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Exam 13: Retailing and Wholesaling

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Question 71

Multiple Choice

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The Sports Authority is a sporting goods superstore that provides year-round inventory of equipment for just about any sport you can name. Even during the off season, equipment for seasonal sports is available at the Sports Authority. Which utility does the Sports Authority best provide?

A) time
B) convenience
C) possession
D) form
E) performance

F) D) and E)
G) A) and C)

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Question 72

Multiple Choice

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The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________.

A) who are trying to offload returned or slightly irregular inventory; selling new but inexpensive merchandise
B) at below wholesale prices; and charge a high initial price with the full intent of taking markdowns later
C) at below wholesale prices; at full price but take a less of a markup
D) at various price points; at the lowest price points possible
E) who are part of a retailing cooperative; who are part of a wholesaling cooperative

F) C) and D)
G) B) and E)

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Question 73

Multiple Choice

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Which type of outlet is most likely in its maturity stage of the retail life cycle?

Many fast food retailers, including McDonald's and Burger King, have followed a predictable pattern of how new forms of retail outlets enter the marketplace. McDonald's has evolved from a relatively simple restaurant with low margins, low prices, limited product offerings, and low institutional status to a worldwide chain with higher margins, high status, and a diverse menu of products. This evolution of McDonald's restaurants is consistent with the

Target recently introduced its Target REDcard, where cardholders receive 5% back for each purchase. Target also allows customers to return merchandise within 30 days but does not offer alteration services. Target offers what level of service to its customers?

A cluster of neighborhood stores, whose composition is typically unplanned, that serves people within a 5- to 10-mile radius is referred to as a(n)

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 encourage buyers. Paulette was able to purchase the dress because of a(n)

In the telemarketing industry, issues such as __________, ethical guidelines, and industry standards have become a topic of discussion among consumers, Congress, the Federal Trade Commission (FTC) , and businesses.

Your neighborhood dry cleaner or florist is likely to be categorized as an independent retailer. This means it is owned by a(n) __________.

Large shopping areas often contain two or three __________ stores, which are well-known national or regional stores such as Sears, Saks Fifth Avenue, and Bloomingdale's.

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

Companies such as Avon, Fuller Brush, Mary Kay, and World Book are examples of firms that use

__________ retailers utilize and integrate a combination of traditional store formats and nonstore formats.

A huge shopping strip with multiple anchor (or national) stores and a supermarket is referred to as a __________.

Walmart's $469 billion in sales in 2012 surpassed the gross domestic product of all but __________ countries for that same year.

Intermediaries that represent a single producer and are responsible for the entire marketing function of that producer are referred to as __________.

Neighborhood grocers that ban together with several other independent grocers who all agree to buy their goods directly from food manufacturers is a(n)

When Home Depot switched its in-store light fixture displays to compact fluorescent light and LED light bulbs, painted the roofs of its stores white, and installed solar panels, it reduced its energy use by __________ percent.

Explain why direct mail and catalogs are an attractive form of retailing.

Managing the breadth and depth of merchandise available from many manufacturers requires retail buyers who are