Question 1

To be a successful retailer, the owner of The Artist Nook, a small artist supply store, would need to know:

Accepted Answer

A)  what type of merchandise artists will want to buy. 
B)  how to correctly value the art supplies she sells. 
C)  the location of possible sources of art supplies. 
D)  what kind of product assortments would appeal to artists. 
E)  all of the above. 
A)  what type of merchandise artists will want to buy. 
B)  how to correctly value the art supplies she sells. 
C)  the location of possible sources of art supplies. 
D)  what kind of product assortments would appeal to artists. 
E)  all of the above.

Question 2

Which of the following statements about regional centers is True?

Accepted Answer

A)  To reach time-poor consumers, many regional centers are placing stores that sell similar products close to each other. 
B)  Many new regional centers are designed to look like Main Streets to evoke memories of historic downtown areas. 
C)  Regional centers were first developed to be the hub of shopping and social activities in many communities. 
D)  Few regional centers were built in the 1990s, but many were renovated. 
E)  All of the above statements about regional centers are True. 
A)  To reach time-poor consumers, many regional centers are placing stores that sell similar products close to each other. 
B)  Many new regional centers are designed to look like Main Streets to evoke memories of historic downtown areas. 
C)  Regional centers were first developed to be the hub of shopping and social activities in many communities. 
D)  Few regional centers were built in the 1990s, but many were renovated. 
E)  All of the above statements about regional centers are True.

Question 3

Disciples, a Christian bookstore, is ten times larger than the average Christian bookstore. Its gift department alone is 2200 square feet. It offers customers deep assortment and low prices. Disciples would be classified as a(n):

Accepted Answer

A)  category-killer store. 
B)  convenience store. 
C)  warehouse club. 
D)  factory outlet. 
E)  supercenter. 
A)  category-killer store. 
B)  convenience store. 
C)  warehouse club. 
D)  factory outlet. 
E)  supercenter.

Question 4

Which of the following statements about automatic vending as a form of nonstore retailing is True?

Accepted Answer

A)  The large majority of vending machine sales come from lottery tickets, cold drinks, snack foods, and novelty items. 
B)  Debit cards that can be used in vending machines are becoming increasingly popular. 
C)  Forecasters predict that no new products, especially those that cost more than $1, will ever be popular items in automatic vending machines. 
D)  Vending machines typically have very low operating costs. 
E)  All of the above statements about automatic vending are True. 
A)  The large majority of vending machine sales come from lottery tickets, cold drinks, snack foods, and novelty items. 
B)  Debit cards that can be used in vending machines are becoming increasingly popular. 
C)  Forecasters predict that no new products, especially those that cost more than $1, will ever be popular items in automatic vending machines. 
D)  Vending machines typically have very low operating costs. 
E)  All of the above statements about automatic vending are True.

Question 5

Nicole wants a Dooney & Burke purse she saw advertised in her local newspaper for $260.00. If she visits a(n) _____, she is likely to find the purse or one similar to it at a greatly reduced price.

Accepted Answer

A)  off-price retailer 
B)  department store 
C)  supermarket 
D)  specialty store 
E)  convenience store 
A)  off-price retailer 
B)  department store 
C)  supermarket 
D)  specialty store 
E)  convenience store

Question 6

Both Mikell Sevier and Jayson Hammerschmidt are considered comic book experts. They both have an extensive private collection of comics. Both are recognized as experts in their field, and both dream of owning their own business. Sevier wants to open a small retail store in which he buys, sells, and trades comics to other collectors. Hammerschmidt wants to open a similar retail operation on the Internet. Both will offer extensive customer service, and customer satisfaction will be their ultimate goals.
-Assume both stores are in operation, neither is required to advertise extensively, and both offer high levels of customer satisfaction. When compared to Sevier's operation, Hammerschmidt's operation will have:

Accepted Answer

A)  higher operating expenses. 
B)  higher maintenance upkeep costs. 
C)  a superior layout. 
D)  lower operating expenses. 
E)  more retail sales people. 
A)  higher operating expenses. 
B)  higher maintenance upkeep costs. 
C)  a superior layout. 
D)  lower operating expenses. 
E)  more retail sales people.

Question 7

In 1995, Canadian supermarkets began "boutiquing" supermarkets-creating memorable in-store experiences that will keep adult consumers coming back in the short-run and build future brand loyalty among children. They have recreated the supermarket into a neighborhood shopping place, and turned food shopping from a chore into a fun experience for the whole family. Canadian supermarkets have:

Accepted Answer

A)  created differential advantages to better compete with discount stores. 
B)  used devolutionary strategy to make stores seem like consumers imagine they looked years ago. 
C)  ignored the competition of discount stores and continued on their predetermined evolutionary path. 
D)  made themselves into category-killer stores. 
E)  adopted a standard of marketing more akin to that used by department stores. 
A)  created differential advantages to better compete with discount stores. 
B)  used devolutionary strategy to make stores seem like consumers imagine they looked years ago. 
C)  ignored the competition of discount stores and continued on their predetermined evolutionary path. 
D)  made themselves into category-killer stores. 
E)  adopted a standard of marketing more akin to that used by department stores.

