distribute its products.

Accepted Answer

A)  clothing manufacturer
B)  manufacturer of electric generators
C)  leather goods importer
D)  pharmaceutical company
E)  meat processing plantF) A) and D)
G) A) and C)

Question 12

Explain the global impact of retailing.

Accepted Answer

Retailing is important to the U.S. and g...

Question 13

A retail outlet that focuses on one type of product at very competitive or discount prices and often dominates the market is referred to as a __________.

Accepted Answer

A)  general merchandise store
B)  value outlet
C)  hypermarket
D)  category killer
E)  department storeF) A) and B)
G) A) and E)

Question 14

Merchants such as the Burlington Coat Factory purchase excess inventory at lower than wholesale prices and can therefore sell brand-name merchandise at lower than regular prices. This means that they are using a(n)

Accepted Answer

A)  off-price retailing strategy.
B)  markdown pricing strategy.
C)  everyday fair pricing strategy.
D)  everyday low pricing strategy.
E)  maintained markdown pricing strategy.F) D) and E)
G) None of the above

Question 15

Most of the 1.1 million retail establishments in the United States, including hardware stores, convenience stores, clothing stores, and computer and software stores, are considered __________.

Accepted Answer

A)  corporate chains
B)  contractual systems
C)  independent retailers
D)  conglomerate
E)  multinationalsF) A) and C)
G) A) and B)

Question 16

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store. The firm also uses technologies such as __________ to improve the quality of information available about products.

Accepted Answer

A)  radio frequency identification
B)  encapsulation techniques
C)  bar code scanners
D)  nanotechnology
E)  cookiesF) A) and E)
G) A) and D)

Question 17

One method of classification for retailers describes whether an organization is self-, limited-, or full-__________.

Accepted Answer

A)  involvement
B)  assortment
C)  management
D)  service
E)  ownershipF) B) and E)
G) C) and D)

Question 18

Explain the difference between a markup, an original markup, and a maintained markup.

Accepted Answer

In setting prices for merchandise, retai...

Question 19

Explain what a markdown is and its timing (i.e. when a retailer uses it).

Accepted Answer

A markdown involves discounting a produc...

Question 20

The term truck jobbers refers to wholesalers who

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)  store all the merchandise they sell in their trucks.
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, carry noncompetitive, complementary merchandise in an exclusive territory, and use over-the-road transportation for all product deliveries.F) C) and D)
G) A) and E)

Exam 13: Retailing and Wholesaling

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel, fragrances, jewelry, and leather accessories. The retailer relies on superior service to sell its products and to retain its customers. Saks Fifth Avenue would be classified as a(n) __________.

Correct AnswerverifiedShow Answer

One method of classification for retailers describes whether an organization is self-, limited-, or full-__________.

Correct AnswerverifiedShow Answer

Explain the global impact of retailing.

Correct AnswerverifiedRetailing is important to the U.S. and g...View AnswerShow Answer

-According to Figure 13-5 above, Stage A represents which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

The acronym RFID stands for

Correct AnswerverifiedShow Answer

A __________ would most likely most likely use truck jobbers to distribute its products.

Correct AnswerverifiedShow Answer

Merchants such as the Burlington Coat Factory purchase excess inventory at lower than wholesale prices and can therefore sell brand-name merchandise at lower than regular prices. This means that they are using a(n)

Correct AnswerverifiedShow Answer

A retail outlet that focuses on one type of product at very competitive or discount prices and often dominates the market is referred to as a __________.

Correct AnswerverifiedShow Answer

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store. The firm also uses technologies such as __________ to improve the quality of information available about products.

Correct AnswerverifiedShow Answer

Which of the following statements regarding telemarketing is most accurate?

Correct AnswerverifiedShow Answer

Explain the difference between a markup, an original markup, and a maintained markup.

Correct AnswerverifiedIn setting prices for merchandise, retai...View AnswerShow Answer

Which of the following is one of the largest retailers in the United States?

Correct AnswerverifiedShow Answer

Level of service is used to classify retailers. Three levels of service are: __________-, limited-, and full-service retailers.

Correct AnswerverifiedShow Answer

The term truck jobbers refers to wholesalers who

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

As a business format franchisor, McDonald's provides step-by-step procedures for most aspects of the business and

Correct AnswerverifiedShow Answer

Selling on consignment to retailers, which means they retain the title to the products displayed and bill retailers only for the merchandise sold, is characteristic of which limited-service wholesaler?

Correct AnswerverifiedShow Answer

Retailers may decide to pursue a third-party environmental certification because consumers want to purchase products from those retailers that have similar __________.

Correct AnswerverifiedShow Answer

Most of the 1.1 million retail establishments in the United States, including hardware stores, convenience stores, clothing stores, and computer and software stores, are considered __________.

Correct AnswerverifiedShow Answer

Explain what a markdown is and its timing (i.e. when a retailer uses it).

Correct AnswerverifiedA markdown involves discounting a produc...View AnswerShow Answer

Correct Answer
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Retailing is important to the U.S. and g...
View Answer

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Correct Answer
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In setting prices for merchandise, retai...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A markdown involves discounting a produc...
View Answer