Question 1

At which level of service would the customer perform the least number of functions?

Accepted Answer

A) automated service 
B) minimal service 
C) self-service 
D) limited service 
E) full service 
A) automated service 
B) minimal service 
C) self-service 
D) limited service 
E) full service E

Question 2

Discounting a product when the product does not sell at the original price is referred to as

Accepted Answer

A) an inverse markup. 
B) a markdown. 
C) price sensitivity. 
D) concession pricing. 
E) a rebate. 
A) an inverse markup. 
B) a markdown. 
C) price sensitivity. 
D) concession pricing. 
E) a rebate. B

Question 3

Some retailers advocate a(n)________ strategy,a pricing strategy that may not offer the lowest prices but does try to create value for customers through service and the total buying experience.

Accepted Answer

A)  customer loyalty 
B)  value-emphasis 
C)  everyday low pricing 
D)  low-margin 
E)  everyday fair pricing 
A)  customer loyalty 
B)  value-emphasis 
C)  everyday low pricing 
D)  low-margin 
E)  everyday fair pricing E

Question 4

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 5

As a business-format franchisor,McDonald's provides to the franchisee step-by-step procedures for most aspects of the business and

Accepted Answer

A) an easy resale mechanism back to the franchisor. 
B) guaranteed access to competent suppliers and interested customers. 
C) complete maintenance of the property. 
D) guidelines for the most likely decisions a franchisee will face. 
E) discipline for dishonest employees. 
A) an easy resale mechanism back to the franchisor. 
B) guaranteed access to competent suppliers and interested customers. 
C) complete maintenance of the property. 
D) guidelines for the most likely decisions a franchisee will face. 
E) discipline for dishonest employees.

Question 6

________ 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 7

Which of the following is a type of full-service merchant wholesaler?

Accepted Answer

A) cash and carry wholesaler 
B) rack jobbers 
C) truck jobbers 
D) specialty merchandise wholesaler 
E) drop shippers 
A) cash and carry wholesaler 
B) rack jobbers 
C) truck jobbers 
D) specialty merchandise wholesaler 
E) drop shippers

Question 8

Retailers that integrate and leverage their stores,catalogs,and websites have seen

Accepted Answer

A) a sizable increase in yearly sales from individual customers. 
B) a small increase in yearly sales from aggregate target market segments. 
C) no difference in yearly sales from individual customers. 
D) a decrease in yearly sales from individual customers. 
E) a large decrease in yearly sales from individual customers. 
A) a sizable increase in yearly sales from individual customers. 
B) a small increase in yearly sales from aggregate target market segments. 
C) no difference in yearly sales from individual customers. 
D) a decrease in yearly sales from individual customers. 
E) a large decrease in yearly sales from individual customers.

Question 9

The largest percentage of products sold from vending machines are

Accepted Answer

A) candy and snacks. 
B) personal items. 
C) movies and videos. 
D) cold beverages. 
E) food. 
A) candy and snacks. 
B) personal items. 
C) movies and videos. 
D) cold beverages. 
E) food.

Question 10

Wholesalers that have a small warehouse from which they stock their trucks for distribution to retailers are referred to as

Accepted Answer

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

Question 11

In the past,television home shopping programs have attracted mostly

Accepted Answer

A) 18- to 34-year-old men. 
B) 25- to 45-year-old women. 
C) 35- to 56-year-old men. 
D) 35- to 64-year-old women. 
E) 12- to 17-year-old boys. 
A) 18- to 34-year-old men. 
B) 25- to 45-year-old women. 
C) 35- to 56-year-old men. 
D) 35- to 64-year-old women. 
E) 12- to 17-year-old boys.

Question 12

Gas stations,supermarkets,and airlines that have unstaffed check-out or check-in terminals are providing what level of retail service?

Accepted Answer

A) full-service 
B) limited-service 
C) customized-service 
D) self-service 
E) automated-service 
A) full-service 
B) limited-service 
C) customized-service 
D) self-service 
E) automated-service

Question 13

Mall of America has three ________ stores: Nordstrom,Macy's,and Sears.

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 14

Explain why direct mail and catalogs are an attractive form of retailing.

