Question 1

According to Figure 16-10 above,market share reaches its highest level during which stage of the retail life cycle?

Accepted Answer

A)  early growth
B)  accelerated development
C)  decline
D)  maturity
E)  either early growth or maturityF) A) and E)
G) A) and B)

Question 2

Some retailers now allow consumers to respond to their text messages announcing a sale for a specified time period.Consumers must then visit the site to purchase the sale items.Which of the following retailing websites offer these limited time "flash sales?"

Accepted Answer

A)  TextBuyIt
B)  Best Buy
C)  PeaPod
D)  eBay
E)  GiltF) A) and B)
G) A) and C)

Question 3

As shown in Figure 16-2 above,the GREATEST dollar amount of retail sales in the United States is generated by __________.

Accepted Answer

A)  food and beverage stores
B)  sporting goods,books,and music stores
C)  electronic stores
D)  automotive dealers
E)  furniture and home furnishing storesF) B) and C)
G) A) and B)

Question 4

Wholesalers who own the merchandise they sell but do not physically handle,stock,or deliver it are referred to as __________.

Accepted Answer

A)  cash and carry wholesalers
B)  rack jobbers
C)  truck jobbers
D)  manufacturer's representatives
E)  drop shippersF) A) and E)
G) B) and D)

Question 5

The music played in the grocery store has a slow tempo to get shoppers to stay longer and hopefully put more items in their cart.Music is part of the grocery store's __________.

Accepted Answer

A)  atmosphere
B)  sensory management plan
C)  psychological attributes
D)  personality type
E)  sociological profileF) A) and B)
G) A) and C)

Question 6

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) B) and C)

Question 7

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

Accepted Answer

A)  direct selling
B)  person-to-person sales
C)  face-to-face selling
D)  direct response selling
E)  customized sellingF) All of the above
G) C) and D)

Question 8

The wheel of retailing refers to

Accepted Answer

A)  the life cycle of most consumer products sold at retailers.
B)  the diffusion of types of retailers for a new product.
C)  the progression of retail locations an outlet goes through.
D)  the description of how new forms of retail outlets enter the market.
E)  the description of retail management philosophies.F) A) and B)
G) All of the above

Question 9

__________ is when multiple retail channels become complementary through a series of touch points with consumers.

Accepted Answer

A)  Multiretail marketing
B)  Shopper marketing
C)  Omnichannel retailing
D)  Retail positioning
E)  The wheel of retailingF) A) and C)
G) B) and E)

Question 10

One way neighborhood grocers can take advantage of volume discounts commonly available to corporate chains is to

Accepted Answer

A)  purchase a franchise membership.
B)  become a subsidiary of a larger supermarket chain like Kroger.
C)  join a professional merchant association and hire food brokers to negotiate lower prices for produce and dry goods.
D)  create a grocery networking system to exchange coupon vouchers.
E)  participate in a retailer-sponsored cooperative with other independent grocers.F) A) and B)
G) A) and C)

Question 11

Which of the following statements regarding QVC is most accurate?

Accepted Answer

A)  QVC broadcasts 12 hours a day 365 days a year.
B)  QVC reaches more than 200 million households in the U.S. ,U.K. ,Germany,Italy,and Japan.
C)  QVC never offers the same product two days in a row.
D)  QVC sells all its items by dropping the price to $1.00 regardless of the product value,if it is not sold in one day.
E)  QVC entices customers to "stay tuned" by offering free products to random callers.F) A) and E)
G) C) and D)

Question 12

Which type of wholesaler carries a broad assortment of merchandise and performs all channel functions?

Accepted Answer

A)  drop shipper
B)  general merchandise wholesaler
C)  limited-line wholesaler
D)  specialty merchandise wholesaler
E)  rack jobberF) A) and B)
G) C) and D)

Question 13

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

Accepted Answer

In setting prices for merchandise,retail...

