Question 1

Brokers are independent firms or individuals who

Accepted Answer

A) represent a single producer and are responsible for the entire marketing function of that producer. 
B) work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory. 
C) take title to merchandise but sell only to buyers that call on them, pay cash for merchandise, and furnish their own transportation for the merchandise. 
D) own the merchandise they sell but do not physically handle, stock, or deliver it. 
E) bring buyers and sellers together to make sales. 
A) represent a single producer and are responsible for the entire marketing function of that producer. 
B) work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory. 
C) take title to merchandise but sell only to buyers that call on them, pay cash for merchandise, and furnish their own transportation for the merchandise. 
D) own the merchandise they sell but do not physically handle, stock, or deliver it. 
E) bring buyers and sellers together to make sales.

Question 2

The __________ provided by retailers create value for consumers.

Accepted Answer

A) utilities 
B) wholesaling functions 
C) outsourcing functions 
D) profits 
E) synergies 
A) utilities 
B) wholesaling functions 
C) outsourcing functions 
D) profits 
E) synergies

Question 3

Outside the United States, large retailers include __________ in Japan, Carrefour in France, Metro Group in Germany, and Tesco in Britain.

Accepted Answer

A) Aeon 
B) Toshei 
C) Seebi 
D) Goshen 
E) Toshi 
A) Aeon 
B) Toshei 
C) Seebi 
D) Goshen 
E) Toshi

Question 4

Subway is a popular

Accepted Answer

A) business-format franchise. 
B) product-distribution franchise. 
C) operations franchise venture. 
D) manufacturing franchise. 
E) general service franchise. 
A) business-format franchise. 
B) product-distribution franchise. 
C) operations franchise venture. 
D) manufacturing franchise. 
E) general service franchise.

Question 5

A huge shopping strip with multiple anchor (or national) stores is referred to as a

Accepted Answer

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

Question 6

The vertical dimension of the retail positioning matrix is

Accepted Answer

A) depth of product line. 
B) relative market share. 
C) value added. 
D) breadth of product line. 
E) stage in the retail life cycle. 
A) depth of product line. 
B) relative market share. 
C) value added. 
D) breadth of product line. 
E) stage in the retail life cycle.

Question 7

In Europe, stores called __________ are based on the concept of one-stop shopping for consumers. Such retail stores, which use scrambled merchandising, typically encompass over 200,000 square feet of floor space and offer quality, variety, and low price for food and groceries and general merchandise.

Accepted Answer

A) megamarkets 
B) hypermarkets 
C) one-stop markets 
D) euromarkets 
E) supercenters 
A) megamarkets 
B) hypermarkets 
C) one-stop markets 
D) euromarkets 
E) supercenters

Question 8

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

Accepted Answer

A) benchmark 
B) stoplight 
C) point-of-purchase 
D) value-based 
E) loss-leader 
A) benchmark 
B) stoplight 
C) point-of-purchase 
D) value-based 
E) loss-leader

Question 9

Franchising is a type of

Accepted Answer

A) administered system. 
B) contractual system. 
C) vertically integrated chain. 
D) retail-sponsored cooperative. 
E) corporate system. 
A) administered system. 
B) contractual system. 
C) vertically integrated chain. 
D) retail-sponsored cooperative. 
E) corporate system.

Question 10

Three common forms of off-price retailers are

Accepted Answer

A) warehouse clubs, factory outlet stores, and hypermarkets. 
B) warehouse clubs, factory outlets, and single-price or extreme-value retailer. 
C) factory outlets, single-price retailers, online auction services. 
D) factory outlets, supercenters, hypermarkets. 
E) extreme value retailers, buying clubs, online auction services. 
A) warehouse clubs, factory outlet stores, and hypermarkets. 
B) warehouse clubs, factory outlets, and single-price or extreme-value retailer. 
C) factory outlets, single-price retailers, online auction services. 
D) factory outlets, supercenters, hypermarkets. 
E) extreme value retailers, buying clubs, online auction services.

Question 11

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 12

Fresh-cut flowers that were only available from florists can now be purchased at neighborhood supermarkets. This is an example of

Accepted Answer

A) dysfunctional competition. 
B) mixed-line merchandising. 
C) multi-product marketing. 
D) intertype competition. 
E) dual distribution. 
A) dysfunctional competition. 
B) mixed-line merchandising. 
C) multi-product marketing. 
D) intertype competition. 
E) dual distribution.

