Question 1

When retailers set prices on new models or styles of products, the price of existing models often is __________ to quickly sell them.

Accepted Answer

A) marked up 
B) off-priced 
C) value-added 
D) marked down 
E) maintained 
A) marked up 
B) off-priced 
C) value-added 
D) marked down 
E) maintained

Question 2

To increase the demand for complementary products, the price of a product often is

Accepted Answer

A) marked up. 
B) marked down. 
C) off-priced. 
D) value-subtracted. 
E) maintained. 
A) marked up. 
B) marked down. 
C) off-priced. 
D) value-subtracted. 
E) maintained.

Question 3

Intangibles, such as a sense of belonging, excitement, style, or warmth, are considered to be __________ of a store's image.

Accepted Answer

A) functional qualities 
B) sociological qualities 
C) psychological attributes 
D) antecedent attributes 
E) personality elements 
A) functional qualities 
B) sociological qualities 
C) psychological attributes 
D) antecedent attributes 
E) personality elements

Question 4

Savings to the consumer at off-price retailers are reported as high as __________ percent off the prices of a traditional department store.

Accepted Answer

A) 60 
B) 30 
C) 70 
D) 80 
E) 40 
A) 60 
B) 30 
C) 70 
D) 80 
E) 40

Question 5

Off-price retailers, warehouse clubs, and grocery stores that require customers to bag their groceries provide 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 6

QVC is a television home shopping network. It generates sales of more than $8 billion from its 60 million customers by

Accepted Answer

A) restricting purchases only through its Mall of America studio. 
B) broadcasting live 12 hours a day 365 days a year. 
C) offering more than 1,000 products each week. 
D) offering overstocked items from retailers at a fraction of the original cost. 
E) running live podcasts and live streaming over the Internet. 
A) restricting purchases only through its Mall of America studio. 
B) broadcasting live 12 hours a day 365 days a year. 
C) offering more than 1,000 products each week. 
D) offering overstocked items from retailers at a fraction of the original cost. 
E) running live podcasts and live streaming over the Internet.

Question 7

A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the original markup?

Accepted Answer

A) $86 
B) $13 
C) $78 
D) $34 
E) $112 
A) $86 
B) $13 
C) $78 
D) $34 
E) $112

Question 8

About 34 percent of the 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 9

Why are vending machine prices often higher than those in a retail store?

Accepted Answer

Vending machine maintenance, o

Question 10

Which of the following statements regarding telemarketing is most accurate?

Accepted Answer

A) Shopping bots are computers that place automated or "robo" (i.e., robotic) telemarketing calls. 
B) Direct mail is typically viewed as a more efficient means of targeting consumers than telemarketing. 
C) Telemarketing has risen in popularity as a result of the National Please-Do-Call registry legislation. 
D) Consumer privacy, industry standards, and ethical guidelines have become important issues. 
E) Some firms are considering shifting their direct-mail and door-to-door budgets to telemarketing techniques. 
A) Shopping bots are computers that place automated or "robo" (i.e., robotic) telemarketing calls. 
B) Direct mail is typically viewed as a more efficient means of targeting consumers than telemarketing. 
C) Telemarketing has risen in popularity as a result of the National Please-Do-Call registry legislation. 
D) Consumer privacy, industry standards, and ethical guidelines have become important issues. 
E) Some firms are considering shifting their direct-mail and door-to-door budgets to telemarketing techniques.

Question 11

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________.

Accepted Answer

A) that are trying to offload returned or slightly irregular inventory; selling new but inexpensive merchandise 
B) at below wholesale prices; and charge a high initial price with the full intent of taking markdowns later 
C) at below wholesale prices; at full price but take less of a markup 
D) at various price points; at the lowest price points possible 
E) that are part of a retailing cooperative; that are part of a wholesaling cooperative 
A) that are trying to offload returned or slightly irregular inventory; selling new but inexpensive merchandise 
B) at below wholesale prices; and charge a high initial price with the full intent of taking markdowns later 
C) at below wholesale prices; at full price but take less of a markup 
D) at various price points; at the lowest price points possible 
E) that are part of a retailing cooperative; that are part of a wholesaling cooperative

Question 12

Competition for the same or similar type of product or service between very dissimilar types of retail outlets as the result of a scrambled merchandising policy is referred to as

Accepted Answer

A) mixed-type merchandising. 
B) intertype competition. 
C) scrambled merchandising. 
D) multi-service merchandising. 
E) dual-type distribution. 
A) mixed-type merchandising. 
B) intertype competition. 
C) scrambled merchandising. 
D) multi-service merchandising. 
E) dual-type distribution.