Question 14

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 C)
G) D) and E)

Question 15

The calculation for same-store sales growth is

Accepted Answer

A)  total sales ÷ selling area in square feet.
B)  (store sales in year 3 ÷ store sales in year 1) .
C)  store sales in year 1 ÷ (store sales in year 2 - store sales in year 1) .
D)  (store sales in year 2 - store sales in year 1) ÷ store sales in year 1.
E)  store 1 square feet ÷ store 2 square feet.F) B) and E)
G) C) and D)

Question 16

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

Accepted Answer

A)  central business district
B)  regional shopping center
C)  community shopping center
D)  strip mall
E)  power centerF) None of the above
G) A) and C)

Question 17

There are three key methods of classifying retail operations.These include:

Accepted Answer

A)  method of operation,revenues generated,and merchandise line.
B)  form of ownership,method of operation,and merchandise line.
C)  form of ownership,level of service,and merchandise line.
D)  level of service,merchandise line,and revenues generated.
E)  merchandise line,form of ownership,and revenues generated.F) A) and B)
G) A) and C)

Question 18

Your local Safeway grocery store is MOST LIKELY classified as which retail variation based on its considerable assortment (depth) of a related line of items within each line it carries?

Accepted Answer

A)  single-line
B)  full service
C)  full-line
D)  limited service
E)  limited-lineF) C) and D)
G) A) and B)

Question 19

The four major types of limited-service merchant wholesalers are drop shippers,rack jobbers,cash and carry wholesalers,and __________.

Accepted Answer

A)  truck jobbers
B)  machine vendors
C)  credit line wholesalers
D)  transport vendors
E)  container transport vendorsF) A) and D)
G) A) and E)

Question 20

__________ involves going into a retail store with the intention of trying on or testing products before purchasing them online,or going to a retail store and using a mobile device to find the best available price online.

Accepted Answer

A)  Flash sales
B)  Site-to-store
C)  Brick-to-click
D)  Showrooming
E)  HomeFreeF) A) and B)
G) A) and C)

Exam 16: Retailing and Wholesaling

__________ is when multiple retail channels become complementary through a series of touch points with consumers.

Correct AnswerverifiedShow Answer

There are three key methods of classifying retail operations.These include:

Correct AnswerverifiedShow Answer

Wholesalers who own the merchandise they sell but do not physically handle,stock,or deliver it are referred to as __________.

Correct AnswerverifiedShow Answer

One way neighborhood grocers can take advantage of volume discounts commonly available to corporate chains is to

Correct AnswerverifiedShow Answer

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

Correct AnswerverifiedShow Answer

The wheel of retailing refers to

Correct AnswerverifiedShow Answer

The music played in the grocery store has a slow tempo to get shoppers to stay longer and hopefully put more items in their cart.Music is part of the grocery store's __________.

Correct AnswerverifiedShow Answer

The four major types of limited-service merchant wholesalers are drop shippers,rack jobbers,cash and carry wholesalers,and __________.

Correct AnswerverifiedShow Answer

Some retailers now allow consumers to respond to their text messages announcing a sale for a specified time period.Consumers must then visit the site to purchase the sale items.Which of the following retailing websites offer these limited time "flash sales?"

Correct AnswerverifiedShow Answer

Which type of wholesaler carries a broad assortment of merchandise and performs all channel functions?

Correct AnswerverifiedShow Answer

__________ involves going into a retail store with the intention of trying on or testing products before purchasing them online,or going to a retail store and using a mobile device to find the best available price online.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedIn setting prices for merchandise,retail...View AnswerShow 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

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements regarding QVC is most accurate?

Correct AnswerverifiedShow Answer

The calculation for same-store sales growth is

Correct AnswerverifiedShow Answer

As shown in Figure 16-2 above,the GREATEST dollar amount of retail sales in the United States is generated by __________.

Correct AnswerverifiedShow Answer

Your local Safeway grocery store is MOST LIKELY classified as which retail variation based on its considerable assortment (depth) of a related line of items within each line it carries?

Correct AnswerverifiedShow Answer

According to Figure 16-10 above,market share reaches its highest level during which stage of the retail life cycle?

Correct AnswerverifiedShow Answer

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In setting prices for merchandise,retail...
View Answer

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