Question 1

The three commonly used terms to describe levels of service in retailing are

Accepted Answer

A)  self-service, limited-service, and full-service. 
B)  retailer-service, sales-service, and customer-service. 
C)  self-service, automated-service, and online-service. 
D)  limited-service, full-service, and automated-service. 
E)  wholesaler-service, retailer-service, and customer-service. 
A)  self-service, limited-service, and full-service. 
B)  retailer-service, sales-service, and customer-service. 
C)  self-service, automated-service, and online-service. 
D)  limited-service, full-service, and automated-service. 
E)  wholesaler-service, retailer-service, and customer-service.

Question 2

Price ranges, store layouts, and breadth and depth of merchandise lines are considered to be the ________ of a store's image.

Accepted Answer

A)  functional qualities 
B)  sociological qualities 
C)  psychological attributes 
D)  lifestyle attributes 
E)  atmospheric elements 
A)  functional qualities 
B)  sociological qualities 
C)  psychological attributes 
D)  lifestyle attributes 
E)  atmospheric elements

Question 3

Briefly describe the advantages of being an independent retailer and the benefits an independent retailer can offer customers.

Accepted Answer

Advantages to the retailer inc

Question 4

The retail life cycle refers to

Accepted Answer

A)  the distinct stages a product goes through before it becomes obsolete. 
B)  the process of growth and decline that retail outlets, like products, experience over time. 
C)  the cycle of a customer's buying behavior from awareness of a product to its ultimate purchase. 
D)  the relationship between the tangible aspects of a product and the types of services that need to accompany it. 
E)  the traditional management changes that take place as a retail outlet grows. 
A)  the distinct stages a product goes through before it becomes obsolete. 
B)  the process of growth and decline that retail outlets, like products, experience over time. 
C)  the cycle of a customer's buying behavior from awareness of a product to its ultimate purchase. 
D)  the relationship between the tangible aspects of a product and the types of services that need to accompany it. 
E)  the traditional management changes that take place as a retail outlet grows.

Question 5

Located predominately in Europe, stores called ________ are based on the concept of one-stop shopping for consumers. Such retail stores, which use scrambled merchandising, sometimes span over 200,000 square feet of floor space and offer quality, variety, and low price for food and groceries and general merchandise.

Accepted Answer

A)  megamarkets 
B)  hypermarkets 
C)  one-stop markets 
D)  euromarkets 
E)  supercenters 
A)  megamarkets 
B)  hypermarkets 
C)  one-stop markets 
D)  euromarkets 
E)  supercenters

Question 6

Wholly owned extensions of the producer that perform wholesaling activities are referred to as

Accepted Answer

A)  general merchandise wholesalers. 
B)  cash and carry wholesalers. 
C)  agents and brokers. 
D)  manufacturer's branch or sales offices. 
E)  merchant wholesalers. 
A)  general merchandise wholesalers. 
B)  cash and carry wholesalers. 
C)  agents and brokers. 
D)  manufacturer's branch or sales offices. 
E)  merchant wholesalers.

Question 7

Cash and carry wholesalers

Accepted Answer

A)  handle bulky items such as lumber, bricks, and telephone poles. 
B)  handle perishable items such as flowers, baked goods, and deli meats. 
C)  handle office supplies, electrical supplies, hardware products, and groceries. 
D)  are a kind of full-service wholesaler. 
E)  lease vending machines to merchants and refill them as needed on a cash only basis. 
A)  handle bulky items such as lumber, bricks, and telephone poles. 
B)  handle perishable items such as flowers, baked goods, and deli meats. 
C)  handle office supplies, electrical supplies, hardware products, and groceries. 
D)  are a kind of full-service wholesaler. 
E)  lease vending machines to merchants and refill them as needed on a cash only basis.

Question 8

Victoria's Secret, a nationwide chain, carries great depth in women's lingerie and almost no other products. Victoria's Secret is an example of

Accepted Answer

A)  a limited-line store. 
B)  a single-line store. 
C)  an intertype outlet. 
D)  a general merchandise store. 
E)  a scrambled merchandise store. 
A)  a limited-line store. 
B)  a single-line store. 
C)  an intertype outlet. 
D)  a general merchandise store. 
E)  a scrambled merchandise store.

Question 9

List the five store locations or settings. How has the location of stores changed over the years?

Accepted Answer

Department stores started downtown in mo

Question 10

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

Accepted Answer

A)  Progressive 
B)  Opportunistic 
C)  Multichannel 
D)  Cluster 
E)  Power 
A)  Progressive 
B)  Opportunistic 
C)  Multichannel 
D)  Cluster 
E)  Power

Question 11

Family Dollar, Dollar General, and the Dollar Tree are examples of which type of retailer?