Question 13

In the past, television home shopping programs have attracted mostly

Accepted Answer

A) 50- to 60-year-old men. 
B) 25- to 45-year-old women. 
C) 40- to 60-year-old men. 
D) 40- to 60-year-old women. 
E) 35- to 50-year-old women. 
A) 50- to 60-year-old men. 
B) 25- to 45-year-old women. 
C) 40- to 60-year-old men. 
D) 40- to 60-year-old women. 
E) 35- to 50-year-old women.

Question 14

Another name for an extreme-value retailer is

Accepted Answer

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

Question 15

The activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise are referred to as the

Accepted Answer

A) wheel of retailing. 
B) distribution mix. 
C) retail life cycle. 
D) retailing mix. 
E) retail store positioning. 
A) wheel of retailing. 
B) distribution mix. 
C) retail life cycle. 
D) retailing mix. 
E) retail store positioning.

Question 16

Most of the 1.1 million retail establishments in the United States are considered

Accepted Answer

A) corporate chains. 
B) contractual systems. 
C) independent retailers. 
D) conglomerates. 
E) multinationals. 
A) corporate chains. 
B) contractual systems. 
C) independent retailers. 
D) conglomerates. 
E) multinationals.

Question 17

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.

Question 18

A Woman's Place is a retail store, created and staffed by women, that offers products and services relating to maternity needs. For expectant mothers, it offers advice and personal shopping services, help with hair and/or make-up problems, and free delivery. A Woman's Place is an example of __________ retailer.

Accepted Answer

A) a franchise 
B) a self-service 
C) a limited-service 
D) a full-service 
E) an upscale 
A) a franchise 
B) a self-service 
C) a limited-service 
D) a full-service 
E) an upscale

Question 19

Using the telephone to interact with and sell directly to consumers is referred to as

Accepted Answer

A) digital marketing. 
B) telemarketing. 
C) solicitation marketing. 
D) telecommerce. 
E) direct selling. 
A) digital marketing. 
B) telemarketing. 
C) solicitation marketing. 
D) telecommerce. 
E) direct selling.

Question 20

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

Exam 16: Retailing and Wholesaling

When retailers set prices on new models or styles of products, the price of existing models often is __________ to quickly sell them.

To increase the demand for complementary products, the price of a product often is

Intangibles, such as a sense of belonging, excitement, style, or warmth, are considered to be __________ of a store's image.

Savings to the consumer at off-price retailers are reported as high as __________ percent off the prices of a traditional department store.

Off-price retailers, warehouse clubs, and grocery stores that require customers to bag their groceries provide what level of retail service?

QVC is a television home shopping network. It generates sales of more than $8 billion from its 60 million customers by

A retailer bought a collectible Precious Moments figurine for $26. She sets the initial selling price at $60. The final selling price was $52. What was the original markup?

About 34 percent of the products sold from vending machines are

Why are vending machine prices often higher than those in a retail store?

Which of the following statements regarding telemarketing is most accurate?

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers __________ and discount stores buy from wholesalers __________.

Competition for the same or similar type of product or service between very dissimilar types of retail outlets as the result of a scrambled merchandising policy is referred to as

In the past, television home shopping programs have attracted mostly

Another name for an extreme-value retailer is

The activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise are referred to as the

Most of the 1.1 million retail establishments in the United States are considered

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

Using the telephone to interact with and sell directly to consumers is referred to as

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

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

Filters

The major difference between an off-price retailer and a discount store is that off-price retailers purchase merchandise from manufacturers and discount stores buy from wholesalers .