Question 1

A pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience is referred to as:

Accepted Answer

A) low-margin 
B) everyday low pricing 
C) everyday fair pricing 
D) emphasized-value 
A) low-margin 
B) everyday low pricing 
C) everyday fair pricing 
D) emphasized-value

Question 2

A consultancy measures the change in the status and margins earned by a new retailer at a local power centre over the course of five years.Further,the consultancy compares the performance to other businesses in the area.Essentially,the consultancy is measuring the ________ of the retailer.

Accepted Answer

A) retail life cycle 
B) product life cycle 
C) wheel of retailing 
D) service continuum 
A) retail life cycle 
B) product life cycle 
C) wheel of retailing 
D) service continuum

Question 3

Travelers are often in need of small convenience products and food items such as soft drinks.Airports,train and bus stations,and commuter stops do not have stores or stores that are open 24 hours each day; they are good locations for which type of non-store retailing?

Accepted Answer

A) catalogue and direct mail 
B) online retailing 
C) telemarketing 
D) automatic vending 
A) catalogue and direct mail 
B) online retailing 
C) telemarketing 
D) automatic vending

Question 4

According to the retail life cycle with respect to the positions of various current forms of retail outlets,which of the following can be considered to be in the accelerated development stage?

Accepted Answer

A) value-retail centres 
B) convenience stores 
C) factory outlet stores 
D) general stores 
A) value-retail centres 
B) convenience stores 
C) factory outlet stores 
D) general stores

Question 5

Hypermarkets are:

Accepted Answer

A) large stores with more than 200,000 square feet offering a mix of food and general merchandise with prices below those of discount stores. 
B) limited-service outlets focusing on general merchandise like that offered in department stores. 
C) category killers that specialize in electronics. 
D) shopping malls anchored by four or more department stores such as Sears or Nordstrom. 
A) large stores with more than 200,000 square feet offering a mix of food and general merchandise with prices below those of discount stores. 
B) limited-service outlets focusing on general merchandise like that offered in department stores. 
C) category killers that specialize in electronics. 
D) shopping malls anchored by four or more department stores such as Sears or Nordstrom.

Question 6

Regional shopping centres often contain two or three anchor stores.An anchor store is:

Accepted Answer

A) a well-known national or regional store. 
B) any store that has a total annual revenue equal to or above $5 million per year. 
C) any store carrying full depth of line. 
D) any store (usually over 50,000 square feet) which practices scrambled merchandising. 
A) a well-known national or regional store. 
B) any store that has a total annual revenue equal to or above $5 million per year. 
C) any store carrying full depth of line. 
D) any store (usually over 50,000 square feet) which practices scrambled merchandising.

Question 7

A retail store carries a broad selection of small kitchen appliances.It has an informed staff and will even gift wrap your purchases free of charge.It does not,however,have a shop for repairs should your appliances need maintenance.This store offers:

Accepted Answer

A) exclusive service. 
B) economies-of-scale service. 
C) self-service. 
D) limited service. 
A) exclusive service. 
B) economies-of-scale service. 
C) self-service. 
D) limited service.

Question 8

Direct selling involves ______ active customer involvement and _______ active retailer involvement.

Accepted Answer

A) low, low 
B) low, high 
C) high, low 
D) high, high 
A) low, low 
B) low, high 
C) high, low 
D) high, high

Question 9

Two forms of off-price retailing are:

Accepted Answer

A) warehouse clubs and factory outlet stores. 
B) warehouse clubs and hypermarkets. 
C) one-price stores and retail outlets. 
D) retail outlets and warehouse clubs. 
A) warehouse clubs and factory outlet stores. 
B) warehouse clubs and hypermarkets. 
C) one-price stores and retail outlets. 
D) retail outlets and warehouse clubs.

Question 10

A retailer bought a pair of designer eyeglass frames for $16.She sets the initial selling price at $48 dollars.The final selling price was $34.What was the original markup?

Accepted Answer

A) $16 
B) $32 
C) $34 
D) $48 
A) $16 
B) $32 
C) $34 
D) $48

Question 11

To successfully position a store,it:

Accepted Answer

A) must be in an MSA with at least one other competitor in the same industry. 
B) must have an identity that has some advantage over the competitors that is recognized by consumers. 
C) should be located in either a strip location or in a regional shopping mall. 
D) must be in an area where the average per capita income meets or exceeds the national average. 
A) must be in an MSA with at least one other competitor in the same industry. 
B) must have an identity that has some advantage over the competitors that is recognized by consumers. 
C) should be located in either a strip location or in a regional shopping mall. 
D) must be in an area where the average per capita income meets or exceeds the national average.

