Question 1

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 retailersF) D) and E)
G) A) and C)

Question 2

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining __________.

Accepted Answer

A)  net sales
B)  shareholders' equity
C)  market share
D)  sales per square foot
E)  return on investmentF) C) and D)
G) B) and D)

Question 3

In the context of omnichannel retailing,all of the following are potential consumer touch points for a retailer EXCEPT:

Accepted Answer

A)  picking up the product from the nearest store.
B)  providing feedback on the retailer's Facebook page.
C)  placing an order online.
D)  using displays,coupons,product samples,and other brand communications to influence shopping behavior.
E)  using a mobile app to scan a QR code from a catalog.F) B) and E)
G) A) and D)

Question 4

The marketing metrics related to a retailer's products or merchandise include all of the following EXCEPT:

Accepted Answer

A)  the cost of carrying inventory.
B)  the inventory turnover.
C)  the average number of items per transaction.
D)  the number of returns.
E)  the average length of a store visit.F) A) and E)
G) A) and B)

Question 5

Another name for a drop shipper is a __________.

Accepted Answer

A)  drop runner
B)  desk jobber
C)  transport vendor
D)  container transport vendor
E)  stock jobberF) D) and E)
G) C) and D)

Question 6

Which of the following statements regarding direct selling is most accurate?

Accepted Answer

A)  Unlike other forms of nonstore retailing,direct selling takes place in the business market.
B)  Direct selling is found exclusively in the United States.
C)  Direct selling succeeds because it provides customers with convenience and personalized service.
D)  Direct sales have been declining rapidly in the United States since the 1980s.
E)  By definition,direct selling can only take place in a home.F) B) and C)
G) A) and B)

Question 7

Intermediaries that represent a single producer and are responsible for designing promotional plans,setting prices,determining distribution policies,and making recommendations on product strategy are referred to as __________.

Accepted Answer

A)  brokers
B)  line brokers
C)  distribution brokers
D)  selling agents
E)  manufacturer's agentsF) B) and E)
G) A) and B)

Question 8

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

Accepted Answer

A)  retailer-sponsored cooperative.
B)  consortium system.
C)  administrative system.
D)  conglomerate system.
E)  collaborate chain.F) All of the above
G) C) and E)

Question 9

According to Figure 16-10 above,"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 C)
G) D) and E)

Question 10

Neiman Marcus has approximately what amount of sales per square foot according to the UMD16A: Sales per Square Foot Marketing Dashboard above?

Accepted Answer

A)  $300
B)  $600
C)  $900
D)  $3,500
E)  $5,400F) A) and B)
G) A) and C)

Question 11

The oldest retail setting,located in the community's downtown area,is referred to as

Accepted Answer

A)  the central business district.
B)  main street.
C)  the community anchor.
D)  the economic center.
E)  historic commerce district.F) A) and E)
G) None of the above

Question 12

Wholesalers who handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as __________.

Accepted Answer

A)  rack jobbers
B)  drop shippers
C)  truck jobbers
D)  cash and carry wholesalers
E)  manufacturer's representativesF) B) and C)
G) None of the above

Question 13

Walmart and Home Depot emphasize consistently low prices and eliminate most markdowns with a retail pricing strategy called

Accepted Answer

A)  low-margin.
B)  value based.
C)  everyday low pricing.
D)  everyday fair pricing.
E)  markdown pricing.F) A) and D)
G) All of the above

Question 14

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

Accepted Answer

A)  single-price stores
B)  online retailers
C)  supermarkets
D)  warehouse clubs
E)  business-district retailersF) B) and C)
G) C) and E)

Question 15

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a __________.

Accepted Answer

A)  limited-line wholesaler
B)  drop shipper
C)  rack jobber
D)  specialty merchandise wholesaler
E)  general merchandise wholesalerF) None of the above
G) A) and C)

Question 16

A retailer bought a collectible Precious Moments figurine for $26.She sets the initial selling price at $60.The final selling price was $52.What was the original markup?

Accepted Answer

A)  $8
B)  $13
C)  $26
D)  $34
E)  $86F) None of the above
G) B) and C)

Question 17

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

Accepted Answer

A)  single-price stores
B)  online retailers
C)  supermarkets
D)  business-district retailers
E)  convenience storesF) A) and B)
G) A) and E)

Question 18

When developing marketing strategies,marketing managers use the elements of the marketing mix,which includes product,price,place,and promotion.In a similar fashion,when developing retailing strategies,marketers use what is called the retailing mix,which includes

Accepted Answer

A)  retail pricing,store location,retail communication,and merchandise.
B)  products,services,and ideas.
C)  physical distribution,promotions,and communications.
D)  physical distribution,products,and personal selling.
E)  products,price,shipping/handling,and personal selling.F) A) and E)
G) B) and D)

Question 19

Which of the following statements regarding corporate chains is most accurate?

Accepted Answer

A)  Corporate chains can not bargain with a manufacturer to obtain product volume discounts due to federal anticompetitive legislation-the Clayton Act as amended by the Sherman Act.
B)  Corporate chains generally own most if not all of their suppliers-a practice known as forward integration-so they can save distribution costs.
C)  Consumers have fewer choices in merchandise since all buying decisions are made by a decentralized buying committee.
D)  Corporate chains offer the least benefit to consumers since they are the farthest removed from the ultimate consumer.
E)  Corporate chains are multiple outlets under common ownership.F) A) and C)
G) C) and D)

Question 20

The four utilities offered to consumers through retailing are

Accepted Answer

A)  convenience,performance,possession,and form.
B)  time,place,possession,and form.
C)  product,price,place,and promotion.
D)  people,productivity,process,and physical environment.
E)  convenience,consistency,competition,and choice.F) B) and D)
G) All of the above

Exam 16: Retailing and Wholesaling

A retailer bought a collectible Precious Moments figurine for $26.She sets the initial selling price at $60.The final selling price was $52.What was the original markup?

Correct AnswerverifiedShow Answer

Neiman Marcus has approximately what amount of sales per square foot according to the UMD16A: Sales per Square Foot Marketing Dashboard above?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The four utilities offered to consumers through retailing are

Correct AnswerverifiedShow Answer

Intermediaries that represent a single producer and are responsible for designing promotional plans,setting prices,determining distribution policies,and making recommendations on product strategy are referred to as __________.

Correct AnswerverifiedShow Answer

Walmart and Home Depot emphasize consistently low prices and eliminate most markdowns with a retail pricing strategy called

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining __________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements regarding direct selling is most accurate?

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

The oldest retail setting,located in the community's downtown area,is referred to as

Correct AnswerverifiedShow Answer

In the context of omnichannel retailing,all of the following are potential consumer touch points for a retailer EXCEPT:

Correct AnswerverifiedShow Answer

Which of the following statements regarding corporate chains is most accurate?

Correct AnswerverifiedShow Answer

Wholesalers who handle a limited assortment of fast-moving or perishable items that are sold for cash directly from trucks in their original packages are referred to as __________.

Correct AnswerverifiedShow Answer

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a __________.

Correct AnswerverifiedShow Answer

When developing marketing strategies,marketing managers use the elements of the marketing mix,which includes product,price,place,and promotion.In a similar fashion,when developing retailing strategies,marketers use what is called the retailing mix,which includes

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Another name for a drop shipper is a __________.

Correct AnswerverifiedShow Answer

The marketing metrics related to a retailer's products or merchandise include all of the following EXCEPT:

Correct AnswerverifiedShow Answer

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