Question 1

Briefly describe the advantages to the retailer and to the customer of the independent retailer.

Accepted Answer

Advantages to the retailer inc

Question 2

Which type of wholesaler traditionally sells hosiery,toys,and health and beauty items?

Accepted Answer

A)  cash and carry wholesalers 
B)  truck jobbers 
C)  general merchandise wholesalers 
D)  rack jobbers 
E)  drop shippers 
A)  cash and carry wholesalers 
B)  truck jobbers 
C)  general merchandise wholesalers 
D)  rack jobbers 
E)  drop shippers

Question 3

specialty retail store carries a broad selection of small kitchen appliances.It has an informed staff and will even gift-wrap your purchases free of charge.It also offers a shop for repairs should your appliances need maintenance.This store offers __________ to its customers.

Accepted Answer

A)  exclusive-service 
B)  upscale-service 
C)  self-service 
D)  limited-service 
E)  full-service 
A)  exclusive-service 
B)  upscale-service 
C)  self-service 
D)  limited-service 
E)  full-service

Question 4

Which method of classifying retail outlets would be most appropriate for describing franchise operations?

Accepted Answer

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

Question 5

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

Accepted Answer

A)  Kmart 
B)  Payless ShoeSource 
C)  Bloomingdales department store 
D)  7-Eleven 
E)  Lamborghini automobile dealer 
A)  Kmart 
B)  Payless ShoeSource 
C)  Bloomingdales department store 
D)  7-Eleven 
E)  Lamborghini automobile dealer

Question 6

About 30 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 7

Specialty merchandise wholesalers

Accepted Answer

A)  carry a broad assortment of merchandise and perform all channel functions. 
B)  own the merchandise they sell but do not physically handle, stock, or deliver it. 
C)  offer a relatively narrow range of products but has an extensive assortment within the product lines carried. 
D)  work for several producers, carry noncompetitive, complementary merchandise in an exclusive territory, and use over-the-road transportation for all product deliveries. 
E)  deal exclusively with small low-cost consumer goods that are distributed to a select number of large retail chains. 
A)  carry a broad assortment of merchandise and perform all channel functions. 
B)  own the merchandise they sell but do not physically handle, stock, or deliver it. 
C)  offer a relatively narrow range of products but has an extensive assortment within the product lines carried. 
D)  work for several producers, carry noncompetitive, complementary merchandise in an exclusive territory, and use over-the-road transportation for all product deliveries. 
E)  deal exclusively with small low-cost consumer goods that are distributed to a select number of large retail chains.

Question 8

Another name for a manufacturer's agent is _________.

Accepted Answer

A)  manufacturer's desk jobber 
B)  manufacturer's transport vendor 
C)  manufacturer's representative 
D)  manufacturer's transport vendor. 
E)  manufacturer's jobber 
A)  manufacturer's desk jobber 
B)  manufacturer's transport vendor 
C)  manufacturer's representative 
D)  manufacturer's transport vendor. 
E)  manufacturer's jobber

Question 9

According to the Same-Store Sales Growth Marketing Dashboard above,which retailer has the greatest same-store sales growth?

Accepted Answer

A)  Target 
B)  Neiman Marcus 
C)  Apple 
D)  Best Buy 
E)  Tiffany 
A)  Target 
B)  Neiman Marcus 
C)  Apple 
D)  Best Buy 
E)  Tiffany

Question 10

Figure 16-9
-According to Figure 16-9 above,"A" represents the stage in the wheel of retailing when a retail outlet starts with

Accepted Answer

A)  low prices, high margins, and high status. 
B)  mixed prices, mixed margins, and mixed status. 
C)  low prices, low margins, and low status. 
D)  moderate prices, high margins, and high status. 
E)  high prices, low margins, and mixed status. 
A)  low prices, high margins, and high status. 
B)  mixed prices, mixed margins, and mixed status. 
C)  low prices, low margins, and low status. 
D)  moderate prices, high margins, and high status. 
E)  high prices, low margins, and mixed status.

Question 11

Which type of outlet is most likely in its accelerated development stage of the retail life cycle?

Accepted Answer

A)  single-price stores 
B)  online retailers 
C)  supermarkets 
D)  business-district retailers 
E)  convenience stores 
A)  single-price stores 
B)  online retailers 
C)  supermarkets 
D)  business-district retailers 
E)  convenience stores

Question 12

analytical tool that positions retail outlets in terms of the breadth of their product line and value added,such as location,product reliability,or prestige,is referred to as the __________.

Accepted Answer

A)  BCG growth share matrix 
B)  MAC breadth-depth of line framework 
C)  market-product grid 
D)  retail positioning matrix 
E)  wheel of retailing framework 
A)  BCG growth share matrix 
B)  MAC breadth-depth of line framework 
C)  market-product grid 
D)  retail positioning matrix 
E)  wheel of retailing framework

Question 13

wheel of retailing refers to

Accepted Answer

A)  the life cycle of most consumer products sold at retailers. 
B)  the diffusion of types of retailers for a new product. 
C)  the progression of retail locations an outlet goes through 
D)  the description of how new retail outlets enter the market. 
E)  the description of retail management philosophies. 
A)  the life cycle of most consumer products sold at retailers. 
B)  the diffusion of types of retailers for a new product. 
C)  the progression of retail locations an outlet goes through 
D)  the description of how new retail outlets enter the market. 
E)  the description of retail management philosophies.