Question 8

Which of the following types of retail stores typically offers the most customer service?

Accepted Answer

A)  supermarket 
B)  category-killer store 
C)  limited-line store 
D)  department store 
E)  warehouse club 
A)  supermarket 
B)  category-killer store 
C)  limited-line store 
D)  department store 
E)  warehouse club

Question 9

Which of the following statements about department stores is True?

Accepted Answer

A)  Department stores always strive to charge discount prices. 
B)  By definition, department stores can never be price-competitive. 
C)  Many producers' brands that used to be available exclusively at department stores are now widely distributed. 
D)  The operating expenses for department stores are considerably less than those for other retail stores. 
E)  Intense vertical competition is hurting the profitability of department stores. 
A)  Department stores always strive to charge discount prices. 
B)  By definition, department stores can never be price-competitive. 
C)  Many producers' brands that used to be available exclusively at department stores are now widely distributed. 
D)  The operating expenses for department stores are considerably less than those for other retail stores. 
E)  Intense vertical competition is hurting the profitability of department stores.

Question 10

The focus in business format franchising is on how the business is being run.

Accepted Answer

A) True 
 B)False

Question 11

In the late 1990s, several investors opened Dekor, a chain of home improvement stores that were to target an upper-end market with both construction material and home furnishings. Its investors assumed they could force The Home Depot and Lowe's out of the upper-end of the market by carrying a very narrow and very deep inventory at lower prices. The stores failed. Dekor was intended to be a:

Accepted Answer

A)  category-killer store. 
B)  full-line store. 
C)  warehouse club. 
D)  factory outlet. 
E)  supercenter. 
A)  category-killer store. 
B)  full-line store. 
C)  warehouse club. 
D)  factory outlet. 
E)  supercenter.

Question 12

When Asa goes to Wal-Mart and buys two bookcases, a small table, and a VCR, she has purchased:

Accepted Answer

A)  commodities. 
B)  representative brands. 
C)  soft goods. 
D)  generic brands. 
E)  hard goods. 
A)  commodities. 
B)  representative brands. 
C)  soft goods. 
D)  generic brands. 
E)  hard goods.

Question 13

_____ retailing features several related product lines such as building materials, groceries, and office  supplies, a high-degree of self-service, a largely centralized checkout, and competitive prices.

Accepted Answer

The answer of _____ retailing features several related product lines...

Question 14

Which of the following statements about retailing is True?

Accepted Answer

A)  Goods are retailed; services are marketed, not retailed. 
B)  It is difficult to become a retailer. 
C)  There is a high degree of concentration in retailing. 
D)  Any firm that sells to the ultimate consumer is a retailer. 
E)  None of the above statements about retailing is True. 
A)  Goods are retailed; services are marketed, not retailed. 
B)  It is difficult to become a retailer. 
C)  There is a high degree of concentration in retailing. 
D)  Any firm that sells to the ultimate consumer is a retailer. 
E)  None of the above statements about retailing is True.

Question 15

When Fayruz used a toll-free phone number and purchased home exercise equipment she saw advertised on television, it was an example of direct selling.

Accepted Answer

A) True 
 B)False

Question 16

A _____ is a combined retailing and wholesaling institution that has a very broad but very shallow product assortment, extremely low prices, few customer services, and membership requirements.

Accepted Answer

A)  warehouse club 
B)  specialty store 
C)  category-killer store 
D)  factory outlet 
E)  supermarket 
A)  warehouse club 
B)  specialty store 
C)  category-killer store 
D)  factory outlet 
E)  supermarket

Question 17

A community shopping center is bigger than a convenience shopping center.

Accepted Answer

A) True 
 B)False

Question 18

According to the text, high retailing costs are generally related to the:

Accepted Answer

A)  directness of the channel. 
B)  expense of selling directly to ultimate consumers. 
C)  efficiency of the marketing plan's implementation. 
D)  complexity of the buying center. 
E)  choice of wholesaler. 
A)  directness of the channel. 
B)  expense of selling directly to ultimate consumers. 
C)  efficiency of the marketing plan's implementation. 
D)  complexity of the buying center. 
E)  choice of wholesaler.

Question 19

Which of the following describes one of the drawbacks to direct marketing?

