Question 1

Three common forms of off-price retailers are

Accepted Answer

A)  warehouse clubs, factory outlet stores, and hypermarkets. 
B)  warehouse clubs, factory outlets, and 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 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 2

Which of the following firms has made the wisest wholesaler choice for its product?

Accepted Answer

A)  Hannah's Hardware uses a rack jobber for its hammers. 
B)  Fiona's Floral uses a truck jobber for its cut roses. 
C)  Sam's Coal Country uses a truck jobber for its subway cars. 
D)  Shayna's Superior Supplies uses a desk jobber for its staplers. 
E)  Josh's Jackhammers uses a rack jobber for its hard hats. 
A)  Hannah's Hardware uses a rack jobber for its hammers. 
B)  Fiona's Floral uses a truck jobber for its cut roses. 
C)  Sam's Coal Country uses a truck jobber for its subway cars. 
D)  Shayna's Superior Supplies uses a desk jobber for its staplers. 
E)  Josh's Jackhammers uses a rack jobber for its hard hats.

Question 3

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 4

number of U.S.-based retail chains have begun using lines and terminals that do not use clerks.This is an example of what level of retail service?

Accepted Answer

A)  full-service 
B)  self-service 
C)  limited-service 
D)  customized-service 
E)  functional-service 
A)  full-service 
B)  self-service 
C)  limited-service 
D)  customized-service 
E)  functional-service

Question 5

Off-price retailing refers to the

Accepted Answer

A)  differences between the final selling price and the retailer's cost. 
B)  sale of brand name merchandise at lower than regular prices. 
C)  sales of merchandise at maintained markups. 
D)  amount added by the manufacturer to achieve the desired suggested retail price. 
E)  reduction in retail price usually expressed as the gross margin. 
A)  differences between the final selling price and the retailer's cost. 
B)  sale of brand name merchandise at lower than regular prices. 
C)  sales of merchandise at maintained markups. 
D)  amount added by the manufacturer to achieve the desired suggested retail price. 
E)  reduction in retail price usually expressed as the gross margin.

Question 6

Home Depot switched its in-store light fixture displays to compact fluorescent light bulbs it saved __________ per year.

Accepted Answer

A)  $16 million 
B)  $24 million 
C)  $29 million 
D)  $31 million 
E)  $42 million 
A)  $16 million 
B)  $24 million 
C)  $29 million 
D)  $31 million 
E)  $42 million

Question 7

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 8

Figure 16-10
-According to Figure 16-10 above,"B" 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 9

Location-based social networking apps such as Foursquare reward customers for

Accepted Answer

A)  using minutes on their mobile phones. 
B)  shopping online. 
C)  responding to TV ads. 
D)  reporting their locations and visiting stores. 
E)  answering customer service surveys on their mobile phones. 
A)  using minutes on their mobile phones. 
B)  shopping online. 
C)  responding to TV ads. 
D)  reporting their locations and visiting stores. 
E)  answering customer service surveys on their mobile phones.

Question 10

markup refers to

Accepted Answer

A)  the difference between the final selling price and how the customer values the product. 
B)  selling brand name merchandise at lower than regular prices. 
C)  the amount added to the cost the retailer paid for a product to reach the final selling price. 
D)  the difference between the retail cost and initial selling price. 
E)  the reduction in retail price, usually expressed as a percentage equal to the amount reduced, divided by the original price, and multiplied by 100. 
A)  the difference between the final selling price and how the customer values the product. 
B)  selling brand name merchandise at lower than regular prices. 
C)  the amount added to the cost the retailer paid for a product to reach the final selling price. 
D)  the difference between the retail cost and initial selling price. 
E)  the reduction in retail price, usually expressed as a percentage equal to the amount reduced, divided by the original price, and multiplied by 100.

Question 11

Depth of product line refers to

Accepted Answer

A)  the percentage of goods stored as inventory. 
B)  the variety of different product a store carries 
C)  variations in price and color on specific items in a store. 
D)  the number of items available within a product line. 
E)  the number of different product classes owned by a corporate chain. 
A)  the percentage of goods stored as inventory. 
B)  the variety of different product a store carries 
C)  variations in price and color on specific items in a store. 
D)  the number of items available within a product line. 
E)  the number of different product classes owned by a corporate chain.

Question 12

local Target retailer carries a variety of different items.You can find everything ranging from socks and DVDs to baby items and groceries.This is an example of the __________ carried by Target.

Accepted Answer

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

Question 13

Sam's Club and Costco are examples of __________.

Accepted Answer

A)  supercenters 
B)  hypermarkets 
C)  warehouse clubs 
D)  single-price retailers 
E)  outlet stores 
A)  supercenters 
B)  hypermarkets 
C)  warehouse clubs 
D)  single-price retailers 
E)  outlet stores

Question 14

Large strip malls that often have two to five anchor stores,a supermarket,and are designed to bring shoppers on a weekly basis are referred to as

Accepted Answer

A)  suburban malls. 
B)  warehouse malls. 
C)  power centers. 
D)  retail malls. 
E)  cluster malls. 
A)  suburban malls. 
B)  warehouse malls. 
C)  power centers. 
D)  retail malls. 
E)  cluster malls.

