Question 1

A recent pricing trend among retailers is EDLP,which stands for:

Accepted Answer

A)  electronic data laser purchasing 
B)  efficient data long-range planning 
C)  everyone does large purchases 
D)  everyday low pricing 
E)  efficient dollar loss planning 
A)  electronic data laser purchasing 
B)  efficient data long-range planning 
C)  everyone does large purchases 
D)  everyday low pricing 
E)  efficient dollar loss planning

Question 2

_____ is defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal,nonbusiness use or consumption.

Accepted Answer

A)  Wholesaling 
B)  Retailing 
C)  Business 
D)  Franchising 
E)  Distribution 
A)  Wholesaling 
B)  Retailing 
C)  Business 
D)  Franchising 
E)  Distribution

Question 3

SCENARIOS
Diaz
John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper middle class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.
Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $300 per pound Kopi Luwak from Sumatra to Brazilian Cerrado for $8 a pound.
-Refer to Wawa.Its restaurant format that mimics a shopping mall food court be a factor in which element of the retailing mix?

Accepted Answer

A)  product 
B)  personnel 
C)  presentation 
D)  promotion 
E)  place 
A)  product 
B)  personnel 
C)  presentation 
D)  promotion 
E)  place

Question 4

A(n)_____ is a continuing relationship in which an individual or business grants business rights to operate or sell a product to another individual or business.

Accepted Answer

A)  leasing contract 
B)  alliance for profit 
C)  brokered partnership 
D)  franchise 
E)  countertrade 
A)  leasing contract 
B)  alliance for profit 
C)  brokered partnership 
D)  franchise 
E)  countertrade

Question 5

Many technologically advanced retailers are using a technique called _____ to analyze the huge amounts of data collected through their point-of-purchase scanning equipment.The analysis looks for products that are commonly purchased together to help retailers merchandise their stores to place products in the right places.

Accepted Answer

A)  market-basket analysis 
B)  simulated test marketing 
C)  product/customer correlation analysis 
D)  market cross-tabulations 
E)  customer lifestyle analysis 
A)  market-basket analysis 
B)  simulated test marketing 
C)  product/customer correlation analysis 
D)  market cross-tabulations 
E)  customer lifestyle analysis

Question 6

Irina Gomez has decided to sell a sourcebook of Hispanic-American suppliers to southeastern businesses in predominantly Hispanic areas.She plans to call prospective customers and try to sell to them over the phone.Gomez will be using which of the following retailing techniques?

Accepted Answer

A)  m-commerce 
B)  indirect retailing 
C)  franchising 
D)  vending 
E)  direct-response marketing 
A)  m-commerce 
B)  indirect retailing 
C)  franchising 
D)  vending 
E)  direct-response marketing

Question 7

A newspaper article announced that Wal-Mart would be the anchor store in a new shopping center.This statements means that Wal-Mart will be:

Accepted Answer

A)  the only large store in the shopping center 
B)  a destination store 
C)  expected to create heavy foot traffic for the center 
D)  in an isolated location outside the shopping center structure 
E)  unable to control the local store's pricing policies 
A)  the only large store in the shopping center 
B)  a destination store 
C)  expected to create heavy foot traffic for the center 
D)  in an isolated location outside the shopping center structure 
E)  unable to control the local store's pricing policies

Question 8

Housing several departments under one roof,a(n)_____ carries a wide variety of shopping and specialty goods and provides a high level of service.

Accepted Answer

A)  supermarket 
B)  specialty store 
C)  convenience store 
D)  super club 
E)  department store 
A)  supermarket 
B)  specialty store 
C)  convenience store 
D)  super club 
E)  department store

Question 9

Retail stores that are owned and operated as a group by a single organization are called _____.Under this form of ownership,administrative and purchasing tasks are handled by the home office.

Accepted Answer

A)  home base stores 
B)  independent retailers 
C)  franchisees 
D)  chain stores 
E)  strip centers 
A)  home base stores 
B)  independent retailers 
C)  franchisees 
D)  chain stores 
E)  strip centers

Question 10

Breit Ideas is an on-line retailer that is licensed to sell products designed by Mary Engelbreit-everything from Christmas ornaments and books to wallpaper and toys.Breit Ideas is an example of a:

Accepted Answer

A)  product and trade name franchisee 
B)  redistributor franchiser 
C)  business format franchisee 
D)  licensed franchiser 
E)  relationship franchisee 
A)  product and trade name franchisee 
B)  redistributor franchiser 
C)  business format franchisee 
D)  licensed franchiser 
E)  relationship franchisee

Question 11

Retailers such as Target and JCPenney are responding to consumer needs by changing product mixes,hours of operation,locations,and prices.These stores are changing aspects of their:

Accepted Answer

A)  merchandising groupings 
B)  retailing mixes 
C)  product offerings 
D)  retail trade areas 
E)  store positioning strategies 
A)  merchandising groupings 
B)  retailing mixes 
C)  product offerings 
D)  retail trade areas 
E)  store positioning strategies

Question 12

Which of the following statements about online retailing is true?

