Question 1

Large strip malls that often have two to five anchor stores,and often a supermarket which brings shoppers on a weekly basis,are referred to as

Accepted Answer

A) suburban malls. 
B) warehouse malls. 
C) power centers. 
D) retail malls. 
E) cluster malls. 
A) suburban malls. 
B) warehouse malls. 
C) power centers. 
D) retail malls. 
E) cluster malls.

Question 2

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)participating in an online auction; (3)going directly to online malls;and (4)

Accepted Answer

A) becoming a secret shopper. 
B) participating in a buying cooperative. 
C) using direct selling. 
D) using a shopping "bot" to search for a product at locations with the best price. 
E) becoming a member of a research group that evaluates new products. 
A) becoming a secret shopper. 
B) participating in a buying cooperative. 
C) using direct selling. 
D) using a shopping "bot" to search for a product at locations with the best price. 
E) becoming a member of a research group that evaluates new products.

Question 3

Sales of goods and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as direct selling,or __________.

Accepted Answer

A) person-to-person sales 
B) interactive selling 
C) door-to-door retailing 
D) individual promotion 
E) customized selling 
A) person-to-person sales 
B) interactive selling 
C) door-to-door retailing 
D) individual promotion 
E) customized selling

Question 4

Which quadrant shown in Figure 16-8 above MOST LIKELY are retailers that typically sell a very restricted range of products that are high in status and quality and whose customers are provided with high levels of service?

Accepted Answer

A) "A" 
B) "B" 
C) "C" 
D) "D" 
E) Can't be determined based on the information provided. 
A) "A" 
B) "B" 
C) "C" 
D) "D" 
E) Can't be determined based on the information provided.

Question 5

Williams-Sonoma is a specialty store that caters to customers who want to cook at home.It offers free cooking classes,has frequent demonstrations by cookbook authors,and has employees who are knowledgeable about food preparation.The sales staff helps customers make their selections.Williams-Sonoma is a(n)__________ retailer.

Accepted Answer

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

Question 6

Which of the following is a commonly used method of classifying retail outlets?

Accepted Answer

A) service versus product 
B) form of ownership 
C) proportion of national versus private label brands carried 
D) revenues generated 
E) profitability 
A) service versus product 
B) form of ownership 
C) proportion of national versus private label brands carried 
D) revenues generated 
E) profitability

Question 7

The marketing metrics related to a retailer's finances include all of the following EXCEPT:

Accepted Answer

A) the markdown percentage. 
B) the average length of a store visit. 
C) the return on sales. 
D) the gross margin. 
E) the sales per employee. 
A) the markdown percentage. 
B) the average length of a store visit. 
C) the return on sales. 
D) the gross margin. 
E) the sales per employee.

Question 8

A variation of off-price retailing includes __________.

Accepted Answer

A) discount wholesalers 
B) outlet stores 
C) discount retailers 
D) supercenters 
E) hypermarkets 
A) discount wholesalers 
B) outlet stores 
C) discount retailers 
D) supercenters 
E) hypermarkets

Question 9

A markup refers to

Accepted Answer

A) the difference between the final selling price and how the customer values the product. 
B) selling brand name merchandise at lower than regular prices. 
C) the amount added to the cost the retailer paid for a product to reach the final selling price. 
D) the difference between the retail cost and initial selling price. 
E) the reduction in retail price,usually expressed as a percentage equal to the amount reduced,divided by the original price,and then multiplied by 100. 
A) the difference between the final selling price and how the customer values the product. 
B) selling brand name merchandise at lower than regular prices. 
C) the amount added to the cost the retailer paid for a product to reach the final selling price. 
D) the difference between the retail cost and initial selling price. 
E) the reduction in retail price,usually expressed as a percentage equal to the amount reduced,divided by the original price,and then multiplied by 100.

Question 10

The term "bricks and clicks" refers to __________ and __________ respectively.

Accepted Answer

A) catalogs;websites 
B) search engines;websites 
C) traditional retailers;online retailers 
D) buildings;shoppers 
E) computer savvy buyers;computer novice buyers 
A) catalogs;websites 
B) search engines;websites 
C) traditional retailers;online retailers 
D) buildings;shoppers 
E) computer savvy buyers;computer novice buyers

Question 11

According to the textbook,recent research indicates that the timing of __________ might affect future sales because frequent promotions increase consumers' ability to remember regular prices.

