Question 1

A strip mall refers to a

Accepted Answer

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

Question 2

Which of the following retailers is one of the LARGEST hypermarkets in the world?

Accepted Answer

A) Target 
B) Kroger 
C) Carrefour 
D) Kmart 
E) Walmart 
A) Target 
B) Kroger 
C) Carrefour 
D) Kmart 
E) Walmart

Question 3

All of the following retailers provide self-service to their customers EXCEPT:

Accepted Answer

A) Marley Coffee. 
B) Shop24. 
C) Target. 
D) Redbox. 
E) Costco. 
A) Marley Coffee. 
B) Shop24. 
C) Target. 
D) Redbox. 
E) Costco.

Question 4

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel,fragrances,jewelry,and leather accessories.The retailer relies on superior service to sell its products and to retain its customers.Saks Fifth Avenue would be classified as a(n)__________.

Accepted Answer

A) exclusive-service retailer 
B) limited-service retailer 
C) full-service retailer 
D) premium-service retailer 
E) limited- service retailer 
A) exclusive-service retailer 
B) limited-service retailer 
C) full-service retailer 
D) premium-service retailer 
E) limited- service retailer

Question 5

Direct selling,sometimes called __________,involves direct sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

Accepted Answer

A) interface marketing 
B) flex-marketing 
C) interactive selling 
D) responsive selling 
E) door-to-door retailing 
A) interface marketing 
B) flex-marketing 
C) interactive selling 
D) responsive selling 
E) door-to-door retailing

Question 6

Independent retailers account for most of the __________ retail establishments in the United States.

Accepted Answer

A) 50,000 
B) 90,000 
C) 500,000 
D) 900,000 
E) 1.1 million 
A) 50,000 
B) 90,000 
C) 500,000 
D) 900,000 
E) 1.1 million

Question 7

Large shopping areas often contain two or three __________ stores,which are well-known national or regional stores such as Sears,Saks Fifth Avenue,and Bloomingdale's.

Accepted Answer

A) power centers 
B) mega centers 
C) anchor 
D) value 
E) outlet 
A) power centers 
B) mega centers 
C) anchor 
D) value 
E) outlet

Question 8

The National Retail Federation estimates that about __________ percent of retail shrinkage is due to employee theft.

Accepted Answer

A) 14% 
B) 24% 
C) 34% 
D) 44% 
E) 54% 
A) 14% 
B) 24% 
C) 34% 
D) 44% 
E) 54%

Question 9

The key goal for retailers in the accelerated development phase of the retail life cycle is to

Accepted Answer

A) recover start-up costs. 
B) establish a dominant position in the fight for market share. 
C) delay entering the decline stage of the retail life cycle. 
D) find ways of discouraging customers from moving to low-margin,mass-volume outlets. 
E) establish a retail concept that is a sharp departure from existing competition. 
A) recover start-up costs. 
B) establish a dominant position in the fight for market share. 
C) delay entering the decline stage of the retail life cycle. 
D) find ways of discouraging customers from moving to low-margin,mass-volume outlets. 
E) establish a retail concept that is a sharp departure from existing competition.

Question 10

Brokers are independent firms or individuals who

Accepted Answer

A) represent a single producer and are responsible for the entire marketing function of that producer. 
B) work for several producers and carry noncompetitive,complementary merchandise in an exclusive territory. 
C) take title to merchandise but sell only to buyers who call on them,pay cash for merchandise,and furnish their own transportation for the merchandise. 
D) own the merchandise they sell but do not physically handle,stock,or deliver it. 
E) bring buyers and sellers together to make sales. 
A) represent a single producer and are responsible for the entire marketing function of that producer. 
B) work for several producers and carry noncompetitive,complementary merchandise in an exclusive territory. 
C) take title to merchandise but sell only to buyers who call on them,pay cash for merchandise,and furnish their own transportation for the merchandise. 
D) own the merchandise they sell but do not physically handle,stock,or deliver it. 
E) bring buyers and sellers together to make sales.

Question 11

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

Accepted Answer

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

Question 12

Wholesalers who take title to merchandise but sell only to buyers who call on them,pay cash for merchandise,and furnish their own transportation for merchandise are referred to as __________.

Accepted Answer

A) rack jobbers 
B) truck jobbers 
C) transport vendors 
D) cash and carry wholesalers 
E) drop shippers 
A) rack jobbers 
B) truck jobbers 
C) transport vendors 
D) cash and carry wholesalers 
E) drop shippers

Question 13

Limited- and single-line stores are often referred to as __________.