Accepted Answer

Direct-mail and catalog retailing are "t

Question 15

The four stages of the retail life cycle are

Accepted Answer

A) introduction,growth,maturity,and decline. 
B) awareness,inquiry,alternative evaluation,and purchase. 
C) early growth,accelerated development,maturity,and decline. 
D) innovation,standardization,adaptation,and obsolescence. 
E) innovation,adaptation,imitation,and obsolescence. 
A) introduction,growth,maturity,and decline. 
B) awareness,inquiry,alternative evaluation,and purchase. 
C) early growth,accelerated development,maturity,and decline. 
D) innovation,standardization,adaptation,and obsolescence. 
E) innovation,adaptation,imitation,and obsolescence.

Question 16

Figure 16-8
  
-Which of the following retailers would best fit in quadrant D shown in the retail positioning matrix,Figure 16-8 above?

Accepted Answer

A) Kmart 
B) Dillard's department store 
C) 7-Eleven convenience store 
D) Payless ShoeSource 
E) Tiffany & Co. 
A) Kmart 
B) Dillard's department store 
C) 7-Eleven convenience store 
D) Payless ShoeSource 
E) Tiffany & Co.

Question 17

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

Accepted Answer

A) single-price stores 
B) value retail centers 
C) online retailers 
D) business district retailers 
E) convenience stores 
A) single-price stores 
B) value retail centers 
C) online retailers 
D) business district retailers 
E) convenience stores

Question 18

Sally Beauty Supply sells products for hair,skin,and nail care as well as cosmetics.It is most likely classified as which retail variation based on the considerable assortment of beauty and personal care products it carries?

Accepted Answer

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

Question 19

A manufacturer's branch office

Accepted Answer

A) carries a producer's inventory and performs the functions of a full-service wholesaler. 
B) performs a sales function as an option to agents and brokers. 
C) works for several producers and carries noncompetitive,complementary merchandise in an exclusive territory. 
D) takes title to merchandise but sells only to buyers that call on them,pay cash for merchandise,and furnish their own transportation for the merchandise. 
E) brings buyers and sellers together to make sales. 
A) carries a producer's inventory and performs the functions of a full-service wholesaler. 
B) performs a sales function as an option to agents and brokers. 
C) works for several producers and carries noncompetitive,complementary merchandise in an exclusive territory. 
D) takes title to merchandise but sells only to buyers that call on them,pay cash for merchandise,and furnish their own transportation for the merchandise. 
E) brings buyers and sellers together to make sales.

Question 20

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 360 million homes in the United States,United Kingdom,Germany,Japan,Italy,and China. 
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. 
A) QVC broadcasts 12 hours a day,365 days a year. 
B) QVC reaches 360 million homes in the United States,United Kingdom,Germany,Japan,Italy,and China. 
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.

Exam 16: Retailing and Wholesaling

At which level of service would the customer perform the least number of functions?

Discounting a product when the product does not sell at the original price is referred to as

Some retailers advocate a(n)________ strategy,a pricing strategy that may not offer the lowest prices but does try to create value for customers through service and the total buying experience.

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

As a business-format franchisor,McDonald's provides to the franchisee step-by-step procedures for most aspects of the business and

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

Which of the following is a type of full-service merchant wholesaler?

Retailers that integrate and leverage their stores,catalogs,and websites have seen

The largest percentage of products sold from vending machines are

Wholesalers that have a small warehouse from which they stock their trucks for distribution to retailers are referred to as

In the past,television home shopping programs have attracted mostly

Gas stations,supermarkets,and airlines that have unstaffed check-out or check-in terminals are providing what level of retail service?

Mall of America has three ________ stores: Nordstrom,Macy's,and Sears.

Explain why direct mail and catalogs are an attractive form of retailing.

The four stages of the retail life cycle are

Figure 16-8 -Which of the following retailers would best fit in quadrant D shown in the retail positioning matrix,Figure 16-8 above?

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

Sally Beauty Supply sells products for hair,skin,and nail care as well as cosmetics.It is most likely classified as which retail variation based on the considerable assortment of beauty and personal care products it carries?

A manufacturer's branch office

Which of the following statements regarding QVC is most accurate?

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 Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Writing Successful Marketing and Business Plans: Tips and Guidelines

Financial Statements and Ratios

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