Accepted Answer

A) promotional markups 
B) original markups 
C) future markups 
D) maintained markups 
E) markdowns 
A) promotional markups 
B) original markups 
C) future markups 
D) maintained markups 
E) markdowns

Question 12

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

Accepted Answer

A) single-price stores 
B) value-retail centers 
C) online retailers 
D) general stores 
E) convenience stores 
A) single-price stores 
B) value-retail centers 
C) online retailers 
D) general stores 
E) convenience stores

Question 13

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

Accepted Answer

A) depth of product line 
B) breadth of product line 
C) height of product line 
D) length of product line 
E) width of product line 
A) depth of product line 
B) breadth of product line 
C) height of product line 
D) length of product line 
E) width of product line

Question 14

Regional shopping centers refer to a

Accepted Answer

A) retail cluster in a downtown area. 
B) retail location that typically has one primary store and about 20 to 40 smaller outlets,and serves a population base of about 100,000. 
C) cluster of stores that serve people who are within a five- to ten-minute drive and serves a population base of under 30,000. 
D) group of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range,often containing two or three anchor stores. 
E) retail cluster of stores in uptown areas. 
A) retail cluster in a downtown area. 
B) retail location that typically has one primary store and about 20 to 40 smaller outlets,and serves a population base of about 100,000. 
C) cluster of stores that serve people who are within a five- to ten-minute drive and serves a population base of under 30,000. 
D) group of 50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range,often containing two or three anchor stores. 
E) retail cluster of stores in uptown areas.

Question 15

Discounting a product when the product does not sell at the original price is referred to as a(n)__________.

Accepted Answer

A) inverse markup 
B) markdown 
C) price sensitivity 
D) concession pricing 
E) rebate 
A) inverse markup 
B) markdown 
C) price sensitivity 
D) concession pricing 
E) rebate

Question 16

The ability to shop over the Internet 24 hours a day,7 days a week provides consumers with __________ utility.

Accepted Answer

A) form 
B) time 
C) convenience 
D) possession 
E) performance 
A) form 
B) time 
C) convenience 
D) possession 
E) performance

Question 17

Specialty stores and department stores,which provide many services to their customers,are frequently categorized by which level of service?

Accepted Answer

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

Question 18

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

Accepted Answer

A) decline 
B) maturity 
C) introduction 
D) early growth 
E) accelerated development 
A) decline 
B) maturity 
C) introduction 
D) early growth 
E) accelerated development

Question 19

In the telemarketing industry,issues such as consumer privacy,__________,and industry standards have become a topic of discussion among consumers,Congress,the Federal Trade Commission (FTC),and businesses.

Accepted Answer

A) product quality 
B) price differences 
C) ethical guidelines 
D) on-time delivery 
E) competitive antics 
A) product quality 
B) price differences 
C) ethical guidelines 
D) on-time delivery 
E) competitive antics

Question 20

Timing is an important element of markdowns.Those retailers who take a markdown as soon as sales fall off are most likely doing so to __________.

Accepted Answer

A) placate dissatisfied customers 
B) enhance customer perceptions of product quality 
C) free up valuable selling space and cash 
D) create an image as a "cutting edge" retailer 
E) react to the entry of a new competitor 
A) placate dissatisfied customers 
B) enhance customer perceptions of product quality 
C) free up valuable selling space and cash 
D) create an image as a "cutting edge" retailer 
E) react to the entry of a new competitor

Exam 16: Retailing and Wholesaling

Large strip malls that often have two to five anchor stores,and often a supermarket which brings shoppers on a weekly basis,are referred to as

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)participating in an online auction; (3)going directly to online malls;and (4)

Sales of goods and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as direct selling,or __________.

Which quadrant shown in Figure 16-8 above MOST LIKELY are retailers that typically sell a very restricted range of products that are high in status and quality and whose customers are provided with high levels of service?

Which of the following is a commonly used method of classifying retail outlets?

The marketing metrics related to a retailer's finances include all of the following EXCEPT:

A variation of off-price retailing includes __________.

A markup refers to

The term "bricks and clicks" refers to __________ and __________ respectively.

According to the textbook,recent research indicates that the timing of __________ might affect future sales because frequent promotions increase consumers' ability to remember regular prices.

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

Your local Hallmark retailer carries thousands of greeting cards.You can find cards for a "twins" birthday,from my cat to yours,and many other unique occasions.This is an example of the __________ that the Hallmark retailer carries.

Regional shopping centers refer to a

Discounting a product when the product does not sell at the original price is referred to as a(n)__________.

The ability to shop over the Internet 24 hours a day,7 days a week provides consumers with __________ utility.

Specialty stores and department stores,which provide many services to their customers,are frequently categorized by which level of service?

Both market share and profit achieve their greatest growth rates during which stage of the retail life cycle?

In the telemarketing industry,issues such as consumer privacy,__________,and industry standards have become a topic of discussion among consumers,Congress,the Federal Trade Commission (FTC),and businesses.

Timing is an important element of markdowns.Those retailers who take a markdown as soon as sales fall off are most likely doing so to __________.

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

The term "bricks and clicks" refers to and respectively.