Question 1

A __________ would most likely use truck jobbers to distribute its products.

Accepted Answer

A) a clothing manufacturer 
B) manufacturer of electric generators 
C) a leather goods importer 
D) pharmaceutical company 
E) meat processing plant 
A) a clothing manufacturer 
B) manufacturer of electric generators 
C) a leather goods importer 
D) pharmaceutical company 
E) meat processing plant

Question 2

The battle for market share is usually fought directly before the __________ stage,and some competitors drop out of the market.

Accepted Answer

A) decline 
B) growth 
C) maturity 
D) harvest 
E) introduction phase 
A) decline 
B) growth 
C) maturity 
D) harvest 
E) introduction phase

Question 3

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

Accepted Answer

A) brand name of the product 
B) product benefits 
C) convenience 
D) perceived quality 
E) the total buying experience 
A) brand name of the product 
B) product benefits 
C) convenience 
D) perceived quality 
E) the total buying experience

Question 4

A community shopping center refers to a

Accepted Answer

A) suburban mall containing up to 100 stores that draws customer from a 5-to 10-mile radius. 
B) cluster of stores in a downtown area. 
C) cluster of stores that serves people who are within a five- to ten-minute drive. 
D) collection of category killers usually located outside a major amusement park or attraction. 
E) 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. 
A) suburban mall containing up to 100 stores that draws customer from a 5-to 10-mile radius. 
B) cluster of stores in a downtown area. 
C) cluster of stores that serves people who are within a five- to ten-minute drive. 
D) collection of category killers usually located outside a major amusement park or attraction. 
E) 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.

Question 5

Shrinkage refers to

Accepted Answer

A) the declining number of small privately owned retail stores due to economic hard times. 
B) breakage,theft,and fraud by customers and employees. 
C) the percentage of inventory that is damaged or unsalable because of product failure. 
D) the loss of profits in clothing items that are returned because of inferior materials. 
E) polycarbonate packaging that encases products with a tamper-resistant plastic seal. 
A) the declining number of small privately owned retail stores due to economic hard times. 
B) breakage,theft,and fraud by customers and employees. 
C) the percentage of inventory that is damaged or unsalable because of product failure. 
D) the loss of profits in clothing items that are returned because of inferior materials. 
E) polycarbonate packaging that encases products with a tamper-resistant plastic seal.

Question 6

Identify and describe the functions of agents and brokers.

Accepted Answer

Agents and brokers do not take title to

Question 7

Independently owned firms that take title to the merchandise they handle are referred to as

Accepted Answer

A) brokers. 
B) agencies. 
C) virtual retailers. 
D) merchant wholesalers. 
E) merchant retailers. 
A) brokers. 
B) agencies. 
C) virtual retailers. 
D) merchant wholesalers. 
E) merchant retailers.

Question 8

Retailing that occurs outside a retail outlet,such as through direct marketing,direct selling,and automatic vending,is referred to as __________.

Accepted Answer

A) limited-line retailing 
B) nonstore retailing 
C) scrambled merchandising 
D) a hypermarket 
E) intertype competition 
A) limited-line retailing 
B) nonstore retailing 
C) scrambled merchandising 
D) a hypermarket 
E) intertype competition

Question 9

According to the textbook, (the)__________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Accepted Answer

A) Environmental Protection Agency 
B) U.S.Chamber of Commerce-Environmental Division 
C) Green Cross International 
D) U.S.Green Retail Association 
E) Leadership in Energy and Environmental Design (LEE
D)  
A) Environmental Protection Agency 
B) U.S.Chamber of Commerce-Environmental Division 
C) Green Cross International 
D) U.S.Green Retail Association 
E) Leadership in Energy and Environmental Design (LEE
D)

Question 10

Stores that carry a considerable assortment (depth)of a related line of items are referred to as

Accepted Answer

A) limited-line stores. 
B) general merchandise stores. 
C) scrambled merchandise stores. 
D) hypermarkets. 
E) intertype outlets. 
A) limited-line stores. 
B) general merchandise stores. 
C) scrambled merchandise stores. 
D) hypermarkets. 
E) intertype outlets.

Question 11

Wholesalers who have a small warehouse from which they stock their trucks for distribution to retailers are referred to as __________.

Accepted Answer

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

Question 12

Accelerated development in the retail life cycle is similar to which stage in the product life cycle?

