Question 1

The __________ distinguishes retail outlets based on whether independent retailers,corporate chains,or contractual systems own the outlet.

Accepted Answer

A) wheel of retailing 
B) service level 
C) merchandise line 
D) product assortment 
E) form of ownership 
A) wheel of retailing 
B) service level 
C) merchandise line 
D) product assortment 
E) form of ownership

Question 2

Walmart recently introduced "Site-to-Store" 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) provides free shipping to customers if they order $45 or more of selected items. 
D) allows customers to "showroom," coming to the store,compare an item's price on the Internet,and then honor a competitor's lower price if they bring an ad of the item to the store. 
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) provides free shipping to customers if they order $45 or more of selected items. 
D) allows customers to "showroom," coming to the store,compare an item's price on the Internet,and then honor a competitor's lower price if they bring an ad of the item to the store. 
E) allows customers hold online auctions for Walmart overstock or seasonal items that are being discontinued to make room for new inventory.

Question 3

A supercenter refers to

Accepted Answer

A) an auto service center that sells and leases cars as well as repairs them. 
B) a type of specialty outlet. 
C) a store that combines a typical merchandise store with a full-size grocery. 
D) a mall with more than 100 stores and several important anchor stores. 
E) a store one step larger than a hypermarket. 
A) an auto service center that sells and leases cars as well as repairs them. 
B) a type of specialty outlet. 
C) a store that combines a typical merchandise store with a full-size grocery. 
D) a mall with more than 100 stores and several important anchor stores. 
E) a store one step larger than a hypermarket.

Question 4

An off-price retailer that requires customers to purchase an annual membership card for the privilege of shopping at the store is referred to as a __________.

Accepted Answer

A) outlet store 
B) single-price retailer 
C) hypermarket 
D) warehouse club 
E) supercenter 
A) outlet store 
B) single-price retailer 
C) hypermarket 
D) warehouse club 
E) supercenter

Question 5

Not every suburban store is located in a shopping mall.Many neighborhoods have clusters of stores,referred to as a strip mall,to serve people who are within a 5- to 10-minute drive.Unlike the larger shopping centers,the composition of these stores usually __________.

Accepted Answer

A) is unplanned 
B) includes national anchor stores 
C) is restricted to privately-owned specialty stores 
D) is mainly fast food restaurants 
E) includes amusement or theme parks 
A) is unplanned 
B) includes national anchor stores 
C) is restricted to privately-owned specialty stores 
D) is mainly fast food restaurants 
E) includes amusement or theme parks

Question 6

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 7

Carla's Cards uses a __________ to sell and market the entire line of greeting cards.It designs promotional plans,sets prices,determines distribution policies,and makes recommendations to Carla on product strategy.

Accepted Answer

A) manufacturer's agent 
B) broker 
C) manufacturer's branch office 
D) manufacturer's sales office 
E) selling agent 
A) manufacturer's agent 
B) broker 
C) manufacturer's branch office 
D) manufacturer's sales office 
E) selling agent

Question 8

Three common forms of off-price retailers are

Accepted Answer

A) warehouse clubs,factory outlet stores,and hypermarkets. 
B) warehouse clubs,factory outlets,and single-price or 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 single-price or 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 9

The average U.S.household now receives __________ direct-mail items or catalogs each week.

Accepted Answer

A) 18 
B) 24 
C) 32 
D) 39 
E) 47 
A) 18 
B) 24 
C) 32 
D) 39 
E) 47

Question 10

The central business district refers to

Accepted Answer

A) a suburban mall that contains up to 100 stores and draws customer from 5 to 10 miles away. 
B) the oldest retailing setting,located in a community's downtown area. 
C) a retail location that typically has one primary store and about 20 to 40 smaller outlets,and serves a population base of about 100,000. 
D) a cluster of stores that serves people who are within a five- to ten-minute drive and serves a population base of under 30,000. 
E) a collection of large stores over 100,000 square feet that offers a mix of about 40 percent food products and 60 percent general merchandise items. 
A) a suburban mall that contains up to 100 stores and draws customer from 5 to 10 miles away. 
B) the oldest retailing setting,located in a community's downtown area. 
C) a retail location that typically has one primary store and about 20 to 40 smaller outlets,and serves a population base of about 100,000. 
D) a cluster of stores that serves people who are within a five- to ten-minute drive and serves a population base of under 30,000. 
E) a collection of large stores over 100,000 square feet that offers a mix of about 40 percent food products and 60 percent general merchandise items.

Question 11

The overlay of sound,video,and graphics with the real-world environment creates what type of reality for wearers of these new Google Glass digital eyeglasses?

Accepted Answer

A) virtual 
B) cognitive 
C) augmented 
D) apparent 
E) ultimate 
A) virtual 
B) cognitive 
C) augmented 
D) apparent 
E) ultimate

Question 12

The largest inventory of wedding dresses in the Southeast can be found at Low's Bridal and Formal in Brinkley,Arkansas.From December 26 to January 16,a prospective bride shopping at Low's can find gowns once priced at $6,000 for $2,999 and $800 gowns for $399.The reduced prices of these gowns are reflected in which retail pricing strategy?

Accepted Answer

A) markdowns 
B) original markups 
C) future markups 
D) inventory shrinkages 
E) net markups 
A) markdowns 
B) original markups 
C) future markups 
D) inventory shrinkages 
E) net markups

Question 13

Mike's Camera is a retailer that carries a full line of professional and amateur cameras,develops and/or prints all types of film and digital photos,and even sells darkroom equipment.Mike's Camera is an example of a(n)__________.

