Question 1

Markdowns can be used to

Accepted Answer

A)  increase competition with other retailers in the immediate vicinity. 
B)  placate dissatisfied customers. 
C)  enhance customer perceptions of product quality. 
D)  increase demand for complementary products. 
E)  create a sense of urgency amongst repeat buyers. 
A)  increase competition with other retailers in the immediate vicinity. 
B)  placate dissatisfied customers. 
C)  enhance customer perceptions of product quality. 
D)  increase demand for complementary products. 
E)  create a sense of urgency amongst repeat buyers.

Question 2

sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

Accepted Answer

A)  direct selling 
B)  person-to-person sales 
C)  face-to-face selling 
D)  direct response selling 
E)  customized selling 
A)  direct selling 
B)  person-to-person sales 
C)  face-to-face selling 
D)  direct response selling 
E)  customized selling

Question 3

wholesalers most prevalent in the hardware,drug,and clothing industries would be _________.

Accepted Answer

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

Question 4

According to the retail life cycle,__________ is the stage of emergence of a retail outlet,with a sharp departure from existing competition.

Accepted Answer

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

Question 5

retail location that typically has one primary store (usually a department store branch)with 20 to 40 smaller outlets serving a population of consumers who are within a 10- to 20-minute drive is referred to as a(n)__________.

Accepted Answer

A)  power center 
B)  regional shopping center 
C)  community shopping center 
D)  central business district 
E)  urban megacenter 
A)  power center 
B)  regional shopping center 
C)  community shopping center 
D)  central business district 
E)  urban megacenter

Question 6

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)  $8 
B)  $16 
C)  $26 
D)  $34 
E)  $86 
A)  $8 
B)  $16 
C)  $26 
D)  $34 
E)  $86

Question 7

Albertson's Supermarket accepts debit and credit cards as well as cash and checks for purchases.Its acceptance of various forms of payment provides its customers with __________ utility.

Accepted Answer

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

Question 8

Off-price stores that attract customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

Accepted Answer

A)  extreme value retailers 
B)  hypermarkets 
C)  warehouse clubs 
D)  outlet stores 
E)  everyday value retailers 
A)  extreme value retailers 
B)  hypermarkets 
C)  warehouse clubs 
D)  outlet stores 
E)  everyday value retailers

Question 9

Which of the following statements regarding retail pricing is most accurate?

Accepted Answer

A)  Consumers will often base their perceptions of a store's prices on a benchmark of the highest priced item in the store. 
B)  Consumers are influenced more by a store's ambiance than its product prices. 
C)  Stores that offer rebates and take an excessive amount of time to process them may create negative consumer perceptions. 
D)  New technology has almost made shrinkage a thing of the past. 
E)  The only difference between everyday low pricing and everyday fair pricing is whether the store sells food or non-food items. 
A)  Consumers will often base their perceptions of a store's prices on a benchmark of the highest priced item in the store. 
B)  Consumers are influenced more by a store's ambiance than its product prices. 
C)  Stores that offer rebates and take an excessive amount of time to process them may create negative consumer perceptions. 
D)  New technology has almost made shrinkage a thing of the past. 
E)  The only difference between everyday low pricing and everyday fair pricing is whether the store sells food or non-food items.

Question 10

retailing mix refers to

Accepted Answer

A)  the activities related to managing the store and the merchandise in the store, which includes product, price, promotion, and place. 
B)  the activities related to managing the store and the merchandise in the store, which includes the four utilities time, form, possession, and place. 
C)  the activities related to managing the store and the merchandise in the store, which includes the colors, sizes, shapes, and perceived value of the store's products. 
D)  the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise. 
E)  the activities related to managing the store and the merchandise in the store, which includes selection of store location, selection of merchandise, hiring and training of employees, and promotion of both the store and products. 
A)  the activities related to managing the store and the merchandise in the store, which includes product, price, promotion, and place. 
B)  the activities related to managing the store and the merchandise in the store, which includes the four utilities time, form, possession, and place. 
C)  the activities related to managing the store and the merchandise in the store, which includes the colors, sizes, shapes, and perceived value of the store's products. 
D)  the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise. 
E)  the activities related to managing the store and the merchandise in the store, which includes selection of store location, selection of merchandise, hiring and training of employees, and promotion of both the store and products.

Question 11

There are three key methods of classifying retail operations

Accepted Answer

A)  method of operation, revenues generated, and merchandise line. 
B)  form of ownership, method of operation, and merchandise line. 
C)  form of ownership, level of service, and merchandise line. 
D)  level of service, merchandise line, and revenues generated. 
E)  merchandise line, form of ownership, and revenues generated. 
A)  method of operation, revenues generated, and merchandise line. 
B)  form of ownership, method of operation, and merchandise line. 
C)  form of ownership, level of service, and merchandise line. 
D)  level of service, merchandise line, and revenues generated. 
E)  merchandise line, form of ownership, and revenues generated.

Question 12

Consumers often view central business district shopping as less convenient because of the lack of parking,higher crime rates,and __________.

