Question 1

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 2

wholesaler that carries a narrow range of products and performs all channel functions is referred to as a __________.

Accepted Answer

A)  general merchandise wholesaler 
B)  truck jobber 
C)  specialty merchandise wholesaler 
D)  rack jobber 
E)  drop shipper 
A)  general merchandise wholesaler 
B)  truck jobber 
C)  specialty merchandise wholesaler 
D)  rack jobber 
E)  drop shipper

Question 3

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

Accepted Answer

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

Question 4

difference between the retailer's cost and the initial selling price is referred to as __________.

Accepted Answer

A)  markup 
B)  maintained markup 
C)  markdown 
D)  differential markup 
E)  original markup 
A)  markup 
B)  maintained markup 
C)  markdown 
D)  differential markup 
E)  original markup

Question 5

Figure 16-10
-According to Figure 16-10 above,"D" represents which stage of the retail life cycle?

Accepted Answer

A)  introduction 
B)  early growth 
C)  accelerated development 
D)  maturity 
E)  decline 
A)  introduction 
B)  early growth 
C)  accelerated development 
D)  maturity 
E)  decline

Question 6

Enterprise car rental agency differentiates itself from other similar agencies by providing a delivery service.This delivery service is particularly valuable to someone who has been left stranded without transportation.By making it easy to rent temporary transportation,Enterprise is emphasizing which utility?

Accepted Answer

A)  form 
B)  product 
C)  service 
D)  possession 
E)  convenience 
A)  form 
B)  product 
C)  service 
D)  possession 
E)  convenience

Question 7

Intermediaries that represent a single producer and are responsible for designing promotional plans,setting prices,determining distribution policies,and making recommendations on product strategy are referred to as _________.

Accepted Answer

A)  brokers 
B)  line brokers 
C)  distribution brokers 
D)  selling agents 
E)  manufacturer's agents 
A)  brokers 
B)  line brokers 
C)  distribution brokers 
D)  selling agents 
E)  manufacturer's agents

Question 8

method of classification that describes the degree of service provided to the customer is referred to as _________.

Accepted Answer

A)  product involvement 
B)  product assortment 
C)  merchandise line 
D)  level of service 
E)  form of ownership 
A)  product involvement 
B)  product assortment 
C)  merchandise line 
D)  level of service 
E)  form of ownership

Question 9

Several television shopping programs are developing online platforms,which may attract as many as 50 percent of all new customers,and interactive technology,that allows viewers to place orders

Accepted Answer

A)  without having to pay sales tax. 
B)  without having to pay for shipping or handling. 
C)  through online company websites. 
D)  with a "double your money back guarantee" if the items are not delivered within 24 hours. 
E)  with their remote control rather than the telephone. 
A)  without having to pay sales tax. 
B)  without having to pay for shipping or handling. 
C)  through online company websites. 
D)  with a "double your money back guarantee" if the items are not delivered within 24 hours. 
E)  with their remote control rather than the telephone.

Question 10

National Retail Federation estimates that about __________ percent of retail shrinkage is due to employee theft.

Accepted Answer

A)  14 
B)  24 
C)  34 
D)  44 
E)  54 
A)  14 
B)  24 
C)  34 
D)  44 
E)  54

Question 11

Outlets such as the Checkers Drive-In Restaurant,typically enter the wheel of retailing as

Accepted Answer

A)  low status, low-margin stores. 
B)  high status, high-margin stores. 
C)  moderate status, low-margin stores. 
D)  high price, high-margin stores. 
E)  mixed price, mixed status stores. 
A)  low status, low-margin stores. 
B)  high status, high-margin stores. 
C)  moderate status, low-margin stores. 
D)  high price, high-margin stores. 
E)  mixed price, mixed status stores.

Question 12

Which type of store gives shoppers the greatest variety of merchandise?

Accepted Answer

A)  a hypermarket 
B)  a specialty clothing store 
C)  a limited-line gift store 
D)  a clothing outlet 
E)  a discount store 
A)  a hypermarket 
B)  a specialty clothing store 
C)  a limited-line gift store 
D)  a clothing outlet 
E)  a discount store

Question 13

Figure 16-8
-Which of the following stores would best fit in "A" shown in Figure 16-8 above?

Accepted Answer

A)  Payless ShoeSource 
B)  Macy's department store 
C)  7-Eleven convenience store 
D)  Walmart 
E)  Lamborghini automobile dealer 
A)  Payless ShoeSource 
B)  Macy's department store 
C)  7-Eleven convenience store 
D)  Walmart 
E)  Lamborghini automobile dealer

Question 14

Vending machines are no longer limited by the need for cash.In Japan,Korea,and the Philippines,consumers use mobile phones that transmit payments to vending machines via an infrared beam or a radio wave.This is an example of how vending machines can provide which type of utility?