Accepted Answer

A)  On-line retailing is also called e-merchandising. 
B)  After a rapid increase in sales,the popularity of online retailing has declined over the last decade. 
C)  Most traditional retailers are using online retailing to move merchandise that can be purchased at their stores. 
D)  The earliest use of online retailing was for Internet auctions. 
E)  All of these statements about online retailing are true. 
A)  On-line retailing is also called e-merchandising. 
B)  After a rapid increase in sales,the popularity of online retailing has declined over the last decade. 
C)  Most traditional retailers are using online retailing to move merchandise that can be purchased at their stores. 
D)  The earliest use of online retailing was for Internet auctions. 
E)  All of these statements about online retailing are true.

Question 13

A newspaper article announced that Wal-Mart would be the anchor store in a new shopping center.One advantage that Wal-Mart will have because it is inside the shopping center is:

Accepted Answer

A)  cheap lease agreement 
B)  potential of direct competition within the shopping center 
C)  lease restrictions on hours of operation 
D)  inadequate parking 
E)  none of the above 
A)  cheap lease agreement 
B)  potential of direct competition within the shopping center 
C)  lease restrictions on hours of operation 
D)  inadequate parking 
E)  none of the above

Question 14

The first task of developing a retail strategy is to:

Accepted Answer

A)  create a buying organization 
B)  decide what to buy 
C)  define the target market 
D)  create a promotional strategy 
E)  define the pricing policies 
A)  create a buying organization 
B)  decide what to buy 
C)  define the target market 
D)  create a promotional strategy 
E)  define the pricing policies

Question 15

Around the world,most retailers are _____,operating one or a few stores in their community,owned by a single person or partnership and not operated as part of a larger retail institution.

Accepted Answer

A)  independent retailers 
B)  chain stores 
C)  franchise outlets 
D)  specialty clubs 
E)  product assortment stores 
A)  independent retailers 
B)  chain stores 
C)  franchise outlets 
D)  specialty clubs 
E)  product assortment stores

Question 16

The person who called Grace last night and tried to sell her a subscription to Better Homes & Gardens magazine was using inbound telemarketing.

Accepted Answer

A) True 
 B)False

Question 17

Off-price retailers differ from other discount stores in the merchandise they carry.While most other discounters offer a predictable assortment of merchandise,the styles and brands offered at off-price retailers change frequently because they buy only what is currently available at a good deal.

Accepted Answer

A) True 
 B)False

Question 18

SCENARIOS
Diaz
John Diaz immigrated to Tallahassee from Cuba in the 1980s.He set up a coffee shop called Diaz in a small upper middle class neighborhood.It rapidly became popular because of the wonderful coffee it brewed.Soon Diaz was selling the finest coffees from around the world,plus coffee-making necessities such as grinders and brewers.Within ten years,Diaz was operating a lucrative mail-order business in addition to his coffee shop.
Upon entering the shop,the first thing the customer sees is a countertop crowded with all of the machinery needed for making a perfect cup of coffee.Marble-topped tables are set in cozy nooks with overstuffed chairs.Bookshelves on one wall hold books about coffee for patrons to read while they sip.The smell is intoxicating to a real coffee lover.Coffee drinkers can take home a pound when they leave.The store carries all types of coffee from $300 per pound Kopi Luwak from Sumatra to Brazilian Cerrado for $8 a pound.
-Refer to Golden Video.Stores in the video industry,such as Golden Video and Blockbuster,can be classified on each of the following bases EXCEPT:

Accepted Answer

A)  ownership 
B)  location 
C)  price levels 
D)  level of service 
E)  product assortment 
A)  ownership 
B)  location 
C)  price levels 
D)  level of service 
E)  product assortment

Question 19

Retailing can be defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal and nonbusiness use.

Accepted Answer

A) True 
 B)False

Question 20

Discount stores :

Accepted Answer

A)  compete on the basis of low prices,high turnover,and high volume 
B)  offer more SKUs than department stores 
C)  sell high-priced,low-turnover products 
D)  provide their customers with full service 
E)  compete on the basis of assortment and depth 
A)  compete on the basis of low prices,high turnover,and high volume 
B)  offer more SKUs than department stores 
C)  sell high-priced,low-turnover products 
D)  provide their customers with full service 
E)  compete on the basis of assortment and depth

A recent pricing trend among retailers is EDLP,which stands for:

_____ is defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal,nonbusiness use or consumption.

A(n)_____ is a continuing relationship in which an individual or business grants business rights to operate or sell a product to another individual or business.