Accepted Answer

A) specialty outlets 
B) general merchandise stores 
C) scrambled merchandise stores 
D) intertype outlets 
E) hypermarkets 
A) specialty outlets 
B) general merchandise stores 
C) scrambled merchandise stores 
D) intertype outlets 
E) hypermarkets

Question 14

What type of contractual system describes a situation where assistance in selecting the location,setting up the store or facility,advertising,and training personnel is provided by the parent company?

Accepted Answer

A) administered system 
B) conglomerate system 
C) franchise system 
D) vertical integrated system 
E) retail-sponsored cooperative 
A) administered system 
B) conglomerate system 
C) franchise system 
D) vertical integrated system 
E) retail-sponsored cooperative

Question 15

Stores that carry a broad product line,with limited depth,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 16

Walmart's $469 billion in sales in 2012 surpassed the gross domestic product of all but __________ countries for that same year.

Accepted Answer

A) 5 
B) 12 
C) 18 
D) 29 
E) 55 
A) 5 
B) 12 
C) 18 
D) 29 
E) 55

Question 17

Briefly describe the two general types of franchises.

Accepted Answer

Franchises can be classified in two gene

Question 18

Specialty merchandise wholesalers

Accepted Answer

A) carry a broad assortment of merchandise and perform all channel functions. 
B) own the merchandise they sell but do not physically handle,stock,or deliver it. 
C) offer a relatively narrow range of products but has an extensive assortment within the product lines carried. 
D) work for several producers,carry noncompetitive,complementary merchandise in an exclusive territory,and use over-the-road transportation for all product deliveries. 
E) deal exclusively with small low-cost consumer goods that are distributed to a select number of large retail chains. 
A) carry a broad assortment of merchandise and perform all channel functions. 
B) own the merchandise they sell but do not physically handle,stock,or deliver it. 
C) offer a relatively narrow range of products but has an extensive assortment within the product lines carried. 
D) work for several producers,carry noncompetitive,complementary merchandise in an exclusive territory,and use over-the-road transportation for all product deliveries. 
E) deal exclusively with small low-cost consumer goods that are distributed to a select number of large retail chains.

Question 19

Consumers often view central business district shopping as less convenient because of the lack of parking,higher crime rates,and __________.

Accepted Answer

A) out-dated stores 
B) a lack of ambiance 
C) fewer quality restaurants 
D) few public restrooms 
E) exposure to the weather 
A) out-dated stores 
B) a lack of ambiance 
C) fewer quality restaurants 
D) few public restrooms 
E) exposure to the weather

Question 20

A financial indicator used to compare the increase in sales of stores that have been open for the same period of time is referred to as __________.

Accepted Answer

A) return in investment 
B) percentage of markup 
C) gross profit 
D) sales per square foot 
E) same-store sales growth 
A) return in investment 
B) percentage of markup 
C) gross profit 
D) sales per square foot 
E) same-store sales growth

Exam 16: Retailing and Wholesaling

A strip mall refers to a

Which of the following retailers is one of the LARGEST hypermarkets in the world?

All of the following retailers provide self-service to their customers EXCEPT:

Saks Fifth Avenue is an upscale retailer that offers designer brand women's apparel,fragrances,jewelry,and leather accessories.The retailer relies on superior service to sell its products and to retain its customers.Saks Fifth Avenue would be classified as a(n)__________.

Direct selling,sometimes called __________,involves direct sales of goods and services to consumers through personal interactions and demonstrations in their home or office.

Independent retailers account for most of the __________ retail establishments in the United States.

Large shopping areas often contain two or three __________ stores,which are well-known national or regional stores such as Sears,Saks Fifth Avenue,and Bloomingdale's.

The National Retail Federation estimates that about __________ percent of retail shrinkage is due to employee theft.

The key goal for retailers in the accelerated development phase of the retail life cycle is to

Brokers are independent firms or individuals who

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

Wholesalers who take title to merchandise but sell only to buyers who call on them,pay cash for merchandise,and furnish their own transportation for merchandise are referred to as __________.

Limited- and single-line stores are often referred to as __________.

What type of contractual system describes a situation where assistance in selecting the location,setting up the store or facility,advertising,and training personnel is provided by the parent company?

Stores that carry a broad product line,with limited depth,are referred to as __________.

Walmart's $469 billion in sales in 2012 surpassed the gross domestic product of all but __________ countries for that same year.

Briefly describe the two general types of franchises.

Specialty merchandise wholesalers

Consumers often view central business district shopping as less convenient because of the lack of parking,higher crime rates,and __________.

A financial indicator used to compare the increase in sales of stores that have been open for the same period of time is referred to as __________.

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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