Question 1

The greatest dollar amount of retail sales in the United States is generated by

Accepted Answer

A) food and beverage stores. 
B) sporting goods,hobby,book,and music stores. 
C) electronic stores. 
D) motor vehicle and parts dealers. 
E) furniture and home furnishing stores. 
A) food and beverage stores. 
B) sporting goods,hobby,book,and music stores. 
C) electronic stores. 
D) motor vehicle and parts dealers. 
E) furniture and home furnishing stores.

Question 2

An off-price retailer that requires customers to purchase an annual membership card for the privilege of shopping at the store is referred to as a(n)

Accepted Answer

A)  outlet store. 
B)  single-price retailer. 
C)  hypermarket. 
D)  warehouse club. 
E)  supercenter. 
A)  outlet store. 
B)  single-price retailer. 
C)  hypermarket. 
D)  warehouse club. 
E)  supercenter.

Question 3

Bakery items,dairy products,and meat that are sold for cash in their original packages are traditionally sold by which type of wholesaler?

Accepted Answer

A) rack jobbers 
B) drop shippers 
C) cash and carry wholesalers 
D) truck jobbers 
E) general merchandise wholesalers 
A) rack jobbers 
B) drop shippers 
C) cash and carry wholesalers 
D) truck jobbers 
E) general merchandise wholesalers

Question 4

A cluster of neighborhood stores,whose composition is typically unplanned and serves people who are within a 5- to 10-minute drive is referred to as a

Accepted Answer

A) suburban shopping mall. 
B) strip mall. 
C) mini-mart. 
D) hypermarket. 
E) central business district. 
A) suburban shopping mall. 
B) strip mall. 
C) mini-mart. 
D) hypermarket. 
E) central business district.

Question 5

General merchandise wholesalers

Accepted Answer

A) carry a broad assortment of merchandise and perform all channel functions. 
B) own the merchandise they sell but do not physically handle,stock,or deliver it. 
C) have a small warehouse from which they stock their trucks for distribution to retailers. 
D) work for several producers,carry noncompetitive,complementary merchandise in an exclusive territory,and use over-the-road transportation for all product deliveries. 
E) deal exclusively with small low-cost consumer products that are distributed to a select number of large retail chains. 
A) carry a broad assortment of merchandise and perform all channel functions. 
B) own the merchandise they sell but do not physically handle,stock,or deliver it. 
C) have a small warehouse from which they stock their trucks for distribution to retailers. 
D) work for several producers,carry noncompetitive,complementary merchandise in an exclusive territory,and use over-the-road transportation for all product deliveries. 
E) deal exclusively with small low-cost consumer products that are distributed to a select number of large retail chains.

Question 6

In the late 1950s,Pierre Martineau described ________ as "the way in which the store is defined in the shopper's mind."

Accepted Answer

A) size 
B) location 
C) product mix 
D) image 
E) anchor store 
A) size 
B) location 
C) product mix 
D) image 
E) anchor store

Question 7

A group of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range,often containing two or three anchor stores,is referred to as a(n)

Accepted Answer

A)  power center. 
B)  regional shopping center. 
C)  strip mall. 
D)  central business district. 
E)  urban megacenter. 
A)  power center. 
B)  regional shopping center. 
C)  strip mall. 
D)  central business district. 
E)  urban megacenter.

Question 8

Wholesalers that simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as

Accepted Answer

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

Question 9

Many retailers take a markdown as soon as sales fall to free valuable selling space and cash.This illustrates one tactic for handling the ________ of markdowns.

Accepted Answer

A) timing 
B) demand 
C) availability 
D) bargain hunting 
E) customer value 
A) timing 
B) demand 
C) availability 
D) bargain hunting 
E) customer value

Question 10

Combining the convenient location of a strip mall with the influential draw of national stores and a grocery store results in shopping areas known as ________ that brings shoppers on a weekly basis.

Accepted Answer

A) suburban malls. 
B) warehouse malls. 
C) power centers. 
D) retail malls. 
E) cluster malls. 
A) suburban malls. 
B) warehouse malls. 
C) power centers. 
D) retail malls. 
E) cluster malls.

Question 11

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

Accepted Answer

A) Corporate chains cannot 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. 
A) Corporate chains cannot 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.

Question 12

One of the biggest problems online retailers face is that nearly ________ percent of online shoppers make it to "checkout" and then leave the website to compare shipping costs and prices on other sites.

Accepted Answer

A) 16 
B) 26 
C) 36 
D) 56 
E) 66 
A) 16 
B) 26 
C) 36 
D) 56 
E) 66

Question 13

Which type of utility is created by online shopping?

Accepted Answer

A) time 
B) price 
C) product 
D) process 
E) promotion 
A) time 
B) price 
C) product 
D) process 
E) promotion

Question 14

A financial indicator used to compare the change in sales of stores that have been open for the same period of time is referred to as

Accepted Answer

A) return on investment. 
B) percentage of markup. 
C) gross profit. 
D) sales per square foot. 
E) same-store sales growth. 
A) return on investment. 
B) percentage of markup. 
C) gross profit. 
D) sales per square foot. 
E) same-store sales growth.

