Question 1

When retailers set prices on new models or styles of products,the price of existing models often is __________ to quickly sell them.

Accepted Answer

A) marked up 
B) off-priced 
C) value-added 
D) marked down 
E) maintained 
A) marked up 
B) off-priced 
C) value-added 
D) marked down 
E) maintained

Question 2

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 3

Outlets where customers are responsible for most shopping activities,although salespeople are available in some departments,would be classified as __________ retail outlets.

Accepted Answer

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

Question 4

A number of U.S.-based retail chains use special check-out lanes and terminals instead of clerks.This is an example of what level of 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

Apple has approximately what amount of sales per square foot according to the UMD16A: Sales per Square Foot Marketing Dashboard above?

Accepted Answer

A) $300 
B) $600 
C) $900 
D) $3,500 
E) $5,400 
A) $300 
B) $600 
C) $900 
D) $3,500 
E) $5,400

Question 6

To 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 7

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 8

Another term for maintained markup is __________.

Accepted Answer

A) original markup 
B) maintained markup 
C) markdown 
D) gross margin 
E) net margin 
A) original markup 
B) maintained markup 
C) markdown 
D) gross margin 
E) net margin

Question 9

Mejeirs operates a chain of hypermarkets headquartered in Michigan,which means it

Accepted Answer

A) engages in no intertype competition. 
B) is a disintermediator. 
C) uses scrambled merchandising. 
D) can also be referred to as a category killer. 
E) uses dual distribution. 
A) engages in no intertype competition. 
B) is a disintermediator. 
C) uses scrambled merchandising. 
D) can also be referred to as a category killer. 
E) uses dual distribution.

Question 10

Independently owned stores that band together to act like a chain are referred to as __________.

Accepted Answer

A) corporate chains 
B) cooperative marketing systems 
C) contractual systems 
D) regional shopping centers 
E) self-service systems 
A) corporate chains 
B) cooperative marketing systems 
C) contractual systems 
D) regional shopping centers 
E) self-service systems

Question 11

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 12

Stores that carry tremendous depth in one primary line of merchandise are referred to as

Accepted Answer

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

Question 13

Franchising is attractive for the franchisee because

Accepted Answer

A) it gives the franchisee complete control over the delivery and presentation of merchandise. 
B) the license fees paid to the franchisor are the only fees the franchisee pays. 
C) it relieves the franchisee from any company or product liabilities. 
D) it offers the franchisee the opportunity to enter into a well-known,established business where managerial advice is provided. 
E) the franchisee is completely his or her own boss. 
A) it gives the franchisee complete control over the delivery and presentation of merchandise. 
B) the license fees paid to the franchisor are the only fees the franchisee pays. 
C) it relieves the franchisee from any company or product liabilities. 
D) it offers the franchisee the opportunity to enter into a well-known,established business where managerial advice is provided. 
E) the franchisee is completely his or her own boss.

Question 14

Online retail purchases by consumers can be the result of several very different approaches,which include: (1)paying dues to become a member of an online discount service; (2)using a shopping "bot" to search for a product at locations with the best price; (3)going directly to online malls;and (4)

Accepted Answer

A) becoming a member of a research group that evaluates new products. 
B) becoming a secret shopper. 
C) participating in an online auction. 
D) participating in a buying cooperative. 
E) using direct selling. 
A) becoming a member of a research group that evaluates new products. 
B) becoming a secret shopper. 
C) participating in an online auction. 
D) participating in a buying cooperative. 
E) using direct selling.

Question 15

Describe the retail life cycle.

Accepted Answer

The retail life cycle describes the proc

Question 16

The __________ is a financial term that measures the dollars added the cost the retailer paid for a product to arrive at the initial selling price.

Accepted Answer

A) maintained markup 
B) original markup 
C) return on investment 
D) markup 
E) markdown 
A) maintained markup 
B) original markup 
C) return on investment 
D) markup 
E) markdown

Question 17

The wholesalers most prevalent in the hardware,drug,and clothing industries would be __________.

Accepted Answer

A) specialty wholesalers 
B) full-line wholesalers 
C) cash and carry wholesalers 
D) limited-line wholesalers 
E) universal wholesalers 
A) specialty wholesalers 
B) full-line wholesalers 
C) cash and carry wholesalers 
D) limited-line wholesalers 
E) universal wholesalers

Question 18

Family Dollar,Dollar General,and the Dollar Tree are examples of which type of retailer?

Accepted Answer

A) warehouse club 
B) hypermarket 
C) outlet store 
D) everyday value retailer 
E) extreme value retailer 
A) warehouse club 
B) hypermarket 
C) outlet store 
D) everyday value retailer 
E) extreme value retailer

Question 19

Retailers have come to realize that consumers want to purchase products from those retailers with similar __________.

Accepted Answer

A) offerings 
B) ideologies 
C) interests 
D) locations 
E) pricing strategies 
A) offerings 
B) ideologies 
C) interests 
D) locations 
E) pricing strategies

Question 20

Costco requires customers to perform many shopping functions during the purchasing process and all nonessential customer services have been eliminated.What level of service does Costco offer?

Accepted Answer

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

Exam 16: Retailing and Wholesaling

When retailers set prices on new models or styles of products,the price of existing models often is __________ to quickly sell them.

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 __________.

Outlets where customers are responsible for most shopping activities,although salespeople are available in some departments,would be classified as __________ retail outlets.

A number of U.S.-based retail chains use special check-out lanes and terminals instead of clerks.This is an example of what level of service?

Apple has approximately what amount of sales per square foot according to the UMD16A: Sales per Square Foot Marketing Dashboard above?

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

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

Another term for maintained markup is __________.

Mejeirs operates a chain of hypermarkets headquartered in Michigan,which means it

Independently owned stores that band together to act like a chain are referred to as __________.

Retailing refers to all activities involved in the

Stores that carry tremendous depth in one primary line of merchandise are referred to as

Franchising is attractive for the franchisee because

Online retail purchases by consumers can be the result of several very different approaches,which include: (1)paying dues to become a member of an online discount service; (2)using a shopping "bot" to search for a product at locations with the best price; (3)going directly to online malls;and (4)

Describe the retail life cycle.

The __________ is a financial term that measures the dollars added the cost the retailer paid for a product to arrive at the initial selling price.

The wholesalers most prevalent in the hardware,drug,and clothing industries would be __________.

Family Dollar,Dollar General,and the Dollar Tree are examples of which type of retailer?

Retailers have come to realize that consumers want to purchase products from those retailers with similar __________.

Costco requires customers to perform many shopping functions during the purchasing process and all nonessential customer services have been eliminated.What level of service does Costco offer?

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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