Irina Gomez has decided to sell a sourcebook of Hispanic-American suppliers to southeastern businesses in predominantly Hispanic areas.She plans to call prospective customers and try to sell to them over the phone.Gomez will be using which of the following retailing techniques?

A newspaper article announced that Wal-Mart would be the anchor store in a new shopping center.This statements means that Wal-Mart will be:

Housing several departments under one roof,a(n)_____ carries a wide variety of shopping and specialty goods and provides a high level of service.

Retail stores that are owned and operated as a group by a single organization are called _____.Under this form of ownership,administrative and purchasing tasks are handled by the home office.

Breit Ideas is an on-line retailer that is licensed to sell products designed by Mary Engelbreit-everything from Christmas ornaments and books to wallpaper and toys.Breit Ideas is an example of a:

Retailers such as Target and JCPenney are responding to consumer needs by changing product mixes,hours of operation,locations,and prices.These stores are changing aspects of their:

Which of the following statements about online retailing is true?

A newspaper article announced that Wal-Mart would be the anchor store in a new shopping center.One advantage that Wal-Mart will have because it is inside the shopping center is:

The first task of developing a retail strategy is to:

Around the world,most retailers are _____,operating one or a few stores in their community,owned by a single person or partnership and not operated as part of a larger retail institution.

The person who called Grace last night and tried to sell her a subscription to Better Homes & Gardens magazine was using inbound telemarketing.

Off-price retailers differ from other discount stores in the merchandise they carry.While most other discounters offer a predictable assortment of merchandise,the styles and brands offered at off-price retailers change frequently because they buy only what is currently available at a good deal.

Retailing can be defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal and nonbusiness use.

Discount stores :

An Overview of Marketing

Strategic Planning for Competitive Advantag

Social Responsibility, ethics, and the Marketing Environment

Developing a Global Vision27

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Decision Support Systems and Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Marketing Channels and Supply Chain Management

Integrated Marketing Communications

Advertising and Public Relations

Sales Promotion and Personal Selling

Pricing Concepts

Setting the Right Price

Internet Marketing

Customer Relationship Management

Filters

Exam 13: Retailing

A recent pricing trend among retailers is EDLP,which stands for:

_____ is defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal,nonbusiness use or consumption.

A(n)_____ is a continuing relationship in which an individual or business grants business rights to operate or sell a product to another individual or business.

Irina Gomez has decided to sell a sourcebook of Hispanic-American suppliers to southeastern businesses in predominantly Hispanic areas.She plans to call prospective customers and try to sell to them over the phone.Gomez will be using which of the following retailing techniques?

A newspaper article announced that Wal-Mart would be the anchor store in a new shopping center.This statements means that Wal-Mart will be:

Housing several departments under one roof,a(n)_____ carries a wide variety of shopping and specialty goods and provides a high level of service.

Retail stores that are owned and operated as a group by a single organization are called _____.Under this form of ownership,administrative and purchasing tasks are handled by the home office.

Breit Ideas is an on-line retailer that is licensed to sell products designed by Mary Engelbreit-everything from Christmas ornaments and books to wallpaper and toys.Breit Ideas is an example of a:

Retailers such as Target and JCPenney are responding to consumer needs by changing product mixes,hours of operation,locations,and prices.These stores are changing aspects of their:

Which of the following statements about online retailing is true?

A newspaper article announced that Wal-Mart would be the anchor store in a new shopping center.One advantage that Wal-Mart will have because it is inside the shopping center is:

The first task of developing a retail strategy is to:

Around the world,most retailers are _____,operating one or a few stores in their community,owned by a single person or partnership and not operated as part of a larger retail institution.

The person who called Grace last night and tried to sell her a subscription to Better Homes & Gardens magazine was using inbound telemarketing.

Off-price retailers differ from other discount stores in the merchandise they carry.While most other discounters offer a predictable assortment of merchandise,the styles and brands offered at off-price retailers change frequently because they buy only what is currently available at a good deal.

Retailing can be defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal and nonbusiness use.

Discount stores :

An Overview of Marketing

Strategic Planning for Competitive Advantag

Social Responsibility, ethics, and the Marketing Environment

Developing a Global Vision27

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Decision Support Systems and Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Marketing Channels and Supply Chain Management

Integrated Marketing Communications

Advertising and Public Relations

Sales Promotion and Personal Selling

Pricing Concepts

Setting the Right Price

Internet Marketing

Customer Relationship Management

Filters