Question 14

Merchants such as the Burlington Coat Factory sell brand-name merchandise at lower than regular prices.As such,they are using a(n)

Accepted Answer

A)  off-price retailing strategy. 
B)  markdown pricing strategy. 
C)  everyday fair pricing strategy. 
D)  everyday low pricing strategy. 
E)  maintained markdown pricing strategy. 
A)  off-price retailing strategy. 
B)  markdown pricing strategy. 
C)  everyday fair pricing strategy. 
D)  everyday low pricing strategy. 
E)  maintained markdown pricing strategy.

Question 15

T.J. Maxx HomeGoods Photo
-Consider the T.J.Maxx HomeGoods photo above.This retailer uses a(n)__________ pricing practice.

Accepted Answer

A)  markdown 
B)  maintained markup 
C)  gross margin 
D)  manufactured suggested retail 
E)  off-price retail 
A)  markdown 
B)  maintained markup 
C)  gross margin 
D)  manufactured suggested retail 
E)  off-price retail

Question 16

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store.The firm also uses technologies such as __________ to improve the quality of information available about products.

Accepted Answer

A)  radio frequency identification 
B)  encapsulation techniques 
C)  bar code scanners 
D)  nanotechnology 
E)  cookies 
A)  radio frequency identification 
B)  encapsulation techniques 
C)  bar code scanners 
D)  nanotechnology 
E)  cookies

Question 17

developing marketing strategies,marketing managers use the elements of the marketing mix,which includes product,price,place,and promotion.In a similar fashion,when developing retailing strategies,marketers use what is called the retailing mix,which includes

Accepted Answer

A)  retail pricing, store location, retail communication, and merchandise. 
B)  products and services, promotions, and communications. 
C)  physical distribution, promotions, and communications. 
D)  physical distribution, products, and personal selling. 
E)  products, price, and personal selling. 
A)  retail pricing, store location, retail communication, and merchandise. 
B)  products and services, promotions, and communications. 
C)  physical distribution, promotions, and communications. 
D)  physical distribution, products, and personal selling. 
E)  products, price, and personal selling.

Question 18

do retailers like location-based apps such as Foursquare?

Accepted Answer

A)  they use audio and video to communicate a message 
B)  all consumers demand technology-based offerings today 
C)  they are free 
D)  they attract consumers who are not price sensitive 
E)  they provide an opportunity to personalize offerings to potential customers 
A)  they use audio and video to communicate a message 
B)  all consumers demand technology-based offerings today 
C)  they are free 
D)  they attract consumers who are not price sensitive 
E)  they provide an opportunity to personalize offerings to potential customers

Question 19

financial indicator used to compare the increase in sales of stores that have been open for the same period of time is __________.

Accepted Answer

A)  return in investment 
B)  percentage of markup 
C)  gross profit 
D)  sales per square foot 
E)  same-store sales growth 
A)  return in investment 
B)  percentage of markup 
C)  gross profit 
D)  sales per square foot 
E)  same-store sales growth

Question 20

variety of different items a store carries is referred to as

Accepted Answer

A)  the quality of merchandise a store carries. 
B)  the breadth of product line. 
C)  a wide assortment of a few related items. 
D)  the physical size, from large to small, of products within a product line. 
E)  depth of product line. 
A)  the quality of merchandise a store carries. 
B)  the breadth of product line. 
C)  a wide assortment of a few related items. 
D)  the physical size, from large to small, of products within a product line. 
E)  depth of product line.

Exam 16: Retailing and Wholesaling

Briefly describe the advantages to the retailer and to the customer of the independent retailer.

Which type of wholesaler traditionally sells hosiery,toys,and health and beauty items?

specialty retail store carries a broad selection of small kitchen appliances.It has an informed staff and will even gift-wrap your purchases free of charge.It also offers a shop for repairs should your appliances need maintenance.This store offers __________ to its customers.

Which method of classifying retail outlets would be most appropriate for describing franchise operations?

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

About 30 percent of the products sold from vending machines are __________.

Specialty merchandise wholesalers

Another name for a manufacturer's agent is _________.

According to the Same-Store Sales Growth Marketing Dashboard above,which retailer has the greatest same-store sales growth?

Figure 16-9 -According to Figure 16-9 above,"A" represents the stage in the wheel of retailing when a retail outlet starts with

Which type of outlet is most likely in its accelerated development stage of the retail life cycle?

analytical tool that positions retail outlets in terms of the breadth of their product line and value added,such as location,product reliability,or prestige,is referred to as the __________.

wheel of retailing refers to

Merchants such as the Burlington Coat Factory sell brand-name merchandise at lower than regular prices.As such,they are using a(n)

T.J. Maxx HomeGoods Photo -Consider the T.J.Maxx HomeGoods photo above.This retailer uses a(n)__________ pricing practice.

Walmart has developed a sophisticated inventory management and cost control system that allows rapid price changes for each product in the store.The firm also uses technologies such as __________ to improve the quality of information available about products.

developing marketing strategies,marketing managers use the elements of the marketing mix,which includes product,price,place,and promotion.In a similar fashion,when developing retailing strategies,marketers use what is called the retailing mix,which includes

do retailers like location-based apps such as Foursquare?

financial indicator used to compare the increase in sales of stores that have been open for the same period of time is __________.

variety of different items a store carries is referred to as

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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