Accepted Answer

A) hypermarket 
B) general merchandise store 
C) scrambled merchandise store 
D) intertype outlet 
E) specialty outlet 
A) hypermarket 
B) general merchandise store 
C) scrambled merchandise store 
D) intertype outlet 
E) specialty outlet

Question 14

Growth in the direct-selling industry is the result of two trends: (1)there is a growing number of companies that are using direct selling to reach consumers who prefer one-on-one customer service and a social shopping experience rather than online shipping or big discount stores and (2)

Accepted Answer

A) many direct selling retailers are expanding into markets outside of the United States. 
B) increased gas prices and traffic congestion are causing people to want stores to deliver products to them. 
C) the pendulum is beginning to swing back to more mothers (and fathers)staying home during the day with children,making direct selling more convenient. 
D) the purchase or lease of real estate to build an actual "brick" retail store is becoming prohibitive. 
E) graduating business students are finding it more difficult to find a traditional sales position and like the idea of being their own bosses. 
A) many direct selling retailers are expanding into markets outside of the United States. 
B) increased gas prices and traffic congestion are causing people to want stores to deliver products to them. 
C) the pendulum is beginning to swing back to more mothers (and fathers)staying home during the day with children,making direct selling more convenient. 
D) the purchase or lease of real estate to build an actual "brick" retail store is becoming prohibitive. 
E) graduating business students are finding it more difficult to find a traditional sales position and like the idea of being their own bosses.

Question 15

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

Accepted Answer

A) growth 
B) early growth 
C) accelerated development 
D) maturity 
E) expansion 
A) growth 
B) early growth 
C) accelerated development 
D) maturity 
E) expansion

Question 16

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a __________.

Accepted Answer

A) general merchandise wholesaler 
B) truck jobber 
C) specialty merchandise wholesaler 
D) rack jobber 
E) drop shipper 
A) general merchandise wholesaler 
B) truck jobber 
C) specialty merchandise wholesaler 
D) rack jobber 
E) drop shipper

Question 17

Consider the Saks Fifth Avenue Off 5th photo above.This retailer is an example of a(n)__________.

Accepted Answer

A) hypermarket 
B) markdown store 
C) outlet store 
D) category killer 
E) warehouse club 
A) hypermarket 
B) markdown store 
C) outlet store 
D) category killer 
E) warehouse club

Question 18

As shown in Figure 16-2 above,the SMALLEST dollar amount of retail sales in the United States is generated by __________.

Accepted Answer

A) automotive dealers 
B) food and beverage stores 
C) sporting goods,books,and music stores 
D) electronic stores 
E) furniture and home furnishing stores 
A) automotive dealers 
B) food and beverage stores 
C) sporting goods,books,and music stores 
D) electronic stores 
E) furniture and home furnishing stores

Question 19

The degree of service provided to the customer from self-,limited-,and full-service retailers is referred to as __________.

Accepted Answer

A) involvement 
B) level of service 
C) service commitment 
D) customer obligation 
E) degree of commitment 
A) involvement 
B) level of service 
C) service commitment 
D) customer obligation 
E) degree of commitment

Question 20

Vending machines are no longer limited by the need for cash.In Japan,South Korea,and the Philippines,consumers use mobile phones that transmit payments to vending machines wirelessly.This is an example of how vending machines can provide which type of utility?

Accepted Answer

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

Exam 16: Retailing and Wholesaling

The __________ distinguishes retail outlets based on whether independent retailers,corporate chains,or contractual systems own the outlet.

Walmart recently introduced "Site-to-Store" service that

A supercenter refers to

An off-price retailer that requires customers to purchase an annual membership card for the privilege of shopping at the store is referred to as a __________.

Not every suburban store is located in a shopping mall.Many neighborhoods have clusters of stores,referred to as a strip mall,to serve people who are within a 5- to 10-minute drive.Unlike the larger shopping centers,the composition of these stores usually __________.

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

Carla's Cards uses a __________ to sell and market the entire line of greeting cards.It designs promotional plans,sets prices,determines distribution policies,and makes recommendations to Carla on product strategy.

Three common forms of off-price retailers are

The average U.S.household now receives __________ direct-mail items or catalogs each week.

The central business district refers to

The overlay of sound,video,and graphics with the real-world environment creates what type of reality for wearers of these new Google Glass digital eyeglasses?

Mike's Camera is a retailer that carries a full line of professional and amateur cameras,develops and/or prints all types of film and digital photos,and even sells darkroom equipment.Mike's Camera is an example of a(n)__________.

Growth in the direct-selling industry is the result of two trends: (1)there is a growing number of companies that are using direct selling to reach consumers who prefer one-on-one customer service and a social shopping experience rather than online shipping or big discount stores and (2)

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

A wholesaler that carries a narrow range of products and performs all channel functions is referred to as a __________.

Consider the Saks Fifth Avenue Off 5th photo above.This retailer is an example of a(n)__________.

As shown in Figure 16-2 above,the SMALLEST dollar amount of retail sales in the United States is generated by __________.

The degree of service provided to the customer from self-,limited-,and full-service retailers is referred to as __________.

Vending machines are no longer limited by the need for cash.In Japan,South Korea,and the Philippines,consumers use mobile phones that transmit payments to vending machines wirelessly.This is an example of how vending machines can provide which type of utility?

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

Filters

Consider the Saks Fifth Avenue Off 5^th photo above.This retailer is an example of a(n)__________.