Accepted Answer

A) introduction 
B) maturity 
C) decline 
D) growth 
E) harvest 
A) introduction 
B) maturity 
C) decline 
D) growth 
E) harvest

Question 13

A markdown refers to

Accepted Answer

A) the difference between the final selling price and the retailer's cost. 
B) the amount the manufacturer adds to achieve the desired suggested retail price. 
C) discounting a product when it does not sell at the original price and an adjustment is necessary. 
D) the lowest price to which a retailer can reduce a sales ticket and still make a profit. 
E) the net margin. 
A) the difference between the final selling price and the retailer's cost. 
B) the amount the manufacturer adds to achieve the desired suggested retail price. 
C) discounting a product when it does not sell at the original price and an adjustment is necessary. 
D) the lowest price to which a retailer can reduce a sales ticket and still make a profit. 
E) the net margin.

Question 14

A unique broker that acts in many ways like a manufacturer's agent is a food broker,representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

Accepted Answer

A) receive a commission for their services. 
B) are paid a flat fee for each time the shelves are stocked. 
C) are paid by both the buyer and seller separately depending upon the size of the order. 
D) are paid a commission by the buyer and a bonus by the seller. 
E) are paid a flat fee by both the buyer and seller,but receive a bonus based upon the percentage of increased sales by quarter. 
A) receive a commission for their services. 
B) are paid a flat fee for each time the shelves are stocked. 
C) are paid by both the buyer and seller separately depending upon the size of the order. 
D) are paid a commission by the buyer and a bonus by the seller. 
E) are paid a flat fee by both the buyer and seller,but receive a bonus based upon the percentage of increased sales by quarter.

Question 15

The 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 of 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 of 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 16

The value added dimension of the retail positioning matrix includes elements such as location,prestige,and __________.

Accepted Answer

A) level of service 
B) market share 
C) price 
D) number of employees 
E) product reliability 
A) level of service 
B) market share 
C) price 
D) number of employees 
E) product reliability

Question 17

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

Accepted Answer

A) customer service 
B) product benefits 
C) convenience 
D) perceived quality 
E) maintained price 
A) customer service 
B) product benefits 
C) convenience 
D) perceived quality 
E) maintained price

Question 18

A franchise where the franchiser provides a few general guidelines to the franchisee is known as a

Accepted Answer

A) business-format franchise. 
B) manufacturing franchise. 
C) product-distribution franchise. 
D) general service franchise. 
E) business franchise venture. 
A) business-format franchise. 
B) manufacturing franchise. 
C) product-distribution franchise. 
D) general service franchise. 
E) business franchise venture.

Question 19

Price ranges,store layouts,and breadth and depth of merchandise lines are considered to be the __________ of a store's image.

Accepted Answer

A) functional qualities 
B) sociological qualities 
C) psychological attributes 
D) lifestyle attributes 
E) atmospheric elements 
A) functional qualities 
B) sociological qualities 
C) psychological attributes 
D) lifestyle attributes 
E) atmospheric elements

Question 20

Consumers often use the prices of __________ items,such as a can of Coke,to form an overall impression of the store's prices.

Accepted Answer

A) stoplight 
B) point-of-purchase 
C) value-based 
D) signpost 
E) loss-leader 
A) stoplight 
B) point-of-purchase 
C) value-based 
D) signpost 
E) loss-leader

Exam 16: Retailing and Wholesaling

A __________ would most likely use truck jobbers to distribute its products.

The battle for market share is usually fought directly before the __________ stage,and some competitors drop out of the market.

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

A community shopping center refers to a

Shrinkage refers to

Identify and describe the functions of agents and brokers.

Independently owned firms that take title to the merchandise they handle are referred to as

Retailing that occurs outside a retail outlet,such as through direct marketing,direct selling,and automatic vending,is referred to as __________.

According to the textbook, (the)__________ provides third-party certification and offers guidance for retailers implementing new environmentally sound practices.

Stores that carry a considerable assortment (depth)of a related line of items are referred to as

Wholesalers who have a small warehouse from which they stock their trucks for distribution to retailers are referred to as __________.

Accelerated development in the retail life cycle is similar to which stage in the product life cycle?

A markdown refers to

A unique broker that acts in many ways like a manufacturer's agent is a food broker,representing buyers and sellers in the grocery industry.Food brokers differ from conventional brokers because they act on behalf of producers on a permanent basis and

The retailing mix refers to

The value added dimension of the retail positioning matrix includes elements such as location,prestige,and __________.

Retailers that advocate an everyday fair pricing strategy may not offer the lowest prices but try to create value for customers,what decision factor becomes important in this situation?

A franchise where the franchiser provides a few general guidelines to the franchisee is known as a

Price ranges,store layouts,and breadth and depth of merchandise lines are considered to be the __________ of a store's image.

Consumers often use the prices of __________ items,such as a can of Coke,to form an overall impression of the store's prices.

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility in 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 to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Building an Effective Marketing Plan

Financial Aspects of Marketing

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