Question 15

Target has taken the "green" concept to its advertising agency and requires

Accepted Answer

A)  the use of the Green Certified Retail Operations Guide. 
B)  that all vehicles produce no emissions. 
C)  a "green" logo appears at the end of the ad. 
D)  that waste from shooting new commercials be recycled or composted. 
E)  an environmental impact report each month. 
A)  the use of the Green Certified Retail Operations Guide. 
B)  that all vehicles produce no emissions. 
C)  a "green" logo appears at the end of the ad. 
D)  that waste from shooting new commercials be recycled or composted. 
E)  an environmental impact report each month.

Question 16

Wholesalers who simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as __________.

Accepted Answer

A)  cash and carry wholesalers 
B)  rack jobbers 
C)  drop shippers 
D)  truck jobbers 
E)  manufacturer's representatives 
A)  cash and carry wholesalers 
B)  rack jobbers 
C)  drop shippers 
D)  truck jobbers 
E)  manufacturer's representatives

Question 17

Retailers that utilize and integrate a combination of traditional store formats and nonstore formats are referred to as __________.

Accepted Answer

A)  multichannel retailers 
B)  scrambled merchandisers 
C)  mixed-brand retailers 
D)  dual distribution retailers 
E)  mixed-channel retailers 
A)  multichannel retailers 
B)  scrambled merchandisers 
C)  mixed-brand retailers 
D)  dual distribution retailers 
E)  mixed-channel retailers

Question 18

Retailing refers to all activities involved in the

Accepted Answer

A)  selling, renting, and providing of products and services to ultimate consumers for personal, family, or household use. 
B)  selling of tangible products to ultimate consumers for personal, family, or household use. 
C)  selling of tangible products to ultimate consumers for personal, household, or industrial use. 
D)  selling, renting, leasing, or reselling of products and services to ultimate consumers or small industrial users. 
E)  selling, renting, and providing of products and services without retaining the title to these offerings. 
A)  selling, renting, and providing of products and services to ultimate consumers for personal, family, or household use. 
B)  selling of tangible products to ultimate consumers for personal, family, or household use. 
C)  selling of tangible products to ultimate consumers for personal, household, or industrial use. 
D)  selling, renting, leasing, or reselling of products and services to ultimate consumers or small industrial users. 
E)  selling, renting, and providing of products and services without retaining the title to these offerings.

Question 19

Walmart recently introduced "Pick Up Today" service that

Accepted Answer

A)  offers shoppers a virtual reality shopping experience from their home computers. 
B)  allows customers to order online and receive free same-day pickup at a local store. 
C)  allows customers to place lay-away orders online and keep them at the store until they are fully paid. 
D)  allows customers to surf the Internet to compare prices; for those that find a better deal, they can e-mail Walmart and the retailer will honor competitors' lowest price. 
E)  allows customers hold online auctions for Walmart overstock or seasonal items that are being discontinued to make room for new inventory. 
A)  offers shoppers a virtual reality shopping experience from their home computers. 
B)  allows customers to order online and receive free same-day pickup at a local store. 
C)  allows customers to place lay-away orders online and keep them at the store until they are fully paid. 
D)  allows customers to surf the Internet to compare prices; for those that find a better deal, they can e-mail Walmart and the retailer will honor competitors' lowest price. 
E)  allows customers hold online auctions for Walmart overstock or seasonal items that are being discontinued to make room for new inventory.

Question 20

four major types of limited-service merchant wholesalers are rack jobbers,cash and carry wholesalers,truck jobbers,and _________.

Accepted Answer

A)  machine vendors 
B)  credit line wholesalers 
C)  drop shippers 
D)  transport vendors 
E)  container transport vendors 
A)  machine vendors 
B)  credit line wholesalers 
C)  drop shippers 
D)  transport vendors 
E)  container transport vendors

Exam 16: Retailing and Wholesaling

Three common forms of off-price retailers are

Which of the following firms has made the wisest wholesaler choice for its product?

Franchising is a type of __________.

number of U.S.-based retail chains have begun using lines and terminals that do not use clerks.This is an example of what level of retail service?

Off-price retailing refers to the

Home Depot switched its in-store light fixture displays to compact fluorescent light bulbs it saved __________ per year.

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

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

Location-based social networking apps such as Foursquare reward customers for

markup refers to

Depth of product line refers to

local Target retailer carries a variety of different items.You can find everything ranging from socks and DVDs to baby items and groceries.This is an example of the __________ carried by Target.

Sam's Club and Costco are examples of __________.

Large strip malls that often have two to five anchor stores,a supermarket,and are designed to bring shoppers on a weekly basis are referred to as

Target has taken the "green" concept to its advertising agency and requires

Wholesalers who simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer are referred to as __________.

Retailers that utilize and integrate a combination of traditional store formats and nonstore formats are referred to as __________.

Retailing refers to all activities involved in the

Walmart recently introduced "Pick Up Today" service that

four major types of limited-service merchant wholesalers are rack jobbers,cash and carry wholesalers,truck jobbers,and _________.

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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