Accepted Answer

A)  warehouse club 
B)  hypermarket 
C)  outlet store 
D)  everyday value retailer 
E)  extreme-value retailer 
A)  warehouse club 
B)  hypermarket 
C)  outlet store 
D)  everyday value retailer 
E)  extreme-value retailer

Question 12

The amount added to the cost the retailer paid for a product to reach the final selling price is referred to as

Accepted Answer

A)  a markup. 
B)  a markdown. 
C)  an original markup. 
D)  a maintained markup. 
E)  a cost-plus markup. 
A)  a markup. 
B)  a markdown. 
C)  an original markup. 
D)  a maintained markup. 
E)  a cost-plus markup.

Question 13

To increase the demand for complementary products, the price of a product often is

Accepted Answer

A)  marked up. 
B)  marked down. 
C)  off-priced. 
D)  value-subtracted. 
E)  maintained. 
A)  marked up. 
B)  marked down. 
C)  off-priced. 
D)  value-subtracted. 
E)  maintained.

Question 14

Mall of America has two ________ stores: Nordstrom and Macy's.

Accepted Answer

A)  strip mall 
B)  local competitor 
C)  broker 
D)  retailing mix 
E)  anchor 
A)  strip mall 
B)  local competitor 
C)  broker 
D)  retailing mix 
E)  anchor

Question 15

The selling of brand-name merchandise at lower than regular prices is referred to as

Accepted Answer

A)  discount pricing. 
B)  everyday low pricing. 
C)  markdown pricing. 
D)  off-price retailing. 
E)  loss-price leadership. 
A)  discount pricing. 
B)  everyday low pricing. 
C)  markdown pricing. 
D)  off-price retailing. 
E)  loss-price leadership.

Question 16

The retailing mix refers to the activities related to managing a store, and includes

Accepted Answer

A)  retail pricing, store location, retail communication, and merchandise. 
B)  product, price, promotion, and place. 
C)  the utilities of time, form, possession, and price. 
D)  the colors, sizes, shapes, and point-of-purchase display locations of the store's products. 
E)  selection of store location, selection of merchandise, hiring and training of employees, and promotion of both the store and products. 
A)  retail pricing, store location, retail communication, and merchandise. 
B)  product, price, promotion, and place. 
C)  the utilities of time, form, possession, and price. 
D)  the colors, sizes, shapes, and point-of-purchase display locations of the store's products. 
E)  selection of store location, selection of merchandise, hiring and training of employees, and promotion of both the store and products.

Question 17

The ________ distinguishes types of retail outlets, with independent retailers, corporate chains, or contractual systems being the three general forms.

Accepted Answer

A)  wheel of retailing 
B)  service level 
C)  merchandise line 
D)  product assortment 
E)  form of ownership 
A)  wheel of retailing 
B)  service level 
C)  merchandise line 
D)  product assortment 
E)  form of ownership

Question 18

One method of classification categorizes a retailer as self-, limited-, or full-

Accepted Answer

A)  involvement. 
B)  assortment. 
C)  management. 
D)  service. 
E)  ownership. 
A)  involvement. 
B)  assortment. 
C)  management. 
D)  service. 
E)  ownership.

Question 19

One of the most common forms of retail ownership is the ________ owned by an individual.

Accepted Answer

A)  corporate chain 
B)  consumer cooperative 
C)  contractual system 
D)  independent retailer 
E)  administered systems 
A)  corporate chain 
B)  consumer cooperative 
C)  contractual system 
D)  independent retailer 
E)  administered systems

Question 20

Which of these retailers provide self-service to their customers?

Accepted Answer

A)  Zipcar 
B)  Footlocker 
C)  Target 
D)  7-11 
E)  Apple 
A)  Zipcar 
B)  Footlocker 
C)  Target 
D)  7-11 
E)  Apple

Exam 16: Retailing and Wholesaling

The three commonly used terms to describe levels of service in retailing are

Price ranges, store layouts, and breadth and depth of merchandise lines are considered to be the ________ of a store's image.

Briefly describe the advantages of being an independent retailer and the benefits an independent retailer can offer customers.

The retail life cycle refers to

Wholly owned extensions of the producer that perform wholesaling activities are referred to as

Cash and carry wholesalers

Victoria's Secret, a nationwide chain, carries great depth in women's lingerie and almost no other products. Victoria's Secret is an example of

List the five store locations or settings. How has the location of stores changed over the years?

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

Family Dollar, Dollar General, and the Dollar Tree are examples of which type of retailer?

The amount added to the cost the retailer paid for a product to reach the final selling price is referred to as

To increase the demand for complementary products, the price of a product often is

Mall of America has two ________ stores: Nordstrom and Macy's.

The selling of brand-name merchandise at lower than regular prices is referred to as

The retailing mix refers to the activities related to managing a store, and includes

The ________ distinguishes types of retail outlets, with independent retailers, corporate chains, or contractual systems being the three general forms.

One method of classification categorizes a retailer as self-, limited-, or full-

One of the most common forms of retail ownership is the ________ owned by an individual.

Which of these retailers provide self-service to their customers?

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Pulling It All Together: the Strategic Marketing Proces

Building an Effective Marketing Plan

Financial Aspects of Marketing

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