Accepted Answer

A)  low fixed costs 
B)  rapid inventory turnover 
C)  geographic and demographic selectivity 
D)  high operating costs 
E)  need for a liberal return policy 
A)  low fixed costs 
B)  rapid inventory turnover 
C)  geographic and demographic selectivity 
D)  high operating costs 
E)  need for a liberal return policy

Question 20

What is the primary advantage that warehouse clubs offer to their customers?

Accepted Answer

A)  broad assortment 
B)  deep assortment 
C)  very low prices 
D)  financing 
E)  customer service 
A)  broad assortment 
B)  deep assortment 
C)  very low prices 
D)  financing 
E)  customer service

To be a successful retailer, the owner of The Artist Nook, a small artist supply store, would need to know:

Which of the following statements about regional centers is True?

Disciples, a Christian bookstore, is ten times larger than the average Christian bookstore. Its gift department alone is 2200 square feet. It offers customers deep assortment and low prices. Disciples would be classified as a(n):

Which of the following statements about automatic vending as a form of nonstore retailing is True?

Nicole wants a Dooney & Burke purse she saw advertised in her local newspaper for $260.00. If she visits a(n) _____, she is likely to find the purse or one similar to it at a greatly reduced price.

Which of the following types of retail stores typically offers the most customer service?

Which of the following statements about department stores is True?

The focus in business format franchising is on how the business is being run.

When Asa goes to Wal-Mart and buys two bookcases, a small table, and a VCR, she has purchased:

_____ retailing features several related product lines such as building materials, groceries, and office supplies, a high-degree of self-service, a largely centralized checkout, and competitive prices.

Which of the following statements about retailing is True?

When Fayruz used a toll-free phone number and purchased home exercise equipment she saw advertised on television, it was an example of direct selling.

A _____ is a combined retailing and wholesaling institution that has a very broad but very shallow product assortment, extremely low prices, few customer services, and membership requirements.

A community shopping center is bigger than a convenience shopping center.

According to the text, high retailing costs are generally related to the:

Which of the following describes one of the drawbacks to direct marketing?

What is the primary advantage that warehouse clubs offer to their customers?

The Field of Marketing

The Dynamic Marketing Environment

Global Markets and Marketing

Consumer Markets and Buying Behavior

Business Markets and Buying Behavior

Marketing Research and Market Information

Product Planning and Development

Product-Mix Strategies

Brands, Packaging, and Other Product Features

Services Marketing

Price Determination

Pricing Strategies

Channels of Distribution

Wholesaling and Physical Distribution

Integrated Marketing Communications

Personal Selling and Sales Management

Advertising, Sales Promotion, and Public Relations

Strategic Marketing Planning

Marketing Implementation and Evaluation

Marketing and the Information Economy

Market Segmentation Targeting and Positioning

Filters

Exam 15: Retailing

To be a successful retailer, the owner of The Artist Nook, a small artist supply store, would need to know:

Which of the following statements about regional centers is True?

Disciples, a Christian bookstore, is ten times larger than the average Christian bookstore. Its gift department alone is 2200 square feet. It offers customers deep assortment and low prices. Disciples would be classified as a(n):

Which of the following statements about automatic vending as a form of nonstore retailing is True?

Nicole wants a Dooney & Burke purse she saw advertised in her local newspaper for $260.00. If she visits a(n) _____, she is likely to find the purse or one similar to it at a greatly reduced price.

Which of the following types of retail stores typically offers the most customer service?

Which of the following statements about department stores is True?

The focus in business format franchising is on how the business is being run.

When Asa goes to Wal-Mart and buys two bookcases, a small table, and a VCR, she has purchased:

_____ retailing features several related product lines such as building materials, groceries, and office supplies, a high-degree of self-service, a largely centralized checkout, and competitive prices.

Which of the following statements about retailing is True?

When Fayruz used a toll-free phone number and purchased home exercise equipment she saw advertised on television, it was an example of direct selling.

A _____ is a combined retailing and wholesaling institution that has a very broad but very shallow product assortment, extremely low prices, few customer services, and membership requirements.

A community shopping center is bigger than a convenience shopping center.

According to the text, high retailing costs are generally related to the:

Which of the following describes one of the drawbacks to direct marketing?

What is the primary advantage that warehouse clubs offer to their customers?

The Field of Marketing

The Dynamic Marketing Environment

Global Markets and Marketing

Consumer Markets and Buying Behavior

Business Markets and Buying Behavior

Marketing Research and Market Information

Product Planning and Development

Product-Mix Strategies

Brands, Packaging, and Other Product Features

Services Marketing

Price Determination

Pricing Strategies

Channels of Distribution

Wholesaling and Physical Distribution

Integrated Marketing Communications

Personal Selling and Sales Management

Advertising, Sales Promotion, and Public Relations

Strategic Marketing Planning

Marketing Implementation and Evaluation

Marketing and the Information Economy

Market Segmentation Targeting and Positioning

Filters