Question 12

Each of the following is an advantage that online retailing offers the typical customer EXCEPT:

Accepted Answer

A) Online retailing creates time utility. 
B) Online retailing allows comparison shopping. 
C) Online retailing offers extensive buyer-seller interaction. 
D) Online retailing provides customers with a great variety of products to choose from. 
A) Online retailing creates time utility. 
B) Online retailing allows comparison shopping. 
C) Online retailing offers extensive buyer-seller interaction. 
D) Online retailing provides customers with a great variety of products to choose from.

Question 13

Figure: 15-7  
-According to Figure 15-7,segment "C" represents which stage in the retail life cycle?

Accepted Answer

A) Introduction 
B) Early growth 
C) Accelerated development 
D) Maturity 
A) Introduction 
B) Early growth 
C) Accelerated development 
D) Maturity

Question 14

Figure: 15-5  
-Which of the following stores would best fit in quadrant "D" shown in Figure 15-5?

Accepted Answer

A) Kmart 
B) Payless ShoeSource 
C) Hudson's Bay department store 
D) Birks 
A) Kmart 
B) Payless ShoeSource 
C) Hudson's Bay department store 
D) Birks

Question 15

As a recent graduate of university,you decided to open your own 'boutique' consulting firm and provide advice to clients along with selling your mobile app that you developed.In this scenario,you would be classified as a(n):

Accepted Answer

A) corporate chain 
B) administered system 
C) contractual system 
D) independent retailer 
A) corporate chain 
B) administered system 
C) contractual system 
D) independent retailer

Question 16

A diamond shop that only carries diamonds,could be best classified as a(n):

Accepted Answer

A) specialty outlet. 
B) general merchandise store. 
C) scrambled merchandise store. 
D) intertype outlet. 
A) specialty outlet. 
B) general merchandise store. 
C) scrambled merchandise store. 
D) intertype outlet.

Question 17

Stores that carry a considerable assortment (depth)of a related line of items are called:

Accepted Answer

A) limited-line stores. 
B) general merchandise stores. 
C) scrambled merchandise stores. 
D) hypermarkets. 
A) limited-line stores. 
B) general merchandise stores. 
C) scrambled merchandise stores. 
D) hypermarkets.

Question 18

Organizations (franchisors)that decide to franchise (franchisors)have _____ expansion costs in opening new outlets accompanied by _____ control compared to owning their own retail outlets.

Accepted Answer

A) greater; greater 
B) greater; reduced 
C) reduced; greater 
D) reduced; reduced 
A) greater; greater 
B) greater; reduced 
C) reduced; greater 
D) reduced; reduced

Question 19

Retailers are facing challenges to sustain their growth for the future.Which one of the following would NOT represent a challenge for retailers to sustain their growth?

Accepted Answer

A) use of integrated multichannel retailing. 
B) better understanding of the Canadian shopper. 
C) keeping environmental or green marketing costs down. 
D) providing a satisfying customer experience to the shopper. 
A) use of integrated multichannel retailing. 
B) better understanding of the Canadian shopper. 
C) keeping environmental or green marketing costs down. 
D) providing a satisfying customer experience to the shopper.

Question 20

The term central business district refers to:

Accepted Answer

A) a suburban mall that contains up to 100 stores draws customer from 5 to 10 miles away. 
B) the oldest retailing setting, a community's downtown area. 
C) a retail site location that typically has one primary store and often about 20 to 40 smaller outlets and serves a population base of about 100,000. 
D) a cluster of stores that serves people who are within a five to ten minute drive and live in a population base under 30,000. 
A) a suburban mall that contains up to 100 stores draws customer from 5 to 10 miles away. 
B) the oldest retailing setting, a community's downtown area. 
C) a retail site location that typically has one primary store and often about 20 to 40 smaller outlets and serves a population base of about 100,000. 
D) a cluster of stores that serves people who are within a five to ten minute drive and live in a population base under 30,000.

A pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience is referred to as:

A consultancy measures the change in the status and margins earned by a new retailer at a local power centre over the course of five years.Further,the consultancy compares the performance to other businesses in the area.Essentially,the consultancy is measuring the ________ of the retailer.

Travelers are often in need of small convenience products and food items such as soft drinks.Airports,train and bus stations,and commuter stops do not have stores or stores that are open 24 hours each day; they are good locations for which type of non-store retailing?

According to the retail life cycle with respect to the positions of various current forms of retail outlets,which of the following can be considered to be in the accelerated development stage?

Hypermarkets are:

Regional shopping centres often contain two or three anchor stores.An anchor store is:

A retail store carries a broad selection of small kitchen appliances.It has an informed staff and will even gift wrap your purchases free of charge.It does not,however,have a shop for repairs should your appliances need maintenance.This store offers:

Direct selling involves active customer involvement and _ active retailer involvement.

