Exam 11: Retailing and Wholesaling

As a result of the great success of corporate chains,many independent stores chose to band together in one of two forms of contractual associations: a voluntary chain or a(n)________.

PennyLane Retailers believe in a do-it-yourself approach and their stores are designed for consumers who are willing to perform their own locate-compare-select process.PennyLane Retailers provide an example of full-service retailers.

Which of the following contractual systems is distinguished by the fact that it is normally based on some unique product or service?

McPherson's,an ice cream joint,recently entered into an agreement by which it allowed independent businesspeople at select stores and locations across the country to sell its famous ice creams and milk shakes for a monetary consideration.This agreement created a(n)________ type of contractual retail association.

When compared to merchant wholesalers,brokers or agents ________.

Which of the following types of stores is much larger than regular supermarkets and offers a large assortment of routinely purchased food products,nonfood items,and services?

________ sell standard merchandise at lower prices by accepting lower margins and selling higher volume.

Which of the following statements is true with regard to shopping centers?

Explain how wholesalers have been able to use technology to cut costs.

Crunch and Munch is the country's favorite fast-food vendor selling fried chicken.Over the years,the company has diversified into providing a larger variety of snacks like hot dogs,burritos,and burgers,but consumers still consider it to be the best seller of fried chicken.Many parties have approached Crunch and Munch with offers to buy the company,but Crunch and Munch continues to operate through its stores and franchise outlets.Would you consider franchising as a good contractual system for Crunch and Munch? If yes,why?

In a retailer cooperative,independent retailers contract with each other to set up a central buying operation and conduct joint promotional efforts.

A broker brings buyers and sellers together and assists in negotiation.

JP Wholesalers is one of the largest wholesalers of wooden furnishings in the country.Recently,the company opened a chain of stores called JP Designer Homes that became popular owing to the good reputation the company had as a wholesaler.The company then began acquiring smaller retail chains and consolidated its position in the market.Which of the following trends is reflected in this scenario?

Which of the following examples reflects the wheel-of-retailing concept?

Campbell is one of the oldest retailers in the country.While the service offered at the stores is fairly mediocre,Campbell is famous for surprise offerings of seconds,overstocks,and closeouts-occasionally including expensive gadgets and jewelry.On the other hand,Posco Retail is a new chain of retail stores that is known for encouraging customers to ask questions or consult service representatives in the process of making purchase decisions.From the scenario,it is evident that ________.

Bensons is a specialty store selling the finest home linen made from raw materials imported from Asian countries.Bensons pricing decision would be aimed at low markups on a high volume of products they retail.

Describe the differences between corporate chains and franchises.

Which of the following channel functions of wholesalers is demonstrated when a wholesaler's sales force helps a manufacturer reach many small customers at a low cost?

Retailers must first segment and define their target markets and then decide how they will position themselves in these markets.

Which of the following types of limited-service wholesalers is owned by farmers who assemble farm produce to sell in local markets?