Question 15

Many supermarkets have in-store restaurants where a customer can buy prepared meals to take home or eat there.Supermarkets and restaurants that provide these same kinds of meals are engaged in ________ competition.

Accepted Answer

A) intertype 
B) institutional 
C) intermodal 
D) functional 
E) selective 
A) intertype 
B) institutional 
C) intermodal 
D) functional 
E) selective

Question 16

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a twin birthday,graduation,from my cat to yours,and many other unique occasions.This is an example of the ________ that the Hallmark retailer carries.

Accepted Answer

A) depth of product line 
B) breadth of product line 
C) height of product line 
D) length of product line 
E) width of product line 
A) depth of product line 
B) breadth of product line 
C) height of product line 
D) length of product line 
E) width of product line

Question 17

Which of the following stores are most likely to be anchor stores at a regional shopping center?

Accepted Answer

A) Old Navy,Abercrombie & Fitch,and Sephora 
B) Hickory Farms,a locally owned jewelry store,and McDonald's 
C) an antique store,Dollar General,and a bakery 
D) Dick's Sporting Goods,Macy's,and JCPenney 
E) a Hallmark shop,a sporting goods consignment store,and a Barnes & Noble bookstore 
A) Old Navy,Abercrombie & Fitch,and Sephora 
B) Hickory Farms,a locally owned jewelry store,and McDonald's 
C) an antique store,Dollar General,and a bakery 
D) Dick's Sporting Goods,Macy's,and JCPenney 
E) a Hallmark shop,a sporting goods consignment store,and a Barnes & Noble bookstore

Question 18

Sales per square foot is calculated by dividing

Accepted Answer

A) profit margin by selling area in square feet. 
B) gross profit by selling area in square feet. 
C) total sales by selling area in square feet. 
D) return on investment by selling area in square feet. 
E) net sales by selling area in square feet. 
A) profit margin by selling area in square feet. 
B) gross profit by selling area in square feet. 
C) total sales by selling area in square feet. 
D) return on investment by selling area in square feet. 
E) net sales by selling area in square feet.

Question 19

________ can benefit retailers by helping them to predict shopping behavior,provide personalized,real-time messaging and promotions,and track customer needs.

Accepted Answer

A) Data analytics 
B) Brokers 
C) Telemarketing 
D) Multichannel retailing 
E) Shopper marketing 
A) Data analytics 
B) Brokers 
C) Telemarketing 
D) Multichannel retailing 
E) Shopper marketing

Question 20

Jim Smith is an avid fly fisherman and he needs large rubber rafts,hip waders,special fishing rods,reels,line,and an assortment of fishing tackle and lures.There are no sporting goods stores near him so Jim orders his fishing supplies from the L.L.Bean catalog.His supplies are generally delivered to his home within 72 hours.Jim is using a ________ to satisfy his fishing supply needs.

Accepted Answer

A) home delivery retailer 
B) quick-response retailer 
C) direct-mail marketer 
D) flexible response marketer 
E) regional marketer 
A) home delivery retailer 
B) quick-response retailer 
C) direct-mail marketer 
D) flexible response marketer 
E) regional marketer

Exam 16: Retailing and Wholesaling

The greatest dollar amount of retail sales in the United States is generated by

An off-price retailer that requires customers to purchase an annual membership card for the privilege of shopping at the store is referred to as a(n)

Bakery items,dairy products,and meat that are sold for cash in their original packages are traditionally sold by which type of wholesaler?

A cluster of neighborhood stores,whose composition is typically unplanned and serves people who are within a 5- to 10-minute drive is referred to as a

General merchandise wholesalers

In the late 1950s,Pierre Martineau described ________ as "the way in which the store is defined in the shopper's mind."

A group of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range,often containing two or three anchor stores,is referred to as a(n)

Wholesalers that simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as

Many retailers take a markdown as soon as sales fall to free valuable selling space and cash.This illustrates one tactic for handling the ________ of markdowns.

Combining the convenient location of a strip mall with the influential draw of national stores and a grocery store results in shopping areas known as ________ that brings shoppers on a weekly basis.

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

One of the biggest problems online retailers face is that nearly ________ percent of online shoppers make it to "checkout" and then leave the website to compare shipping costs and prices on other sites.

Which type of utility is created by online shopping?

A financial indicator used to compare the change in sales of stores that have been open for the same period of time is referred to as

Many supermarkets have in-store restaurants where a customer can buy prepared meals to take home or eat there.Supermarkets and restaurants that provide these same kinds of meals are engaged in ________ competition.

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a twin birthday,graduation,from my cat to yours,and many other unique occasions.This is an example of the ________ that the Hallmark retailer carries.

Which of the following stores are most likely to be anchor stores at a regional shopping center?

Sales per square foot is calculated by dividing

________ can benefit retailers by helping them to predict shopping behavior,provide personalized,real-time messaging and promotions,and track customer needs.

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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