Accepted Answer

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

Question 15

Originally,filters for Mr.Coffee electric-drip coffee makers were sold through appliance and mass merchandise stores.If the company decided to sell the filters in grocery stores where customers purchased their coffee,what type of intermediaries would the company most likely hire?

Accepted Answer

A)  a full-line wholesaler 
B)  drop shippers 
C)  food brokers 
D)  truck jobbers 
E)  manufacturer's representatives 
A)  a full-line wholesaler 
B)  drop shippers 
C)  food brokers 
D)  truck jobbers 
E)  manufacturer's representatives

Question 16

type of contractual system describes a situation where assistance in selecting the location,setting up the store or facility,advertising,and training personnel is provided?

Accepted Answer

A)  administered system 
B)  conglomerate system 
C)  franchise system 
D)  vertical integrated system 
E)  retail-sponsored cooperative 
A)  administered system 
B)  conglomerate system 
C)  franchise system 
D)  vertical integrated system 
E)  retail-sponsored cooperative

Question 17

central business district refers to

Accepted Answer

A)  a suburban mall that contains up to 100 stores and draws customer from 5 to 10 miles away. 
B)  the oldest retailing setting, located in a community's downtown area. 
C)  a retail location that typically has one primary store and 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 serves a population base of under 30,000. 
E)  a collection of large stores over 100,000 square feet that offers a mix of about 40 percent food products and 60 percent general merchandise items. 
A)  a suburban mall that contains up to 100 stores and draws customer from 5 to 10 miles away. 
B)  the oldest retailing setting, located in a community's downtown area. 
C)  a retail location that typically has one primary store and 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 serves a population base of under 30,000. 
E)  a collection of large stores over 100,000 square feet that offers a mix of about 40 percent food products and 60 percent general merchandise items.

Question 18

Wholly-owned extensions of the producer that perform wholesaling activities are referred to as

Accepted Answer

A)  general merchandise wholesalers. 
B)  cash and carry wholesalers. 
C)  agents and brokers. 
D)  manufacturer's branches and sales offices. 
E)  merchant wholesalers. 
A)  general merchandise wholesalers. 
B)  cash and carry wholesalers. 
C)  agents and brokers. 
D)  manufacturer's branches and sales offices. 
E)  merchant wholesalers.

Question 19

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 20

wholesalers that perform all channel functions and are found in the health foods,automotive parts,and seafood industries would be _________.

Accepted Answer

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

Exam 16: Retailing and Wholesaling

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

wholesaler that carries a narrow range of products and performs all channel functions is referred to as a __________.

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

difference between the retailer's cost and the initial selling price is referred to as __________.

Figure 16-10 -According to Figure 16-10 above,"D" represents which stage of the retail life cycle?

Intermediaries that represent a single producer and are responsible for designing promotional plans,setting prices,determining distribution policies,and making recommendations on product strategy are referred to as _________.

method of classification that describes the degree of service provided to the customer is referred to as _________.

Several television shopping programs are developing online platforms,which may attract as many as 50 percent of all new customers,and interactive technology,that allows viewers to place orders

National Retail Federation estimates that about __________ percent of retail shrinkage is due to employee theft.

Outlets such as the Checkers Drive-In Restaurant,typically enter the wheel of retailing as

Which type of store gives shoppers the greatest variety of merchandise?

Figure 16-8 -Which of the following stores would best fit in "A" shown in Figure 16-8 above?

Vending machines are no longer limited by the need for cash.In Japan,Korea,and the Philippines,consumers use mobile phones that transmit payments to vending machines via an infrared beam or a radio wave.This is an example of how vending machines can provide which type of utility?

Originally,filters for Mr.Coffee electric-drip coffee makers were sold through appliance and mass merchandise stores.If the company decided to sell the filters in grocery stores where customers purchased their coffee,what type of intermediaries would the company most likely hire?

type of contractual system describes a situation where assistance in selecting the location,setting up the store or facility,advertising,and training personnel is provided?

central business district refers to

Wholly-owned extensions of the producer that perform wholesaling activities are referred to as

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

wholesalers that perform all channel functions and are found in the health foods,automotive parts,and seafood industries would be _________.

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 Multi-Channel Marketing

Pulling It All Together: The Strategic Marketing Process

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