Question 13

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining

Accepted Answer

A) net sales. 
B) shareholders' equity. 
C) market share. 
D) sales per square foot. 
E) return on investment. 
A) net sales. 
B) shareholders' equity. 
C) market share. 
D) sales per square foot. 
E) return on investment.

Question 14

Jane Westerlund owns a small retail picture frame store in a local strip mall. She just bought 10 picture frames from a promising woodworker for $36 each. Based on market conditions, she will sell these for $100 each. What is the percentage markup based on the selling price?

Accepted Answer

A) 156 percent 
B) 36 percent 
C) 64 percent 
D) 100 percent 
E) 0 percent 
A) 156 percent 
B) 36 percent 
C) 64 percent 
D) 100 percent 
E) 0 percent

Question 15

__________ 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 16

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

Accepted Answer

A) time 
B) place 
C) possession 
D) form 
E) process 
A) time 
B) place 
C) possession 
D) form 
E) process

Question 17

The key goal for retailers in the accelerated development phase of the retail life cycle is to

Accepted Answer

A) recover start-up costs. 
B) establish a dominant position in the fight for market share. 
C) delay entering the decline stage of the retail life cycle. 
D) find ways of discouraging customers from moving to low-margin, mass-volume outlets. 
E) establish a retail concept that is a sharp departure from existing competition. 
A) recover start-up costs. 
B) establish a dominant position in the fight for market share. 
C) delay entering the decline stage of the retail life cycle. 
D) find ways of discouraging customers from moving to low-margin, mass-volume outlets. 
E) establish a retail concept that is a sharp departure from existing competition.

Question 18

The wholesalers most prevalent in the hardware, drug, and clothing industries are

Accepted Answer

A) specialty wholesalers. 
B) full-line wholesalers. 
C) cash and carry wholesalers. 
D) limited-line wholesalers. 
E) universal wholesalers. 
A) specialty wholesalers. 
B) full-line wholesalers. 
C) cash and carry wholesalers. 
D) limited-line wholesalers. 
E) universal wholesalers.

Question 19

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a

Accepted Answer

A) limited-line wholesaler. 
B) drop shipper. 
C) rack jobber. 
D) specialty merchandise wholesaler. 
E) general merchandise wholesaler. 
A) limited-line wholesaler. 
B) drop shipper. 
C) rack jobber. 
D) specialty merchandise wholesaler. 
E) general merchandise wholesaler.

Question 20

New Balance offers shoes for men, women, and children in many sizes and widths. It offers running, cross training, walking, golf, and other types of shoes. This is an example of the __________ that New Balance offers to its customers through its own stores or other retailers such as Foot Locker or Sports Authority.

Accepted Answer

A) product items 
B) depth of product line 
C) breadth of product line 
D) versatility of product family 
E) variety of product mix 
A) product items 
B) depth of product line 
C) breadth of product line 
D) versatility of product family 
E) variety of product mix

Exam 16: Retailing and Wholesaling

Brokers are independent firms or individuals who

The __________ provided by retailers create value for consumers.

Outside the United States, large retailers include __________ in Japan, Carrefour in France, Metro Group in Germany, and Tesco in Britain.

Subway is a popular

A huge shopping strip with multiple anchor (or national) stores is referred to as a

The vertical dimension of the retail positioning matrix is

Consumers often use the prices of __________ items, such as a can of Coke, to form an overall impression of the store's prices.

Franchising is a type of

Three common forms of off-price retailers are

Which type of utility is created by online shopping?

Fresh-cut flowers that were only available from florists can now be purchased at neighborhood supermarkets. This is an example of

A common financial indicator of how effectively retail space is used to generate revenue can be calculated by determining

Jane Westerlund owns a small retail picture frame store in a local strip mall. She just bought 10 picture frames from a promising woodworker for $36 each. Based on market conditions, she will sell these for $100 each. What is the percentage markup based on the selling price?

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

A restaurant that offers food made exactly to each customer's preference is providing __________ utility.

The key goal for retailers in the accelerated development phase of the retail life cycle is to

The wholesalers most prevalent in the hardware, drug, and clothing industries are

Wholesalers that carry a broad assortment of merchandise and perform all channel functions are referred to as a

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

Financial Aspects of Marketing

Building an Effective Marketing Plan

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