Accepted Answer

A)  out-dated stores 
B)  a lack of ambiance 
C)  fewer quality restaurants 
D)  few public restrooms 
E)  exposure to the weather 
A)  out-dated stores 
B)  a lack of ambiance 
C)  fewer quality restaurants 
D)  few public restrooms 
E)  exposure to the weather

Question 13

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)  $8 
B)  $16 
C)  $26 
D)  $34 
E)  $86 
A)  $8 
B)  $16 
C)  $26 
D)  $34 
E)  $86

Question 14

Which form of retailing is Best Buy now using in airports to distribute its mobile phone and computer accessories,digital cameras,flash drives,and other consumer electronics?

Accepted Answer

A)  vending machines 
B)  salespeople with mobile carts 
C)  mall-scale traditional retail stores 
D)  salespeople wearing Best Buy uniforms with products in backpacks 
E)  free-standing kiosks manned with knowledgeable sales personnel 
A)  vending machines 
B)  salespeople with mobile carts 
C)  mall-scale traditional retail stores 
D)  salespeople wearing Best Buy uniforms with products in backpacks 
E)  free-standing kiosks manned with knowledgeable sales personnel

Question 15

the telemarketing industry,issues such as consumer privacy,__________,and industry standards have become a topic of discussion among consumers,Congress,the Federal Trade Commission (FTC),and businesses.

Accepted Answer

A)  product quality 
B)  price differences 
C)  on-time delivery 
D)  competitive antics 
E)  ethical guidelines 
A)  product quality 
B)  price differences 
C)  on-time delivery 
D)  competitive antics 
E)  ethical guidelines

Question 16

Online retail purchases by consumers can be the result of several very different approaches,which include: (1)paying dues to become a member of an online discount service; (2)participating in an online auction; (3)going directly to online malls; and (4)

Accepted Answer

A)  becoming a secret shopper. 
B)  participating in a buying cooperative. 
C)  becoming a PURL. 
D)  using a shopping "bot" to search for a product at the best price. 
E)  becoming a member of a research group that evaluates new products. 
A)  becoming a secret shopper. 
B)  participating in a buying cooperative. 
C)  becoming a PURL. 
D)  using a shopping "bot" to search for a product at the best price. 
E)  becoming a member of a research group that evaluates new products.

Question 17

Retail outlets vary by their merchandise lines,the key distinction being the __________ and __________ of the items offered to customers.

Accepted Answer

A)  breadth; span 
B)  breadth; depth 
C)  breadth; line 
D)  scope; inventory 
E)  range; span 
A)  breadth; span 
B)  breadth; depth 
C)  breadth; line 
D)  scope; inventory 
E)  range; span

Question 18

Retailers like Williams-Sonoma that sell products through retail stores,catalogs,and online are examples of __________.

Accepted Answer

A)  intertype competitors 
B)  multichannel retailers 
C)  vertically-integrated retailers 
D)  scrambled merchandisers 
E)  dual distributors 
A)  intertype competitors 
B)  multichannel retailers 
C)  vertically-integrated retailers 
D)  scrambled merchandisers 
E)  dual distributors

Question 19

of the most common forms of retail ownership is the __________ owned by a person.

Accepted Answer

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

Question 20

market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Accepted Answer

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

Exam 16: Retailing and Wholesaling

Markdowns can be used to

sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as __________.

wholesalers most prevalent in the hardware,drug,and clothing industries would be _________.

According to the retail life cycle,__________ is the stage of emergence of a retail outlet,with a sharp departure from existing competition.

retail location that typically has one primary store (usually a department store branch)with 20 to 40 smaller outlets serving a population of consumers who are within a 10- to 20-minute drive is referred to as a(n)__________.

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?

Albertson's Supermarket accepts debit and credit cards as well as cash and checks for purchases.Its acceptance of various forms of payment provides its customers with __________ utility.

Off-price stores that attract customers who like a "corner store" environment rather than a large supercenter experience are referred to as __________.

Which of the following statements regarding retail pricing is most accurate?

retailing mix refers to

There are three key methods of classifying retail operations

Consumers often view central business district shopping as less convenient because of the lack of parking,higher crime rates,and __________.

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?

Which form of retailing is Best Buy now using in airports to distribute its mobile phone and computer accessories,digital cameras,flash drives,and other consumer electronics?

the telemarketing industry,issues such as consumer privacy,__________,and industry standards have become a topic of discussion among consumers,Congress,the Federal Trade Commission (FTC),and businesses.

Online retail purchases by consumers can be the result of several very different approaches,which include: (1)paying dues to become a member of an online discount service; (2)participating in an online auction; (3)going directly to online malls; and (4)

Retail outlets vary by their merchandise lines,the key distinction being the __________ and __________ of the items offered to customers.

Retailers like Williams-Sonoma that sell products through retail stores,catalogs,and online are examples of __________.

of the most common forms of retail ownership is the __________ owned by a person.

market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

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

Filters

Retail outlets vary by their merchandise lines,the key distinction being the and of the items offered to customers.