Two forms of off-price retailing are:

A retailer bought a pair of designer eyeglass frames for $16.She sets the initial selling price at $48 dollars.The final selling price was $34.What was the original markup?

To successfully position a store,it:

Each of the following is an advantage that online retailing offers the typical customer EXCEPT:

Figure: 15-7 -According to Figure 15-7,segment "C" represents which stage in the retail life cycle?

Figure: 15-5 -Which of the following stores would best fit in quadrant "D" shown in Figure 15-5?

As a recent graduate of university,you decided to open your own 'boutique' consulting firm and provide advice to clients along with selling your mobile app that you developed.In this scenario,you would be classified as a(n):

A diamond shop that only carries diamonds,could be best classified as a(n):

Stores that carry a considerable assortment (depth)of a related line of items are called:

Organizations (franchisors)that decide to franchise (franchisors)have _ expansion costs in opening new outlets accompanied by _ control compared to owning their own retail outlets.

Retailers are facing challenges to sustain their growth for the future.Which one of the following would NOT represent a challenge for retailers to sustain their growth?

The term central business district refers to:

Marketing: Customer Value, satisfaction, relationships, and Experiences

Developing Successful Marketing Strategies

Scanning the Marketing Environment

Ethics and Social Responsibility in Marketing

Consumer Behaviour

Organizational Markets and Buyer Behaviour

Reaching Global Markets

Marketing Research: From Information to Action

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Products and Brands

Managing Services

Pricing Products and Services

Managing Marketing Channels and Supply Chains

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Personal Selling and Sales Management

Pulling It All Together: The Strategic Marketing Process

Using Social Media to Connect With Consumers

Filters

Exam 15: Retailing

A pricing strategy that may not offer the lowest prices but does try to create value for customers through its service and the total buying experience is referred to as:

A consultancy measures the change in the status and margins earned by a new retailer at a local power centre over the course of five years.Further,the consultancy compares the performance to other businesses in the area.Essentially,the consultancy is measuring the ________ of the retailer.

Travelers are often in need of small convenience products and food items such as soft drinks.Airports,train and bus stations,and commuter stops do not have stores or stores that are open 24 hours each day; they are good locations for which type of non-store retailing?

According to the retail life cycle with respect to the positions of various current forms of retail outlets,which of the following can be considered to be in the accelerated development stage?

Hypermarkets are:

Regional shopping centres often contain two or three anchor stores.An anchor store is:

A retail store carries a broad selection of small kitchen appliances.It has an informed staff and will even gift wrap your purchases free of charge.It does not,however,have a shop for repairs should your appliances need maintenance.This store offers:

Direct selling involves ______ active customer involvement and _______ active retailer involvement.

Two forms of off-price retailing are:

A retailer bought a pair of designer eyeglass frames for $16.She sets the initial selling price at $48 dollars.The final selling price was $34.What was the original markup?

To successfully position a store,it:

Each of the following is an advantage that online retailing offers the typical customer EXCEPT:

Figure: 15-7 -According to Figure 15-7,segment "C" represents which stage in the retail life cycle?

Figure: 15-5 -Which of the following stores would best fit in quadrant "D" shown in Figure 15-5?

As a recent graduate of university,you decided to open your own 'boutique' consulting firm and provide advice to clients along with selling your mobile app that you developed.In this scenario,you would be classified as a(n):

A diamond shop that only carries diamonds,could be best classified as a(n):

Stores that carry a considerable assortment (depth)of a related line of items are called:

Organizations (franchisors)that decide to franchise (franchisors)have _____ expansion costs in opening new outlets accompanied by _____ control compared to owning their own retail outlets.

Retailers are facing challenges to sustain their growth for the future.Which one of the following would NOT represent a challenge for retailers to sustain their growth?

The term central business district refers to:

Marketing: Customer Value, satisfaction, relationships, and Experiences

Developing Successful Marketing Strategies

Scanning the Marketing Environment

Ethics and Social Responsibility in Marketing

Consumer Behaviour

Organizational Markets and Buyer Behaviour

Reaching Global Markets

Marketing Research: From Information to Action

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Products and Brands

Managing Services

Pricing Products and Services

Managing Marketing Channels and Supply Chains

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Personal Selling and Sales Management

Pulling It All Together: The Strategic Marketing Process

Using Social Media to Connect With Consumers

Filters

Direct selling involves active customer involvement and _ active retailer involvement.

Organizations (franchisors)that decide to franchise (franchisors)have _ expansion costs in opening new outlets accompanied by _ control compared to owning their own retail outlets.